The company reports zero revenue across all periods, with operating losses averaging approximately -$39 million per quarter over the last four quarters, driven by R&D expenses that consistently exceed $25 million per quarter.
Kyverna Therapeutics, Inc. (KYTX) annual income statement — 5-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 |
|---|
| Sales/Revenue | 0 | 0 | 0 | 0 | 7.03M | 5.66M |
| Revenue Growth % | - | - | - | -100% | 24.2% | - |
| Cost of Goods Sold | 351K | 0 | 2.13M | 1.71M | 0 | 0 |
| COGS % of Revenue | - | - | - | - | - | - |
| Gross Profit | -351K | 0 | -2.13M | -1.71M | 7.03M | 5.66M |
| Gross Margin % | - | - | - | - | 100% | 100% |
| Gross Profit Growth % | - | 100% | -24.96% | -124.3% | 24.2% | - |
| Operating Expenses | 158.58M | 169.83M | 140.47M | 60.7M | 36.41M | 32M |
| OpEx % of Revenue | - | - | - | - | 518.28% | 565.81% |
| Selling, General & Admin | 43.6M | 36.11M | 30.13M | 12.48M | 8.01M | 6.15M |
| SG&A % of Revenue | - | - | - | - | 113.98% | 108.73% |
| Research & Development | 114.98M | 133.72M | 112.47M | 48.22M | 28.4M | 25.85M |
| R&D % of Revenue | - | - | - | - | 404.3% | 457.07% |
| Other Operating Expenses | 0 | 0 | -2.13M | 0 | 0 | 0 |
| Operating Income | -158.93M | -169.83M | -142.6M | -62.41M | -29.38M | -26.35M |
| Operating Margin % | - | - | - | - | -418.28% | -465.81% |
| Operating Income Growth % | - | -19.09% | -128.51% | -112.38% | -11.53% | - |
| EBITDA | -157.78M | -168.03M | -140.47M | -60.7M | -28.33M | -25.76M |
| EBITDA Margin % | - | - | - | - | -403.32% | -455.45% |
| EBITDA Growth % | 7.04% | -19.62% | -131.42% | -114.23% | -9.99% | - |
| D&A (Non-Cash Add-back) | 1.13M | 1.8M | 2.13M | 1.71M | 1.05M | 586K |
| EBIT | -152.74M | -160.82M | -127.33M | -60.18M | -28.83M | -26.35M |
| Net Interest Income | 6.37M | 8.61M | 15.22M | 2.1M | 500K | -2K |
| Interest Income | 8.16M | 9.09M | 15.36M | 2.28M | 565K | 1K |
| Interest Expense | 1.79M | 489K | 142K | 187K | 65K | 3K |
| Other Income/Expense | 6.29M | 8.52M | 15.13M | 2.04M | 491K | -4K |
| Pretax Income | -152.64M | -161.31M | -127.48M | -60.37M | -28.89M | -26.35M |
| Pretax Margin % | - | - | - | - | -411.29% | -465.88% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -152.64M | -161.31M | -127.48M | -60.37M | -28.89M | -26.35M |
| Net Margin % | - | - | - | - | -411.29% | -465.88% |
| Net Income Growth % | 3.82% | -26.54% | -111.17% | -108.93% | -9.65% | - |
| Net Income (Continuing) | -152.64M | -161.31M | -127.48M | -60.37M | -28.89M | -26.35M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -2.51 | -3.64 | -3.33 | -0.00 | -1.12 | -1.02 |
| EPS Growth % | 19.89% | -9.31% | - | 99.99% | -9.8% | - |
| EPS (Basic) | - | -3.64 | -3.33 | -0.00 | -1.12 | -1.02 |
| Diluted Shares Outstanding | 60.9M | 44.26M | 38.33M | 673.62M | 25.8M | 25.8M |
| Basic Shares Outstanding | 60.9M | 44.26M | 38.33M | 673.62M | 25.8M | 25.8M |
| Dividend Payout Ratio | - | - | - | - | - | - |
Quick answers to the most common questions about buying KYTX stock.
For fiscal year 2025, Kyverna Therapeutics, Inc. (KYTX) reported total revenue of $0.0M. This represents a 100.0% decline compared to $5.7M in 2021.
Kyverna Therapeutics, Inc. (KYTX) reported a net loss of $161.3M for the fiscal year ending 2025.
Key Metrics
Top Statement Risk
Pre-revenue cash burn sustainability
Metrics are mathematically derived from official filings.
Pre-Revenue Stage with No Top-Line Visibility
Kyverna Therapeutics reports zero revenue across all ten quarters of available data, confirming its status as a pre-commercial biotechnology firm entirely dependent on external financing to fund its operations.
The complete absence of revenue indicates the company is in a pure R&D and clinical development phase, with no commercial products generating sales. This trajectory means the income statement is defined solely by expense accumulation, making the company's future entirely contingent on successful clinical trials and regulatory approvals. Investors must look beyond traditional growth metrics to the pipeline's progress and cash runway.
R&D Dominates the Cost Structure
Research and development expenses consistently represent the overwhelming majority of total operating costs, averaging over $30 million per quarter in recent periods, which underscores the company's singular focus on advancing its therapeutic pipeline.
R&D spending has been the primary driver of operating losses, with quarterly expenditures ranging from $22.5K in the earliest period to a peak of $37.4M in 2025Q1. This heavy allocation is typical for a clinical-stage biotech but highlights the high-risk, capital-intensive nature of its business model. The recent moderation in R&D spend from its peak may suggest a shift in clinical trial timelines or a focus on specific programs, warranting monitoring for any impact on pipeline progress.
Negative Operating Leverage Amplifies Losses
With no revenue to offset its substantial fixed cost base, Kyverna's operating losses have remained persistently high, with operating income averaging approximately -$39 million per quarter over the last four periods.
The company exhibits severe negative operating leverage, as its significant R&D and SG&A expenditures generate no corresponding gross profit. This structure means that every dollar of expense directly increases the net loss, with no mechanism for margin expansion until a product is commercialized. The slight reduction in operating losses from the 2025Q1 peak appears driven by lower R&D and SG&A, not by any improvement in underlying profitability.
Net Losses Driven by Core Operations
Reported net losses closely track operating losses, with minimal non-operating items, indicating that the bottom line is a direct reflection of the company's high cash burn from R&D and corporate overhead.
The consistency between operating income and net income suggests a straightforward, albeit negative, earnings quality. The primary non-cash charge is stock-based compensation, which has grown from $1.3M in 2024Q2 to $3.5M in 2026Q2, diluting shareholders but not impacting cash. The absence of significant tax benefits or other anomalies means the net loss figure is a transparent measure of the company's operational cash consumption.
Sustainability of Cash Burn is Paramount
The most critical challenge to Kyverna's narrative is the sustainability of its cash burn, as the company has generated no revenue while incurring over $150 million in cumulative operating losses over the last ten quarters.
Short-sellers would focus on the finite cash runway implied by this burn rate, especially if clinical trials encounter delays or setbacks. The company's ability to secure additional financing on favorable terms is not guaranteed and could be severely impacted by broader market conditions or negative clinical data. Without a clear path to revenue, the income statement history shows a pattern of value erosion through persistent, high-magnitude losses.