Kyverna Therapeutics, Inc.
KYTX evidence brief
What we can confirm
What it means
What to watch
Prepared research question
What matters most for KYTX—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · KYTX
Kyverna Therapeutics is a clinical-stage biopharmaceutical company developing autologous chimeric antigen receptor (CAR) T-cell therapies for autoimmune and inflammatory diseases, with its lead candidate KYV-101 in Phase 2/3 trials.
Key risk: No approved products or revenue
BioSniper Score
Based on 5 of 6 signals
Market Cap
$517.6M
Cash Runway
14.4 moLead Asset
kyv-101 (Phase 1/Phase 2)Next Catalyst
Phase3_Topline · Sep 1, 2028Financial data as of Jun 30, 2026.
Tracking 1 pipeline candidate · 6 clinical trials · 1 catalyst for Kyverna Therapeutics, Inc..
Kyverna Therapeutics is a clinical-stage biopharmaceutical company developing autologous chimeric antigen receptor (CAR) T-cell therapies for autoimmune and inflammatory diseases, with its lead candidate KYV-101 in Phase 2/3 trials.
- Lead product candidate KYV-101 is being evaluated in a Phase 2/3 open-label, randomized, controlled study (KYSA-6) for autoimmune indications [sec_mda · as of 2026-08-11].
- Cash and equivalents were $31.8M as of 2026-06-30, with a net loss of $38.3M for the period [sec].
- As of December 31, 2025, the company reported an accumulated deficit of $424.8 million and a net loss of $161.3 million for the year [sec_mda · as of 2026-03-26].
- The company has no approved products and does not expect to generate revenue from commercial sales unless and until it completes development and obtains regulatory approval for a product candidate [sec_mda · as of 2026-08-11].
What works
- Kyverna's lead candidate KYV-101 is in a Phase 2/3 registrational trial, indicating progress toward potential regulatory submission [sec_mda · as of 2026-08-11].
- The company had shareholders' equity of $184.4M as of 2026-06-30, providing a capital base to support ongoing operations [sec].
What to weigh
- Kyverna has no approved products and expects to continue incurring substantial losses for the foreseeable future, with an accumulated deficit of $424.8M as of December 31, 2025 [sec_mda · as of 2026-03-26].
- The company will require substantial additional capital to finance operations; if unable to raise capital when needed, it may be forced to delay or abandon development programs [sec_mda · as of 2026-08-11].
- Cash and equivalents of $31.8M as of 2026-06-30 may be insufficient to fund all planned activities without additional financing [sec].
From the filings
Quoted directly from source documents.
Kyverna has no approved products and depends on successful development of its product candidates.
“We currently have no products approved for commercial sale or for which regulatory approval to market has been sought.”
SEC MD&A · March 26, 2026
The company expects to continue incurring significant losses.
“We expect to continue to incur significant losses for the foreseeable future, and we expect these losses to increase as we continue our research and development, and seek regulatory approvals for our product candidates.”
SEC MD&A · March 26, 2026
Catalyst timeline
- 2028-09-01 · Phase3_Topline · kyv-101 — Phase 3 Topline: KYSA-6: A Phase 2/3, Open-Label, Randomized, Controlled, Multicenter Study of KYV-101, an Autologous — Top-line results from the registrational Phase 2/3 trial of KYV-101 will be a key milestone for assessing efficacy and safety in autoimmune indications.
Risks & what to watch (4)›
Key risks
- No approved products or revenue — Kyverna has no products approved for sale and does not expect revenue from product sales unless and until it obtains regulatory approval [sec_mda · as of 2026-08-11].
- Substantial accumulated deficit — Accumulated deficit of $424.8M as of December 31, 2025, with net losses expected to increase [sec_mda · as of 2026-03-26].
- Need for additional capital — The company will require substantial additional capital; if unable to raise it, may delay or abandon programs [sec_mda · as of 2026-08-11].
- Clinical development risks — Results from investigator-initiated or named-patient trials may not predict outcomes in company-sponsored trials [sec_mda · as of 2026-03-26].
What to watch
- Top-line data from the Phase 2/3 KYSA-6 trial of KYV-101, expected around 2028-09-01 [catalyst].
- Ability to raise additional capital to fund operations beyond current cash runway [sec_mda · as of 2026-08-11].
- Progress toward regulatory filings, including any BLA submission for lead candidates [sec_mda · as of 2026-08-11].
Sources: SEC MD&A · Generated August 28, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 5 of 6 signals · derived from public data
14.4 months
D/E 0.33 · 0% dilution
Lead: Phase 1/Phase 2
1 candidate
1 upcoming, next in ~733d
No insider transactions in the last 180 days
Runway
Catalysts
Pipeline
Regulatory
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
108
Total value held
$222.1M
| Holder | Shares | Value |
|---|---|---|
| gilead sciences, inc. | 4,126,119 | $35.6M |
| vanguard capital management llc | 3,566,684 | $30.8M |
| deerfield management company, l.p. | 2,000,000 | $17.3M |
| woodline partners lp | 1,690,650 | $14.6M |
| balyasny asset management l.p. | 1,125,321 | $9.7M |
| millennium management llc | 1,005,508 | $8.7M |
| morgan stanley | 977,289 | $8.4M |
| blackrock, inc. | 877,078 | $7.6M |
| d. e. shaw & co., inc. | 721,581 | $6.2M |
| propel bio management, llc | 644,421 | $5.6M |
Showing top 10 of 108 institutional holders of Kyverna Therapeutics, Inc.. Open the full 13F history after sign-in.
Short Interest
as of Apr 20, 2026- % of float
- 8.2%
- Days to cover
- 6.2
- Shares short
- 4,212,602
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
KYTX short interestGovernance
Frequently asked questions
What is the AI investment thesis for Kyverna Therapeutics, Inc.?
Kyverna Therapeutics is a clinical-stage biopharmaceutical company developing autologous chimeric antigen receptor (CAR) T-cell therapies for autoimmune and inflammatory diseases, with its lead candidate KYV-101 in Phase 2/3 trials.
What is Kyverna Therapeutics, Inc.'s lead drug candidate?
Kyverna Therapeutics, Inc.'s most advanced tracked candidate is kyv-101 (Phase 1/Phase 2) for Refractory Lupus Nephritis; Myasthenia Gravis; Systemic Sclerosis.
What is Kyverna Therapeutics, Inc.'s next catalyst?
Kyverna Therapeutics, Inc.'s next tracked catalyst is a Phase3_Topline event — "Phase 3 Topline: KYSA-6: A Phase 2/3, Open-Label, Randomized, Controlled, Multicenter Study of KYV-101, an Autologous" — expected September 1, 2028.
Who is the CEO of Kyverna Therapeutics, Inc.?
Mr. Warner Biddle is the chief executive officer of Kyverna Therapeutics, Inc. (KYTX).
Where is Kyverna Therapeutics, Inc. headquartered?
Kyverna Therapeutics, Inc. (KYTX) is headquartered in EmeryVille, CA, United States.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.