Kyverna Therapeutics (KYTX) Q4 2025 earnings summary

Executive summary

• Advancing first-to-market CAR T therapy for stiff person syndrome (SPS) with BLA submission expected in 1H 2026 and commercial launch readiness underway.

• Positive clinical data for miv-cel in SPS, generalized myasthenia gravis (gMG), progressive multiple sclerosis (PMS), and rheumatoid arthritis (RA) support pipeline expansion.

• Cash and cash equivalents of $279 million as of December 31, 2025, expected to fund operations into 2028, including SPS launch and Phase 3 gMG trial.

• Strengthened leadership team and board, and expanded manufacturing and commercial capabilities.

Financial highlights

• Cash, cash equivalents, and marketable securities totaled $279.3 million at year-end 2025.

• R&D expenses were $30.0 million for Q4 and $133.7 million for FY 2025, up from $33.5 million and $112.5 million in the prior year.

• G&A expenses were $9.3 million for Q4 and $36.1 million for FY 2025, up from $7.6 million and $30.1 million in the prior year.

• Net loss was $37.8 million for Q4 and $161.3 million for FY 2025, compared to $37.5 million and $127.5 million in the prior year.

• Weighted-average shares outstanding were 47.2 million for Q4 and 44.3 million for FY 2025.

Outlook and guidance

• SPS BLA filing anticipated in 1H 2026, with launch readiness by year-end 2026.

• Phase 3 gMG trial enrollment underway; updated data to be presented in April 2026.

• Additional data from PMS, RA, and lupus nephritis studies expected in 2026.

• Cash runway expected to fund operations into 2028, supporting key clinical and commercial milestones.