Start here if you're new
what it is
Kyverna builds cell therapies for autoimmune diseases.
how it gets paid
Last year Kyverna Therapeutics made n/a in revenue. KYV-101 lead program was the main engine at $0M, or 30% of sales.
what just happened
Kyverna posted a -$2.85 quarterly EPS loss, and revenue was still undisclosed.
At a glance
n/a balance sheet
-$3.33 fy2024 eps est
~$511M market cap
small cap
NASDAQ
What they do
Kyverna builds cell therapies for autoimmune diseases.
You get 112 employees and 2 registrational trials on the same balance sheet. That is tiny payroll versus huge scientific ambition. Registrational trials → approval studies → so what: they are the tests that decide whether the FDA says yes.
How they make money
n/a
annual revenue
KYV-101 lead program
$0M
KYV-102 manufacturing platform
$0M
Next-gen CAR-T formats
$0M
Lupus nephritis trials
$0M
MS and RA studies
$0M
The products that matter
lead CAR T program
KYV-101 (miv-cel)
first BLA target · 1H 2026
this is the asset carrying the valuation. the first BLA target is 1H 2026, so your clock is measured in milestones, not quarters of revenue growth.
lead asset
funds the clinical clock
cash runway
$279M · into 2028
in pre-revenue biotech, cash is not a footnote. $279M is what buys trial time, regulatory work, and the right to avoid raising capital tomorrow.
time bought
keeps leverage out of the story
balance sheet
$1M long-term debt
debt is tiny relative to a $511M market cap. if this story gets in trouble, it will be because of data or dilution, not lenders.
low debt
Key numbers
-$3.33
fy2024 eps est
n/a
fy rev est
n/a
trailing p/e
n/a
dividend yield
Financial health
n/a
strength
- balance sheet grade n/a
- long-term debt $1M (0% of capital)
n/a — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for KYTX right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Kyverna posted a -$2.85 quarterly EPS loss, and revenue was still undisclosed.
EDGAR shows a deep loss, while Yahoo Finance shows trailing EPS at -$3.4. That is what a pre-revenue biotech looks like when the spending keeps going.
$0M
revenue
-$2.85
eps
n/a
n/a
quarterly loss
The -$2.85 EPS loss says the company is still financing trials, not selling medicine.
source: EDGAR filing and Yahoo Finance, 2026
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What could go wrong
the top risk is KYV-101 falling short in the clinic or slipping on the path to filing. with no annual revenue line on the page, one asset still carries most of the equity story.
med
KYV-101 disappoints
This is the quiet part loud. If the lead dataset weakens, the stock is not losing one growth avenue — it is losing the main reason many investors are here.
With no annual revenue listed, weak data would pressure the part of the $511M valuation built on future approval odds.
med
cash burn reaches the market before the science does
Management says cash runs into 2028. If timelines stretch or costs rise, equity financing shows up sooner, and small biotech rarely gets to raise on its own terms.
That would dilute current holders before the first BLA target in 1H 2026 has a chance to resolve the story.
med
the filing path slips even if the science holds up
Biotech investors like to focus on efficacy and safety. Regulators also care about manufacturing, process controls, and whether the package is ready for review.
A delay would not erase the asset, but it would extend the clock on a company with no product revenue to absorb the wait.
$279M of runway helps, but it does not diversify the story. If clinical progress slows while the cash clock keeps running, valuation pressure and financing pressure arrive together.
source: institutional data · regulatory filings · risk analysis
Pay attention to
calendar
the 1H 2026 filing target
This is the date that turns a science project into an approval process. If you see slippage here, the stock will notice before the filing ever happens.
metric
cash runway versus trial progress
$279M sounds comfortable until milestones move. Track whether each update adds evidence faster than it consumes time.
risk
any sign KYV-101 stops carrying the story
Single-asset biotech works until it does not. If the lead program starts looking less central, ask whether that is diversification or damage control.
trend
the stock's range tells you conviction is still fragile
The 52-week range runs from $2 to $14. Same company. Same ticker. That is what catalyst-driven trading looks like before commercial proof exists.
Analyst rankings
short-term outlook
thin coverage
target data is limited here. in human-speak, you are not getting a clean consensus to hide behind.
risk profile
high
small-cap clinical biotech moves on milestones, financing, and sentiment. expect larger swings than a mature healthcare name.
chart momentum
catalyst-led
This ticker trades on trial and filing expectations more than smooth technical trends. The chart is often a calendar in disguise.
earnings predictability
40 / 100
The losses are real, but the business model is still forming. That makes quarterly comparisons less useful than milestone tracking.
source: institutional data
Institutional activity
institutional ownership data for KYTX is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$7
current price
n/a
target midpoint · n/a from current
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