Kyverna Therapeutics, Inc.
KYTXHealthcare|Biotechnology|US
$4.88
+0.27 (+5.86%)
DCF Value
$2.04
Tangible Book / Share
$2.72
Cash / Share
$3.27
Financials
Financial Snapshot
Market Cap
$301.8M
Enterprise Value
$303.0M
Revenue (TTM)
$0.00
Net Income (TTM)
-$152.6M
Cash & Investments
$199.4M
Net Cash
$166.4M
Free Cash Flow (TTM)
-$159.4M
Operating CF (TTM)
-$158.8M
Debt/Equity
0.20
Cash Runway & Burn Rate
Cash on Hand
$199.4M
Quarterly Burn
$39.7M
Monthly Burn
$13.2M
Est. Runway
~5.0 quarters
| Metric | Trend | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|
| Cash & Investments | $76.1M | $51.3M | $57.5M | $286.0M | $279.3M | $199.4M | |
| Operating Cash Flow | -$22.2M | -$36.1M | -$52.4M | -$114.3M | -$153.7M | -$158.8M | |
| Free Cash Flow | -$23.4M | -$36.9M | -$53.0M | -$116.5M | -$153.7M | -$159.4M | |
| Capital Expenditure | -$1.3M | -$768.0K | -$621.0K | -$2.2M | -$5.0K | -$680.0K | |
| Financing Cash Flow | $72.5M | $11.9M | $58.1M | $337.1M | $141.2M | $145.9M |
R&D Spending
R&D (TTM)
$115.0M
R&D Intensity
—
R&D Growth vs Prior
-14.0%
| Metric | Trend | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|
| Revenue | $5.7M | $7.0M | $0.00 | $0.00 | $0.00 | $0.00 | |
| R&D Expense | $25.9M | $28.4M | $48.2M | $112.5M | $133.7M | $115.0M | |
| R&D % of Revenue | 457.1% | 404.3% | — | — | — | — | |
| SG&A | $6.2M | $8.0M | $12.5M | $30.1M | $36.1M | $43.6M |
Income Statement
| Metric | Trend | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|
| Revenue | $5.7M | $7.0M | $0.00 | $0.00 | $0.00 | $0.00 | |
| Cost of Revenue | $0.00 | $0.00 | $1.7M | $2.1M | $0.00 | $351.0K | |
| Gross Profit | $5.7M | $7.0M | -$1.7M | -$2.1M | $0.00 | -$351.0K | |
| R&D | $25.9M | $28.4M | $48.2M | $112.5M | $133.7M | $115.0M | |
| SG&A | $6.2M | $8.0M | $12.5M | $30.1M | $36.1M | $43.6M | |
| Operating Income | -$26.3M | -$29.4M | -$62.4M | -$142.6M | -$169.8M | -$158.9M | |
| Interest Expense | $3.0K | $65.0K | $187.0K | $142.0K | $489.0K | $1.8M | |
| Pretax Income | -$26.4M | -$28.9M | -$60.4M | -$127.5M | -$161.3M | -$152.6M | |
| Net Income | -$26.4M | -$28.9M | -$60.4M | -$127.5M | -$161.3M | -$152.6M | |
| EPS (Diluted) | -1.02 | -1.12 | -0.00 | -3.33 | -3.64 | -2.94 | |
| EBITDA | -$25.8M | -$27.8M | -$58.5M | -$125.2M | -$159.0M | -$149.3M | |
| Shares Out. (M) | 25.80 | 25.80 | 673.62 | 38.33 | 44.26 | 60.90 |
Balance Sheet
| Metric | Trend | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $76.1M | $37.7M | $34.6M | $96.6M | $124.1M | $31.8M | |
| Short-Term Investments | $0.00 | $13.6M | $22.9M | $189.4M | $155.2M | $167.6M | |
| Total Current Assets | $77.1M | $53.3M | $60.7M | $290.6M | $283.0M | $206.5M | |
| Total Assets | $85.5M | $66.9M | $75.2M | $304.6M | $293.8M | $219.8M | |
| Total Current Liabilities | $15.9M | $12.0M | $19.9M | $33.8M | $36.5M | $22.8M | |
| Long-Term Debt | $0.00 | $0.00 | $0.00 | $0.00 | $24.7M | $24.9M | |
| Total Liabilities | $131.7M | $140.9M | $26.0M | $38.1M | $61.5M | $54.3M | |
| Stockholders' Equity | -$46.3M | -$74.0M | $49.2M | $266.6M | $232.3M | $165.5M | |
| Retained Earnings | -$46.8M | -$75.7M | -$136.0M | -$263.5M | -$424.8M | -$502.9M |
Cash Flow Statement
| Metric | Trend | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$22.2M | -$36.1M | -$52.4M | -$114.3M | -$153.7M | -$158.8M | |
| Capital Expenditure | -$1.3M | -$768.0K | -$621.0K | -$2.2M | -$5.0K | -$680.0K | |
| Free Cash Flow | -$23.4M | -$36.9M | -$53.0M | -$116.5M | -$153.7M | -$159.4M | |
| Investing Cash Flow | -$1.3M | -$14.1M | -$8.8M | -$160.9M | $40.0M | -$8.8M | |
| Financing Cash Flow | $72.5M | $11.9M | $58.1M | $337.1M | $141.2M | $145.9M | |
| Issuance of Stock | $30.0K | $175.0K | $645.0K | $341.2M | $117.4M | $122.1M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | -$41.0K | -$249.0K | -$781.0K | -$956.0K | $23.9M | $24.3M | |
| Stock Based Comp. | $7.3M | $929.0K | $2.2M | $8.4M | $10.1M | $12.1M | |
| Net Change in Cash | $49.1M | -$38.3M | -$3.1M | $62.0M | $27.5M | -$21.6M |
Dilution Tracker
Shares outstanding grew 71.5% over 5 years — significant dilution
Shares Outstanding
62M
5-Year Share Growth
+71.5%
Stock Issuance (TTM)
$122.1M
| Metric | Trend | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 25.80 | 25.80 | 673.62 | 38.33 | 44.26 | 60.90 | |
| Change vs Prior % | — | 0.0% | 2510.5% | -94.3% | 15.5% | 37.6% | |
| Stock Issuance | $30.0K | $175.0K | $645.0K | $341.2M | $117.4M | $122.1M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $7.3M | $929.0K | $2.2M | $8.4M | $10.1M | $12.1M |
Margins & Profitability
| Metric | Trend | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|
| Gross Margin % | 100.0% | 100.0% | — | — | — | — | |
| Operating Margin % | -465.8% | -418.3% | — | — | — | — | |
| Net Margin % | -465.9% | -411.3% | — | — | — | — | |
| EBITDA Margin % | -455.5% | -395.4% | — | — | — | — | |
| FCF Margin % | -414.5% | -525.0% | — | — | — | — | |
| ROE % | 57.0% | 39.0% | -122.8% | -47.8% | -69.4% | -81.9% | |
| ROA % | -30.8% | -43.2% | -80.3% | -41.8% | -54.9% | -69.4% | |
| ROIC % | -37.4% | -51.3% | -107.1% | -51.5% | -65.0% | -80.0% | |
| R&D / Revenue % | 457.1% | 404.3% | — | — | — | — |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Revenue | 0.0% | 24.2% | -100.0% | 0.0% | 0.0% | |
| Gross Profit | 0.0% | 24.2% | -124.3% | -25.0% | 100.0% | |
| Operating Income | 0.0% | -11.5% | -112.4% | -128.5% | -19.1% | |
| Net Income | 0.0% | -9.7% | -108.9% | -111.2% | -26.5% | |
| EPS (Diluted) | 0.0% | -9.8% | 100.0% | -3329900.0% | -9.3% | |
| Operating Cash Flow | 0.0% | -63.0% | -45.1% | -118.0% | -34.5% | |
| Free Cash Flow | 0.0% | -57.3% | -43.8% | -119.6% | -32.0% | |
| R&D Expense | 0.0% | 9.9% | 69.8% | 133.3% | 18.9% | |
| SG&A Expense | 0.0% | 30.2% | 55.9% | 141.4% | 19.8% | |
| Total Assets | 0.0% | -21.7% | 12.4% | 305.1% | -3.6% | |
| Book Value / Share | 0.0% | -60.0% | 102.5% | 9425.8% | -24.5% | |
| Debt | 0.0% | 90.2% | -14.1% | -9.2% | 252.2% | |
| Diluted Shares | 0.0% | 0.0% | 2510.5% | -94.3% | 15.5% |
Valuation
P/E (TTM)At Loss
P/S0.00
P/B1.80
10Y Low / Med / High0.54 / 1.79 / 410.94
EV/EBITDAAt Loss
EV/Revenue0.00
P/FCFAt Loss
Intrinsic Value Models (per share)
DCF Value
$2.04
Tangible Book / Share
$2.72
Net Current Assets / Share
$2.46
Graham Net-Net
$2.38
Cash / Share
$3.27
| Metric | Trend | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|
| P/E Ratio | -29.41 | -26.79 | -300000.00 | -1.12 | -2.58 | -1.66 | |
| P/S Ratio | 136.87 | 110.19 | 0.00 | 0.00 | 0.00 | 0.00 | |
| P/B Ratio | -16.74 | -10.46 | 410.94 | 0.54 | 1.79 | 1.80 | |
| EV/EBITDA | -27.31 | -26.89 | -345.18 | -0.44 | -2.02 | -2.03 | |
| EV/Revenue | 124.40 | 106.33 | 0.00 | 0.00 | 0.00 | 0.00 |
Analyst Estimates & Quality
Altman Z-Score
-1.13
Distress
Piotroski F-Score
1
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $12.5M | $17.2M | $70.7M |
| Net Income | -$121.8M | -$143.5M | -$114.6M |
| EPS | $-2.76 | $-3.12 | $-2.64 |
| # Analysts (EPS) | 5 | 5 | 5 |