---
title: "Kyverna Therapeutics | 8-K: FY2026 Q1 Revenue: USD 0"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/286149491.md"
datetime: "2026-05-12T20:09:24.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/286149491.md)
  - [en](https://longbridge.com/en/news/286149491.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/286149491.md)
---

# Kyverna Therapeutics | 8-K: FY2026 Q1 Revenue: USD 0

Revenue: As of FY2026 Q1, the actual value is USD 0.

EPS: As of FY2026 Q1, the actual value is USD -0.66, beating the estimate of USD -0.7524.

EBIT: As of FY2026 Q1, the actual value is USD -43.03 M.

### Financial Results for the First Quarter Ended March 31, 2026 and 2025

#### Cash and Cash Equivalents

Kyverna Therapeutics, Inc. reported $236.4 million in cash, cash equivalents, and marketable securities as of March 31, 2026. As of December 31, 2025, cash, cash equivalents, and available-for-sale marketable securities were $279,253 thousand.

#### Operating Costs

Research and Development (R&D) expenses for the first quarter ended March 31, 2026, were $30.1 million, compared to $37,433 thousand for the same period in 2025. General and Administrative (G&A) expenses were $11.3 million for the first quarter ended March 31, 2026, compared to $9,975 thousand for the same period in 2025. Total operating expenses for the first quarter ended March 31, 2026, were $41,367 thousand, down from $47,408 thousand for the same period in 2025.

#### Operating Profit / Loss

Loss from operations for the first quarter ended March 31, 2026, was - $41,367 thousand, an improvement from - $47,408 thousand for the same period in 2025.

#### Net Loss

For the quarter ended March 31, 2026, Kyverna Therapeutics, Inc. reported a net loss of - $39.7 million, compared to a net loss of - $44,635 thousand for the same period in 2025.

#### Net Loss Per Share

Net loss per common share for the first quarter ended March 31, 2026, was - $0.66, compared to - $1.03 for the same period in 2025.

#### Other Financial Details

Interest income was $2,327 thousand for Q1 2026, down from $2,825 thousand for Q1 2025. Interest expense was - $667 thousand for Q1 2026, compared to - $25 thousand for Q1 2025. Other expense, net was - $21 thousand for Q1 2026, compared to - $27 thousand for Q1 2025. Total other income, net was $1,639 thousand for Q1 2026, down from $2,773 thousand for Q1 2025. Unrealized loss on available-for-sale marketable securities, net was - $193 thousand for Q1 2026, compared to - $106 thousand for Q1 2025. Total other comprehensive loss was - $193 thousand for Q1 2026, compared to - $106 thousand for Q1 2025. Net loss and other comprehensive loss totaled - $39,921 thousand for Q1 2026, compared to - $44,741 thousand for Q1 2025. The weighted-average shares of common stock outstanding were 60,434,200 for Q1 2026, up from 43,215,577 for Q1 2025.

### Balance Sheet Highlights (March 31, 2026 vs. December 31, 2025)

Total current assets were $241,726 thousand as of March 31, 2026, down from $282,953 thousand as of December 31, 2025. Total assets were $257,024 thousand as of March 31, 2026, down from $293,826 thousand as of December 31, 2025. Current liabilities were $29,674 thousand as of March 31, 2026, down from $36,487 thousand as of December 31, 2025. Non-current liabilities were $31,770 thousand as of March 31, 2026, up from $25,063 thousand as of December 31, 2025. Stockholders’ equity was $195,580 thousand as of March 31, 2026, down from $232,276 thousand as of December 31, 2025.

### Outlook / Guidance

Kyverna Therapeutics, Inc. expects to complete its rolling Biologics License Application (BLA) submission for miv-cel in stiff person syndrome (SPS) in Q4 2026. The company anticipates having a cash runway into 2028. Launch preparations for miv-cel in SPS are in progress, with manufacturing capacity projected to fully support commercial launch.

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