---
title: "Kyverna Therapeutics | 10-Q: FY2026 Q1 Revenue: USD 0"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/286150993.md"
datetime: "2026-05-12T20:17:39.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/286150993.md)
  - [en](https://longbridge.com/en/news/286150993.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/286150993.md)
---

# Kyverna Therapeutics | 10-Q: 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.

Kyverna Therapeutics, Inc. operates as a single reportable segment, focusing on developing therapies for autoimmune and inflammatory diseases, with financial information reviewed on an aggregate basis by the chief operating decision maker. Therefore, no segmented revenue is reported .

#### Operational Metrics (Three Months Ended March 31, in thousands)

-   **Net Loss:**
    -   2026: - $39,728
    -   2025: - $44,635
    -   Change: $4,907 decrease in net loss, or -11%
-   **Total Operating Expenses:**
    -   2026: $41,367
    -   2025: $47,408
    -   Change: - $6,041, or -13%
-   **Research and Development (R&D) Expenses:**
    -   2026: $30,073
    -   2025: $37,433
    -   Change: - $7,360, or -20%
    -   **Miv-cel Program:**
        -   2026: $15,231
        -   2025: $22,120
        -   Change: - $6,889, or -31% (primarily due to a decrease of $8.3 million in Contract Manufacturing Organization (CMO) activities, partially offset by a $0.8 million increase in professional services and a $1.0 million benchmark royalty expense to the National Institutes of Health)
    -   **Other Programs (KYV-201 and KYV-102):**
        -   2026: $206
        -   2025: $559
        -   Change: - $353, or -63% (mainly due to a $0.2 million decrease in CMO costs)
    -   **R&D Personnel-Related Expenses:**
        -   2026: $9,720
        -   2025: $8,519
        -   Change: $1,201 increase, or 14% (due to growth in employee count)
    -   **Other R&D Expenses:**
        -   2026: $4,916
        -   2025: $6,235
        -   Change: - $1,319, or -21% (mainly due to a one-time - $0.6 million impairment charge related to capitalized software in 2025 and lower allocated overhead expenses)
-   **General and Administrative (G&A) Expenses:**
    -   2026: $11,294
    -   2025: $9,975
    -   Change: $1,319 increase, or 13% (primarily due to a $0.7 million increase in personnel-related expenses and a $0.5 million increase in professional services)
-   **Interest Income:**
    -   2026: $2,327
    -   2025: $2,825
    -   Change: - $498 decrease, or -18% (primarily due to lower effective interest yield)
-   **Interest Expense:**
    -   2026: - $667
    -   2025: - $25
    -   Change: - $642 increase, or 2,568% (primarily due to the Loan Facility)

#### Cash Flow (Three Months Ended March 31, in thousands)

-   **Net Cash Used in Operating Activities:**
    -   2026: - $41,597
    -   2025: - $44,915
-   **Net Cash Used in Investing Activities:**
    -   2026: - $50,201
    -   2025: $5,578
-   **Net Cash Used in Financing Activities:**
    -   2026: - $101
    -   2025: - $414

#### Unique Financial Indicators (in thousands)

-   **Accumulated Deficit (as of March 31, 2026):** - $464,600
-   **Cash and Cash Equivalents and Available-for-Sale Marketable Securities (as of March 31, 2026):** $236,400
-   **Term Loan Balance (as of March 31, 2026):** $24,812

#### Future Outlook and Strategy

Kyverna Therapeutics, Inc. anticipates continued substantial losses and negative cash flows as it advances its product candidates, expands its pipeline, and pursues regulatory approvals and commercialization. The company estimates that its existing cash, cash equivalents, available-for-sale marketable securities, and available term loans will fund operations for at least the next 12 months from the financial statements’ issuance date. To meet future needs, Kyverna Therapeutics, Inc. plans to monitor expenses and raise additional capital through equity or debt financings, strategic alliances, and licensing arrangements.

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