Detailed financial statements for Kyverna Therapeutics, Inc. (KYTX): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Kyverna Therapeutics, Inc., a clinical-stage biopharmaceutical company, focuses on developing cell therapies for patients with autoimmune diseases. Its lead product candidate is KYV-101, an autologous CD19 CAR T-cell product candidate for the treatment of stiff person syndrome, myasthenia gravis, and lupus nephritis, as well as multiple sclerosis and systemic sclerosis.
Analysis Summary
Trailing-twelve-month margins: gross margin 0.0%, operating margin 0.0%, net margin 0.0%.
At the current price of $6.90, KYTX has negative trailing earnings (P/E not meaningful) and an ROE of -81.91%. Market capitalisation stands at $419M.
Balance sheet quality for KYTX: current ratio of 7.8, net cash position of $250.2M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $5.7M | $7.0M | 0 | 0 | 0 |
| Cost of Revenue | 0 | 0 | $1.7M | $2.1M | 0 |
| Gross Profit | $5.7M | $7.0M | -$1.7M | -$2.1M | 0 |
| Research & Development | $25.9M | $28.4M | $48.2M | $112.5M | $133.7M |
| Selling, General & Admin | $6.2M | $8.0M | $12.5M | $30.1M | $36.1M |
| Operating Expenses | $32.0M | $36.4M | $60.7M | $140.5M | $169.8M |
| Operating Income | -$26.3M | -$29.4M | -$62.4M | -$142.6M | -$169.8M |
| EBITDA | -$25.8M | -$27.8M | -$58.5M | -$125.2M | -$159.0M |
| Interest Expense | $3000 | $65000 | $187000 | $142000 | $489000 |
| Pre-tax Income | -$26.4M | -$28.9M | -$60.4M | -$127.5M | -$161.3M |
| Income Tax | 0 | 0 | 0 | 0 | 0 |
| Net Income | -$26.4M | -$28.9M | -$60.4M | -$127.5M | -$161.3M |
| EPS | $-1.02 | $-1.12 | $-0.00 | $-3.33 | $-3.64 |
| EPS (Diluted) | $-1.02 | $-1.12 | $-0.00 | $-3.33 | $-3.64 |
| Shares Outstanding (Diluted) | $25.8M | $25.8M | $673.6M | $38.3M | $44.3M |
Balance Sheet (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $76.1M | $37.7M | $34.6M | $96.6M | $124.1M |
| Short-term Investments | 0 | $13.6M | $22.9M | $189.4M | $155.2M |
| Receivables | 0 | 0 | 0 | 0 | 0 |
| Inventory | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $77.1M | $53.3M | $60.7M | $290.6M | $283.0M |
| Property, Plant & Equipment | $7.8M | $12.4M | $10.6M | $10.7M | $5.4M |
| Goodwill | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $85.5M | $66.9M | $75.2M | $304.6M | $293.8M |
| Accounts Payable | $773000 | $1.5M | $4.4M | $4.6M | $5.3M |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $15.9M | $12.0M | $19.9M | $33.8M | $36.5M |
| Long-term Debt | 0 | 0 | 0 | 0 | $24.7M |
| Total Liabilities | $131.7M | $140.9M | $26.0M | $38.1M | $61.5M |
| Retained Earnings | -$46.8M | -$75.7M | -$136.0M | -$263.5M | -$424.8M |
| Total Equity | -$46.3M | -$74.0M | $49.2M | $266.6M | $232.3M |
| Total Debt | $5.6M | $10.6M | $9.1M | $8.2M | $29.0M |
| Net Debt | -$70.5M | -$40.8M | -$48.5M | -$277.7M | -$250.2M |
| Working Capital | $61.2M | $41.3M | $40.8M | $256.8M | $246.5M |
Cash Flow (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Net Income | -$26.4M | -$28.9M | -$60.4M | -$127.5M | -$161.3M |
| Depreciation & Amortization | $586000 | $1.1M | $1.7M | $2.1M | $1.8M |
| Stock-based Compensation | $7.2M | $929000 | $2.2M | $8.4M | $10.1M |
| Change in Working Capital | -$4.5M | -$10.3M | $3.4M | $7.9M | -$1.1M |
| Operating Cash Flow | -$22.2M | -$36.1M | -$52.4M | -$114.2M | -$153.7M |
| Capital Expenditure | -$1.3M | -$768000 | -$621000 | -$2.2M | -$5000 |
| Acquisitions | 0 | 0 | 0 | 0 | $70000 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$23.4M | -$36.9M | -$53.0M | -$116.5M | -$153.7M |
Growth & Margins (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue Growth (YoY) | +24.2% | -100.0% | |||
| Net Income Growth (YoY) | -9.7% | -108.9% | -111.2% | -26.5% | |
| EPS Growth (YoY) | -9.8% | +100.0% | -3329900.0% | -9.3% | |
| Shares Change (YoY) | +0.0% | +2510.5% | -94.3% | +15.5% | |
| FCF Growth (YoY) | -57.3% | -43.8% | -119.6% | -32.0% | |
| Gross Margin | 100.0% | 100.0% | |||
| Operating Margin | -465.8% | -418.3% | |||
| EBITDA Margin | -455.5% | -395.4% | |||
| Net Margin | -465.9% | -411.3% | |||
| FCF Margin | -414.5% | -525.0% | |||
| Effective Tax Rate | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| FCF Per Share | $-0.91 | $-1.43 | $-0.08 | $-3.04 | $-3.47 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $25.8M | $25.8M | $673.6M | $38.3M | $44.3M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | -81.91% |
| Return on Invested Capital | -80.05% |
| Return on Assets | -69.44% |
| Gross Margin | 0.00% |
| Operating Margin | 0.00% |
| Net Margin | 0.00% |
Financial Health
| Debt / Equity | 0.20 |
| Current Ratio | 9.06 |
| Piotroski F-Score | 1 |
| Altman Z-Score | 1.13 |
Key Ratios (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| P/E | -29.41 | -26.79 | -300000.00 | -1.12 | -2.58 |
| P/B | -16.74 | -10.46 | 410.94 | 0.54 | 1.79 |
| P/S | 136.87 | 110.19 | 0.00 | 0.00 | 0.00 |
| Gross Margin | 100.0% | 100.0% | 0.0% | 0.0% | 0.0% |
| Operating Margin | -465.8% | -418.3% | 0.0% | 0.0% | 0.0% |
| Net Margin | -465.9% | -411.3% | 0.0% | 0.0% | 0.0% |
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Explore sector: Healthcare · Biotechnology
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