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Kyverna Therapeutics(KYTX) - 2023 Q4 - Annual Results
KYTXKyverna Therapeutics(KYTX)2024-03-26 20:13

Financial Performance - For the year ended December 31, 2023, Kyverna reported a net loss of 60.4million,oranetlosspershareof60.4 million, or a net loss per share of 89.61, compared to a net loss of 28.9million,oranetlosspershareof28.9 million, or a net loss per share of 63.43 for 2022[3] - Net cash used in operating activities was 52.4millionfor2023,anincreasefrom52.4 million for 2023, an increase from 36.1 million in 2022[3] - Total operating expenses for 2023 were 62.4million,upfrom62.4 million, up from 36.4 million in 2022, with research and development expenses at 49.9million[13]−Thecompanyreportedatotalstockholders′deficitof49.9 million[13] - The company reported a total stockholders' deficit of 131.4 million as of December 31, 2023, compared to 74.0millionin2022[15]CashandFunding−AsofDecember31,2023,Kyvernahad74.0 million in 2022[15] Cash and Funding - As of December 31, 2023, Kyverna had 57.5 million in cash, cash equivalents, and available-for-sale marketable securities[4] - The company raised approximately 366.9millioningrossproceedsfromitsinitialpublicofferingcompletedinFebruary2024,expectedtofundoperationsinto2026[5]ClinicalDevelopment−KyvernaadvancedclinicaldevelopmentofKYV−101,treating14autoimmunepatientscumulatively,includingpatientswithmultiplesclerosis,lupusnephritis,andmyastheniagravis[6]−TheFDAgrantedFastTrackDesignationsforKYV−101formultipleindications,includingrefractorymyastheniagravisandlupusnephritis[6]AssetsandManufacturing−Kyverna′stotalassetsincreasedto366.9 million in gross proceeds from its initial public offering completed in February 2024, expected to fund operations into 2026[5] Clinical Development - Kyverna advanced clinical development of KYV-101, treating 14 autoimmune patients cumulatively, including patients with multiple sclerosis, lupus nephritis, and myasthenia gravis[6] - The FDA granted Fast Track Designations for KYV-101 for multiple indications, including refractory myasthenia gravis and lupus nephritis[6] Assets and Manufacturing - Kyverna's total assets increased to 75.2 million in 2023 from $66.9 million in 2022[15] - The company is focused on advancing its manufacturing process, Ingenui-T, to improve patient experience and manufacturing efficiencies[6]