Kyverna Therapeutics(KYTX) - 2025 Q3 - Quarterly Results

Financial Performance - Kyverna reported $171.1 million in cash, cash equivalents, and marketable securities as of September 30, 2025, with a cash runway expected into 2027[12]. - Research and Development (R&D) expenses for Q3 2025 were $30.5 million, compared to $29.2 million for Q3 2024[13]. - General and Administrative (G&A) expenses decreased to $8.3 million in Q3 2025 from $9.6 million in Q3 2024[14]. - The net loss for Q3 2025 was $36.8 million, or a net loss per share of $0.85, compared to a net loss of $34.5 million, or $0.80 per share, for the same period in 2024[15]. Asset and Liability Changes - Total current assets decreased from $290,601 million in December 2024 to $174,925 million in September 2025, a decline of approximately 40%[25]. - Cash and cash equivalents and available-for-sale marketable securities dropped from $285,979 million to $171,138 million, representing a decrease of about 40%[25]. - Total assets decreased from $304,645 million in December 2024 to $187,156 million in September 2025, a reduction of approximately 39%[25]. - Stockholders' equity fell from $266,587 million to $151,946 million, indicating a decline of around 43%[25]. - Current liabilities remained relatively stable, increasing slightly from $33,756 million to $33,871 million[25]. - Non-current liabilities decreased significantly from $4,302 million to $1,339 million, a reduction of approximately 69%[25]. - The company maintained restricted cash levels, with a slight decrease from $552 million to $551 million[25]. - Property and equipment, net decreased from $3,347 million to $1,793 million, a decline of about 47%[25]. - Operating lease right-of-use assets decreased from $6,468 million to $4,317 million, a reduction of approximately 33%[25]. - Other non-current assets increased from $2,836 million to $5,358 million, an increase of about 89%[25]. Clinical Development - Topline data from the registrational trial in stiff person syndrome (SPS) is now expected in early 2026, narrowed from previous guidance of the first half of 2026; BLA submission anticipated in 1H 2026[1]. - Positive interim Phase 2 data in generalized myasthenia gravis (gMG) showed that 100% of patients (6/6) achieved significant reductions in MG-ADL (mean: -8.0) and QMG (mean: -7.7) at 24 weeks[4]. - The company is on track to initiate patient enrollment in the Phase 3 portion of the gMG trial by the end of 2025[11]. - KYV-102, produced with a next-generation manufacturing process, is expected to have an IND application filed in Q4 2025[8]. - Kyverna aims to report topline registrational KYSA-8 Phase 2 data in early 2026 and file a BLA in 1H 2026[18]. - Kyverna closed a loan facility for up to $150 million, providing initial funding of $25 million to support late-stage indications in SPS and gMG[9].