Kyverna Therapeutics Secures up to $150 Million in Non-Dilutive Financing from Oxford Finance

Core Insights - Kyverna Therapeutics has secured a $150 million non-dilutive loan facility from Oxford Finance, with an initial draw of $25 million [1][2] - The funding will enhance Kyverna's financial flexibility and support the advancement of its late-stage clinical programs in generalized myasthenia gravis (gMG) and stiff person syndrome (SPS) [1][2] - The company anticipates topline data from its registrational Phase 2 trial for SPS in early 2026, which is an advancement from previous guidance [1][6] Financial Details - The loan facility consists of an initial tranche of $40 million, with two additional tranches totaling $60 million, and a potential fourth tranche of $50 million [2] - Kyverna plans to utilize the initial $25 million from the first tranche on November 3, 2025, and expects to maintain a cash runway into 2027 [3][2] Clinical Development Milestones - For SPS, Kyverna aims to report topline registrational data in early 2026 and file a Biologics License Application (BLA) in the first half of 2026 [6] - In myasthenia gravis, the company plans to initiate enrollment for its registrational Phase 3 trial by the end of 2025 [6] - Additional milestones include reporting Phase 1 data for lupus nephritis in 2026 and filing an IND application for KYV-102 in Q4 2025 [6] Company Overview - Kyverna Therapeutics is focused on developing CAR T-cell therapies for autoimmune diseases, with its lead candidate KYV-101 in late-stage clinical development [7] - The company is also exploring next-generation CAR T-cell therapies and has ongoing trials for multiple autoimmune indications [7]