Kyverna Therapeutics, Inc. filed its quarterly report on Form 10-Q with the SEC on November 12, 2026, covering the three and nine months ended September 30, 2026, disclosing a net loss of $41.9 million for the quarter and total stockholders' equity of $133.2 million.

Key Highlights

  • Net loss of $41.941 million for the three months ended September 30, 2026, compared to a net loss of $36.787 million in the same quarter of 2025, according to the filing.
  • Nine-month net loss of $119.988 million for the period ended September 30, 2026, versus $123.503 million in the comparable prior-year period.
  • Total assets of $189.437 million as of September 30, 2026, down from $293.826 million as of December 31, 2025.
  • Cash and cash equivalents of $31.818 million as of September 30, 2026, compared to $124.093 million at year-end 2025.
  • ATM Facility activity: the company issued shares in Q2 and Q3 2026 raising net proceeds of $3.362 million and $5.330 million, respectively, after sales agent fees and issuance costs.
  • Accumulated deficit of $544.815 million as of September 30, 2026, up from $424.827 million at December 31, 2025.
  • 63,221,970 shares outstanding as of November 6, 2026, as reported on the cover page of the filing.

Kyverna Therapeutics Financial Results for the Nine Months Ended September 30, 2026

According to the filing, Kyverna Therapeutics (NASDAQ:KYTX) reported total operating expenses of $42.899 million for the three months ended September 30, 2026, consisting of $27.023 million in research and development expenses and $15.876 million in general and administrative expenses. This compares to total operating expenses of $38.727 million in the third quarter of 2025, which included $30.457 million in research and development and $8.270 million in general and administrative costs. The company reported no revenue in either period.

For the nine months ended September 30, 2026, the filing disclosed total operating expenses of $123.822 million, with research and development at $81.884 million and general and administrative at $41.938 million. Interest income of $5.936 million and interest expense of $2.069 million were also reported for the nine-month period. Net loss per share, basic and diluted, was $(0.68) for the third quarter of 2026 and $(1.96) for the nine months ended September 30, 2026, based on weighted-average shares outstanding of 61,960,238 and 61,102,693, respectively.

The company's balance sheet as of September 30, 2026, reflected available-for-sale marketable securities of $138.754 million and a term loan carrying value of $24.958 million. Total stockholders' equity declined to $133.154 million from $232.276 million at December 31, 2025, primarily driven by the accumulated deficit increase. The company is classified as a non-accelerated filer, smaller reporting company, and emerging growth company, as indicated on the filing's cover page.

What Was Disclosed

Kyverna Therapeutics filed its Form 10-Q for the quarter ended September 30, 2026, reporting a net loss of $41.941 million for the quarter, a declining cash position, an accumulated deficit of $544.815 million, and equity raised through its ATM Facility during the nine-month period.