---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-25-261719"
form_type: "8-K"
ticker: "KYTX"
cik: "0001994702"
company_name: "Kyverna Therapeutics, Inc."
filed_at: "2025-11-03T23:59:59+00:00"
generated_at: "2026-05-17T00:57:33.128738+00:00"
event_type: "debt"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Kyverna secures up to $150M debt facility from Oxford Finance; SPS data readout accelerated

## Summary
- Non-dilutive term loan facility of up to $150M; initial draw of $25M on Nov 3, 2025.
- Loan matures Oct 1, 2030; floating interest at 1M SOFR + 5.00% (floor 3.75%); interest-only to Nov 2028/2029.
- Cash runway extended into 2027, supporting SPS BLA filing and MG Phase 3 trial.
- Topline registrational Phase 2 SPS data now expected early 2026 (narrowed from 1H 2026); BLA filing 1H 2026.
- MG Phase 3 enrollment to start by year-end 2025; updated Phase 2/3 data expected 2026.

## SEC filing metadata
- accession: 0001193125-25-261719
- form_type: 8-K
- ticker: KYTX
- cik: 0001994702
- company_name: Kyverna Therapeutics, Inc.
- filed_at: 2025-11-03T23:59:59+00:00
- event_type: debt
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 2.03, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1994702/000119312525261719/0001193125-25-261719-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1994702/000119312525261719/kytx-20251102.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-25-261719
- JSON: https://secwatch.observer/filing/0001193125-25-261719.json
- Plain text: https://secwatch.observer/filing/0001193125-25-261719.txt

## Key facts
- Debt Financings
  Kyverna Therapeutics, Inc. incurred term loan of up to $150.0 million with Oxford Finance LLC at a floating per annum rate equal to (a) the greater of (i) the 1-Month CME Term S maturing October 1, 2030.
  - Instrument: term loan
  - Principal: up to $150.0 million
  - Counterparty: Oxford Finance LLC
  - Rate: a floating per annum rate equal to (a) the greater of (i) the 1-Month CME Term S
  - Maturity: October 1, 2030
  - Event: incurrence
  source text: from time to time party thereto. The Loan and Security Agreement provides a non-dilutive term loan facility (the “Loan Facility”) up to an aggregate principal amount of up to $150.0 million in multiple tranches, subject to certain conditions. The Loan Facility includes an initial tranche of $40.0 million and two additional tranches totaling $60.0 million, subject to
  evidence_url: https://www.sec.gov/Archives/edgar/data/1994702/000119312525261719/0001193125-25-261719-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.