Kyverna Therapeutics reports Q3 results, positive gMG interim data, $150M loan facility, SPS data early 2026

Kyverna Therapeutics, Inc.

2025-Q3 EPS reported -$2.85 vs consensus -$0.99 ▼ miss (-187.6%)

Kyverna reported Q3 2025 net loss of $36.8M ($0.85 per share), R&D expenses $30.5M, G&A $8.3M; cash $171.1M as of Sep 30, 2025.
Positive interim Phase 2 data in generalized myasthenia gravis: all primary and secondary endpoints met, 100% of patients achieved sustained reductions in MG-ADL and QMG at 24 weeks.
Topline data from registrational stiff person syndrome trial expected early 2026 (narrowed from 1H 2026); BLA submission anticipated in 1H 2026.
Closed up to $150M loan facility with Oxford Finance, initial $25M drawn; cash runway extended into 2027.
On track to file IND for KYV-102 (whole blood rapid manufacturing) in Q4 2025; Phase 3 gMG enrollment by year-end.

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