Kyverna Therapeutics, Inc. filed its quarterly report on Form 10-Q with the SEC on August 11, 2026, covering the three- and six-month periods ended June 30, 2026.

Key Highlights

  • Net loss of $38.3 million for the three months ended June 30, 2026, compared to a net loss of $42.1 million in the same quarter of 2025.
  • Net loss of $78.0 million for the six months ended June 30, 2026, compared to a net loss of $86.7 million for the first half of 2025.
  • Total assets of $219.8 million as of June 30, 2026, down from $293.8 million as of December 31, 2025.
  • Cash and cash equivalents of $31.8 million as of June 30, 2026, compared to $124.1 million as of December 31, 2025.
  • Available-for-sale marketable securities of $167.6 million as of June 30, 2026, up from $155.2 million at year-end 2025.
  • Accumulated deficit of $502.9 million as of June 30, 2026, compared to $424.8 million as of December 31, 2025.
  • 61,843,444 shares of common stock outstanding as of August 3, 2026, according to the filing.

Kyverna Therapeutics Q2 2026: Operating Losses, Cash Position, and Capital Activity

According to the filing, Kyverna Therapeutics, Inc. (NASDAQ:KYTX) reported total operating expenses of $39.6 million for the three months ended June 30, 2026, comprising $24.8 million in research and development expenses and $14.8 million in general and administrative expenses. This compares to total operating expenses of $44.4 million in the same quarter of 2025, when research and development expenses were $35.8 million and general and administrative expenses were $8.6 million. The company reported no revenue in either period.

For the six months ended June 30, 2026, the filing discloses total operating expenses of $80.9 million, consisting of $54.9 million in research and development and $26.1 million in general and administrative expenses, versus $91.8 million for the comparable prior-year period. Interest income for the six months ended June 30, 2026 was $4.3 million, offset by interest expense of $1.3 million. Net cash used in operating activities was $81.9 million for the six months ended June 30, 2026, compared to $76.9 million in the same period of 2025.

The company's stockholders' equity declined to $165.5 million as of June 30, 2026, from $232.3 million as of December 31, 2025, according to the filing. During the second quarter of 2026, the filing discloses that Kyverna issued 426,038 shares of common stock under its ATM Facility, generating net proceeds of $3.4 million after sales agent fees and issuance costs of $332 thousand. The company also recorded stock-based compensation expense of $6.7 million for the six months ended June 30, 2026. As of June 30, 2026, the company carried a term loan with a carrying value of $24.9 million on its balance sheet.

What Was Disclosed

Kyverna Therapeutics disclosed unaudited condensed financial statements for the quarter and six months ended June 30, 2026, showing continued net losses, a reduced cash position, and a growing accumulated deficit, alongside capital activity including ATM Facility share issuances.