Kyverna Therapeutics Reports $42.1 Million Net Loss in Q2 2025, Increases Investment in Clinical Trials

Kyverna Therapeutics, Inc. reported significant financial results for the second quarter of 2025, revealing a net loss of $42.1 million, compared to a net loss of $28.8 million for the same period in 2024. For the six months ended June 30, 2025, the company recorded a net loss of $86.7 million, up from $55.5 million in the prior year. The increase in losses is attributed to higher operating expenses, which rose to $44.4 million for the quarter, a 33% increase from $33.4 million in the previous year. Research and development expenses accounted for the largest portion of these costs, totaling $35.8 million, a 31% increase year-over-year, driven primarily by investments in the lead product candidate, KYV-101.

Kyverna's total assets decreased to $226.5 million as of June 30, 2025, down from $304.6 million at the end of 2024. This decline was largely due to a reduction in cash and cash equivalents, which fell to $53.4 million from $96.6 million. The company’s accumulated deficit also increased to $350.2 million, reflecting ongoing operational losses since its inception. The company reported total current liabilities of $39.8 million, up from $33.8 million at the end of 2024, indicating a rise in accounts payable and accrued expenses.

In terms of strategic developments, Kyverna has made progress in its clinical pipeline, particularly with KYV-101, which is advancing through late-stage clinical trials for autoimmune diseases. The company completed patient enrollment for its pivotal Phase 2 trial in stiff person syndrome (SPS) and plans to report data in the first half of 2026. Additionally, the company has expanded its Phase 2 trial for generalized myasthenia gravis (MG) to include a Phase 3 portion, with enrollment expected to begin by the end of 2025. These developments are part of Kyverna's broader strategy to leverage its proprietary CAR T-cell technology to address unmet medical needs in autoimmune diseases.

Operationally, Kyverna's employee headcount has increased as the company continues to build its research and development capabilities. The company has also engaged contract manufacturing organizations to support its clinical supply needs, reflecting its commitment to advancing its product candidates. As of June 30, 2025, Kyverna had cash and cash equivalents and available-for-sale marketable securities totaling $211.7 million, which management believes will be sufficient to fund operations for at least the next 12 months.

Looking ahead, Kyverna anticipates continued significant losses as it invests in the development of its product candidates and expands its corporate infrastructure. The company plans to monitor expenses closely and may seek additional capital through equity or debt financing, strategic alliances, or licensing arrangements. The successful development and commercialization of its product candidates remain critical to achieving profitability, which the company does not expect to realize in the near term.