Kyverna Therapeutics, Inc.
KYTX · Biological Products, (No Diagnostic Substances) · 60.8M shares · +5591%/yr ↑ dilution · EDGAR filings ↗
Reference price $7.50 · est. market cap ~$456M — last insider purchase, 2025-12-18 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
D44Clinical/early-stage biotech — CAR-T-for-autoimmune clinical, heavy burn ($154M), funded.
Strengths
- Liquidity — current ratio 7.8 (71st)
Risks
- Pre-revenue, deep losses — per metrics
- Pre-revenue/clinical-stage — history of losses & need for capital per risk factors
- Binary clinical & funding risk — per 10-K
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- Cash burnNegative free cash flow (-153.7M)
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Chronic dilutionShare count +5591%/yr over 1y (dilution, book value/share -98%)
- Notable holderHeld by 5 notable fund(s): RENAISSANCE TECHNOLOGIES LLC, GOLDMAN SACHS GROUP INC, STATE STREET CORP +2 more (as of 2026-03-31)
Key metrics
Return on equity
-69.4%
Return on assets
-54.9%
Current ratio
7.8×
Free cash flow
-$154M
EBITDA
-$168M
Tangible book value
$232M
Cash & investments
$279M
Cash runway
7q
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-05-27 | CLARK IAN T | Grant | 5.1K | — |
| 2026-05-27 | Cohen Fred E | Grant | 5.1K | — |
| 2026-05-27 | SEIDENBERG BETH C | Grant | 5.1K | — |
| 2026-05-27 | Shaw Christi | Tax withheld | 4.2K | $8.59 |
| 2026-05-27 | Aktar Mert | Grant | 5.1K | — |
| 2026-03-13 | GEHCHAN NAJI | Grant | 18K | — |
| 2026-03-13 | GRASSO MARC | Grant | 10K | — |
| 2026-03-13 | Biddle Warner Weston | Grant | 58K | — |
| 2026-02-24 | Miller Andrew Craig | Grant | 11K | — |
| 2026-02-24 | Emany Sravan Kumar | Grant | 11K | — |
| 2026-01-12 | Shaw Christi | Grant | 30K | — |
| 2026-01-12 | Shaw Christi | Grant | 24K | — |
| 2025-12-18 | SEIDENBERG BETH C | Buy | 133K | $7.50 |
| 2025-12-18 | Westlake BioPartners Opportunity Fund I, L.P. | Buy | 133K | $7.50 |
| 2025-12-15 | Walker Karen Marie | Option exercise | 24K | $4.83 |
| 2025-12-15 | Walker Karen Marie | Sell | 24K | $12.20 |
| 2025-05-29 | Shaw Christi | Grant | 17K | — |
| 2025-05-29 | SEIDENBERG BETH C | Grant | 17K | — |
| 2025-05-29 | SPIEGELMAN DANIEL K | Grant | 17K | — |
| 2025-05-29 | Aktar Mert | Grant | 17K | — |
| 2025-05-29 | CLARK IAN T | Grant | 17K | — |
| 2025-05-29 | Cohen Fred E | Grant | 17K | — |
| 2025-04-11 | Jones Ryan Alexander | Grant | 12K | — |
| 2025-04-11 | Walker Karen Marie | Grant | 13K | — |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-02 | 2026-05-27 | 0001193125-26-253604 ↗ |
| 8-K | 2026-05-18 | 2026-05-14 | 0001193125-26-227920 ↗ |
| 10-Q | 2026-05-12 | 2026-03-31 | 0001193125-26-219397 ↗ |
| 8-K | 2026-05-12 | 2026-05-12 | 0001193125-26-219377 ↗ |
| 8-K | 2026-05-04 | 2026-05-04 | 0001193125-26-202610 ↗ |
| 8-K | 2026-04-22 | 2026-04-21 | 0001193125-26-167512 ↗ |
| 8-K | 2026-04-22 | 2026-04-22 | 0001193125-26-168287 ↗ |
| 8-K | 2026-04-20 | 2026-04-20 | 0001193125-26-162755 ↗ |
| 8-K | 2026-03-26 | 2026-03-26 | 0001193125-26-126216 ↗ |
| 10-K | 2026-03-26 | 2025-12-31 | 0001193125-26-126242 ↗ |
| 8-K | 2026-02-24 | 2026-02-24 | 0001193125-26-065320 ↗ |
| 8-K | 2026-02-03 | 2026-01-29 | 0001193125-26-034464 ↗ |