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Pipeline (7 active programs)

Technology platforms

Capital (as filed)

Cash

$31.8M cash and cash equivalents · Jun 30, 2026 (10-Q)

Short-term investments

$168M Jun 30, 2026

Operating cash flow

−$40.3M quarter Mar 31, 2026 → Jun 30, 2026, year-to-date difference (10-Q)

As stated in coverage

$199M cash, runway 2028 per the update of Sep 24, 2026 — the company's own words as read there, not the filed figure

Cash, investments and operating cash flow are the company's own XBRL facts as filed with the SEC, each shown with its period end and tag. As-stated figures come from the company's own words as read in Biotech Distilled coverage, dated, and routinely count securities and planned financing that a balance sheet does not. Offering rows are the SEC cover pages as filed. Not investment advice. Figures as of Nov 7, 2026.

Biotech Distilled coverage (8)

• 2026-09-24 UPDATE: Kyverna Therapeutics (KYTX) - The Durability Check Clears 🔒 Paid
• 2026-09-02 UPDATE: Kyverna Therapeutics (KYTX) - A Company Doesn’t Issue This Press Release on a Quiet Day 🔒 Paid
• 2026-08-12 UPDATE: Kyverna Therapeutics (KYTX) - Three RMATs and the First ATM Draw 🔒 Paid
• 2026-07-28 UPDATE: Kyverna Therapeutics (KYTX) - The Factory Signs a Commercial Lease 🔒 Paid
• 2026-06-03 UPDATE: Kyverna Therapeutics (KYTX) - The RA Receipts Land, the Stock Doesn’t Care
• 2026-05-12 UPDATE: Kyverna Therapeutics (KYTX) - The BLA Clock Starts 🔒 Paid
• 2026-04-27 UPDATE: Kyverna Therapeutics (KYTX) - The SPS Receipts Land, And They’re Better Than the Topline 🔒 Paid
• 2026-04-22 Kyverna Therapeutics (KYTX) - Scientific Deep Dive for Miv-Cel and Pipeline Products 🔒 Paid

Articles open on Substack. Some are subscriber-only; those marked ★ Distilled Pro are for Distilled Pro members.

Verdict history (8 calls)

Every verdict Biotech Distilled has published on Kyverna Therapeutics, oldest first — the full history, never a selection. How calls are scored: the track record.

1. 2026-04-22 Watch Kyverna Therapeutics (KYTX) - Scientific Deep Dive for Miv-Cel and Pipeline Products The science and SPS data are compelling but the author wants clarity on FDA's stance regarding the BLA submission before taking a position.
2. 2026-04-27 Speculative buy speculative UPDATE: Kyverna Therapeutics (KYTX) - The SPS Receipts Land, And They're Better Than the Topline The KYSA-8 primary analysis at AAN retired clinical risk in SPS with a clean registration package, upgrading from Watch to Speculative Buy while commercial and manufacturing risks remain.
3. 2026-05-12 Buy core UPDATE: Kyverna Therapeutics (KYTX) - The BLA Clock Starts FDA aligned on the single-arm n=26 KYSA-8 pivotal as sufficient for BLA, removing the largest regulatory tail risk and shifting the story toward commercial-stage preparation.
4. 2026-06-03 Buy core UPDATE: Kyverna Therapeutics (KYTX) - The RA Receipts Land, the Stock Doesn't Care EULAR COMPARE Phase 1 RA data showed 66.6% ACR70 in heavily refractory patients, validating the deep-clean mechanism across indications while the BLA path and thesis remain intact despite a 23.6% stock decline.
5. 2026-07-28 Buy core UPDATE: Kyverna Therapeutics (KYTX) - The Factory Signs a Commercial Lease ElevateBio clinical contract converted to a five-year commercial supply agreement with a disclosed >98% manufacturing success rate, stepping down CMC risk for the SPS launch while the BLA rolls forward.
6. 2026-08-12 Buy core UPDATE: Kyverna Therapeutics (KYTX) - Three RMATs and the First ATM Draw FDA granted a third RMAT designation (naSPMS) and the CMC module was filed, extending regulatory de-risking, though the ATM was tapped for the first time and the balance sheet now depends on financing levers.
7. 2026-09-02 Buy core UPDATE: Kyverna Therapeutics (KYTX) - A Company Doesn't Issue This Press Release on a Quiet Day Kyverna's unsolicited safety reaffirmation (>100 patients, zero high-grade CRS/ICANS, no program pauses) confirms construct-level differentiation from a sector safety scare without changing the BLA thesis.
8. 2026-09-24 Buy core UPDATE: Kyverna Therapeutics (KYTX) - The Durability Check Clears One-year KYSA-8 data confirmed durable SPS benefit (49% T25FW improvement, p<0.0001, 95% of responders sustained) with no new safety signals, clearing the last clinical checkpoint before BLA completion despite a 16% stock decline.

• Long call · opened Apr 27, 2026 at $8.99 · -45.7% vs XBI +14.4% (Nov 6, 2026)

Every verdict Biotech Distilled has published on this company, in order, with the post it came from — the full history, never a selection. Position figures are the same ones shown on /track-record, computed by the same method. Editorial opinion, not investment advice.

Timing, in the company's words (1 quote from 1 filing)

Sentences quoted verbatim from the company's SEC filings, newest filing first. Each sits under the filing it appeared in; the "matched to" tag names the calendar row it was read for.

• 2026-08-11 10-Q in filings ↓

  • “In August 2026, the FDA granted RMAT designation for miv-cel in non-active secondary progressive multiple sclerosis, or naSPMS, which provides the opportunity for increased FDA engagement and eligibility for priority and rolling reviews, as well as accelerated approval pathways.”

    matched to Miv-cel (KYV-101) · regulatory submission · read as August 2026 / matched to Miv-cel (KYV-101) Lupus Nephritis (KYSA-1/KYSA-3) · readout other · read as August 2026

Timing sentences quoted from the company's own SEC filings, each under the filing it appeared in. The 'matched to' tag is the calendar row the sentence was read for; the filing is the source. Not investment advice.

Filings & releases (33)

SEC filings from EDGAR and press releases captured from the company's investor-relations site, newest first. Releases captured from May 4, 2026; filings from March 2026. Summaries come from the BD update that read the document; "BD extracted" counts point at the pipeline table above. All companies →

• Nov 5, 2026ReleaseKyverna Therapeutics to Present at the Jefferies London Healthcare Conference
• Oct 23, 2026ReleaseKyverna Therapeutics Highlights Promising Updated Clinical Data with Miv-cel in Progressive Multiple Sclerosis at MS Toronto 2026BD extracted 1 program update from this document → KYTX pipeline
• Oct 21, 2026ReleaseKyverna Therapeutics Presents Full One-Year Registrational Data Set Demonstrating Sustained Clinical Benefit of Miv-cel in Stiff Person Syndrome at MS TorontoThe full KYSA-8 one-year poster at MS Toronto answers every question the September 24 topline left open — secondaries held across the board, the 6-minute walk deepened to 119 meters, and IEC-HS stays at zero. KYTX is down 16.5% since September 1 with the data getting steadily better.BD extracted 1 program update from this document → KYTX pipeline
• Oct 7, 2026ReleaseKyverna Therapeutics to Present Positive Data in Stiff Person Syndrome and Progressive Multiple Sclerosis at MSToronto2026BD extracted 2 program updates from this document → KYTX pipeline
• Sep 24, 2026ReleaseKyverna Therapeutics Reports Positive One-Year Data Demonstrating Durable Clinical Responses and Favorable Safety Profile for Miv-cel in Stiff Person Syndrome and Generalized Myasthenia Gravis→ BD updateSummary on the 8-K
• Sep 24, 20268-KCurrent report: Reg FD disclosure · EX-99.1→ BD updateKYSA-8's one-year SPS data just deepened — T25FW improvement went from 46% at Week 16 to 49% at Month 12, with 95% of responders holding their gains and the BLA still on track for Q4. The stock is down 16% on the day despite what looks like a clean durability receipt.BD extracted 1 program update from this document → KYTX pipeline
• Sep 1, 2026ReleaseCompany Statement on Miv-cel's Favorable Safety Profile→ BD updateKyverna broke silence today with a reactive safety statement defending miv-cel's tolerability profile against unnamed "third-party reports" — the first crack in the CAR-T safety narrative to surface during the rolling BLA window, and exactly the kind of event the prior writeup's bear case warned could materialize.BD extracted 2 program updates from this document → KYTX pipeline
• Aug 11, 2026ReleaseKyverna Therapeutics Reports Pipeline Progress and Second Quarter 2026 Financial Results
• Aug 11, 20268-KCurrent report: results of operations · EX-99.1
• Aug 11, 202610-QQuarterly report
• Jul 27, 2026ReleaseKyverna Therapeutics and ElevateBio Enter into Commercial Manufacturing and Supply Agreement for Miv-cel
• Jul 27, 20268-KCurrent report: material agreement, Reg FD disclosure · EX-99.1
• Jul 9, 20268-KCurrent report: material agreement
• Jun 22, 2026ReleaseKyverna Therapeutics Appoints Ritesh Srivastava as Chief Legal and Compliance Officer, Adding Leadership Strength to Support Commercial-Stage Transition
• Jun 3, 2026ReleaseKyverna Therapeutics Highlights Updated Miv-cel Data at EULAR Demonstrating Substantial Reduction in Disease Activity in ACPA-Positive, Treatment Refractory Rheumatoid ArthritisBD extracted 1 program update from this document → KYTX pipeline
• Jun 2, 20268-KCurrent report: shareholder vote
• May 18, 2026ReleaseKyverna Therapeutics Names Greg Martini as Chief Financial Officer
• May 18, 20268-KCurrent report: officer / director change, other events · EX-99.1
• May 14, 2026ReleaseKyverna Therapeutics to Present at Upcoming Investor Conferences
• May 12, 2026ReleaseKyverna Therapeutics Announces Initiation of Rolling SPS BLA Submission and Reports First Quarter 2026 Financial Results
• May 12, 20268-KCurrent report: results of operations · EX-99.1
• May 12, 202610-QQuarterly report
• May 4, 2026ReleaseKyverna Therapeutics Appoints Nadia Dac, Seasoned Commercial Leader in Neurology and Rare Disease, as Chief Commercial Officer
• May 4, 20268-KCurrent report: other events · EX-99.1
• Apr 22, 20268-KCurrent report: Reg FD disclosure · EX-99.1
• Apr 22, 20268-KCurrent report: Reg FD disclosure · EX-99.1
• Apr 20, 20268-KCurrent report: Reg FD disclosure · EX-99.1
• Apr 13, 2026DEFA14AProxy soliciting material
• Apr 13, 2026DEF 14AProxy statement
• Apr 2, 2026424B5Prospectus supplement (offering)
• Mar 26, 2026S-3Shelf registration
• Mar 26, 20268-KCurrent report: results of operations · EX-99.1
• Mar 26, 202610-KAnnual report