Kyverna Therapeutics (NASDAQ: KYTX) is a clinical-stage biopharmaceutical company developing cell therapies for autoimmune diseases. The company has no approved products and generates no product revenue as of its 10-K filed March 26, 2026 for fiscal year ended December 31, 2025. Kyverna is headquartered in Emeryville, California. The company funds operations through equity financing and debt, including a Loan and Security Agreement with Oxford Finance that includes financial covenants requiring maintenance of certain liquidity levels. Kyverna relies on third-party contract research organizations and contract manufacturing organizations to conduct clinical trials and manufacture product candidates. The company has licensed CRISPR-related technology from Intellia Therapeutics under the Intellia Agreement, with royalty obligations tied to valid patent claims on a country-by-country basis. Operations span the United States and extend to clinical trial activities subject to EEA and other international regulatory frameworks.

Revenue model

No product revenue as of FY2025. The company is pre-commercial and finances operations through equity and debt financing, including a term loan from Oxford Finance.

Products and services

Cell therapy product candidates targeting autoimmune diseases, currently in clinical development. The company holds licensed CRISPR technology from Intellia Therapeutics for use in developing its CRISPR-based product candidates.

Customers and end markets

No commercial customers as of FY2025. Target end market is autoimmune disease patients. Clinical trial activities involve named patient activities.

Value-chain role

Drug developer. Kyverna outsources clinical trial execution to contract research organizations and manufacturing to contract manufacturing organizations, retaining internal responsibility for development strategy and regulatory programs.

Geographic exposure

Primarily United States operations, with clinical trial activities and regulatory exposure in the European Economic Area and United Kingdom. Subject to GDPR and EEA clinical trial regulations.

Source: SEC 10-K, filed 2026-03-26

Industry: Biological Products, (No Diagnostic Substances) Peers: Heron Therapeutics Inc Aldeyra Therapeutics Inc Organogenesis Holdings Inc Precigen Inc PepGen Inc Poseida Therapeutics, Inc. Solid Biosciences Inc Vanda Pharmaceuticals Inc