Q3 FY2026
Filed Nov 12, 2026Kyverna completes miv-cel BLA submission for SPS seeking priority review; Q3 2026 net loss of $41.9 million, or $0.68 per share
Regulatory and clinical milestones were reached (BLA submission completed, RMAT designation in naSPMS, KYSA-6 enrollment on track), but the quarter shows no reported revenue, a Q3 net loss of $(41,941) thousand, G&A of $15,876 thousand against $8,270 thousand a year earlier, and cash and marketable securities that fell from $279,253 thousand at December 31, 2025 to $170,572 thousand at September 30, 2026.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Research and development expenses, Q3 2026GAAP | $27.02M | – | – |
| General and administrative expenses, Q3 2026GAAP | $15.88M | – | – |
| Total operating expenses, Q3 2026GAAP | $42.90M | – | – |
| Loss from operations, Q3 2026GAAP | −$42.90M | – | – |
| Interest income, Q3 2026GAAP | $1.68M | – | – |
| Interest expense, Q3 2026GAAP | −$728K | – | – |
| Other income (expense), net, Q3 2026GAAP | $6K | – | – |
| Total other income, net, Q3 2026GAAP | $958K | – | – |
| Net loss, Q3 2026GAAP | −$41.94M | – | – |
| Net loss and other comprehensive loss, Q3 2026GAAP | −$41.95M | – | – |
| Net loss per share, basic and diluted, Q3 2026GAAP | $(0.68) | – | – |
| Research and development expenses, nine months ended September 30, 2026GAAP | $81.88M | – | – |
| General and administrative expenses, nine months ended September 30, 2026GAAP | $41.94M | – | – |
| Total operating expenses, nine months ended September 30, 2026GAAP | $123.8M | – | – |
| Loss from operations, nine months ended September 30, 2026GAAP | −$123.8M | – | – |
| Interest income, nine months ended September 30, 2026GAAP | $5.94M | – | – |
| Interest expense, nine months ended September 30, 2026GAAP | −$2.07M | – | – |
| Other income (expense), net, nine months ended September 30, 2026GAAP | −$33K | – | – |
| Total other income, net, nine months ended September 30, 2026GAAP | $3.83M | – | – |
| Net loss, nine months ended September 30, 2026GAAP | −$120.0M | – | – |
| Net loss per share, basic and diluted, nine months ended September 30, 2026GAAP | $(1.96) | – | – |
| Cash, cash equivalents and available-for-sale marketable securities, as of September 30, 2026GAAP | $170.6M | – | – |
| Total assets, as of September 30, 2026GAAP | $189.4M | – | – |
| Stockholders' equity, as of September 30, 2026GAAP | $133.2M | – | – |
| Loan payable, net, as of September 30, 2026GAAP | $24.96M | – | – |
Capital returns
- The release reports no share repurchases and no dividends for the quarter or the nine months.
What drove it
- The release states that the BLA for miv-cel in SPS was completed and that the company is seeking priority review under its RMAT designation.
- The release describes commercial readiness activities, including hiring key commercial leaders, initiating field infrastructure, working with treatment centers, and building a patient support and reimbursement network. The release does not quantify the cost of these activities.
- Research and development expenses were $27,023 thousand in Q3 2026 against $30,457 thousand in Q3 2025, and $81,884 thousand in the nine months against $103,706 thousand a year earlier. The release does not explain these changes.
- General and administrative expenses rose from $8,270 thousand in Q3 2025 to $15,876 thousand in Q3 2026, and from $26,839 thousand to $41,938 thousand for the nine months. The release does not attribute these changes to a specific cause.
- Interest expense was $(728) thousand in Q3 2026 against $(7) thousand in Q3 2025. The release does not explain this change.
- The company states that it has elected to deprioritize the KYV-102 program to focus on late-stage neurologic indications with miv-cel.
- The company reports RMAT designation for miv-cel in non-active secondary progressive multiple sclerosis and expects to share its PMS development strategy by early 2027.
Concerns
- The company reported no revenue in the release, and the Q3 2026 net loss was $(41,941) thousand.
- Cash, cash equivalents and marketable securities declined from $279,253 thousand at December 31, 2025 to $170,572 thousand at September 30, 2026.
- Stockholders' equity declined from $232,276 thousand at December 31, 2025 to $133,154 thousand at September 30, 2026.
- The forward-looking statements section lists the possibility that the FDA may not accept the BLA for filing or grant priority review, may require additional data, or may not approve miv-cel on the anticipated timeline or at all.
- Other non-current liabilities rose from $320 thousand at December 31, 2025 to $6,189 thousand at September 30, 2026, and the release does not describe the nature of this change.
- Operating runway is stated as extending into 2028, which depends in part on amounts available under the Oxford Finance amended loan facility.
What to watch
- FDA acceptance of the BLA and the decision on the request for priority review for miv-cel in SPS.
- Launch readiness in SPS, including field-based sales and medical hiring and treatment center activation, if the product is approved.
- Quarterly operating expense trends, particularly general and administrative expenses against the prior-year levels printed in the release.
- Cash consumption against the stated runway into 2028, and the availability of amounts under the Oxford Finance facility.
- KYSA-6 Phase 3 gMG enrollment, expected to be completed in mid-2027.
- One-year biomarker data from KYSA-8, to be presented at ASH 2026.
- The PMS development strategy, which the company expects to share by early 2027.
Balance sheet and cash flow
- Cash, cash equivalents and available-for-sale marketable securities were $170,572 thousand at September 30, 2026, compared with $279,253 thousand at December 31, 2025.
- Total assets were $189,437 thousand at September 30, 2026, compared with $293,826 thousand at December 31, 2025.
- Stockholders' equity was $133,154 thousand at September 30, 2026, compared with $232,276 thousand at December 31, 2025.
- Loan payable, net, was $24,958 thousand at September 30, 2026, compared with $24,743 thousand at December 31, 2025.
- Other non-current liabilities were $6,189 thousand at September 30, 2026, compared with $320 thousand at December 31, 2025.
- Current liabilities were $25,136 thousand at September 30, 2026, compared with $36,487 thousand at December 31, 2025.
- The release states that cash, cash equivalents and marketable securities, together with amounts available for draw from the Oxford Finance amended loan facility, are expected to provide operating runway into 2028.
- No operating cash flow, investing cash flow or free cash flow figures are printed in the release.
Analysis
Kyverna's third quarter was dominated by regulatory and clinical milestones rather than financial results. The company completed the rolling BLA for miv-cel in stiff person syndrome and is seeking priority review under its RMAT designation. The release reports no revenue for the quarter or the nine months, so the reported figures are all expense and loss lines. Q3 2026 net loss was $(41,941) thousand, or $(0.68) per share, compared with $(36,787) thousand, or $(0.85) per share, in Q3 2025. The nine-month net loss was $(119,988) thousand against $(123,503) thousand a year earlier, and nine-month loss per share was $(1.96) against $(2.85).
The mix of spending shifted within the quarter. Research and development expenses were $27,023 thousand in Q3 2026 against $30,457 thousand in Q3 2025, while general and administrative expenses were $15,876 thousand against $8,270 thousand. For the nine months, research and development was $81,884 thousand against $103,706 thousand, and general and administrative was $41,938 thousand against $26,839 thousand. The release describes commercial hiring and launch-readiness activities but does not attribute the G&A change to them, so the cause of the change should be read from the company's descriptions of its activities rather than from any explanation of the figures.
On the balance sheet, cash, cash equivalents and available-for-sale marketable securities fell to $170,572 thousand at September 30, 2026 from $279,253 thousand at December 31, 2025. Stockholders' equity fell to $133,154 thousand from $232,276 thousand over the same period. Total assets were $189,437 thousand against $293,826 thousand. Loan payable, net, was $24,958 thousand. The company states that cash and marketable securities, together with amounts available under the Oxford Finance amended loan facility, are expected to fund operations into 2028. The release does not print operating or free cash flow for the period, so the cash decline cannot be tied to a cash flow line in the document.
The pipeline update includes several items: the company deprioritized KYV-102 to concentrate on miv-cel, reported RMAT designation for miv-cel in non-active secondary progressive multiple sclerosis, and reiterated that KYSA-6 enrollment in gMG is expected to complete in mid-2027. The release also reports one-year SPS data presented at MS Toronto and states that the primary KYSA-8 analysis was published in JAMA Neurology. These are company statements of clinical progress and are not independently verified in the filing.
The release gives no financial guidance, no prior-quarter comparison and no year-over-year percentage changes, so the period is assessed on the printed line items alone. Investors will need the company's next filings to track whether the BLA is accepted with priority review and how operating spending develops ahead of a potential 2027 launch.
Management, verbatim
Kyverna is very proud to submit the first BLA for a CAR T-cell therapy in autoimmune disease, paving the way for a potential new standard of care with a single dose, designed to reset the immune system and free patients from lifelong disease and chronic immunotherapies
Warner Biddle, Chief Executive Officer
Not in the filing
stated, not guessed- Revenue: the release reports no revenue line for any period.
- Gross margin, cost of sales and product revenue: not reported.
- Second-quarter 2026 (prior quarter) figures: not printed in the release, so all prior-quarter fields are null.
- Year-over-year and sequential percentage changes for any line item: not printed.
- Operating cash flow, investing cash flow and free cash flow: not printed.
- Share repurchases, dividends and other capital returns: not reported.
- Financial guidance for 2026 or later: none provided.
- Prior-year (December 31, 2025 versus September 30, 2026) comparisons are shown only as balance sheet values at the two dates, so the prior_year fields for balance sheet metrics are null.
- Explicit statement that the statements are prepared under GAAP: the release does not name the accounting basis, though no non-GAAP measures are presented.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.