Kyverna Therapeutics reports Q1 EPS (66c), consensus (73c)

Kyverna reported a net loss of $39.7M for the first quarter ended March 31. Research and development expenses were $30.1M, while general and administrative expenses were $11.3M for the period. The company ended the quarter with $236.4M in cash, cash equivalents, and marketable securities, which is expected to provide a cash runway into 2028. During the quarter, Kyverna initiated a rolling BLA submission for miv-cel in stiff person syndrome and continued enrollment in its Phase 3 trial for generalized myasthenia gravis. “As the first company to submit a BLA for an autoimmune CAR T therapy, gaining alignment with the FDA on a single-arm trial and a clear path to submission for miv-cel is a significant milestone for not only Kyverna but also the field,” said CEO Warner Biddle.