Kyverna Therapeutics secures up to $150M in non-dilutive financing

Kyverna Therapeutics (KYTX) announced that, on October 31, 2025, it closed a loan facility with Oxford Finance for up to $150 million in non-dilutive capital. The Company will initially be drawing $25 million under the facility on November 3, 2025, with additional tranches available based on the achievement of key clinical and commercial milestones aligned with Kyverna’s growth strategy and funding needs. The $150 million loan facility includes an initial tranche of $40 million and two additional tranches totaling $60 million, subject to the satisfaction of certain terms and conditions of the loan and security agreement. A fourth tranche of $50 million may also be made available subject to Oxford Finance’s discretion. Kyverna will be drawing $25 million from funds available from the first tranche on November 3, 2025. The facility matures on October 1, 2030. At the closing of the loan facility, Kyverna continues to expect to have cash runway into 2027, supporting its BLA filing for SPS and its MG Phase 3 trial, while also accelerating pre-launch activities.