Kyverna Therapeutics Inc. Common Stock (KYTX)

FairStock Score: 31/100 — RISKY

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

As a value investor in the Buffett-Graham tradition, I start with earnings and ask what I am paying for. Kyverna Therapeutics is a late-stage cell-therapy company, but it has no reported revenue. In fiscal year 2023 it lost $60.4 million; in fiscal year 2024 it lost $127.5 million; and in fiscal year 2025 it lost $161.3 million. The losses continued in fiscal Q1 2026, the quarter ended 2026-03-31, when it lost $39.7 million, and fiscal Q2 2026, the quarter ended 2026-06-30, when it lost $38.3 million. That is not a business with a history of profitability; it is a research enterprise funded by equity. The potential moat would come from patents, manufacturing know-how, and clinical data around KYV-101, KYV-102, and KYV-201, but today there is no approved product and therefore no pricing power or recurring revenue.

In plain English: Kyverna Therapeutics is a small biopharmaceutical company that is trying to develop cell therapies for autoimmune diseases. It has no reported product revenue and has been losing money, including a net loss of $38.3 million in the quarter ended June 30, 2026. The stock price is near its 52-week low, but because the company has no profits, the price mostly reflects hopes about future treatments rather than current business results.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer