Kyverna Therapeutics Files Q2 2024 10-Q
Ticker: KYTX · Form: 10-Q · Filed: Aug 12, 2024 · CIK: 1994702
Sentiment: neutral
Topics: 10-Q, biotech, financials, collaboration
Related Tickers: NTLA
TL;DR
Kyverna's Q2 10-Q is in: financials updated, R&D costs detailed. Check it.
AI Summary
Kyverna Therapeutics, Inc. filed its 10-Q for the period ending June 30, 2024. The company reported its financial status, including details on its cash, investments, and operational expenses. Specific figures for assets, liabilities, and equity are provided, along with information on stock-based compensation and research and development activities.
Why It Matters
This filing provides investors with a detailed look into Kyverna Therapeutics' financial health and operational progress during the second quarter of 2024, crucial for understanding its current valuation and future prospects.
Risk Assessment
Risk Level: medium — As a biotechnology company, Kyverna Therapeutics is subject to inherent risks related to drug development, regulatory approvals, and market competition.
Key Numbers
- 2024-06-30 — Reporting Period End Date (Indicates the specific date for which financial information is reported.)
- 2024-01-01 — Start of Employee Stock Purchase Program (Marks the beginning of a period related to employee stock options.)
- 2023-03-31 — Prior Year Quarter End (Provides a comparative point from the previous fiscal year.)
Key Players & Entities
- Kyverna Therapeutics, Inc. (company) — Filer of the 10-Q
- 20240630 (date) — End of reporting period
- Intellia Therapeutics Inc (company) — Mentioned in relation to a license and collaboration agreement
- Ryan Jones (person) — Mentioned in relation to the filing
FAQ
What is the total cash and cash equivalents as of June 30, 2024?
The filing does not explicitly state the total cash and cash equivalents in the provided snippet, but it does mention 'us-gaap:MoneyMarketFundsMember' and 'us-gaap:USTreasuryNotesSecuritiesMember' as assets.
What were the significant research and development expenses for the period?
The filing mentions 'us-gaap:GeneralAndAdministrativeExpenseMember' for the period January 1, 2024, to June 30, 2024, but specific R&D expense figures are not detailed in this snippet.
Are there any new collaborations or licensing agreements mentioned?
Yes, the filing references a 'kytx:LicenseAndCollaborationAgreementMember' with 'kytx:IntelliaTherapeuticsIncMember' for the period January 1, 2023, to December 31, 2023.
What is the company's fiscal year end?
Kyverna Therapeutics, Inc.'s fiscal year ends on December 31.
Who is listed as a key individual in this filing?
Ryan Jones is mentioned in the context of the filing, specifically associated with '2024-06-30'.
Filing Stats: 4,466 words · 18 min read · ~15 pages · Grade level 15.4 · Accepted 2024-08-12 16:18:41
Key Financial Figures
- $0.00001 — ch registered Common Stock, par value $0.00001 per share KYTX The Nasdaq Stock Mar
Filing Documents
- kytx-20240630.htm (10-Q) — 2372KB
- kytx-ex31_1.htm (EX-31.1) — 15KB
- kytx-ex31_2.htm (EX-31.2) — 15KB
- kytx-ex32_1.htm (EX-32.1) — 10KB
- kytx-ex32_2.htm (EX-32.2) — 10KB
- 0000950170-24-095462.txt ( ) — 8259KB
- kytx-20240630.xsd (EX-101.SCH) — 1036KB
- kytx-20240630_htm.xml (XML) — 1278KB
Financial Statements (Unaudited)
Financial Statements (Unaudited) 1 Condensed Balance Sheets 1 Condensed Statements of Operations and Comprehensive Loss 2 Condensed Statements of Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) 3 Condensed Statements of Cash Flows 4 Notes to Condensed Financial Statements 5 Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 18 Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 31 Item 4.
Controls and Procedures
Controls and Procedures 31 PART II. OTHER INFORMATION 33 Item 1.
Legal Proceedings
Legal Proceedings 33 Item 1A.
Risk Factors
Risk Factors 33 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 89 Item 3. Defaults Upon Senior Securities 89 Item 4. Mine Safety Disclosures 89 Item 5. Other Information 90 Item 6. Exhibits 90
—FIN ANCIAL INFORMATION
PART I—FIN ANCIAL INFORMATION Ite m 1. Financial Statements (unaudited) Kyverna Therapeutics, Inc. Con densed Balance Sheets (in thousands, except share and per share data) (unaudited) June 30, December 31, 2024 2023 Assets Current assets Cash and cash equivalents $ 131,618 $ 34,647 Available-for-sale marketable securities 214,619 22,896 Prepaid expenses and other current assets 2,586 3,121 Total current assets 348,823 60,664 Restricted cash 574 565 Property and equipment, net 3,366 2,326 Operating lease right-of-use assets 7,825 6,494 Finance lease right-of-use assets 1,315 1,790 Other non-current assets 1,213 3,356 Total assets $ 363,116 $ 75,195 Liabilities, redeemable convertible preferred stock and stockholders' equity (deficit) Current liabilities Accounts payable $ 4,861 $ 4,358 Accrued compensation 2,722 2,812 Accrued license expense – related party 6,250 6,250 Other accrued expenses and current liabilities 5,775 3,519 Operating lease liabilities, short-term portion 2,867 1,964 Finance lease liabilities, short-term portion 1,003 956 Total current liabilities 23,478 19,859 Operating lease liabilities, net of short-term portion 5,722 5,238 Finance lease liabilities, net of short-term portion 407 921 Total liabilities 29,607 26,018 Commitments and contingencies (Note 7) Redeemable convertible preferred stock, no par value no shares authorized, issued and outstanding as of June 30, 2024 $ 0.00001 par value, 114,556,997 shares authorized as of December 31, 2023; 114,556,997 shares issued and outstanding as of December 31, 2023; liquidation preference of $ 181,273 as of December 31, 2023 — 180,574 Stockholders' equity (deficit) Preferred stock, 10,000,000 shares authorized, $ 0.00001 par value, no shares issued and outstanding as of June 30, 2024 no shares authorized, issued, and outstanding as of