Kyverna Therapeutics secures $150 million loan facility from Oxford Finance

Kyverna Therapeutics Inc. (NASDAQ: KYTX) closed a loan facility with Oxford Finance LLC for up to $150 million in non-dilutive financing on October 31, 2025. The company will initially draw $25 million from the facility on November 3, 2025.

The loan facility consists of four tranches, with an initial tranche of $40 million and two additional tranches totaling $60 million, subject to satisfaction of certain terms and conditions. A fourth tranche of $50 million may be made available at Oxford Finance's discretion. The facility matures on October 1, 2030.

Additional funding tranches are contingent on achieving clinical and commercial milestones aligned with the company's development strategy. The clinical-stage biopharmaceutical company develops cell therapies for autoimmune diseases.

The company updated its timeline for its stiff person syndrome (SPS) program, now expecting topline data from its registrational Phase 2 trial in early 2026, narrowed from previous guidance of first half 2026. Kyverna plans to file a biologics license application for SPS in the first half of 2026.

For its myasthenia gravis program, the company expects to initiate enrollment for a registrational Phase 3 trial by year-end 2025 and report updated Phase 2 data in 2026.

"This facility further supports the rapid progress across our late-stage programs," said Warner Biddle, Chief Executive Officer of Kyverna.

The company expects its cash runway to extend into 2027 following the loan facility closing, supporting its biologics license application filing for SPS and myasthenia gravis Phase 3 trial, while accelerating pre-launch activities.

Kyverna's lead CAR T-cell therapy candidate, KYV-101, is in late-stage clinical development for stiff person syndrome and myasthenia gravis, with ongoing Phase 1/2 trials for lupus nephritis patients.

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