Kyverna Therapeutics, Inc.

KYTXdata completeness 75%3 fiscal years on file

Data notes: no data for concept 'revenue'; no data for concept 'totalDebt'; no data for concept 'interestExpense'; no data for concept 'pretaxIncome'

The thesis, from the filings

Kyverna Therapeutics, Inc. earns about -59% on equity, but has diluted owners by 6470% over 3 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own

Figure	FY 2023	FY 2024	FY 2025
Revenue	—	—	—
Net income	−$60.4M¹	−$127.5M²	−$161.3M²
Operating cash flow	−$52.4M³	−$114.3M⁴	−$153.7M⁴
Capital expenditure	$621,000⁵	$2.21M⁶	$5,000⁶
Free cash flow (derived)	−$53M³	−$116.5M⁴	−$153.7M⁴
Total debt	—	—	—
Cash & equivalents	$34.6M⁷	$96.6M⁸	$124.1M⁸
Diluted shares	673,622	38.3M	44.3M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal

If you owned

Net assets behind them

$52.48

your share of equity

Profit it earned you last year

−$36.45

Free cash flow it threw off

−$34.73

Debt you’d be carrying

—

10 shares is a claim on $52.48 of net worth that earned you −$36.45 and generated −$34.73 of cash last year.

iii. Is this a good business?

Moat signal · return on equity

-59% avg · 3y

FY23 —FY24 -48%FY25 -69%

It earned an average -59% on equity over 3 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →

Management signal · capital allocation

+6470% shares · 3y

Share count is up 6470% over 3 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0

DCF · Growth Exit 10Y

not applicable

3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)

DCF · Growth Exit 5Y

not applicable

3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)

Earnings Power Value

not applicable

normalized (5y-median) earnings non-positive — EPV undefined

Graham Number

not applicable

diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts

10-K · period ending 2023-12-31 · accession 0000950170-25-046074 (NetIncomeLoss)
10-K · period ending 2024-12-31 · accession 0001193125-26-126242 (NetIncomeLoss)
10-K · period ending 2023-12-31 · accession 0000950170-25-046074 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2024-12-31 · accession 0001193125-26-126242 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2023-12-31 · accession 0000950170-25-046074 (PaymentsToAcquirePropertyPlantAndEquipment)
10-K · period ending 2024-12-31 · accession 0001193125-26-126242 (PaymentsToAcquirePropertyPlantAndEquipment)
10-K · period ending 2023-12-31 · accession 0000950170-25-046074 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2024-12-31 · accession 0001193125-26-126242 (CashAndCashEquivalentsAtCarryingValue)