aibioKyverna amends $150 million Oxford Finance loan facility
Tickers KYTX
Kyverna extended availability of $15.0 million in remaining Term A Loans to December 31, 2026, for a $187,500 upfront fee. Further changes to the facility apply only if the company draws the full $15.0 million.
Key facts
- Company
- Kyverna Therapeutics, Inc. (NASDAQ: KYTX)
- News type
- Debt Financing
- Primary source
- Kyverna Therapeutics, Inc. 8-K (2026-07-09)
Kyverna Therapeutics, Inc. entered into a Loan and Security Agreement on October 31, 2025 with Oxford Finance LLC, as collateral agent, and certain lenders. The company's Form 8-K describes a non-dilutive term loan of up to $150.0 million in several tranches. Up to $40.0 million was available as Term A Loans during an initial draw period to June 30, 2026. A single Term B Loan of $5.0 million to $20.0 million was available on specified clinical milestones, to be drawn by June 30, 2026. Up to $40.0 million of Term C Loans was available on specified revenue and clinical milestones, to be drawn by December 31, 2027. The company drew $25.0 million from the first Term A tranche on November 3, 2025.
The July amendment
On July 8, 2026, the company, the collateral agent and the lenders signed an amendment effective as of June 30, 2026. It extends availability of the remaining $15.0 million of Term A Loans through December 31, 2026. The company paid an upfront cash fee of $187,500 for the extension. If it does not draw the full $15.0 million by that date, it must pay the lenders a non-utilization fee of 1.0% of the undrawn Term A amount.
The other changes apply only if the full $15.0 million is drawn. Term B availability would run to the earlier of September 30, 2027 and the 90th day after a clinical milestone. A 1.0% non-utilization fee would apply to any undrawn Term B amount at the end of its draw period. The Term C Loans would split into two tranches of $20.0 million each. One would depend on a revenue milestone and the other on a clinical milestone, and both would expire at the earlier of March 31, 2028 and the 90th day after the milestone.
Under the original terms, minimum revenue covenants begin with the quarter ending June 30, 2027, subject to certain cash and market capitalization exceptions. The amendment moves the start to the quarter ending June 30, 2027, September 30, 2027 or December 31, 2027, depending on the gross cash the company raises from other capital sources in certain periods, if the full Term A amount is drawn.
Losses and cash use
The company's 10-K, filed March 26, 2026, reports a net loss of $161.3 million for 2025, against $127.5 million for 2024. Research and development expense was $133.7 million in 2025 and $112.5 million in 2024. Cash used in operations was $153.7 million in 2025, up from $114.2 million in 2024.
At the end of 2024, the company reported cash and cash equivalents of $96.6 million and short-term investments of $189.4 million. The 8-K gives no current cash position, so the remaining $15.0 million of Term A availability cannot be set against the company's cash.
What the filing leaves out
The 8-K names Gregory Martini, the chief financial officer, as signatory. It says the full text of the amendment will be filed later, either as an amendment to the 8-K or with the quarterly report for the quarter ended June 30, 2026. The 8-K does not say why the company sought the extension, whether it plans to draw the remaining $15.0 million, or what the lenders' terms are beyond the amounts listed. It names no placement agent, financial advisor or counsel.
What comes next
The remaining Term A availability runs to December 31, 2026. If the company draws the full $15.0 million, the Term B and Term C changes take effect. Until the full amendment text is filed, the exact covenant and fee terms rest on the 8-K summary.