--- title: "Kyverna signs Oxford Finance loan facility of up to $150.0 million" url: "https://aibio.space/news/kyverna-signs-oxford-finance-loan-facility-up-150-0-million-expects/" publisher: "aibio.space (Biotech Investor Relations News)" date: "2025-11-03" section: "Debt Financing" tickers: "NASDAQ:KYTX" source: "https://www.sec.gov/Archives/edgar/data/1994702/000119312525261719/kytx-20251102.htm" summary: "Kyverna signed a loan facility of up to $150.0 million with Oxford Finance and drew $25.0 million at closing, secured by substantially all of its assets. T" --- By the aibio.space news desk. Sources - [Kyverna Therapeutics, Inc. Form 8-K filed November 3, 2025 (SEC EDGAR)](https://www.sec.gov/Archives/edgar/data/1994702/000119312525261719/kytx-20251102.htm) - [kytx-ex99_1.htm](https://www.sec.gov/Archives/edgar/data/1994702/000119312525261719/kytx-ex99_1.htm) - [kytx-20241231.htm](https://www.sec.gov/Archives/edgar/data/1994702/000095017025046074/kytx-20241231.htm) [KYTX](https://aibio.space/companies/kyverna-therapeutics/) 2025-11-03 # Kyverna signs Oxford Finance loan facility of up to $150.0 million, expects to draw $25.0 million Tickers [KYTX](https://aibio.space/companies/kyverna-therapeutics/) Kyverna signed a loan facility of up to $150.0 million with Oxford Finance and drew $25.0 million at closing, secured by substantially all of its assets. The company says its runway still runs into 2027, the same guidance it gave before the loan. ## Key facts - **Company**: Kyverna Therapeutics, Inc. (NASDAQ: KYTX) - **News type**: Debt Financing - **Primary source**: [Kyverna Therapeutics, Inc. Form 8-K filed November 3, 2025 (SEC EDGAR)](https://www.sec.gov/Archives/edgar/data/1994702/000119312525261719/kytx-20251102.htm) *A red price chart on a screen. CC0, via rawpixel. The picture shows the field, not the companies named.* Kyverna Therapeutics, Inc. (Nasdaq: [KYTX](https://aibio.space/companies/kyverna-therapeutics/)) entered into a loan and security agreement with Oxford Finance LLC on October 31, 2025. The facility provides up to $150.0 million in term loans in several tranches. The company expects to draw $25.0 million from the first tranche on November 3, 2025. It disclosed the agreement in a [Form 8-K filed November 3, 2025](https://www.sec.gov/Archives/edgar/data/1994702/000119312525261719/kytx-20251102.htm). ## The tranches and the maturity The facility has an initial tranche of $40.0 million. Two more tranches total $60.0 million, subject to conditions in the agreement. A fourth tranche of $50.0 million may be made available at the collateral agent's discretion. The company's press release ties the later tranches to "key clinical and commercial milestones." The loan matures on October 1, 2030. The company calls the facility non-dilutive, meaning it adds debt and no new shares. The fourth tranche, however, is at the collateral agent's discretion. ## Interest, repayment and security The loan bears a floating rate equal to the greater of the 1-Month CME Term SOFR and 3.75%, plus 5.00%. Kyverna pays interest only each month until November 1, 2028. If it reaches certain milestones and elects to, the interest-only period runs to November 1, 2029. Principal and interest payments follow after that. Kyverna granted Oxford Finance, as collateral agent, a security interest in substantially all of its assets, including its intellectual property. The agreement lists events of default that could lead to acceleration of repayment. The full agreement is to be filed with the company's 2025 annual report on Form 10-K. ## Who is lending and who advised Oxford Finance LLC is the collateral agent, acting with "certain lenders from time to time party" to the agreement. The 8-K does not name those lenders individually. The press release describes Oxford Finance as a specialty finance firm that provides senior secured loans, and says it has originated more than $14 billion in loans since 2002. Neither the 8-K nor the press release names a placement agent, financial adviser or counsel for this loan. The filing therefore names no advisers for the facility. ## What the loan does not change The press release says that at closing Kyverna "continues to expect to have cash runway into 2027." The company's guidance was therefore not extended. The release ties that runway to a Biologics License Application for stiff person syndrome and a Phase 3 trial in myasthenia gravis, and says the money will accelerate pre-launch work. The 10-K filed March 27, 2025 gave a similar view. It said cash, cash equivalents and available-for-sale marketable securities were expected to be sufficient to fund operations into 2027. Kyverna also now expects to report topline registrational data for its Phase 2 trial of KYV-101 in stiff person syndrome in early 2026. Its other stated milestones are a BLA filing for that indication in the first half of 2026, and enrollment in a registrational Phase 3 trial in myasthenia gravis by year-end 2025. ## Litigation in the 10-K The annual report also discloses a shareholder class action filed in December 2024 in the United States District Court for the Northern District of California. It names the company, certain current and former officers and directors, and the underwriters of its February 2024 initial public offering. The complaint alleges that the Form S-1 registration statement and prospectus for that offering contained material misstatements or omissions. The company says it has good and substantial defenses. The allegations are unproven. ## Who said what Chief Executive Officer Warner Biddle said in the release that the company was pleased to partner with Oxford Finance on "a strategic, non-dilutive financing agreement with attractive terms." Oxford's Managing Director, Kirk Andrews, said the investment reflects Kyverna's "continued strong execution" on its strategy. Chief Financial Officer Marc Grasso signed the 8-K. [Report an error](https://aibio.space/reputation/#correction) ## Companies in this story KYTX Kyverna Therapeutics, Inc. NASDAQ ยท United States Open the starter desk ## More in Debt Financing Debt Financing ### [Pelthos amends Horizon venture loan, funds Loans E to H and adds Loans I and J](https://aibio.space/news/pelthos-amends-horizon-venture-loan-funds-loans-e-h-adds-loans/) Oct 30, 2026 Debt Financing ### [Repligen announces $1.0 billion private convertible notes transaction](https://aibio.space/news/repligen-announces-1-0-billion-private-convertible-notes-transaction/) Oct 30, 2026 Debt Financing ### [FOXO to buy Ludwig Enterprises preferred stock with majority voting power](https://aibio.space/news/foxo-buy-ludwig-enterprises-preferred-stock-majority-voting-power/) Oct 29, 2026 --- Source page: https://aibio.space/news/kyverna-signs-oxford-finance-loan-facility-up-150-0-million-expects/. Facts in aibio.space stories are checked against company filings and releases; opinion is labelled. Cite as: aibio.space, "Kyverna signs Oxford Finance loan facility of up to $150.0 million", 2025-11-03, https://aibio.space/news/kyverna-signs-oxford-finance-loan-facility-up-150-0-million-expects/