Kyverna amends Oxford Finance loan facility, pushes back Term A deadline

Kyverna Therapeutics disclosed in an 8-K dated July 8, 2026 that it signed an amendment to its existing loan agreement with Oxford Finance LLC and other lenders, effective as of June 30, 2026.

The original agreement, entered into on October 31, 2025, established a non-dilutive term loan facility of up to an aggregate principal amount of $150.0 million in multiple tranches, subject to certain conditions, including up to $40.0 million of Term A Loans available during an initial draw period of up to June 30, 2026, a single Term B Loan of $5.0 million to $20.0 million available upon achievement of specified clinical milestones, and up to $40.0 million of Term C Loans available upon achievement of specified revenue and clinical milestones to be drawn by December 31, 2027.¹ Kyverna had already drawn $25.0 million from funds available from the first tranche of Term A Loans¹ on November 3, 2025.

Under the new amendment, the parties agreed to extend the availability of the remaining $15.0 million of Term A Loans through December 31, 2026, in exchange for the Company paying an upfront cash fee of $187,500.¹ If Kyverna fails to draw that full $15.0 million by year-end, the Company will pay the Lenders a non-utilization fee equal to 1.0% of the aggregate undrawn amount of the Term A Loans.¹

The amendment also lays out conditional changes that only take effect if Kyverna draws the full remaining Term A amount. These include extending the Term B Loan availability through the earlier of September 30, 2027 and the 90th day following achievement of a clinical milestone, restructuring Term C Loans into two $20.0 million tranches tied to separate revenue and clinical milestones, and adjusting the start of minimum revenue covenants depending on other capital raised.¹ If the full Term A draw does not occur, the additional modifications will not be effective and the original terms of the Loan Facility shall continue to apply.¹

The complete amendment text is expected to appear later as either a follow-up exhibit to this filing or as part of Kyverna's forthcoming quarterly report covering the period ended June 30, 2026.