KYTX Stock — Kyverna Therapeutics Inc.: Cash, EV, Pipeline

What they do

We are a late-stage clinical biopharmaceutical company focused on developing cell therapies for patients with autoimmune diseases. Our mission is to liberate patients from autoimmune diseases through the curative potential of cell therapy. Our development strategy is supported by our breadth of experience in treating more than 100 autoimmune patients with our lead product candidate, mivocabtagene autoleucel, or miv-cel, also known as KYV-101, an anti-CD19 autologous CAR T with a differentiated CAR construct.

Source: 10-K FY2025 via SEC EDGAR

Share price

$4.88

Market cap

$301.8M

Cash

$199.4M

Enterprise value

$127.2M

Balance sheet

Cash	$199.4M
Debt	$24.9M
Net cash	$174.6M
Enterprise value	$127.2M
Basic shares	61.6M shares
Fully diluted shares	75.1M shares
Fully diluted market cap	$366.6M
Cash per share	$3.24
Quarterly burn	$40.3M
Cash runway	4.9 quarters

Cash figures as of 2026-06-30. Database snapshot: 2026-11-07.

Share structure

Common

61.6M

Pre-funded warrants

0.0M

Options

10.6M

RSUs

1.7M

Warrants

0.0M

Converts

0.0M

Conv preferred

0.0M

ESPP reserve

1.3M

FDSO

75.1M

Cap table as of 2026-06-30.

Price history

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Next catalyst

miv-cel · Est. Nov 15, 2026 · quarter midpoint · guided Now

Recently reported

KYV-101 Phase 2 Mixed · 2026-10-21

KYSA-8

Primary: Timed 25-foot walk (T25FW) improvement from baseline — Median improvement from baseline of 46% at week 16 (primary endpoint) and 49% at one year; significant improvement in T25FW sustained at one year (p < 0.0001)

· 81% (21/26) at 16 weeks and 77% (20/26) at one year achieved clinically meaningful improvement (>=20% reduction from baseline) in T25FW

· 67% (8/12) of patients requiring a walking aid prior to treatment continue to not require assistance at one year

· 92% (24/26) of patients remained free of chronic immunotherapies for SPS

· Secondary endpoints at one year: mean improvements in Modified Rankin Scale -1.0 (p = .0003), Hauser Ambulation Index -1.7 (p < .0001), Distribution-of-Stiffness -1.6 (p < .0001), Heightened Sensitivity Scale -2.8 (p < .0001)

· 6-minute walk test: median improvement in walking distance increased from 89 meters at the 16-week primary endpoint measurement to 119 meters at one year

· Over one-third of patients completed T25FW in <5 seconds at one year

Safety: Well-tolerated safety profile: no high-grade cytokine release syndrome (CRS) or ICANS, and no IEC-HS; Grade 3/4 neutropenia in five patients, manageable; serious treatment-related AEs in three patients, all fully resolved

Source release →

miv-cel Phase 2 Positive · 2026-09-24

KYSA-8 · KYSA-6 · myasthenia gravis, generalized myasthenia gravis

Source release →

Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
GUIDEDEst. Nov 15, 2026 Now quarter midpoint	miv-cel KYSA-8 registrational Phase 2 in stiff person syndrome	Phase 2	stiff person syndrome	Q4 2026
May 13 - Jun 24 in 6 mo	KYV-101	Phase 2	Multiple Sclerosis, Primary Progressive; Multiple Sclerosis, Secondary Progressive; Multiple Sclerosis	—
Oct 13 - Nov 24 in 11 mo	Standard lymphodepletion regimen	Phase 2/3	Myasthenia Gravis; Generalized Myasthenia Gravis	—

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

Mivocabtagene autoleucel

Phase 3 · Active Modality: CAR T-cell therapy (fully human anti-CD19 autologous)

Aliases KYV-101, miv-cel

Target CD19

Partnerships NIH: exclusive worldwide license to anti-CD19 CAR patents for autoimmune disease (May 2021); Intellia: CRISPR patent license agreement covering CRISPR Product (co-co agreement)

Indications

Stiff person syndrome (SPS) (Phase 2)
Generalized myasthenia gravis (gMG) (Phase 3)
Progressive multiple sclerosis (PMS) (Phase 1)
Rheumatoid arthritis (RA) (Phase 1/2)
Lupus nephritis (LN) (Stage not disclosed)
Systemic sclerosis (SSc) (Stage not disclosed)

Catalysts

— Q3 2026
— Q4 2026
— Q3 2026
— mid-2027
— early 2027

Status note Lead program. SPS: registrational 26-patient Phase 2 KYSA-8 completed (positive primary analysis, AAN April 2026); pre-BLA meeting held Q2 2026 with FDA alignment on regulatory path; rolling BLA initiated (CMC module submitted July 2026, priority review sought under RMAT). gMG: KYSA-6 Phase 2 positive (Oct 2025 interim, AAN April 2026 longer-term follow-up); Phase 3 registrational trial advancing. RMAT and Orphan Drug designations for SPS and MG; EMA Orphan designation for MG.

KYV-102

Stage not disclosed · Active Modality: whole blood rapid manufacturing process (Ingenui-T)

Target n/a

Status note IND accepted by FDA in January 2026.

KYV-201

Stage not disclosed · Active

Target CD19

Status note Named among other programs; no candidate details disclosed in excerpts.

Per-asset detail extracted from the 10-Q filed 2026-08-11. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

Pipeline

Lead drug	KYV-101
Lead indication	Myasthenia Gravis
Lead phase	Phase 3
Active trials	3
Collaborator trials	5

Active clinical trials

Trial	Phase	Status	Role	Sponsor	BP	Condition(s)	Mgmt guide
NCT06193889	Phase 2/3	Recruiting	Sponsor	Kyverna Therapeutics	—	Myasthenia Gravis; Generalized Myasthenia Gravis	—
NCT06384976	Phase 2	Active, not recruiting	Sponsor	Kyverna Therapeutics	—	Multiple Sclerosis, Primary Progressive; Multiple Sclerosis, Secondary Progressive; Multiple Sclerosis	—
NCT07403188	Not disclosed	Recruiting	Sponsor	Kyverna Therapeutics	—	Refractory Lupus Nephritis; Myasthaenia Gravis; Stiff Person Syndrome	—
NCT06590545	Phase 1/2	Not yet recruiting	Collaborator	David Simon	—	ANCA-IgG-positive ANCA Associated Vasculitis	—
NCT06475495	Phase 1/2	Active, not recruiting	Collaborator	Charite University, Berlin, Germany	—	Rheumatoid Arthritis	—
NCT06152172	Phase 1	Active, not recruiting	Collaborator	David Porter	—	Idiopathic Inflammatory Myopathies; Diffuse Cutaneous Systemic Sclerosis; SLE Nephritis	—
NCT06138132	Phase 1	Recruiting	Collaborator	Stanford University	—	Multiple Sclerosis; Multiple Sclerosis, Primary Progressive; Multiple Sclerosis, Secondary Progressive	—
NCT06451159	Phase 1	Active, not recruiting	Collaborator	Bruce Cree	—	Progressive Multiple Sclerosis	—

Sponsor-matched active trials from ClinicalTrials.gov (3 as sponsor, 5 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.

View all 8 active trials for Kyverna Therapeutics on ClinicalTrials.gov

Specialist fund holders

Tracked specialist funds: ADAR1 Capital Management, Aisling Capital, Ally Bridge Group, Avoro Capital Advisors, BVF Partners, Baker Bros. Advisors, Boxer Capital, Braidwell LP, Casdin Capital, Cormorant Asset Management, DAFNA Capital, Deerfield Management, EcoR1 Capital, Frazier Life Sciences, Great Point Partners, Ikarian Capital, Logos Global Management, OrbiMed Advisors, Perceptive Advisors, RA Capital Management, RTW Investments, Sphera Biotech, Stonepine Capital, Tang Capital Partners, Vivo Capital.

Fund	Shares	Q/Q change	% of portfolio	Filing
Deerfield Management	2,000,000	no change	0.19%	2026-08-14
ADAR1 Capital Management	0	-22,428	0.00%	2026-08-14

Specialist-fund positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

Latest news

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KYTX — Kyverna Therapeutics Inc. ☆

What they do

Balance sheet

Share structure

Price history

Next catalyst

Recently reported

Upcoming catalysts

Pipeline assets

Pipeline

Active clinical trials

Specialist fund holders

Latest news

KYTX — Kyverna Therapeutics Inc.