Kyverna Therapeutics: Strong Early Autoimmune CAR-T Data, Accelerated SPS Timeline, and Solid Cash Runway Support Buy Rating

William Blair analyst Sami Corwin has maintained their bullish stance on KYTX stock, giving a Buy rating today.

Sami Corwin has given his Buy rating due to a combination of factors that highlight Kyverna’s strong execution and favorable positioning in autoimmune CAR-T therapies. He views Kyverna as well placed to deliver what could be the first approved CAR-T treatment for an autoimmune disease, supported by very encouraging results in stiff-person syndrome (SPS) that surpassed the trial’s predefined efficacy threshold and aligned with prior compassionate-use outcomes. Corwin also emphasizes that the SPS data arrived ahead of the initially anticipated 2026 timeline, reinforcing management’s ability to move miv-cel to market quickly in neuroinflammatory indications and setting up the upcoming BLA filing as a major stock catalyst.

In addition, he notes that new data expected from the Phase II generalized myasthenia gravis (gMG) study could both reduce risk around the ongoing Phase III program and help distinguish miv-cel from existing treatments and other late-stage competitors. The recent enrollment of the first patient in the registrational KYSA-6 gMG trial and the FDA’s clearance of the IND for the next-generation CAR-T candidate KYV-102 further support Kyverna’s growth trajectory and pipeline durability. Corwin also highlights the company’s leadership enhancement with the appointment of a seasoned executive chairperson as a positive for strategic execution. Finally, he points out that Kyverna’s cash position of roughly $279 million provides a multiyear operational runway, giving the company sufficient capital to reach key clinical and regulatory milestones that underpin his favorable risk/reward assessment and Buy recommendation.

In another report released today, TipRanks – Google also initiated coverage with a Buy rating on the stock with a $9.50 price target.