Kyverna Therapeutics, Inc. (KYTX) AI Stock Analysis

• Market Cap: $530.16M
• Dividend Yield: N/A
• Average Volume (3M): 1.67M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.62
• Revenue Growth: N/A
• EPS Growth: -21.22%
• Country: US
• Employees: 112
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.85
• Shares Outstanding: 57,129,500
• 10 Day Avg. Volume: 839,414
• 30 Day Avg. Volume: 1,669,609
• PEG Ratio: >-0.01
• Price to Book (P/B): 0.54
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -1.23
• Enterprise Value/Market Cap: 0.62
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: -165.69
• Enterprise Value/Ebitda: -2.08
• 1Y Price Target: $29.50
• Price Target Upside: 252.03% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 5
• EPS Forecast (FY): -3.49
• Revenue Forecast (FY): N/A

• Rating: 56 Neutral
• Price Target: $9.50 ▲(13.37% Upside)

The score is held back primarily by weak financial performance (no current revenue, widening losses, and accelerating cash burn). Offsetting this are constructive price trends and a strong slate of positive clinical and financing-related corporate events that improve the catalyst outlook and financial flexibility. Valuation contributes modestly given a negative P/E and no dividend yield.

Positive Factors

Regulatory/Catalyst Timing

A targeted BLA filing in the first half of 2026 establishes a defined regulatory timeline that materially reduces binary timing uncertainty. This supports sustained resource allocation to approval activities and enables structured commercialization planning over the next 2–6 months.

Strengthened Liquidity / Runway

Fresh capital from a $100M offering and access to a $150M loan facility materially extend runway (noted into 2028), lowering immediate refinancing risk. That stability permits the company to complete registrational trials and pre-launch investments without urgent dilution over the medium term.

Commercial Leadership Hire

Bringing in an experienced CAR‑T commercialization executive strengthens launch planning and go‑to‑market capability. This durable governance upgrade improves odds of successful market entry, payer engagement, and manufacturing scale if regulatory approvals occur.

Negative Factors

High & Accelerating Cash Burn

Operating and free cash flow are deeply negative and accelerating, creating persistent funding needs. Over the next several quarters, this burn profile increases dependency on external financing and raises dilution or covenant risk, constraining strategic optionality if milestones slip.

Eroding Balance Sheet Cushion

Sharply declining assets and equity year‑over‑year have reduced the company’s financial buffer. Even with low debt, a smaller balance sheet limits ability to absorb clinical setbacks or extend programs without additional capital, making the firm more sensitive to funding cycles.

Pre‑Revenue with Widening Losses

The company remains pre‑revenue while losses have materially widened, meaning no internal cash generation to fund growth. Long‑term viability depends on successful clinical outcomes and commercialization; until then, operating deficits are a structural risk to sustainable operations.

Kyverna Therapeutics, Inc. Business Overview & Revenue Model

Company Description

Kyverna Therapeutics, Inc., a clinical-stage biopharmaceutical company, focuses on developing cell therapies for patients suffering from autoimmune diseases. Its lead product candidate is KYV-101, an autologous CD19 CAR T-cell product candidate for the treatment of patients with lupus nephritis and systemic sclerosis that is in Phase I clinical trial; and for myasthenia gravis and multiple sclerosis that is in Phase II clinical trial. The company is also developing KYV-201, an allogeneic CD19 CAR T-cell product candidate that is in preclinical stage to treat multiple autoimmune diseases. In addition, it is developing product candidates to treat other autoimmune diseases, such as inflammatory bowel disease that includes Crohn's disease and ulcerative colitis. Kyverna Therapeutics, Inc. has a license and collaboration agreement with Intellia Therapeutics, Inc. to research and develop an allogeneic CD19-directed CAR cell therapy product; and with Kite to research and develop programs for the treatment, diagnosis, and prevention of autoimmune, inflammatory, and allogeneic stem cell transplant inflammatory diseases. The company was formerly known as BAIT Therapeutics, Inc. and changed its name to Kyverna Therapeutics, Inc. in October 2019. Kyverna Therapeutics, Inc. was incorporated in 2018 and is headquartered in Emeryville, California.

How the Company Makes Money

Kyverna Therapeutics makes money primarily through the development and commercialization of its cell therapy products. The company may generate revenue through partnerships and collaborations with other biotech and pharmaceutical companies, which can include upfront payments, milestone payments, and royalties on sales of co-developed therapies. Additionally, Kyverna might engage in licensing agreements for its proprietary technologies, further contributing to its revenue streams. As a biotechnology firm, Kyverna may also secure funding from investors and grants to support its research and development efforts.

Kyverna Therapeutics, Inc. Financial Statement Overview

Summary

Financials reflect a pre-revenue biotech with rising losses and cash burn. Revenue is currently zero (2023–2024 and TTM), net losses have widened materially (to about -$161M TTM), and operating/free cash flow are deeply negative (FCF about -$158M TTM). A key offset is low leverage with modest debt, providing some flexibility, but declining assets/equity and the burn rate elevate funding/runway risk.

Income Statement

Operating performance is weak and deteriorating. Revenue is currently zero in 2023–2024 and in TTM (Trailing-Twelve-Months), while losses have expanded meaningfully (net loss of about $60.4M in 2023, $127.5M in 2024, and $161.0M in TTM). Profitability is deeply negative, and TTM margins are extremely pressured, reflecting a heavy expense base ahead of commercialization. A historical positive is that the company previously generated revenue in 2021–2022, but the current trajectory is dominated by widening losses.

Balance Sheet

Balance sheet leverage is low, which is a clear strength for a biotech company in an investment phase. Total debt remains modest (about $5.0M in TTM) and debt relative to equity is low (roughly 0.03 in both 2024 and TTM). However, equity and total assets have declined sharply from 2024 to TTM (equity down from ~$266.6M to ~$151.9M; assets down from ~$304.6M to ~$187.2M), consistent with ongoing cash burn. Returns to shareholders are negative given persistent losses.

Cash Flow

Cash generation is weak with sustained and accelerating cash burn. Operating cash flow is negative across all periods and worsened from about -$52.4M (2023) to -$114.3M (2024) and -$157.2M in TTM, with free cash flow similarly negative (about -$158.4M in TTM). A relative positive is that free cash flow tracks net income closely (near 1x), indicating losses are largely reflected in cash rather than being masked by accounting items—but the absolute burn rate is high and rising.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	0.00	0.00	0.00	7.03M	5.66M
Gross Profit	-1.99M	-2.13M	-1.71M	7.03M	5.66M
EBITDA	-158.93M	-125.20M	-58.47M	-27.78M	-25.76M
Net Income	-160.99M	-127.48M	-60.37M	-28.89M	-26.35M
Balance Sheet
Total Assets	187.16M	304.64M	75.19M	66.92M	85.49M
Cash, Cash Equivalents and Short-Term Investments	171.14M	285.98M	57.54M	51.32M	76.07M
Total Debt	5.02M	8.24M	9.08M	10.56M	5.55M
Total Liabilities	35.21M	38.06M	26.02M	20.25M	131.74M
Stockholders Equity	151.95M	266.59M	49.18M	46.68M	-46.25M
Cash Flow
Free Cash Flow	-158.37M	-116.45M	-53.03M	-36.88M	-23.44M
Operating Cash Flow	-157.25M	-114.25M	-52.41M	-36.11M	-22.16M
Investing Cash Flow	86.52M	-160.90M	-8.79M	-14.10M	-1.29M
Financing Cash Flow	210.00K	337.11M	58.12M	11.88M	72.52M

Kyverna Therapeutics, Inc. Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 8.38
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For KYTX, the sentiment is Neutral. The current price of 8.38 is below the 20-day moving average (MA) of 8.87, above the 50-day MA of 8.34, and above the 200-day MA of 5.14, indicating a neutral trend. The MACD of 0.23 indicates Positive momentum. The RSI at 47.27 is Neutral, neither overbought nor oversold. The STOCH value of 32.14 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for KYTX.

Kyverna Therapeutics, Inc. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
AVIR	58 Neutral	$317.98M	-2.18	-37.98%	―	―	14.33%
KYTX	56 Neutral	$530.16M	-2.25	-70.82%	―	―	-21.22%
TRDA	52 Neutral	$420.41M	-4.45	-27.11%	―	-71.42%	-248.91%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
HRTX	48 Neutral	$256.71M	―	―	―	12.60%	58.23%
SLN	47 Neutral	$241.37M	-3.00	―	―	―	―
CDXS	42 Neutral	$129.16M	-1.72	-114.26%	―	-17.87%	14.42%

Kyverna Therapeutics, Inc. Corporate Events

Kyverna Therapeutics Names Christi Shaw Executive Board Chair

Kyverna Therapeutics on January 8, 2026 appointed board member Christi Shaw as Executive Chairperson of the Board, effective January 12, 2026, with former chair Ian Clark remaining on the board. Shaw, a veteran of CAR T commercialization, will receive a $400,000 annual salary and a package of stock options, restricted stock units and performance-based RSUs that vest over four years and are structured to continue vesting if she remains as Board Chairperson or Vice Chairperson after any employment termination, with full vesting acceleration in the event of a change in control. In a corporate update delivered at the J.P. Morgan Healthcare Conference on January 12, 2026, Kyverna highlighted progress in its autoimmune CAR T pipeline, including first patient enrollment in December 2025 in the Phase 3 portion of the KYSA-6 trial of miv-cel in gMG, acceptance in January 2026 of an IND for next-generation candidate KYV-102, and strengthened finances from a December 2025 follow-on offering that extended its cash runway into 2028. The company outlined 2026 priorities centered on filing a Biologics License Application for miv-cel in SPS in the first half of 2026, achieving SPS launch readiness by year-end 2026, advancing the Phase 3 gMG trial and multiple additional autoimmune indications, positioning itself as a potential first commercial provider of CAR T-cell therapy in autoimmune disease and reinforcing its commercialization capabilities through Shaw’s appointment and a fortified balance sheet.

The most recent analyst rating on (KYTX) stock is a Hold with a $9.50 price target. To see the full list of analyst forecasts on Kyverna Therapeutics, Inc. stock, see the KYTX Stock Forecast page.

Kyverna Therapeutics Announces $100 Million Public Offering

On December 17, 2025, Kyverna Therapeutics, Inc. priced an underwritten public offering of 13,333,333 shares of common stock at $7.50 per share, for expected gross proceeds of approximately $100 million, with a 30-day option granted to underwriters to purchase up to an additional 1,999,999 shares; the deal, conducted off an effective Form S-3 shelf registration, is expected to close on or about December 18, 2025, subject to customary conditions. The transaction, for which all shares are being sold by the company and major shareholders are bound by lock-up agreements through January 31, 2026, will provide Kyverna with fresh capital for general corporate purposes including research and development, capital expenditures, and working capital, reinforcing its funding base as it advances its CAR T-cell programs and registrational trials in autoimmune indications.

The most recent analyst rating on (KYTX) stock is a Buy with a $33.00 price target. To see the full list of analyst forecasts on Kyverna Therapeutics, Inc. stock, see the KYTX Stock Forecast page.

Kyverna Reports Positive Phase 2 Trial Results

On December 15, 2025, Kyverna Therapeutics announced positive topline data from its Phase 2 trial of mivocabtagene autoleucel (miv-cel) for stiff person syndrome (SPS), showing statistically significant clinical benefits. This data positions miv-cel as a potential first and only approved therapy for SPS, highlighting its transformative impact in the autoimmune disease space and paving the way for a Biologics License Application submission expected in the first half of 2026.

The most recent analyst rating on (KYTX) stock is a Buy with a $25.00 price target. To see the full list of analyst forecasts on Kyverna Therapeutics, Inc. stock, see the KYTX Stock Forecast page.

Kyverna Therapeutics Reports Positive Phase 2 Trial Results

On December 15, 2025, Kyverna Therapeutics announced positive topline data from its Phase 2 trial of mivocabtagene autoleucel (miv-cel) for treating stiff person syndrome (SPS). The trial demonstrated significant clinical benefits, including reversing disability and eliminating the need for immunotherapies after a single dose, with no high-grade adverse effects observed. These results could position miv-cel as the first FDA-approved CAR T-cell therapy for autoimmune diseases, marking a potential breakthrough for SPS patients.

The most recent analyst rating on (KYTX) stock is a Buy with a $25.00 price target. To see the full list of analyst forecasts on Kyverna Therapeutics, Inc. stock, see the KYTX Stock Forecast page.

Kyverna Therapeutics Secures $150 Million Loan Facility

On October 31, 2025, Kyverna Therapeutics secured a loan facility of up to $150 million from Oxford Finance LLC, enhancing its financial flexibility to support its clinical programs. The company plans to draw an initial $25 million on November 3, 2025, to advance its late-stage indications and pre-launch activities, with topline data from its Phase 2 trial for stiff person syndrome expected in early 2026.

The most recent analyst rating on (KYTX) stock is a Buy with a $31.00 price target. To see the full list of analyst forecasts on Kyverna Therapeutics, Inc. stock, see the KYTX Stock Forecast page.

Kyverna Therapeutics Reports Positive Phase 2/3 Trial Data

On October 29, 2025, Kyverna Therapeutics announced positive interim data from its Phase 2/3 trial of KYV-101 for treating generalized myasthenia gravis. This development suggests that KYV-101 could potentially change the treatment paradigm for gMG by offering a novel approach that targets the disease at its source, providing unprecedented disease control with a manageable safety profile. The announcement could significantly impact Kyverna’s position in the autoimmune disease treatment market, offering hope for patients with limited treatment options.

The most recent analyst rating on (KYTX) stock is a Buy with a $20.00 price target. To see the full list of analyst forecasts on Kyverna Therapeutics, Inc. stock, see the KYTX Stock Forecast page.

Kyverna Therapeutics Reports Positive Phase 2 Trial Results

On October 29, 2025, Kyverna Therapeutics announced positive interim data from its Phase 2 KYSA-6 trial of KYV-101 for generalized myasthenia gravis (gMG). The trial showed that 100% of patients achieved clinically meaningful responses with significant reductions in MG-ADL and QMG scores, and KYV-101 was well-tolerated with no high-grade adverse events. These results reinforce the potential of KYV-101 to deliver durable remission with a single dose, setting a new clinical standard in gMG treatment and supporting the design of the upcoming Phase 3 trial.

The most recent analyst rating on (KYTX) stock is a Buy with a $20.00 price target. To see the full list of analyst forecasts on Kyverna Therapeutics, Inc. stock, see the KYTX Stock Forecast page.