KYTX

Company Overview — What Does Kyverna Therapeutics, Inc. Do?

We are a patient-centered, clinical-stage biopharmaceutical company focused on developing cell therapies for patients suffering from autoimmune diseases. Our goal is to bring disease-modifying therapeutic benefits to patients suffering from autoimmune diseases through our patient-centered approach, our broad platform, our insights into treating immune disorders and the learnings from successful application of cell therapy in other areas of medicine. Our cell therapy approach to the treatment of autoimmune diseases is supported by the scientific publication of multiple autoimmune case studies using CD19 CAR T-cell treatment as well as early clinical data from our ongoing trials illustrating the disease-modifying potential of these therapies. This validation provides us with a clear path to continue advancing our lead product candidate, KYV-101, through clinical development across two broad areas of autoimmune disease: rheumatology and neurology. Our lead program, KYV-101, is an autologous CD19 CAR T-cellproduct candidate made from an underlying chimeric antigen receptor, or CAR, that we have licensed from the National Institutes of Health, or the NIH. This underlying CAR in KYV-101 has completed a 20-patientPhase 1 trial in oncology conducted by the NIH, and the results from this Phase 1 trial published in Nature Medicine reported improved tolerability in the clinic among adult oncology patients using the same CAR construct in KYV-101, as compared to the CAR used to create Yescarta®. This underlying CAR in KYV-101 was designed by the NIH to improve tolerability through a systematic comparison of CARs created with alternate domain structures, identifying the use of a fully human CD19 binding domain and optimized hinge and transmembrane domains. We believe that these differentiated properties of the underlying CAR construct in KYV-101 are critical for the potential success of CAR T cells as autoimmune disease therapies. We intend to develop KYV-101 in two broad areas of autoimmune disease: rheumatology and neurology. Our initial rheumatology development focus is on lupus nephritis, or LN, and systemic sclerosis, or SSc. We are conducting two trials of KYV-101 in patients with LN, an autoimmune disease in which more than half of patients do not achieve a complete response to current therapies and are at risk of developing kidney failure. In addition to LN, we received Investigational New Drug, or IND, clearance in October 2023 for a Phase 1/2 study in SSc. We intend to initially focus our neurology development on myasthenia gravis, or MG, and multiple sclerosis, or MS. We received IND clearance in November 2023 for a Phase 2 study in MG, and we received IND clearance in December 2023 for a Phase 2 study in MS. We believe our approach may present a significant advantage over current standard-of-care therapies for autoimmune diseases by aiming to directly deplete B cells and potentially resetting disease-contributing B cells. We are also actively developing an allogeneic, off-the-shelf approach to further broaden patient access. To this end, we have partnered with Intellia Therapeutics, Inc., or Intellia, a leader in the field of gene editing, to develop KYV-201, an allogeneic CD19 CAR T-cell product candidate. Our research-stage programs are focused on developing product candidates to treat other autoimmune diseases, such as inflammatory bowel disease, or IBD, which includes Crohn’s disease and ulcerative colitis, and extend beyond CD19 CAR-T approaches, including regulatory T cells, or T-regs, and novel humanized CAR constructs developed by us for use in autoimmune diseases. Translating transformational experience with cell therapies to autoimmune diseases We believe the success of cell therapies such as CAR T-cell therapies in oncology have paved the way for the application of cell therapies in other therapeutic areas. Pathologic B cells are the cause of a number of hematological malignancies, such as B-cell lymphoma. In recent years, multiple engineered cell therapies have been approved that can eliminate these B cells, resulting in long-term complete responses in lymphoma patients refractory to other therapies. One of the most widely used, studied and clinically validated engineered cell therapies is CAR T-cell therapy, a form of immunotherapy whereby the patient’s T cells are engineered to express a CAR that recognizes and binds to a specific antigen present on tumor cells to generate an anti-tumor immune response. CAR T cells for this therapy are generated by isolating T cells from the patient and introducing a CAR construct that directs these modified T cells to attack B cells based on the expression of a common antigen, CD19. Autoimmune diseases affect organs throughout the body. A common characteristic of many of these diseases is the presence of autoantibodies, antibodies produced by the body’s B cells that mistakenly attack other cells and tissues in the body. Given that the therapeutic benefit associated with B-cell depletion is common between B-cell-driven hematologic malignancies and autoimmune diseases, we anticipated that CD19 CAR T cells would have therapeutic benefits in autoimmune diseases, a result that has now been observed in the publication of a number of case studies. In academic clinical data published in Nature Medicine in September 2022, a CD19 CAR T-celltherapy was observed to induce clinical remission in all five systemic lupus erythematosus, or SLE, patients with lupus nephritis. All patients experienced significant improvements in Systemic Lupus Erythematosus Disease Activity Index 2000, or SLEDAI-2K, scores. Scores of zero, corresponding to no disease activity on such index, were achieved in four patients by three months post treatment and a score of two in one patient due to residual low-level proteinuria that was likely due to previously accumulated kidney damage. Several other important observations were the elimination of autoantibodies, B-cell reconstitution after an average time of 110 days of CAR T infusion in all patients, preservation of vaccination responses, and that treatment was well tolerated, with either no or mild cytokine release syndrome, or CRS. Further, in clinical data published in the New England Journal of Medicine in 2021, a 20-year-old woman with severe and refractory SLE was observed to experience rapid remission of symptoms and autoantibody levels following a single treatment with autologous CD19 CAR T cells. This patient has been in remission for at least 600 days and is included in the Nature Medicine publication mentioned above. We believe the foregoing academic clinical data, including the rapid depletion of B cells upon initiation of treatment and subsequently observed naïve B-cell reconstitution, suggest that CD19 CAR T-cell therapy could potentially lead to significant clinical benefit and reset the immune system with a single, well-tolerated treatment. However, the foregoing data was obtained by a third party outside of a formal clinical trial setting and we are seeking to validate this premise through well-controlled, multicenter clinical trials that demonstrate statistically significant results. High prevalence and unmet need across autoimmune diseases Over 80 diseases are classified as autoimmune diseases affecting up to 8% of the U.S. population. Moreover, the prevalence of autoimmunity is on the rise in the United States. Over the last 25 years, researchers have observed a 44% increase in the presence of antinuclear antibodies, the autoantibody in lupus, affecting 41 million people. These autoantibodies represent an early sign of autoimmune diseases, which develop in about 30% of these individuals over a five- to ten-year period. The chronic and debilitating nature of these diseases leads to both high medical costs and reduced quality of life, creating a significant burden for patients, their families and the health care system. It is estimated that sales for autoimmune disease therapies were greater than $80 billion globally in 2021. Despite the availability of many approved drugs, there remains substantial unmet clinical need, as existing therapies are rarely considered curative and the majority of patients do not respond optimally, if at all, to these therapies. Current autoimmune disease treatments such as hematopoietic stem cell transplantation, or HSCT, and the use of B-cell-targeting monoclonal antibodies have led to therapeutic responses, but the majority of patients do not benefit either because of unacceptable toxicity risks or due to weak or short-lived activity. The HSCT process leads to depletion of the patient’s immune system, and is a procedure associated with potentially life-threatening complications and its use to treat autoimmune disease is primarily as a salvage therapy for patients with severe refractory disease. Poor or mixed results have also been reported from patients with SLE, inflammatory myositis and autoimmune hepatitis when using monoclonal antibodies targeted against CD20, such as rituximab. We believe that the poor efficacy of anti-CD20 antibodies for these indications may be due in part to limited antibody activity in diseased tissue due to the weak tissue-penetrating ability of antibodies. We were incorporated in Delaware in June 2018 under the name BAIT Therapeutics, Inc., and changed our name to Kyverna Therapeutics, Inc. in October 2019. Our principal executive offices are located at 5980 Horton St., STE 550, Emeryville, CA. Kyverna Therapeutics, Inc. (KYTX) is classified as a small-cap stock in the Healthcare sector, specifically within the Pharmaceutical Products industry. The company is led by CEO Peter Maag, headquartered in EMERYVILLE, California. With a market capitalization of $530M, KYTX is one of the notable companies in the Healthcare sector.

Kyverna Therapeutics, Inc. (KYTX) Stock Rating — Hold (April 2026)

As of April 2026, Kyverna Therapeutics, Inc. receives a Hold rating with a composite score of 32.5/100 and 3 out of 5 stars from the Blank Capital Research quantitative model.KYTX ranks #1,891 out of 4,446 stocks in our coverage universe. Within the Healthcare sector, Kyverna Therapeutics, Inc. ranks #199 of 838 stocks, placing it in the top quartile of its Healthcare peers. The rating is generated by a multi-factor model that weighs quality (30%), momentum (25%), value (15%), investment (10%), stability (10%), and short interest (10%).

KYTX Stock Price and 52-Week Range

Kyverna Therapeutics, Inc. (KYTX) currently trades at $8.95. The stock lost $0.63 (6.6%) in the most recent trading session. The 52-week high for KYTX is $13.67, which means the stock is currently trading -34.5% from its annual peak. The 52-week low is $1.78, putting the stock 402.8% above its annual trough. Recent trading volume was 695K shares, suggesting relatively thin trading activity.

Is KYTX Overvalued or Undervalued? — Valuation Analysis

Kyverna Therapeutics, Inc. (KYTX) carries a value factor score of 16/100 in the Blank Capital model, signaling premium valuation that prices in significant future growth. The price-to-book ratio stands at 2.43x, versus the sector average of 2.75x.

At current multiples, Kyverna Therapeutics, Inc. trades at a premium to most Healthcare peers. This elevated valuation may be justified if the company can sustain above-average growth rates and profitability, but it also creates downside risk if earnings disappoint expectations.

Kyverna Therapeutics, Inc. Profitability — ROE, Margins, and Quality Score

Kyverna Therapeutics, Inc. (KYTX) earns a quality factor score of 26/100, signaling below-average profitability metrics relative to the broader market. The return on equity (ROE) is -68.0%, compared to the Healthcare sector average of -43.5%, which is below typical expectations for high-quality companies. Return on assets (ROA) comes in at -53.8% versus the sector average of -33.1%.

Profitability is below benchmark levels, which may reflect industry headwinds, elevated reinvestment, or structural challenges.

KYTX Debt, Balance Sheet, and Financial Health

Kyverna Therapeutics, Inc. has a debt-to-equity ratio of 26.0%, compared to the Healthcare sector average of 32.0%. The low leverage indicates a conservative balance sheet with significant financial flexibility. The current ratio is 7.75x, indicating strong short-term liquidity. Total debt on the balance sheet is $0. Cash and equivalents stand at $34M.

KYTX has a beta of 1.65, meaning it is more volatile than the broader market — a $10,000 investment in KYTX would be expected to move 64.6% more than the S&P 500 on any given day. The stability factor score for Kyverna Therapeutics, Inc. is 23/100, suggesting elevated price swings that may be unsuitable for conservative portfolios.

Kyverna Therapeutics, Inc. Revenue and Earnings History — Quarterly Trend

In TTM 2026, Kyverna Therapeutics, Inc. reported revenue of $0 and earnings per share (EPS) of $-3.64. Net income for the quarter was $-158M. Operating income came in at $-169M.

In FY 2025, Kyverna Therapeutics, Inc. reported revenue of $0 and earnings per share (EPS) of $-3.64. Net income for the quarter was $-161M. Operating income came in at $-170M.

In Q3 2025, Kyverna Therapeutics, Inc. reported revenue of $0 and earnings per share (EPS) of $-0.85. Net income for the quarter was $-37M. Operating income came in at $-39M.

In Q2 2025, Kyverna Therapeutics, Inc. reported revenue of $0 and earnings per share (EPS) of $-0.97. Net income for the quarter was $-42M. Operating income came in at $-44M.

Over the past 8 quarters, Kyverna Therapeutics, Inc. has experienced revenue contraction from $0 to $0. Investors analyzing KYTX stock should weigh these quarterly trends alongside the valuation and quality metrics discussed above.

KYTX Dividend Yield and Income Analysis

Kyverna Therapeutics, Inc. (KYTX) does not currently pay a dividend. This is common among smaller companies in the Pharmaceutical Products industry that prefer to reinvest cash flows into business expansion rather than returning capital to shareholders. Income-focused investors looking for Healthcare dividend stocks may want to explore other Healthcare stocks or use the stock screener to filter by dividend yield.

KYTX Momentum and Technical Analysis Profile

Kyverna Therapeutics, Inc. (KYTX) has a momentum factor score of 69/100, reflecting neutral trend characteristics. The stock is neither significantly outperforming nor underperforming the broader market on a momentum basis. The investment factor score is 25/100, which measures capital allocation efficiency and asset growth patterns. The short interest score of 4/100 signals elevated short interest, which can indicate bearish sentiment among institutional investors.

KYTX vs Competitors — Healthcare Sector Ranking and Peer Comparison

Within the Healthcare sector, Kyverna Therapeutics, Inc. (KYTX) ranks #199 out of 838 stocks based on the Blank Capital composite score. This places KYTX in the top quartile of all Healthcare stocks in our coverage universe. Key competitors and sector peers include ASTRAZENECA PLC (AZN) with a score of 61.4/100, Sol-Gel Technologies Ltd. (SLGL) with a score of 56.6/100, VIEMED HEALTHCARE, INC. (VMD) with a score of 53.4/100, Innoviva, Inc. (INVA) with a score of 52.7/100, and JOHNSON & JOHNSON (JNJ) with a score of 51.7/100.

Comparing KYTX against the S&P 500 benchmark is also instructive for understanding relative performance. Investors can view the full KYTX vs S&P 500 (SPY) comparison to assess how Kyverna Therapeutics, Inc. stacks up against the broader market across all factor dimensions.

KYTX Next Earnings Date

No upcoming earnings date has been announced for Kyverna Therapeutics, Inc. (KYTX) at this time. Check the earnings calendar for the latest scheduling updates across all stocks in our coverage universe.

Should You Buy KYTX? — Investment Thesis Summary

Kyverna Therapeutics, Inc. presents a balanced picture with arguments on both sides. The quality score of 26/100 flags below-average profitability. The value score of 16/100 indicates premium valuation. Price momentum is positive at 69/100, suggesting the trend favors buyers. High volatility (stability score 23/100) increases portfolio risk.

In summary, Kyverna Therapeutics, Inc. (KYTX) earns a Hold rating with a composite score of 32.5/100 as of April 2026. The rating is derived from the Blank Capital Research methodology, which combines six factor dimensions into a single quantitative ranking. Investors should consider these quantitative signals alongside their own fundamental research, risk tolerance, and investment time horizon before making buy or sell decisions on KYTX stock.

Related Resources for KYTX Investors

Explore more research and tools: KYTX vs S&P 500 comparison, top Healthcare stocks, stock screener, our methodology, quality factor explained, value factor explained, momentum factor explained. Compare KYTX head-to-head with peers: KYTX vs AZN, KYTX vs SLGL, KYTX vs VMD.