Kyverna Therapeutics (KYTX)
Market Price (11/4/2026): $5.16 | Market Cap: $319.1 MilSector: Health Care | Industry: Biotechnology
Kyverna Therapeutics (KYTX)
Market Price (11/4/2026): $5.16Market Cap: $319.1 MilSector: Health CareIndustry: Biotechnology
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -53% Megatrend and thematic driversMegatrends include Biotechnology & Genomics, and Precision Medicine. Themes include Gene Editing & Therapy, Targeted Therapies, Show more. | Weak multi-year price returns2Y Excs Rtn is -33%, 3Y Excs Rtn is -166% Meaningful short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 10.49, Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 16% | Very low revenueRev LTMTotal Revenue or Sales, Last Twelve Months is 0 Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -159 Mil Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -53% Key risksKYTX key risks include [1] regulatory uncertainty over the sufficiency of its single-arm trial design for miv-cel, Show more. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -53% |
| Megatrend and thematic driversMegatrends include Biotechnology & Genomics, and Precision Medicine. Themes include Gene Editing & Therapy, Targeted Therapies, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -33%, 3Y Excs Rtn is -166% |
| Meaningful short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 10.49, Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 16% |
| Very low revenueRev LTMTotal Revenue or Sales, Last Twelve Months is 0 |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -159 Mil |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -53% |
| Key risksKYTX key risks include [1] regulatory uncertainty over the sufficiency of its single-arm trial design for miv-cel, Show more. |
Qualitative Assessment
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Kyverna Therapeutics (KYTX) stock has lost about 30% since 7/31/2026 because of the following key factors:
1. "Sell-the-News" Pressure Despite Positive Clinical Data.
Kyverna Therapeutics experienced significant selling pressure following the release of positive clinical trial data, particularly for its miv-cel therapy in Stiff Person Syndrome (SPS) and Generalized Myasthenia Gravis (gMG). This "sell-the-news" phenomenon saw investors taking profits after anticipated catalysts, contributing to the stock's decline. For instance, despite one-year data from the KYSA-8 trial showing 95% of SPS patients maintained clinically meaningful improvement and 67% of those needing walking aids walked unassisted, the stock continued its downward trend. Similarly, all seven gMG patients in the KYSA-6 trial demonstrated rapid and robust improvements sustained for at least one year. Kyverna also received Regenerative Medicine Advanced Therapy (RMAT) designation from the FDA for miv-cel in non-active secondary progressive multiple sclerosis (naSPMS) based on compelling clinical data during this period. This suggests that while the clinical progress was positive, it was largely priced into the stock prior to the announcements.
2. Delay in BLA Submission for Stiff Person Syndrome.
A contributing factor to the stock's decline was the revised timeline for the Biologics License Application (BLA) submission for miv-cel in Stiff Person Syndrome (SPS). Initially planned for the first half of 2026, the company now anticipates completing the rolling BLA submission in fiscal Q4 2026, which ends December 31, 2026. This shift means that potential FDA approval is unlikely to occur in 2026, pushing the expected approval timeline to mid-2027. While the company continues to advance the rolling BLA and commercial readiness activities, this delay in regulatory milestones likely dampened investor enthusiasm and contributed to the stock's underperformance during the period.
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Kyverna Therapeutics (KYTX) stock has lost about 30% since 7/31/2026 because of the following key factors:
1. "Sell-the-News" Pressure Despite Positive Clinical Data.
Kyverna Therapeutics experienced significant selling pressure following the release of positive clinical trial data, particularly for its miv-cel therapy in Stiff Person Syndrome (SPS) and Generalized Myasthenia Gravis (gMG). This "sell-the-news" phenomenon saw investors taking profits after anticipated catalysts, contributing to the stock's decline. For instance, despite one-year data from the KYSA-8 trial showing 95% of SPS patients maintained clinically meaningful improvement and 67% of those needing walking aids walked unassisted, the stock continued its downward trend. Similarly, all seven gMG patients in the KYSA-6 trial demonstrated rapid and robust improvements sustained for at least one year. Kyverna also received Regenerative Medicine Advanced Therapy (RMAT) designation from the FDA for miv-cel in non-active secondary progressive multiple sclerosis (naSPMS) based on compelling clinical data during this period. This suggests that while the clinical progress was positive, it was largely priced into the stock prior to the announcements.
2. Delay in BLA Submission for Stiff Person Syndrome.
A contributing factor to the stock's decline was the revised timeline for the Biologics License Application (BLA) submission for miv-cel in Stiff Person Syndrome (SPS). Initially planned for the first half of 2026, the company now anticipates completing the rolling BLA submission in fiscal Q4 2026, which ends December 31, 2026. This shift means that potential FDA approval is unlikely to occur in 2026, pushing the expected approval timeline to mid-2027. While the company continues to advance the rolling BLA and commercial readiness activities, this delay in regulatory milestones likely dampened investor enthusiasm and contributed to the stock's underperformance during the period.
3. Investor Risk Reduction Ahead of Fiscal Q3 2026 Earnings.
The period also saw investors reducing their positions ahead of Kyverna Therapeutics' fiscal Q3 2026 earnings report, which is estimated to be released around November 11, 2026. As a pre-revenue, clinical-stage biotechnology company, the market's focus for Kyverna is heavily on cash runway, pipeline milestones, and updates on its regulatory submissions rather than immediate profitability. This pre-earnings positioning, characterized by traders trimming holdings to mitigate risk, exerted downward pressure on the stock. Kyverna reported a net loss of $38.3 million, or -$0.63 per share, for the fiscal Q2 2026 (ended June 30, 2026) on August 11, 2026, though this beat the consensus estimate of -$0.68.
4. Adverse Securities Litigation Ruling.
In October 2026, a securities litigation ruling largely denied a motion to dismiss, allowing Securities Act claims against Kyverna Therapeutics to proceed. This legal development introduced an element of uncertainty and potential liability for the company, which can negatively impact investor confidence and stock valuation. The advancement of these claims likely added to the bearish sentiment surrounding KYTX shares during the specified period.
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Stock Movement Drivers
Fundamental Drivers
The -29.3% change in KYTX stock from 7/31/2026 to 11/3/2026 was primarily driven by a -0.8% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 7312026 | 11032026 | Change |
|---|---|---|---|
| Stock Price ($) | 7.30 | 5.16 | -29.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | 0.0% |
| P/S Multiple | ∞ | ∞ | 0.0% |
| Shares Outstanding (Mil) | 60 | 61 | -0.8% |
| Cumulative Contribution | 0.0% |
Market Drivers
7/31/2026 to 11/3/2026| Return | Correlation | |
|---|---|---|
| KYTX | -29.3% | |
| Market (SPY) | 1.0% | 37.7% |
| Sector (XLV) | 13.2% | 36.1% |
Fundamental Drivers
The -41.4% change in KYTX stock from 4/30/2026 to 11/3/2026 was primarily driven by a -22.5% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 4302026 | 11032026 | Change |
|---|---|---|---|
| Stock Price ($) | 8.80 | 5.16 | -41.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | 0.0% |
| P/S Multiple | ∞ | ∞ | 0.0% |
| Shares Outstanding (Mil) | 47 | 61 | -22.5% |
| Cumulative Contribution | 0.0% |
Market Drivers
4/30/2026 to 11/3/2026| Return | Correlation | |
|---|---|---|
| KYTX | -41.4% | |
| Market (SPY) | 5.2% | 34.8% |
| Sector (XLV) | 26.6% | 21.6% |
Fundamental Drivers
The -26.0% change in KYTX stock from 10/31/2025 to 11/3/2026 was primarily driven by a -29.0% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 10312025 | 11032026 | Change |
|---|---|---|---|
| Stock Price ($) | 6.97 | 5.16 | -26.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | 0.0% |
| P/S Multiple | ∞ | ∞ | 0.0% |
| Shares Outstanding (Mil) | 43 | 61 | -29.0% |
| Cumulative Contribution | 0.0% |
Market Drivers
10/31/2025 to 11/3/2026| Return | Correlation | |
|---|---|---|
| KYTX | -26.0% | |
| Market (SPY) | 11.5% | 31.1% |
| Sector (XLV) | 29.2% | 23.7% |
Fundamental Drivers
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Market Drivers
10/31/2023 to 11/3/2026| Return | Correlation | |
|---|---|---|
| KYTX | ||
| Market (SPY) | 86.6% | 28.1% |
| Sector (XLV) | 54.7% | 24.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| KYTX Return | - | - | - | -88% | 151% | -45% | -83% |
| Peers Return | -7% | 32% | 41% | -1% | 13% | 5% | 102% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 10% | 101% |
Monthly Win Rates [3] | |||||||
| KYTX Win Rate | - | - | - | 18% | 75% | 45% | |
| Peers Win Rate | 42% | 67% | 58% | 50% | 83% | 31% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 36% | |
Max Drawdowns [4] | |||||||
| KYTX Max Drawdown | - | - | - | - | -55% | -54% | |
| Peers Max Drawdown | -27% | -19% | -12% | -23% | -29% | -15% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: VRTX, ASPE, ATYR, BBTX, CTY.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 11/3/2026 (YTD)
How Low Can It Go
| Event | KYTX | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -36.7% | -18.8% |
| % Gain to Breakeven | 57.9% | 23.1% |
| Time to Breakeven | 50 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -22.8% | -7.8% |
| % Gain to Breakeven | 29.6% | 8.5% |
| Time to Breakeven | 487 days | 18 days |
In The Past
Kyverna Therapeutics's stock fell -36.7% during the 2025 US Tariff Shock. Such a loss loss requires a 57.9% gain to breakeven.
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Asset Allocation
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| Event | KYTX | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -36.7% | -18.8% |
| % Gain to Breakeven | 57.9% | 23.1% |
| Time to Breakeven | 50 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -22.8% | -7.8% |
| % Gain to Breakeven | 29.6% | 8.5% |
| Time to Breakeven | 487 days | 18 days |
In The Past
Kyverna Therapeutics's stock fell -36.7% during the 2025 US Tariff Shock. Such a loss loss requires a 57.9% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Kyverna Therapeutics (KYTX)
Kyverna Therapeutics (KYTX) is a clinical-stage biopharmaceutical company dedicated to developing innovative cell therapies for patients suffering from severe autoimmune diseases. The company leverages insights from the successful application of CAR T-cell therapies in oncology, where they effectively deplete B cells, and applies this approach to autoimmune conditions where problematic B cells are a key driver. Their core strategy aims to provide disease-modifying therapeutic benefits by directly targeting and depleting B cells, potentially resetting the immune system with a single treatment.
The company's lead product candidate is KYV-101, an autologous (patient-derived) CD19 CAR T-cell therapy. KYV-101 utilizes a unique CAR construct licensed from the National Institutes of Health (NIH), which has demonstrated improved tolerability in prior oncology trials compared to existing CAR T-cell therapies. Kyverna is actively advancing KYV-101 through clinical development across two major areas of autoimmune disease: rheumatology, with ongoing trials in lupus nephritis (LN) and planned studies in systemic sclerosis (SSc); and neurology, with planned Phase 2 studies in myasthenia gravis (MG) and multiple sclerosis (MS). These represent diseases with significant unmet medical needs where current treatments are often inadequate or carry substantial risks.
Beyond KYV-101, Kyverna is broadening its pipeline to enhance patient access and address a wider range of autoimmune conditions. This includes the development of an allogeneic, 'off-the-shelf' CD19 CAR T-cell product candidate, KYV-201, in collaboration with gene-editing leader Intellia Therapeutics. The company's research-stage programs further explore treatments for other autoimmune diseases like inflammatory bowel disease (IBD) and investigate novel cell therapy approaches, including regulatory T cells. Kyverna targets a substantial global market for autoimmune therapies, which exceeded $80 billion in 2021, driven by the increasing prevalence of these chronic, debilitating diseases and the limitations of current standard-of-care treatments.
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Here are 1-3 brief analogies for Kyverna Therapeutics (KYTX):
They are the **Kite Pharma for autoimmune diseases.**
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Kyverna Therapeutics (KYTX) develops the following major product candidates:
- KYV-101: An autologous CD19 CAR T-cell product candidate currently in clinical development for autoimmune diseases such as lupus nephritis, systemic sclerosis, myasthenia gravis, and multiple sclerosis.
- KYV-201: An allogeneic, off-the-shelf CD19 CAR T-cell product candidate being developed in partnership with Intellia Therapeutics to broaden patient access to cell therapy for autoimmune diseases.
- Research-stage programs: Early-stage programs focused on developing product candidates for other autoimmune diseases like inflammatory bowel disease, utilizing novel approaches beyond CD19 CAR-T, including regulatory T cells and proprietary CAR constructs.
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As a clinical-stage biopharmaceutical company, Kyverna Therapeutics (KYTX) is currently focused on the research, development, and clinical trials of its cell therapy product candidates. The company does not yet have any approved products on the market for sale. Therefore, Kyverna Therapeutics does not currently have major customers in the traditional sense of companies or individuals purchasing its products or services.
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Intellia Therapeutics, Inc. (NTLA)
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Warner Biddle, Chief Executive Officer
Warner Biddle serves as the CEO and Director of Kyverna Therapeutics, Inc. since September 16, 2024. Prior to joining Kyverna, he was the Ad Interim Head of Kite at Kite Pharma, Inc. from 2023 until February 2025 and also served as Global Head of Cell Therapy at Kite Pharma, Inc. Kite Pharma was acquired by Gilead Sciences.
Marc Grasso, M.D., Chief Financial Officer
Marc Grasso, M.D., is the Chief Financial Officer (CFO) at Kyverna Therapeutics, a position he assumed effective June 30, 2025. He brings over 25 years of experience in public company operations, capital markets, and investment banking. Previously, Dr. Grasso served as CFO for Alector, Inc. from February 2022 to June 2025 and as CFO and Chief Business Officer of Kura Oncology from August 2018 to February 2022. He also held leadership roles in investment banking, including Managing Director at Stifel, where he built and managed the west coast life sciences and biotechnology investment banking business, and Managing Director positions at UBS and Leerink Swann.
Christi Shaw, Executive Chairperson
Christi Shaw serves as the Executive Chairperson of the Board of Directors at Kyverna Therapeutics. With over 30 years in executive leadership, she most recently served as the Chief Executive Officer of Kite Pharma, a Gilead Company, which was acquired by Gilead Sciences. Her career also includes senior leadership positions such as Senior Vice President of Eli Lilly Company and President of Lilly Bio-Medicines, as well as executive roles at Novartis Pharmaceutical Corporation, including U.S. country head and President, and North American region head of Novartis Oncology. Earlier in her career, she held leadership roles at Johnson & Johnson, Inc.
Dan Maziasz, Chief Business Officer
Dan Maziasz is the Chief Business Officer at Kyverna Therapeutics, appointed on December 13, 2024. He has over 25 years of leadership and business experience in the biotechnology and pharmaceutical industries. Prior to Kyverna, he was the Chief Business Officer at Atara Biotherapeutics. Before Atara, he served as Vice President, Corporate Strategy and Business Development at Kite Pharma, prior to its acquisition by Gilead Sciences. He also spent over a decade at Amgen in various roles.
Mayo Pujols, Chief Technology Officer
Mayo Pujols was appointed Chief Technology Officer (CTO) at Kyverna Therapeutics, effective February 9, 2026. He brings over 30 years of technical operations experience in cell and gene therapies. Most recently, Mr. Pujols was the Chief Operating Officer of Castle Creek Biosciences. His previous roles include CTO at Rocket Pharmaceuticals and CEO of Andelyn Biosciences, a contract development and manufacturing company he built and scaled. He also held global technical operations positions at Novartis as Global Head of Cell and Gene Therapy and at Celgene as Vice President of Global CAR T Operations and Technology.
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Key Business Risks for Kyverna Therapeutics (KYTX)
- Failure to successfully complete clinical trials and obtain regulatory approval for product candidates. Kyverna Therapeutics is a clinical-stage biopharmaceutical company, and its entire business model is dependent on the successful advancement of its lead product candidate, KYV-101, and other programs through clinical development. The company explicitly states it is "seeking to validate this premise through well-controlled, multicenter clinical trials that demonstrate statistically significant results." The failure of these trials to demonstrate efficacy and safety, or the inability to secure regulatory approvals, would severely impact the company's prospects.
- Complexities and risks associated with manufacturing and commercializing autologous and allogeneic cell therapies. Kyverna is developing both autologous (KYV-101) and allogeneic (KYV-201) CD19 CAR T-cell therapies. Autologous therapies, which are patient-specific, involve intricate and personalized manufacturing processes, while allogeneic "off-the-shelf" approaches, though aimed at broadening patient access, present their own unique manufacturing and scalability challenges. Successfully navigating the complexities of producing, distributing, and commercializing these advanced cell therapies at scale, especially given the strict quality control requirements, is a significant hurdle.
- Intense competition from existing and emerging therapies for autoimmune diseases. The market for autoimmune disease therapies is substantial, with global sales exceeding $80 billion in 2021. Despite the "significant unmet clinical need," Kyverna operates in a competitive landscape with many approved drugs and other emerging treatments. The company must demonstrate a clear and sustained advantage over current standard-of-care therapies, as well as new treatments from other biopharmaceutical companies, to gain market share and achieve commercial success.
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- Successful Clinical Development and Regulatory Progress of KYV-101 in Rheumatology: Kyverna Therapeutics is currently conducting trials for KYV-101 in lupus nephritis (LN) and received Investigational New Drug (IND) clearance in October 2023 for a Phase 1/2 study in systemic sclerosis (SSc). Positive clinical trial results and advancement towards regulatory milestones in these rheumatology indications would significantly de-risk the asset and increase its market potential.
- Successful Clinical Development and Regulatory Progress of KYV-101 in Neurology: The company received IND clearance in November 2023 for a Phase 2 study in myasthenia gravis (MG) and in December 2023 for a Phase 2 study in multiple sclerosis (MS). Advancing KYV-101 through clinical trials in these significant neurological autoimmune diseases represents an expansion into new markets and a substantial driver for future revenue.
- Achievement of Development Milestones for KYV-201, the Allogeneic CAR T-cell Product Candidate: Kyverna Therapeutics has partnered with Intellia Therapeutics, Inc. to develop KYV-201, an allogeneic CD19 CAR T-cell product candidate. Progress in the development of this "off-the-shelf" therapy, potentially triggering milestone payments from the collaboration, would contribute to future revenue growth by broadening patient access and strengthening the company's long-term pipeline.
- Expansion of the Pipeline to Additional Autoimmune Indications and Novel Cell Therapy Approaches: Beyond KYV-101, Kyverna Therapeutics has research-stage programs focused on developing product candidates for other autoimmune diseases, such as inflammatory bowel disease (IBD), and extending beyond CD19 CAR-T approaches to include regulatory T cells (T-regs) and novel humanized CAR constructs. Advancements in these earlier-stage programs, potentially leading to new partnerships or expanded indications, would contribute to a broader revenue base in the future.
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Share Issuance
- Kyverna Therapeutics completed its initial public offering (IPO) in February 2024, issuing 16,675,000 shares of common stock, including the full exercise of the underwriters' option, at $22.00 per share. This offering generated aggregate gross proceeds of approximately $366.9 million.
- In December 2025, Kyverna Therapeutics announced the pricing of a public offering of 13,333,333 shares of its common stock at $7.50 per share, expecting to generate approximately $100 million in gross proceeds.
- The net proceeds from the February 2024 IPO were intended to advance the clinical development of KYV-101 and KYV-201, fund research and development, support additional clinical development, and cover general corporate purposes, working capital, and capital expenditures. The December 2025 offering extended the expected cash runway into 2028.
Inbound Investments
- In January 2022, Kyverna Therapeutics closed an oversubscribed $85 million Series B financing round, led by Northpond Ventures.
- In November 2025, Kyverna announced the closing of a loan facility for up to $150 million with Oxford Finance, with an initial funding of $25 million. This loan facility aims to enhance Kyverna's financial flexibility, supporting the advancement of late-stage indications and accelerating pre-launch activities.
Capital Expenditures
- Kyverna Therapeutics reported capital expenditures of $392,000 in 2025, $204,000 in 2024, and $0 in 2023.
- The company's IPO prospectus in February 2024 stated that a portion of the net proceeds would be allocated to capital expenditures, in addition to funding clinical development and research and development.
Peer Outperformance in Biotechnology
null| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Health Care Distributors | 6 | 11.5% | 55.6% | 92.2% | CAH 456% · MCK 357% · COR 180% |
| Health Care Services | 20 | 35.1% | 34.9% | 12.0% | HIMS 211% · RDNT 127% · DGX 88% |
| Managed Health Care | 8 | 38.1% | -3.0% | -3.8% | OSCR 92% · HQY 47% · ELV 5% |
| Health Care Facilities | 25 | 11.3% | 13.0% | -15.1% | THC 262% · NHC 226% · EHC 184% |
| Health Care Equipment | 50 | 5.3% | 10.9% | -20.5% | UFPT 357% · GKOS 336% · TMDX 131% |
| Pharmaceuticals | 60 | -10.9% | 7.2% | -35.5% | LQDA 877% · KNSA 519% · LLY 454% |
| Health Care Supplies | 11 | 23.3% | 12.1% | -38.7% | LNTH 306% · HAE 64% · MMSI 25% |
| Life Sciences Tools & Services | 108 | -8.0% | -10.9% | -75.2% | NTRA 247% · AXGN 217% · MEDP 196% |
| Biotechnology ← | 364 | -26.1% | -32.8% | -82.1% | TRVI 1027% · ELVN 1012% · DNTH 921% |
| Health Care Technology | 21 | -27.6% | -55.1% | -83.4% | VEEV -5% · DOCS -56% |
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Kyverna Therapeutics Earnings Notes | 12/16/2025 |
| Title | |
|---|---|
| ARTICLES |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 14.07 |
| Mkt Cap | 68.2 |
| Rev LTM | 0 |
| Op Inc LTM | -64 |
| FCF LTM | -55 |
| FCF 3Y Avg | -58 |
| CFO LTM | -55 |
| CFO 3Y Avg | -58 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 10.2% |
| Rev Chg 3Y Avg | 9.8% |
| Rev Chg Q | 12.5% |
| QoQ Delta Rev Chg LTM | 1.5% |
| Op Inc Chg LTM | 8.8% |
| Op Inc Chg 3Y Avg | 390.5% |
| Op Mgn LTM | -16,785.8% |
| Op Mgn 3Y Avg | 23.9% |
| QoQ Delta Op Mgn LTM | 2,482.0% |
| CFO/Rev LTM | -14,335.6% |
| CFO/Rev 3Y Avg | 19.6% |
| FCF/Rev LTM | -14,411.0% |
| FCF/Rev 3Y Avg | 15.7% |
Segment Financials
Revenue by Segment| $ Mil | 2023 | 2022 |
|---|---|---|
| Developing therapies for autoimmune and inflammatory diseases | 0 | 7 |
| Total | 0 | 7 |
| $ Mil | 2024 | 2023 |
|---|---|---|
| Developing therapies for autoimmune and inflammatory diseases | -143 | -62 |
| Total | -143 | -62 |
| $ Mil | 2025 | 2024 | 2023 |
|---|---|---|---|
| Developing therapies for autoimmune and inflammatory diseases | -161 | -127 | -60 |
| Total | -161 | -127 | -60 |
| $ Mil | 2023 |
|---|---|
| Developing therapies for autoimmune and inflammatory diseases | 75 |
| Total | 75 |
Price Behavior
| Market Price | $5.16 | |
| Market Cap ($ Bil) | 0.3 | |
| First Trading Date | 02/08/2024 | |
| Distance from 52W High | -54.1% | |
| 50 Days | 200 Days | |
| DMA Price | $6.78 | $8.06 |
| DMA Trend | down | down |
| Distance from DMA | -23.9% | -35.9% |
| 3M | 1YR | |
| Volatility | 59.3% | 87.8% |
| Downside Capture | 382.56 | 289.08 |
| Upside Capture | 190.14 | 222.47 |
| Correlation (S&P 500) | 34.2% | 32.0% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.96 | 1.60 | 1.99 | 1.78 | 2.12 | -0.08 |
| Up Beta | -5.53 | -2.36 | -0.37 | 1.02 | 1.56 | 0.20 |
| Down Beta | -0.14 | 1.87 | 2.74 | 2.07 | 2.18 | -0.55 |
| Up Capture | 176% | 70% | 183% | 131% | 368% | 492% |
| Bmk +ve Days | 12 | 18 | 28 | 62 | 130 | 427 |
| Stock +ve Days | 9 | 16 | 30 | 63 | 130 | 319 |
| Down Capture | 374% | 316% | 278% | 205% | 166% | 113% |
| Bmk -ve Days | 10 | 25 | 36 | 64 | 121 | 325 |
| Stock -ve Days | 13 | 27 | 34 | 63 | 119 | 354 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with KYTX | |
|---|---|---|---|---|
| KYTX | -26.1% | 87.8% | 0.06 | - |
| Sector ETF (XLV) | 29.3% | 16.4% | 1.37 | 23.7% |
| Equity (SPY) | 11.6% | 12.8% | 0.57 | 31.1% |
| Gold (GLD) | -2.4% | 28.6% | -0.10 | 20.3% |
| Commodities (DBC) | 42.0% | 20.9% | 1.56 | -10.9% |
| Real Estate (VNQ) | 10.6% | 13.7% | 0.48 | 6.7% |
| Bitcoin (BTCUSD) | -29.9% | 43.5% | -0.70 | 19.4% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with KYTX | |
|---|---|---|---|---|
| KYTX | -28.2% | 94.4% | -0.22 | - |
| Sector ETF (XLV) | 8.5% | 15.3% | 0.36 | 24.2% |
| Equity (SPY) | 12.0% | 17.1% | 0.52 | 27.9% |
| Gold (GLD) | 16.5% | 19.0% | 0.69 | 12.0% |
| Commodities (DBC) | 8.3% | 19.6% | 0.31 | -4.7% |
| Real Estate (VNQ) | 1.0% | 18.9% | -0.06 | 19.8% |
| Bitcoin (BTCUSD) | 5.0% | 51.5% | 0.28 | 18.1% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with KYTX | |
|---|---|---|---|---|
| KYTX | -15.3% | 94.4% | -0.22 | - |
| Sector ETF (XLV) | 12.1% | 16.8% | 0.59 | 24.2% |
| Equity (SPY) | 15.2% | 17.9% | 0.71 | 27.9% |
| Gold (GLD) | 11.5% | 16.5% | 0.57 | 12.0% |
| Commodities (DBC) | 7.8% | 18.1% | 0.34 | -4.7% |
| Real Estate (VNQ) | 5.4% | 20.7% | 0.22 | 19.8% |
| Bitcoin (BTCUSD) | 61.1% | 66.2% | 1.01 | 18.1% |
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Earnings Returns History
Updated 9/24/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/11/2026 | 0.4% | 6.0% | -8.4% |
| 5/12/2026 | 5.4% | -15.0% | -23.1% |
| 3/26/2026 | -2.9% | 10.5% | 12.0% |
| 1/12/2026 | -1.1% | 0.5% | -5.6% |
| 11/12/2025 | -11.6% | 12.3% | 47.6% |
| 8/12/2025 | 14.9% | 9.3% | 37.4% |
| 5/13/2025 | -7.3% | 3.0% | 49.1% |
| 3/27/2025 | -15.1% | -16.3% | -13.0% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 5 | 7 | 5 |
| # Negative | 7 | 5 | 7 |
| Median Positive | 5.4% | 6.9% | 37.4% |
| Median Negative | -5.1% | -15.0% | -12.6% |
| Max Positive | 14.9% | 12.3% | 49.1% |
| Max Negative | -15.1% | -18.6% | -35.9% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/11/2026 | 0.4% | 6.0% | -8.4% |
| 5/12/2026 | 5.4% | -15.0% | -23.1% |
| 3/26/2026 | -2.9% | 10.5% | 12.0% |
| 1/12/2026 | -1.1% | 0.5% | -5.6% |
| 11/12/2025 | -11.6% | 12.3% | 47.6% |
| 8/12/2025 | 14.9% | 9.3% | 37.4% |
| 5/13/2025 | -7.3% | 3.0% | 49.1% |
| 3/27/2025 | -15.1% | -16.3% | -13.0% |
| 11/13/2024 | -5.1% | -18.6% | -12.6% |
| 8/12/2024 | 7.2% | 6.9% | 7.0% |
| 5/14/2024 | 2.4% | -11.6% | -6.8% |
| 3/26/2024 | -3.0% | -11.8% | -35.9% |
| SUMMARY STATS | |||
| # Positive | 5 | 7 | 5 |
| # Negative | 7 | 5 | 7 |
| Median Positive | 5.4% | 6.9% | 37.4% |
| Median Negative | -5.1% | -15.0% | -12.6% |
| Max Positive | 14.9% | 12.3% | 49.1% |
| Max Negative | -15.1% | -18.6% | -35.9% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/11/2026 | 10-Q |
| 03/31/2026 | 05/12/2026 | 10-Q |
| 12/31/2025 | 03/26/2026 | 10-K |
| 09/30/2025 | 11/12/2025 | 10-Q |
| 06/30/2025 | 08/12/2025 | 10-Q |
| 03/31/2025 | 05/13/2025 | 10-Q |
| 12/31/2024 | 03/27/2025 | 10-K |
| 09/30/2024 | 11/13/2024 | 10-Q |
| 06/30/2024 | 08/12/2024 | 10-Q |
| 03/31/2024 | 05/14/2024 | 10-Q |
| 12/31/2023 | 03/26/2024 | 10-K |
| 09/30/2023 | 02/08/2024 | 424B4 |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/11/2026 | 10-Q |
| 03/31/2026 | 05/12/2026 | 10-Q |
| 12/31/2025 | 03/26/2026 | 10-K |
| 09/30/2025 | 11/12/2025 | 10-Q |
| 06/30/2025 | 08/12/2025 | 10-Q |
| 03/31/2025 | 05/13/2025 | 10-Q |
| 12/31/2024 | 03/27/2025 | 10-K |
| 09/30/2024 | 11/13/2024 | 10-Q |
| 06/30/2024 | 08/12/2024 | 10-Q |
| 03/31/2024 | 05/14/2024 | 10-Q |
| 12/31/2023 | 03/26/2024 | 10-K |
| 09/30/2023 | 02/08/2024 | 424B4 |
Recent Forward Guidance
Updated 11/2/2026Latest: Q2 2026 Earnings Reported 8/11/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2028 Operating Runway | Reported | Affirmed | Guidance: 0 for 2028 | |||||
Prior: Q1 2026 Earnings Reported 5/12/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2028 Cash Runway | Reported | Affirmed | Guidance: 0 for 2028 | |||||
Q4 2025 Earnings Reported 3/26/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2028 Cash Runway | Reported | |||||||
Q4 2025 Earnings Reported 1/12/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2028 Cash Runway | Reported | |||||||
Insider Activity
Updated 5/29/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Seidenberg, Beth C | See Footnote | Buy | 12222025 | 7.50 | 133,333 | 999,998 | 6,519,878 | Form | |
| 2 | Westlake, Biopartners Opportunity Fund I, LP | See Footnote | Buy | 12222025 | 7.50 | 133,333 | 999,998 | 6,519,878 | Form | |
| 3 | Walker, Karen Marie | Chief Technology Officer | Direct | Sell | 12172025 | 12.20 | 23,998 | 292,776 | 276,159 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Seidenberg, Beth C | See Footnote | Buy | 12222025 | 7.50 | 133,333 | 999,998 | 6,519,878 | Form | |
| 2 | Westlake, Biopartners Opportunity Fund I, LP | See Footnote | Buy | 12222025 | 7.50 | 133,333 | 999,998 | 6,519,878 | Form | |
| 3 | Walker, Karen Marie | Chief Technology Officer | Direct | Sell | 12172025 | 12.20 | 23,998 | 292,776 | 276,159 | Form |
Investor Activity (13F)
Updated Nov 4, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager |
|---|
| Active Manager |
|---|
Industry Resources
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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