Kyverna Therapeutics

Kyverna Therapeutics

T cell therapies for autoimmune diseases

Overview

Kyverna Therapeutics develops cell therapies for autoimmune diseases. The company uses synthetic biology, immunology, and cell engineering to create engineered T cells designed to target and modulate the root causes of autoimmunity. Its therapies are intended to be given by a single infusion to achieve long-lasting disease control, reducing or eliminating the need for ongoing treatments. Kyverna pursues in-licensing and collaboration opportunities to broaden its technology and capabilities and to advance its therapies toward patients through development and sales to patients and healthcare providers. The core goal is to provide durable, well-tolerated treatments that can offer substantial, long-term relief for people with autoimmune diseases.

About Kyverna Therapeutics

Simplify's Rating
Why Kyverna Therapeutics is rated
B-
Rated B on Competitive Edge
Rated B on Growth Potential
Rated C on Differentiation

Industries

Biotechnology

Healthcare

Company Size

51-200

Company Stage

IPO

Headquarters

Emeryville, California

Founded

2018

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Simplify's Take

What believers are saying

  • May 12, 2026: KYSA-8 showed durable SPS benefit with no high-grade CRS or ICANS.
  • April 2026 gMG data and Phase 3 enrollment across 15 sites strengthen expansion.
  • March 31, 2026 cash of $236.4 million funds operations into 2028.

What critics are saying

  • December 2024 shareholder suit was revived April 20, 2026 after dismissal.
  • If SPS BLA stumbles, Kyverna has no revenue and a 2027-2028 funding cliff.
  • Oxford loan added revenue covenants starting Q2 2027, tightening launch pressure.

What makes Kyverna Therapeutics unique

  • miv-cel targets B-cell autoimmunity with single-infusion CAR T, unlike chronic biologics.
  • May 12, 2026 FDA alignment supports a rolling BLA for stiff person syndrome.
  • Kyverna's commercial hires from Omeros, AbbVie, and Karuna signal launch discipline.

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Funding

Total Funding

$489M

Above

Industry Average

Funded Over

4 Rounds

Notable Investors:
IPO funding comparison data is currently unavailable. We're working to provide this information soon!
IPO Funding Comparison
Coming Soon

Benefits

Hybrid Work Options

Remote Work Options

Performance Bonus

Stock Price

Growth & Insights and Company News

Headcount

6 month growth

-1%

1 year growth

-3%

2 year growth

0%
Associated Press
Jun 22nd, 2026
Kyverna Therapeutics appoints Ritesh Srivastava as chief legal and compliance officer

Kyverna Therapeutics has appointed Ritesh Srivastava as Chief Legal and Compliance Officer, effective 22 June 2026. The late-stage clinical biopharmaceutical company is developing cell therapies for autoimmune diseases and is preparing to transition to commercial stage as it advances miv-cel towards potential approval in stiff person syndrome. Srivastava brings extensive experience in legal, corporate strategy and compliance. He previously served as General Counsel at BPGbio and Global Compliance Officer at Spectrum Pharmaceuticals. Earlier in his career, he was a federal prosecutor with the US Department of Justice and an officer with the Navy's Judge Advocate General Corps. As part of his appointment, Srivastava received an option to purchase 260,000 shares of common stock, vesting over four years.

The Motley Fool
Jun 8th, 2026
Kyverna Therapeutics vs. Vertex Pharmaceuticals: which drug developer stock is a better buy in 2026?

Kyverna Therapeutics vs. Vertex Pharmaceuticals: which drug developer stock is a better buy in 2026? A clinical-stage innovator faces off against an established biotech powerhouse, each with distinct financials and risk profiles shaping their 2026 outlook. Key points. * Kyverna Therapeutics is a clinical-stage biopharmaceutical firm advancing cell therapies for autoimmune diseases. * Vertex Pharmaceuticals is a highly profitable biotechnology leader with a dominant position in the cystic fibrosis market. * Which biotech stock belongs in your portfolio as The Motley Fool navigate 2026? * Motley Fool Issues Rare "Highest Conviction" Buy Alert" Pharmaceutical companies can offer investors huge returns if treatments under development become blockbuster drugs. Choosing between a speculative clinical-stage play and a dominant cash-flow engine requires careful thought, however. Deciding between Kyverna Therapeutics (KYTX +3.21%) and Vertex Pharmaceuticals (VRTX 0.88%) hinges on your risk tolerance and growth goals. Kyverna Therapeutics focuses on the frontier of cell therapy, specifically targeting autoimmune diseases with novel treatments. Vertex Pharmaceuticals, meanwhile, holds a near-monopoly in the cystic fibrosis market while expanding into new therapeutic areas. Both companies represent different ends of the biotech spectrum, making them a fascinating pair for investors seeking exposure to medical innovation. The case for Kyverna Therapeutics. Kyverna Therapeutics operates as a clinical-stage biopharmaceutical company focused on developing cell therapies for patients with autoimmune diseases. Its lead product candidate, KYV-101, is a CAR T-cell therapy designed to target and deplete B cells that cause various illnesses. The company is currently advancing clinical programs across rheumatology and neurology indications with active trials in both the United States and Germany. In FY 2025, Kyverna had no revenue, which is typical for a company that has no products approved for commercial sale. It reported a net loss of nearly $161.3 million for the year, up from the $142.6 million loss recorded in 2024. This trend reflects the rising costs of conducting complex clinical trials and of scaling research operations. While Kyverna Therapeutics reported negative free cash flow of $153.7 million, its strong liquidity position is common among biotech stocks still seeking their first regulatory approval. The case for Vertex Pharmaceuticals. Vertex Pharmaceuticals is a global biotechnology leader focused on developing medicines for serious and life-threatening conditions. The company is most well-known for its dominant position in the cystic fibrosis market, but it also has approved therapies for sickle cell disease and acute pain. It serves a broad patient base across North America, Europe, and several other international regions. In FY 2025, revenue reached $12 billion, which represents an increase of approximately 9.6% over the previous fiscal year. Vertex Pharmaceuticals generated net income of close to $4 billion, resulting in a healthy net margin of roughly 33%. This consistent financial performance is largely driven by its established treatments that continue to reach new patients worldwide. Vertex Pharmaceuticals generated free cash flow of nearly $3.2 billion, which provides significant capital for further research and strategic acquisitions. Risk profile comparison. Kyverna Therapeutics faces substantial risks because it has no approved products and has never generated revenue. Its future depends entirely on the clinical success of candidates like miv-cel, but drug development is notoriously expensive and prone to failure. Where to invest $1,000 right now. When its analyst team has a stock tip, it can pay to listen. After all, Stock Advisor's total average return is 941% - a market-crushing outperformance compared to 206% for the S&P 500. They just revealed what they believe are the 10 best stocks for investors to buy right now... *Stock Advisor returns as of June 1, 2026 Vertex Pharmaceuticals relies on its cystic fibrosis treatments for almost all of its revenue, creating a significant concentration risk if that market is disrupted. The company also faces pressure from government drug-pricing legislation and competition from other large pharmaceutical firms, such as AbbVie (ABBV 1.79%) Furthermore, any safety or efficacy concerns discovered after a drug is already on the market could lead to regulatory restrictions or lost sales. Valuation comparison. Vertex Pharmaceuticals appears more attractive because it generates profits, while Kyverna Therapeutics currently lacks a Forward P/E or P/S ratio due to being pre-revenue. | Metric | Kyverna Therapeutics | Vertex Pharmaceuticals | Sector Benchmark | | Forward P/E | n/a | 23.1x | 27.1x | | P/S ratio | n/a | 9.4x | / | Sector benchmark uses the SPDR XLV sector ETF. Valuation metrics sourced from Financial Modeling Prep (FMP) and may differ from other data providers. Which stock would I buy in 2026? Kyverna offers a classic pharmaceutical stock dilemma. It's a development-stage company with no revenue and high R&D costs. Yet if its primary treatment under development reaches market to treat what's known as Stiff-Person Syndrome, it has a strong chance of becoming a blockbuster drug ($1 billion or more in sales). Only a few thousand people have Stiff-Person Syndrome, but it is a highly debilitating condition in which 80% of patients will end up bed-bound. There is no FDA-approved treatment for Stiff-Person Syndrome now, which means Kyverna fits the typical profile of a small niche drugmaker that can dominate a treatment area and make lots of money doing so. Management is confident that its treatment will receive approval and is starting to negotiate with insurers on the price point for its drug, miv-cel. Yet investors often underestimate the risk of a development-stage drug: until it receives final regulatory approval, it may never reach the market. Even in late-stage trials, that can be the case. That's a big risk, especially for a stock that Wall Street analysts don't see generating significant revenue until the end of this decade. Vertex Pharmaceuticals is more established, but it's not a slow-growth company like a late-stage OTC pill maker. Its niche in cystic fibrosis (CF) still offers a strong growth profile, making Vertex the better bet. It continues to innovate on its signature CF treatment by introducing a once-daily pill called Alyftrek. That pill only got approved in non-U.S. markets in 2025, including Australia, Canada, and the E.U. Global sales of Alyftrek have risen nearely 700% in the past year to $424 million. It's a growing franchise. The impressive revenue and income, more than $12 billion and $4 billion in the past year, respectively, mean Vertex's CF franchises two off give the business the wherewithal to expand into other treatments. Wall Street is especially bullish at the trial results of povetacicept, a treatment for two diseases linked to renal failure. With a forward price-to-earnings of just over 23, Vertex is still well below the industry P/E of ~27, suggestring its a growth stock that still offers some value for investors seeking long-term growth. Should you buy stock in Kyverna Therapeutics right now? Before you buy stock in Kyverna Therapeutics, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now... and Kyverna Therapeutics wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of its recommendation, you'd have $443,191!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of its recommendation, you'd have $1,258,838!* Now, it's worth noting Stock Advisor's total average return is 941% - a market-crushing outperformance compared to 206% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors. *Stock Advisor returns as of June 8, 2026.

Pharmacally
Jun 3rd, 2026
Kyverna reports sustained clinical benefit with miv-cel in refractory RA.

Kyverna reports sustained clinical benefit with miv-cel in refractory RA. Kyverna Therapeutics' CD19-directed CAR T therapy, mivocabtagene autoleucel (miv-cel; KYV-101), delivered deep B-cell depletion, sustained autoantibody suppression, and durable clinical benefit in refractory rheumatoid arthritis, with updated Phase 1 COMPARE trial results presented at EULAR 2026. Kyverna Therapeutics has reported updated Phase 1 results from the investigator-initiated COMPARE trial (NCT06475495), presented at the European Alliance of Associations for Rheumatology (EULAR) 2026 Congress in London. The company's CD19-directed CAR T-cell therapy, mivocabtagene autoleucel (miv-cel; KYV-101), demonstrated profound B-cell depletion, sustained autoantibody suppression, and durable clinical benefit in patients with anti-citrullinated protein antibody (ACPA)-positive, treatment-refractory rheumatoid arthritis (RA). Immune Reset Through B-Cell Depletion Miv-cel is an autologous CAR T-cell therapy incorporating CD28 co-stimulation that targets disease-driving B cells and promotes immune reconstitution. Investigators observed deep depletion of CD19-positive B cells and plasmablasts across blood and tissue compartments, followed by repopulation with predominantly naïve B-cell populations, a pattern consistent with immune reset. Disease-associated autoantibodies, including ACPA and rheumatoid factor IgA and IgM, declined substantially and remained suppressed for up to 52 weeks while protective vaccine immunity was preserved. The findings suggest that a single infusion of miv-cel may alter the underlying autoimmune process rather than simply suppress disease activity. Clinical Outcomes in Highly Refractory Patients The Phase 1 portion of the open-label COMPARE study enrolled six patients with active ACPA-positive RA who had failed a median of 6.5 biologic or targeted synthetic disease-modifying antirheumatic drugs (DMARDs). Patients received a single infusion of 1x10[8] miv-cel CAR T cells following lymphodepletion and were followed for up to 52 weeks. The primary endpoint was safety and tolerability, with efficacy and biomarker assessments evaluated as secondary measures. All six patients experienced meaningful reductions in disease activity, including fewer swollen and tender joints and reduced inflammation. By Week 36, 66.6% of patients achieved an ACR70 response, indicating substantial improvement in disease symptoms. Investigators also reported deep depletion of autoreactive B cells in peripheral blood and tissue sites, accompanied by sustained reductions in disease-associated autoantibodies. Favorable Safety Profile Miv-cel maintained a favorable safety profile consistent with previous experience across more than 100 treated patients. No cases of high-grade cytokine release syndrome (CRS) or immune effector cell-associated neurotoxicity syndrome (ICANS) were reported. Researchers at Charité - University of Berlin highlighted the therapy's ability to eliminate pathogenic B cells from key disease reservoirs, including bone marrow and inflamed joints. The return of predominantly naïve and transitional B-cell populations further supports the potential for durable immune reconstitution following treatment. Next Steps: Head-to-Head Against Rituximab The COMPARE trial has now advanced into Phase 2, which is fully enrolled. This portion of the study directly compares miv-cel with rituximab in patients with active ACPA-positive, treatment-refractory RA and moderate-to-high disease activity. The study is expected to provide important evidence on whether CAR T-cell-mediated immune reset can deliver deeper and more durable disease control than the current anti-CD20 standard of care. Broader Pipeline Context Beyond RA, miv-cel is under evaluation in several B-cell-mediated autoimmune diseases, including lupus and multiple sclerosis. The single-infusion approach aims to provide durable disease control through deep B-cell depletion and immune reconstitution, potentially offering an alternative to chronic immunosuppressive treatment strategies. About the Writer Dr.Preethi Putti, PharmD (LinkedIn) is a pharmaceutical researcher with experience in healthcare and pharmaceutical market research and competitive intelligence. She specializes in analyzing drug pipelines, clinical data, and industry trends and translating complex scientific data into clear and structured medical content. Strong foundation in clinical research, data interpretation, and evidence-based healthcare analysis. Committed to advancing a global career in clinical research and healthcare innovation.

Yahoo Finance
May 18th, 2026
Kyverna Therapeutics appoints Greg Martini as CFO to lead commercial growth strategy

Kyverna Therapeutics has appointed Greg Martini as chief financial officer, effective 18 May 2026. Martini will lead the company's financial strategy and operations as it advances miv-cel towards potential approval in stiff person syndrome and prepares for commercialisation. Martini joins from Ironwood Pharmaceuticals, where he served as senior vice president and CFO, leading capital allocation and investor relations whilst supporting commercial expansion. He previously held finance roles at Thermo Fisher Scientific, Ernst & Young and Raytheon Technologies. He replaces Dr Marc Grasso, who will remain as a consultant to ensure a smooth transition. The late-stage clinical biopharmaceutical company is developing cell therapies for autoimmune diseases.

Westlake Bio
May 4th, 2026
Kyverna Therapeutics appoints Nadia Dac, seasoned commercial leader in neurology and rare disease, as Chief Commercial Officer.

Kyverna Therapeutics appoints Nadia Dac, seasoned commercial leader in neurology and rare disease, as Chief Commercial Officer. May 4, 2026 Ms. Dac brings more than 30 years of experience successfully executing product launches and scaling commercial organizations for a range of therapeutic areas EMERYVILLE, Calif., May 04, 2026 (GLOBE NEWSWIRE) - Kyverna Therapeutics, Inc. (Nasdaq: KYTX), a late-stage clinical biopharmaceutical company focused on developing cell therapies for patients with autoimmune diseases, today announced the appointment of veteran commercial leader Nadia Dac as Chief Commercial Officer, effective May 4. With more than 30 years of US and global commercial leadership in the biopharmaceutical industry, Ms. Dac has deep experience successfully executing new product launches and building high-performing commercial organizations, including those making the transition to commercial-stage for the first time. At Kyverna, she will lead commercial strategy and execution for miv-cel (mivocabtagene autoleucel, KYV-101), which is poised to be the first treatment approved for patients with stiff person syndrome, followed by anticipated expansion into other neuroimmunology diseases. "We are thrilled to welcome Nadia to the Kyverna team at this pivotal time of transitioning to a commercial-stage organization," said Warner Biddle, Chief Executive Officer of Kyverna. "As we advance miv-cel toward a potential first approval in stiff person syndrome, we are laying the foundation for a leading, multi-indication neuroimmunology franchise. Nadia further strengthens our team's strong commercial CAR T expertise with proven launch execution and strategic leadership within neurology and immune-mediated rare diseases that are critical to building and scaling our commercial organization and driving long-term growth." Ms. Dac most recently served as Chief Commercial Officer at Omeros Corporation, where she built and led the commercial organization for rare disease programs in hematologic and immune-mediated conditions, including the launch of Yartemlea(R), the first FDA-approved treatment for hematopoietic stem cell transplant-associated thrombotic microangiopathy. Prior to Omeros, she served as CCO at Alder Biopharmaceuticals, Inc., where she led the commercial launch of Vyepti(R) in migraine prevention, prior to the company's acquisition by Lundbeck. Previously, Ms. Dac served as Vice President of Global Specialty Commercial Development at AbbVie, where she led portfolio strategy and optimization across rare disease and neuroscience, supporting the advancement and lifecycle management of multiple specialty assets within complex, highly competitive markets. Prior to AbbVie, she was Vice President of Marketing at Auxilium Pharmaceuticals, Inc., where she oversaw the launch and commercialization of a portfolio of men's health products ahead of the company's acquisition by Endo International plc. Earlier in her career, Ms. Dac held roles of increasing responsibility at Novartis, building the commercial infrastructure that effectively launched Gilenya(R) and Extavia(R) in multiple sclerosis; held marketing and leadership roles at Biogen, with responsibility for multiple sclerosis brands, including Tysabri(R) and Avonex(R); and supported the Alzheimer's therapy, Aricept(R) at Pfizer. She also spent nearly a decade in neuroscience marketing and sales roles at Johnson & Johnson and Eli Lilly and Company. Ms. Dac holds a B.S. in Marketing from Rutgers University. "Kyverna has made remarkable progress, delivering compelling clinical data in multiple indications, and creating the opportunity to bring a transformational treatment approach to patients with autoimmune disease," said Ms. Dac. "With miv-cel, we have the potential to deliver durable benefit in settings where there are no or limited treatment options. I'm excited to work alongside the team to translate that promise into a disciplined, execution-driven commercial strategy, ensuring we are ready to deliver for patients, providers and payers at launch and beyond." Inducement Grant In connection with the appointment of Ms. Dac as Kyverna's Chief Commercial Officer, on her start date, May 4, 2026, Kyverna will grant Ms. Dac an option to purchase 300,000 shares of its common stock (Option). The Option will be granted pursuant to the Kyverna Therapeutics, Inc. Amended and Restated 2024 Inducement Equity Incentive Plan and will be granted as an inducement material to Ms. Dac's employment with Kyverna in accordance with Nasdaq Listing Rule 5635(c)(4). The exercise price of the Option will be the closing price of Kyverna's common stock on the date of grant. The Option will vest over four years, with 25% of the total number of shares subject to the Option vesting on the one-year anniversary of Ms. Dac's appointment and 1/48th of the total number of shares subject to the Option vesting monthly thereafter, subject in each case to Ms. Dac's continued service to Kyverna on each vesting date. Kyverna is providing this information in accordance with Nasdaq Listing Rule 5635(c)(4). About miv-cel (mivocabtagene autoleucel, KYV-101) Miv-cel is a fully human, autologous, CD19-targeting CAR T-cell therapy with CD28 co-stimulation, designed for potency and tolerability, which is under investigation for B-cell-driven autoimmune diseases. With a single administration, miv-cel has potential to achieve deep B-cell depletion and immune system reset to deliver durable drug-free, disease-free remission in autoimmune diseases. About Kyverna Therapeutics Kyverna Therapeutics, Inc. (Nasdaq: KYTX) is a late-stage clinical biopharmaceutical company focused on liberating autoimmune patients through the curative potential of cell therapy. Kyverna's lead autologous CD19-targeting CAR T-cell therapy candidate, miv-cel (mivocabtagene autoleucel, KYV-101), has demonstrated the potential to fundamentally change the treatment paradigm across multiple B-cell-driven autoimmune diseases. Kyverna is advancing its potentially first-in-class neuroimmunology franchise with its recently completed registrational trial in stiff person syndrome and an ongoing registrational trial for generalized myasthenia gravis. The Company is also harnessing other KYSA trials and investigator-initiated trials, including in multiple sclerosis and rheumatoid arthritis, to inform the next priority indications. Additionally, its next generation pipeline includes CAR T-cell therapies deploying novel innovations to improve patient access and experience. For more information, please visit https://kyvernatx.com. Forward-Looking Statements Statements in this press release about future expectations, plans and prospects, as well as any other statements regarding matters that are not historical facts, may constitute "forward-looking statements." The words, without limitation, "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "will," "would" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these or similar identifying words. Forward-looking statements in this press release include, without limitation, those related to: Kyverna's next phase of growth, including its potential transition to a commercial-stage company and any potential approval of miv-cel; miv-cel's potential to fundamentally change the treatment paradigm across multiple B-cell-driven autoimmune diseases, to achieve deep B-cell depletion and immune system reset to deliver durable drug-free, disease-free remission in autoimmune diseases and to be the first treatment approved for patients with stiff person syndrome; Kyverna's position at one of the most promising frontiers in medicine; Kyverna's potential to create a leading, multi-indication neuroimmunology franchise; Kyverna's pipeline opportunities; and Kyverna's potentially first-in-class neuroimmunology franchise. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including: uncertainties related to market conditions, the possibility that results from prior clinical trials, named-patient access activities and preclinical studies may not necessarily be predictive of future results; the possibility that the past track records of Kyverna and its personnel may not be repeated or indicative of future success; and other factors discussed in the "Risk Factors" section of Kyverna's most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q that Kyverna has filed or may subsequently file with the U.S. Securities and Exchange Commission. Any forward-looking statements contained in this press release are based on the current expectations of Kyverna's management team and speak only as of the date hereof, and Kyverna specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.

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