Kyverna Therapeutics, Inc. (KYTX) Stock

Kyverna Therapeutics, Inc. (KYTX) is a Healthcare stock trading at $8.40 (as of 2026-08-21), with a market capitalization of $519.48M. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Kyverna Therapeutics, Inc. is a clinical-stage biopharmaceutical company developing cell therapies for autoimmune diseases. Its lead program, KYV-101, is an autologous CD19 CAR T-cell therapy in Phase I or Phase II trials for conditions including lupus nephritis, systemic sclerosis, myasthenia gravis, and multiple sclerosis, while KYV-201 is an allogeneic CD19 CAR T-cell candidate in preclinical development.

Understand Kyverna Therapeutics, Inc.: how it makes money

Kyverna Therapeutics develops cell therapies for patients with autoimmune diseases, led by KYV-101 (an autologous CD19 CAR T-cell product in Phase I for lupus nephritis and systemic sclerosis, and Phase II for myasthenia gravis and multiple sclerosis), and KYV-201 (an allogeneic CD19 CAR T-cell product in preclinical stage). Its economic path depends on progressing these clinical development programs and their observed patient outcomes.

Because Kyverna is clinical-stage, its ability to reach future profits is structurally tied to whether KYV-101 can generate durable, clinically meaningful response outcomes in its autoimmune disease trials as it expands into later-stage development.

Business quality (Weak): High dependence on early clinical evidence, with limited scale so far (26 patients treated in the provided metrics) and no reported revenue in the latest period provided.

Bull case

KYV-101 has reported strong myasthenia gravis response rates in the provided operating metrics: The percent of patients achieving clinically meaningful response in the myasthenia gravis composite is 100%, and clinically meaningful response in myasthenia gravis-activities of daily living and quantitative myasthenia gravis is also 100%.
Reported durability signal in myasthenia gravis: Deep Responses Sustained Through Week 52 is reported as 52% in the provided operating metrics.

Bear case

Clinical-stage scale risk: The provided operating metrics include 26 patients treated, which limits how broadly investors can assess consistency of outcomes.
No revenue in the latest period provided, with very negative operating results: The latest provided period shows revenue_b of 0.0 and an operating margin of -1777.7.
Program breadth increases execution risk: KYV-101 is in Phase I and Phase II depending on indication, and KYV-201 is preclinical, so timelines and outcomes vary across multiple development stages.

Valuation — source: SEC EDGAR (first-party)
Price	$8.40
Market Cap	$519.48M
Price / Book	3.14
Price / Sales	60.52
FCF Yield	-39.0%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$9.09M
Net Margin	-1773.8%
Revenue Growth (YoY)	-40.8%
EPS Growth (YoY)	9.3%
FCF Growth (YoY)	32.0%

Financial Health — source: SEC EDGAR
Altman Z-Score	2.06 (grey)

Valuation vs Sector & Industry
Sector P/E (Healthcare)	21.7
Industry P/E (Pharmaceutical Products)	17.2

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	GordonMD Global Investments LP ($36.63M)
Institutional Holders Tracked	10

Company
Sector	Healthcare
Industry	Pharmaceutical Products
CEO	Warner Biddle
Employees	112
Country	US
IPO Date	2024-02-09

Related Companies (Business model: Biotech (Clinical / Commercial-Stage); 8 closest by market cap; US-domiciled)

Data as of 2026-08-21.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.