# Kyverna Therapeutics, Inc. (KYTX)

> Source: Nexqual · https://nexqual.com/KYTX · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Kyverna Therapeutics, Inc. (KYTX), nexqual.com/KYTX" · informational, not investment advice.

**Price:** USD 5.73 (-1.88% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 5.84 · day 5.67–5.98 · 52w 5.61–13.67 · market cap $354M · NMS

## Key facts
- Analysts: Buy (mean 1.67 on a 1–5 scale) (6 analysts), mean target USD 30.4 (range 25–33).
- Total return with dividends: 1Y -10.5% vs S&P 500 +14.9%; 5Y -81.0% vs S&P 500 +80.3%.
- Next earnings: 2026-11-11, EPS estimate USD -0.69, revenue estimate $0K.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|
| Operating income | -$62.4M | -$143M | -$170M | -$159M |
| Net income | -$60.4M | -$127M | -$161M | -$153M |
| EPS (diluted) | -$89.61 | -$3.33 | -$3.64 | — |
| Free cash flow | -$53.0M | -$116M | -$154M | — |
| Cash + short-term investments | $57.5M | $286M | $279M | — |
| Total debt | — | — | $24.7M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/B 2.1x · Earnings yield -43.07% · Net cash $175M · EV $180M

## Analysts
Consensus Buy (mean 1.67 on a 1–5 scale), 6 analysts; mean target USD 30.4 (low 25, high 33).

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2024-02-05) |
|---|---|---|
| Total return | -10.5% | -81.0% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -10.5% | -45.8% |
| Volatility (annualized) | 91.4% | 85.0% |
| Max drawdown | -49.6% (Apr 2026→Oct 2026) | -93.8% (Feb 2024→Apr 2025) |

## Peers (Biotechnology)
LGND (Ligand Pharmaceuticals Incorpor) USD 307.82 -2.21% · RYTM (Rhythm Pharmaceuticals, Inc.) USD 90.9 +2.57% · IOVA (Iovance Biotherapeutics, Inc.) USD 14.14 -3.28% · PRAX (Praxis Precision Medicines, Inc) USD 258.92 +0.96% · IONS (Ionis Pharmaceuticals, Inc.) USD 43.91 -0.81% · ABVX (Abivax SA) USD 90.23 -3.49%

## More
Full page: https://nexqual.com/KYTX · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in KYTX's own 10-K filed 2026-03-26 (https://www.sec.gov/Archives/edgar/data/1994702/000119312526126242/kytx-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Intellia Therapeutics, Inc. (NTLA) | "To that end, we established a partnership with Intellia to create allogeneic T-cell therapies." |
| Partner | GILEAD SCIENCES, INC. (GILD) | "In January 2020, the Company entered into the Collaboration, Option and License Agreement (the "Gilead Agreement") with Gilead Sciences, Inc. ("Gilead")." |
| Partner | Minaris Advanced Therapies | "Under the master services agreement with MAT, MAT's facility in Philadelphia, Pennsylvania, provides us with certain customized cell manufacturing, release and testing services for our miv-cel product candidate." |
| Partner | Oxford Finance | "Covenants and other provisions in the Loan and Security Agreement with Oxford Finance may restrict our business and operations, and if we do not effectively manage our covenants, our financial conditions and results of o…" |
| Partner | ElevateBio BaseCamp | "Under our Development and Manufacturing Services Agreement with Elevate, dated July 2023, or the Elevate Agreement, we engaged Elevate in November 2024 to provide us with cell manufacturing, release and testing services …" |
| Partner | Westlake BioPartners Fund I | "*Plan provides for the distribution in-kind of shares of our common stock to partners or members of Westlake BioPartners Fund I, L.P. and Westlake BioPartners GP I, LLC and does not cover any sales of shares of our commo…" |
| Partner | Westlake BioPartners GP I | "*Plan provides for the distribution in-kind of shares of our common stock to partners or members of Westlake BioPartners Fund I, L.P. and Westlake BioPartners GP I, LLC and does not cover any sales of shares of our commo…" |
| Partner | The Nasdaq Stock Market | "Under the rules and listing standards of The Nasdaq Stock Market LLC, or the Nasdaq Rules, a majority of the members of our board of directors must satisfy the Nasdaq criteria for "independence." No director qualifies as…" |

Other companies that name KYTX in their own reports (relationship from KYTX's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | Intellia Therapeutics, Inc. (NTLA) | 10-K 2026-02-26 | "In December 2021, we entered into a licensing and collaboration agreement with Kyverna Therapeutics, Inc. ("Kyverna"), a cell therapy company engineering a new class of therapies for autoimmune and in…" |

## Company outlook (8-K filed 2026-08-11)

- "KYSA-8 12-month topline data expected in Q3 2026 Enrollment in KYSA-6 Phase 3 trial in generalized myasthenia gravis (gMG) expected to be completed in mid-2027; longer-term follow-up Phase 2 topline data expected in Q3 2026 Reiterates operating runway into 2028 EMERYVILLE, Calif., August 11, 2026 -- Kyverna Therapeutics, Inc."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.69 | $-0.74 | -6.4% | $0 | 5 |
| Next quarter (ends 2026-12-31) | $-0.80 | $-0.81 | -1.6% | $0 | 5 |
| Current fiscal year (ends 2026-12-31) | $-2.77 | $-2.88 | -3.7% | $0 | 5 |
| Next fiscal year (ends 2027-12-31) | $-3.17 | $-2.95 | +7.3% | $17.2M | 5 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-11): ±48.7%; last 8 reports averaged ±6.7%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 223.0% | ±48.7% |
| 2026-12-18 | 56 | 107.7% | ±33.9% |
| 2027-03-19 | 147 | 189.5% | ±67.6% |