Kyverna Therapeutics, Inc. (KYTX) to Raise $200 Million in IPO

Kyverna Therapeutics, Inc. (KYTX) expects to raise $200 million in an IPO on Thursday, February 8th, IPO Scoop reports. The company plans to issue 11,120,000 shares at a price of $17.00-$19.00 per share.

In the last year, Kyverna Therapeutics, Inc. generated $280,000 in revenue and had a net loss of $48.2 million. The company has a market cap of $673.9 million.

Kyverna Therapeutics provided the following description of their company for its IPO: “We are a Phase 2 clinical biopharmaceutical company (biotech) developing cell therapies for patients suffering from autoimmune diseases. Our initial focus is on lupus nephritis (LN) and systemic sclerosis (SSc). (Incorporated in Delaware) 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-cell product 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-patient Phase 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. *Note: Net loss and collaboration revenue are for the 12 months that ended Sept. 30, 2023. (Note: Kyverna Therapeutics, Inc. filed its S-1/A on Feb. 1, 2024, and disclosed terms for its IPO: 11.12 million shares at $17.00 to $19.00 to raise $200.16 million. Background: Kyverna Therapeutics, Inc. filed its S-1 on Jan. 16, 2024, without disclosing terms for its IPO. The company submitted confidential IPO documents to the SEC on Oct. 4, 2023.) “.

Kyverna Therapeutics was founded in 2018 and has 84 employees. The company is located at 5980 Horton St., STE 550 Emeryville, CA 94608 and can be reached via phone at (510) 925-2492 or on the web at https://kyvernatx.com/.

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