Every 424B that Kyverna Therapeutics (KYTX) has filed with the SEC in the last 12 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 424B covers the supplement that carries the terms of a priced offering, so if you follow KYTX and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full KYTX filings page.
Kyverna Therapeutics has registered up to $100,000,000 of its common stock for sale in an at‑the‑market offering through Jefferies LLC acting as sales agent. Sales may occur from time to time under a Sales Agreement dated March 27, 2025, with Jefferies receiving a 3.0% commission on gross proceeds.
The prospectus shows 60,389,893 shares outstanding as of December 31, 2025 and gives an illustrative example of selling 12,594,458 shares at an assumed price of $7.94 per share resulting in up to 72,984,351 shares outstanding. Net proceeds are intended for general corporate purposes, including R&D, capital expenditures, working capital and general administrative expenses.
Kyverna Therapeutics, Inc. is issuing 13,333,333 shares of common stock at $7.50 per share in a primary offering on the Nasdaq Global Select Market under the symbol KYTX. Underwriters have a 30-day option to buy up to an additional 1,999,999 shares at the same price, less underwriting discounts and commissions of $0.45 per share. Gross proceeds are approximately $99.999 million, with estimated net proceeds of about $93.7 million, or $107.8 million if the option is fully exercised.
The company plans to use the cash, together with existing cash and cash equivalents, prior at-the-market sales of $16.9 million and loan proceeds, for general corporate purposes including research and development, capital expenditures, working capital and administrative costs. Management believes this funding will support operations through 2028 and back a planned biologics license application for stiff person syndrome and a Phase 3 trial in generalized myasthenia gravis.
Kyverna is a clinical-stage cell therapy company focused on autoimmune diseases, led by its CD19 CAR T candidate mivocabtagene autoleucel (miv-cel). Recent registrational Phase 2 data in stiff person syndrome showed functional gains, sustained freedom from immunotherapies and no high-grade CRS or ICANS, with Grade 3/4 neutropenia reported in 62% of patients and described as manageable.
Kyverna Therapeutics is offering $100,000,000 of common stock, with underwriters holding a 30-day option to buy up to an additional $15.0 million of shares. The clinical-stage company develops CD19 CAR T-cell therapies for autoimmune diseases, led by its autologous candidate mivocabtagene autoleucel (miv-cel). It plans to use net proceeds, together with existing cash, for general corporate purposes including research and development, and states that, combined with prior at-the-market sales and loan proceeds, this financing is expected to fund operations through 2028 and support a planned BLA filing in stiff person syndrome (SPS) and a Phase 3 trial in myasthenia gravis (MG).
Kyverna recently reported positive topline data from the registrational KYSA-8 Phase 2 SPS trial in 26 patients: among 12 patients who needed a walking aid before treatment, 67% no longer required assistance at Week 16; 100% remained off immunotherapies without rescue therapy at last follow-up. Miv-cel was described as well-tolerated, with no high-grade CRS or ICANS and Grade 3/4 neutropenia in 62% of patients, which was reported as manageable and resolved.
Kyverna also highlights a non-dilutive term loan facility of up to $150.0 million with Oxford Finance. It has drawn $25.0 million, and the positive KYSA-8 data made an additional tranche of up to $20.0 million available, bringing currently available undrawn funding to $35.0 million. The company cautions that investing in its stock involves a high degree of risk, including dilution from this offering, potential future equity issuances, broad discretion over proceeds and significant stock price volatility.