Kyverna Therapeutics

Kyverna builds specialized cell treatments to help people with serious immune system problems. These therapies aim to stop the body from attacking its own tissues and organs. The company focuses on diseases that currently have few or no approved treatment options.

The Core Pipeline

• Miv-cel (KYV-101): Modified immune cells designed to reset the body's defense system by removing specific white blood cells; currently in late-stage clinical testing.
• KYV-102: A cell therapy product candidate that uses a faster manufacturing process starting with whole blood rather than complex cell collection.
• KYV-201: An experimental treatment being developed to provide ready-to-use therapies using cells from healthy donors instead of the patient.
• Neuroimmunology Franchise: Clinical programs targeting rare nerve and muscle diseases like Stiff Person Syndrome and Myasthenia Gravis to restore patient mobility.

Strategic Deals and Expansion

• Partnered with Intellia Therapeutics in 2021 to create treatments using donor cells instead of patient cells.
• Licensed a specific chimeric antigen receptor (CAR) from the National Institutes of Health in 2021 for autoimmune use.
• Formed manufacturing agreements with ElevateBio and Minaris Advanced Therapies to produce treatments for ongoing clinical trials.
• Established a research collaboration with Kite to explore new therapies for inflammatory and autoimmune conditions.

Building a Specialized Edge

Kyverna uses a cell design licensed from the government intended to improve safety over existing cancer-focused treatments. The company has built a proprietary database of evidence from treating more than 100 patients across various immune-related diseases.

Tracking Financial Health

• Operating loss reached $39.3 million in Q4 2025, which narrowed by 4.3% from Q4 2024.
• Net loss deepened to $37.8 million in Q4 2025, a 0.8% decline from the previous year.
• Market capitalization rose to $443.3 million in Q4 2025, up 174.3% year-over-year.
• Gross profit reached negative $368,000 in Q4 2025, an improvement of 34.6% from Q4 2024.

The Final Word

Kyverna has transitioned into a late-stage developer of cell therapies for chronic and debilitating immune conditions. Its evolution centers on applying proven cancer-fighting technology to underserved autoimmune markets.