Healthcare · Biotechnology
Price
$8.49
Market Cap
$371.6M
Employees
130
Beta
1.88
Avg Volume
1,130,421
CEO
Warner Biddle
Kyverna Therapeutics, Inc., a clinical-stage biopharmaceutical company, focuses on developing cell therapies for patients with autoimmune diseases. Its lead product candidate is KYV-101, an autologous CD19 CAR T-cell product candidate for the treatment of stiff person syndrome, myasthenia gravis, and lupus nephritis, as well as multiple sclerosis and systemic sclerosis. The company is also developing KYV-102, an autologous CD19 CAR T-cell product candidate with whole blood rapid manufacturing; and KYV-201, an allogeneic CD19 CAR T-cell product candidate. It has a license and collaboration agreement with Intellia Therapeutics, Inc. to research and develop an allogeneic CD19-directed CAR cell therapy product. The company was formerly known as BAIT Therapeutics, Inc. and changed its name to Kyverna Therapeutics, Inc. in October 2019. Kyverna Therapeutics, Inc. was incorporated in 2018 and is headquartered in Emeryville, California.
Runs with full report
Price Overview
Last updated: Jul 11, 2026 4:36pm (just now)
Current data · timestamped when a report runs
$8.49
Change · Jul 11
-1.33 (-13.51%)
Day Range
$8.31 – $9.90
52-Week Range
$2.80 – $13.67
50-Day MA
$8.73
200-Day MA
$8.18
Volume
1,990,892.00
Analyst Price Targets
Low
$25.00
Consensus
$25.00
High
$25.00
(7 analysts)
Share Structure
Outstanding
43,791,709.00
Float
19,830,468.00
Free Float
45.3%
Moderate free float
— 45.3% of shares trade freely, ~54.7% held by insiders/institutions
Reasonable but insiders still hold a significant stake. This can be positive (skin in the game) but may limit liquidity during sell-offs.
Price History (1 Year)
Revenue & Net Income Trend
The directional story — useful even when net income is negative.
Revenue
The top line — total sales before any costs or taxes are subtracted. A measure of how much business the company is doing.
Net Income
The bottom line — profit left after subtracting all expenses, interest, and taxes from revenue. Reflects accounting profitability, but includes non-cash items like depreciation, so it isn't the same as cash earned.
Operating Cash Flow
The real cash generated by the day-to-day business — selling products, paying suppliers, collecting from customers. Calculated from net income by adding back non-cash items and adjusting for timing (unpaid bills, unsold inventory). When OCF consistently lags net income, the reported profit may not be converting to real money.
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics
API Direct from provider
CALC Derived from statements
P/E Ratio (Price per dollar of earnings)
CALCStock Price / EPS (Diluted)
-2.33
Stock Price: $8.49
EPS (Diluted): -3.64
EPS (Diluted): -3.64
P/B Ratio (Price vs net asset value)
APIStock Price / Book Value Per Share
1.79
Stock Price: $8.49
Total Equity: $232.28M
Shares: 44,259,999
Total Equity: $232.28M
Shares: 44,259,999
EV/EBITDA (Total value vs operating profit)
APIEnterprise Value / EBITDA
-2.43
Market Cap: $371.57M
Total Debt: $24.74M
Cash: $124.09M
EBITDA: -$159.02M
Total Debt: $24.74M
Cash: $124.09M
EBITDA: -$159.02M
Enterprise Value (Takeover price (cap + debt - cash))
APIMarket Cap + Total Debt - Cash
$321.0M
Market Cap: $371.57M
Total Debt: $24.74M
Cash: $124.09M
Total Debt: $24.74M
Cash: $124.09M
P/S Ratio (Price per dollar of revenue)
APIStock Price / Revenue Per Share
0.00
Stock Price: $8.49
Revenue: $0.00
Shares: 44,259,999
Revenue: $0.00
Shares: 44,259,999
EV/Sales (Total value vs revenue — works when P/E can't)
API0.00
Gross Margin (Revenue left after direct costs)
APIGross Profit / Revenue
0.0%
Gross Profit: $0.00
Revenue: $0.00
Revenue: $0.00
Operating Margin (Revenue left after all operations)
APIOperating Income / Revenue
0.0%
Operating Income: -$169.83M
Revenue: $0.00
Revenue: $0.00
Net Margin (Revenue left as actual profit)
APINet Income / Revenue
0.0%
Net Income: -$161.31M
Revenue: $0.00
Revenue: $0.00
ROE (Profit from shareholder equity)
APINet Income / Total Equity
-81.9%
Net Income: -$161.31M
Total Equity: $232.28M
Total Equity: $232.28M
ROIC (Profit from all invested capital)
APINOPAT / Invested Capital
-71.4%
Operating Income: -$169.83M
Tax Rate: 0.0%
Equity: $232.28M
Total Debt: $24.74M
Cash: $124.09M
Tax Rate: 0.0%
Equity: $232.28M
Total Debt: $24.74M
Cash: $124.09M
Current Ratio (Can it pay short-term bills)
APICurrent Assets / Current Liabilities
7.75
Current Assets: $282.95M
Current Liabilities: $36.49M
Current Liabilities: $36.49M
Debt/Equity (Leverage — debt vs equity)
CALCTotal Debt / Total Equity
0.11
Short-Term Debt: $0.00
Long-Term Debt: $24.74M
Total Debt: $24.74M
Total Equity: $232.28M
Long-Term Debt: $24.74M
Total Debt: $24.74M
Total Equity: $232.28M
Rev/Share (Top-line per share)
Revenue / Shares Outstanding
—
Revenue: $0.00
Shares: 44,259,999
Shares: 44,259,999
Book Value/Share (Net assets per share)
CALC(Total Assets - Total Liabilities) / Shares
$5.25
Total Equity: $232.28M
Shares: 44,259,999
Shares: 44,259,999
FCF/Share (Real cash generated per share)
CALC(Operating Cash Flow + CapEx) / Shares
$-3.47
Operating CF: -$153.71M
CapEx: -$5,000
Shares: 44,259,999
CapEx: -$5,000
Shares: 44,259,999
CapEx is negative (outflow) — added to OCF to get FCF
Div Yield (Annual income from holding)
APILast Annual Dividend / Stock Price
0.0%
Last Dividend: N/A
Stock Price: $8.49
Stock Price: $8.49
Payout Ratio (Earnings paid out as dividends)
Dividends Paid / Net Income
—
Dividends Paid: N/A
Net Income: -$161.31M
Net Income: -$161.31M
Dividends paid not available in cash flow statement
Industry Benchmarks
Compares KYTX against LLM-researched typical ranges for its
industry. One research call per industry, cached indefinitely — every stock in the same industry
reuses the same baseline.
Deep Analysis
Pre-flight intelligence scans the company first, then routes to the right analytical methods.
0
Company Classification
— What type of company is this?
1
Industry Landscape
— Where is the industry headed?
2
Company Momentum
— Where is this company trending?
3
Forward Projection
— 1Y & 2Y projected metrics (requires Layer 1 + 2)
4a
DCF Valuation
— Present value of future cash flows
4b
Earnings Power Value
— Floor value — worth with zero growth
4c
Anchored PE
— Industry PE adjusted for growth differential
4d
Reverse DCF
— What growth is the market pricing in?
4e
Revenue-Based DCF
— For growth/narrative companies (skip if mature earner)
4f
Anchored P/S
— Price-to-Sales peer comparison (skip if mature earner)
4g
Scenario Analysis
— Bull / Base / Bear (skip if mature earner)
4h
Dividend Discount Model
— For dividend/income stocks only
4i
Book Value Analysis
— For deep value / turnaround stocks only
4j
Insider Activity
— Are insiders buying or selling?
4f
Cash Flow Quality
— How trustworthy is the FCF?
4g
Debt Maturity Risk
— Can it handle its debt?
4h
Macro Environment
— Rates, market valuation, volatility
4i
Sector Intelligence
— How does this company compare within its sector?
4j
Revenue Confidence
— How reliable is the growth projection?
4k
Sensitivity Analysis
— How fragile is the fair value estimate?
4l
Sector Demand Cycle
— Is the sector in a boom, steady state, or contraction?
5
AI Investigation
— Adaptive research engine (Claude)
5b
Thesis Evaluation
— What does the market believe? (narrative/platform stocks only)
6
Valuation Synthesis
— Weighted verdict from all methods (requires Layer 4)
Income Statement (Annual)
Last updated: Jul 11, 2026 2:02pm (2h ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $5.7M | $7.0M | $0 | $0 | $0 |
| Cost of Revenue | $0 | $0 | $1.7M | $2.1M | $0 |
| Gross Profit | $5.7M | $7.0M | -$1.7M | -$2.1M | $0 |
| Operating Expenses | $32.0M | $36.4M | $60.7M | $140.5M | $169.8M |
| Operating Income | -$26.3M | -$29.4M | -$62.4M | -$142.6M | -$169.8M |
| Net Income | -$26.4M | -$28.9M | -$60.4M | -$127.5M | -$161.3M |
| EBITDA | -$25.8M | -$27.8M | -$58.5M | -$125.2M | -$159.0M |
| EPS | $-1.02 | $-1.12 | $0.00 | $-3.33 | $-3.64 |
| EPS (Diluted) | — | — | — | — | — |
Balance Sheet (Annual)
Last updated: Jul 11, 2026 2:02pm (2h ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $76.1M | $37.7M | $34.6M | $96.6M | $124.1M |
| Total Current Assets | $77.1M | $53.3M | $60.7M | $290.6M | $283.0M |
| Total Assets | $85.5M | $66.9M | $75.2M | $304.6M | $293.8M |
| Current Liabilities | $15.9M | $12.0M | $19.9M | $33.8M | $36.5M |
| Long-Term Debt | $0 | $0 | $0 | $0 | $24.7M |
| Total Liabilities | $131.7M | $20.2M | $26.0M | $38.1M | $61.6M |
| Total Equity | -$46.3M | $46.7M | $49.2M | $266.6M | $232.3M |
| Retained Earnings | -$46.8M | -$75.7M | -$136.0M | -$263.5M | -$424.8M |
Cash Flow (Annual)
Last updated: Jul 11, 2026 2:02pm (2h ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating Cash Flow | -$22.2M | -$36.1M | -$52.4M | -$114.3M | -$153.7M |
| Capital Expenditure | -$1.3M | $-768,000 | $-621,000 | -$2.2M | $-5,000 |
| Free Cash Flow | -$23.4M | -$36.9M | -$53.0M | -$116.5M | -$153.7M |
| Acquisitions (net) | $0 | $0 | $0 | $0 | $70,000 |
| Debt Repayment | — | — | — | — | — |
| Dividends Paid | — | — | — | — | — |
| Stock Buybacks | $0 | $0 | $0 | $0 | $0 |
| Net Change in Cash | $49.1M | -$38.3M | -$3.1M | $62.0M | $27.5M |
Analyst Estimates (Annual)
Last updated: Jul 11, 2026 2:02pm (2h ago)| Metric | 2027 | 2028 | 2029 | 2030 |
|---|---|---|---|---|
| Revenue |
$17.5M $8.9M – $32.4M
|
$53.2M $53.2M – $53.2M
|
$174.6M $68.4M – $360.0M
|
$523.8M $205.2M – $1.1B
|
| EBITDA |
$3.5M $1.8M – $6.5M
|
$10.6M $10.6M – $10.6M
|
$34.9M $13.7M – $72.0M
|
$104.7M $41.0M – $216.0M
|
| Net Income |
-$126.3M -$147.3M – -$105.2M
|
-$100.8M -$127.0M – -$74.7M
|
-$161.3M -$384.1M – -$33.8M
|
-$47.4M -$112.8M – -$9.9M
|
| EPS | — | — | — | — |
Growth Trends (YoY %)
Last updated: Jul 11, 2026 2:02pm (2h ago)| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue Growth | +24.2% | -100.0% | — | — |
| Gross Profit Growth | +24.2% | -124.3% | -25.0% | +100.0% |
| Operating Income Growth | -11.5% | -112.4% | -128.5% | -19.1% |
| Net Income Growth | -9.7% | -108.9% | -111.2% | -26.5% |
| EBITDA Growth | -7.8% | -110.5% | -114.1% | -27.0% |
Insider Trading (Recent)
Last updated: Jul 11, 2026 2:02pm (2h ago)
Type codes
PPurchase
SSale
AAward / grant
MOption exercise
FIn-kind (tax)
CConversion
GGift
DReturn to issuer
All SEC Form 4 codes
Open market
- P Purchase
- Open-market or private purchase of shares.
- S Sale
- Open-market or private sale of shares.
Compensation (Rule 16b-3)
- A Award / grant
- Grant or award of securities (RSUs, options, etc.) under Rule 16b-3.
- D Return to issuer
- Securities disposed back to the company under Rule 16b-3.
- F In-kind (tax)
- Shares withheld or delivered to pay the option-exercise price or tax — not an open-market sale.
- I Discretionary
- Discretionary transaction under an employee plan — Rule 16b-3(f).
- M Option exercise
- Exercise or conversion of a derivative (option/RSU) into shares — exempt.
Derivatives
- C Conversion
- Conversion of a derivative security into the underlying shares.
- E Short expiration
- Expiration of a short derivative position.
- H Long expiration
- Expiration or cancellation of a long derivative position with value received.
- O OTM exercise
- Exercise of an out-of-the-money derivative.
- X ITM exercise
- Exercise of an in-the-money or at-the-money derivative.
Other exempt
- G Gift
- Bona fide gift of securities.
- L Small acquisition
- Small acquisition under Rule 16a-6.
- W Inheritance
- Acquisition or disposition by will or the laws of descent.
- Z Voting trust
- Deposit into or withdrawal from a voting trust.
Other
- J Other
- Other acquisition or disposition (explained in a Form 4 footnote).
- K Equity swap
- Transaction in an equity swap or similar instrument.
- U Tender / buyout
- Disposition via tender of shares in a change-of-control transaction.
Compensation-plan codes (A, D, F, M) are routine and rarely directional. Open-market P (buy) and S (sale) carry the most signal.
| Date | Insider | Type | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-05-27 | CLARK IAN T | A-Award | 5,093.00 | $0.00 | $0 |
| 2026-05-27 | CLARK IAN T | A-Award | 20,582.00 | $8.59 | $176,799 |
| 2026-05-27 | Cohen Fred E | A-Award | 5,093.00 | $0.00 | $0 |
| 2026-05-27 | Cohen Fred E | A-Award | 20,582.00 | $8.59 | $176,799 |
| 2026-05-27 | SEIDENBERG BETH C | A-Award | 5,093.00 | $0.00 | $0 |
| 2026-05-27 | SEIDENBERG BETH C | A-Award | 20,582.00 | $8.59 | $176,799 |
| 2026-05-27 | Shaw Christi | F-InKind | 4,194.00 | $8.59 | $36,026 |
| 2026-05-27 | Aktar Mert | A-Award | 5,093.00 | $0.00 | $0 |
| 2026-05-27 | Aktar Mert | A-Award | 20,582.00 | $8.59 | $176,799 |
| 2026-05-18 | Martini Gregory S. | A-Award | 325,000.00 | $8.54 | $2.8M |
| 2026-05-18 | Martini Gregory S. | 0.00 | $0.00 | $0 | |
| 2026-05-04 | Dac Nadia | A-Award | 300,000.00 | $9.00 | $2.7M |
| 2026-05-04 | Dac Nadia | 0.00 | $0.00 | $0 | |
| 2026-03-13 | GRASSO MARC | A-Award | 65,000.00 | $8.95 | $581,750 |
| 2026-03-13 | GRASSO MARC | A-Award | 10,000.00 | $0.00 | $0 |
| 2026-03-13 | Biddle Warner Weston | A-Award | 350,000.00 | $8.95 | $3.1M |
| 2026-03-13 | Biddle Warner Weston | A-Award | 58,000.00 | $0.00 | $0 |
| 2026-03-13 | GEHCHAN NAJI | A-Award | 105,000.00 | $8.95 | $939,750 |
| 2026-03-13 | GEHCHAN NAJI | A-Award | 18,000.00 | $0.00 | $0 |
| 2026-02-24 | Miller Andrew Craig | 0.00 | $0.00 | $0 |
Narrative Economics
The story the market is telling about this stock — the intangible X-factor
(founder mythology, cult dynamics, TAM-of-imagination) that moves price beyond
what cash flows alone explain. After Shiller, Narrative Economics.
No narrative profile yet for KYTX — it's generated by the pipeline (
market-narrative step).
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My Notes
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Data via Financial Modeling Prep · Cached for performance · fmp
v1.1.406 · 9aebe10a · 2026-07-11 16:07:30