Kyverna Therapeutics Provides Business Update and Reports First Quarter 2024 Financial Results
Kyverna Therapeutics (Nasdaq: KYTX) reported its Q1 2024 financial results, highlighting progress in autoimmune disease therapies. The company treated 30 patients by May 14, 2024, including those with myasthenia gravis, lupus nephritis, and multiple sclerosis. KYV-101, their CD19 CAR T-cell therapy, showed promising early clinical data and received Orphan Drug Designation for myasthenia gravis. Kyverna's balance sheet was strengthened by $366.9 million from their February IPO. However, the company reported a net loss of $26.7 million for Q1 2024, up from a $11.1 million loss in Q1 2023, with operating expenses increasing significantly.
- Treated 30 patients with autoimmune diseases as of May 14, 2024.
- KYV-101 granted Orphan Drug Designation by FDA for myasthenia gravis.
- Strong balance sheet with approximately $366.9 million from February IPO.
- Progress in clinical trials across rheumatology and neurology.
- Published early clinical data showing first-in-disease use of KYV-101 in refractory progressive multiple sclerosis.
- Reported a net loss of $26.7 million for Q1 2024, compared to $11.1 million in Q1 2023.
- Net cash used in operating activities was $25.5 million in Q1 2024, up from $11.5 million in Q1 2023.
- Increased operating expenses leading to higher net losses.
Insights
Kyverna Therapeutics' financial results reveal both challenges and strengths that investors should carefully consider. The company's net loss increased significantly from
On the positive side, Kyverna has managed to strengthen its balance sheet substantially with
From a medical research standpoint, the advancement of Kyverna's lead product candidate, KYV-101, is noteworthy. The clinical trials cover several autoimmune disorders, including myasthenia gravis, lupus nephritis and multiple sclerosis. The Orphan Drug Designation for myasthenia gravis is particularly significant as it could provide regulatory benefits such as market exclusivity and tax credits. The early clinical data on KYV-101's first-in-disease use for refractory progressive multiple sclerosis is promising and will be closely scrutinized in upcoming scientific meetings.
However, investors should be aware that clinical trials are inherently risky and the transition from promising early data to regulatory approval can be fraught with challenges. The breadth of indications being pursued is ambitious, which could either be a strategic diversification or a dilution of focus. How effectively Kyverna manages these trials will be important in determining future success.
- Advanced clinical development in two broad areas of autoimmune disease: rheumatology and neurology
- Treated 30 patients cumulatively as of May 14, 2024, including eight patients with myasthenia gravis, seven patients with lupus nephritis, and four patients with multiple sclerosis
- Strong balance sheet, bolstered by recent public offering
"We continue to build momentum in the clinical development of our lead product candidate, KYV-101, as we seek to bring autoimmune CAR T-cell therapies to more patients across both the US and
First Quarter 2024 and Recent Business Highlights
- Advanced clinical development of KYV-101, our proprietary CD19 chimeric antigen receptor (CAR) T-cell therapy for autoimmunity, in clinical trials and investigator-initiated trials across the US and
Europe - Treated 30 patients cumulatively as of May 14, 2024, including eight patients with myasthenia gravis, seven patients with lupus nephritis, and four patients with multiple sclerosis
- Published early clinical data showing first-in-disease use of KYV-101 in patients with refractory progressive multiple sclerosis
- KYV-101 granted Orphan Drug Designation by the
U.S. Food and Drug Administration for the treatment of myasthenia gravis - Progressed the global KYSA clinical trial program in multiple indications across rheumatology and neurology: Phase 1/2 trials in lupus nephritis (KYSA-1 and KYSA-3), a Phase 1/2 trial in systemic sclerosis (KYSA-5), a Phase 2 trial in myasthenia gravis (KYSA-6), and a Phase 2 trial in multiple sclerosis (KYSA-7)
- Strengthened balance sheet with approximately
$366.9 million
Upcoming Milestones
- Interim patient data releases and symposia at EULAR in second quarter of 2024, ECTRIMS in third quarter of 2024 and ACR in fourth quarter of 2024
- Regulatory progress in rheumatology and neurology in the US and
Europe - Ongoing progress with Ingenui-T, our manufacturing process designed to improve patient experience and manufacturing efficiencies
- Updates on KYV-201, our allogeneic CD19 CAR T-cell product candidate
Financial Results for the Quarter Ended March 31, 2024
For the quarter ended March 31, 2024, the company reported a net loss of
During the quarter ended March 31, 2024, net cash used in operating activities was
Kyverna reported
About Kyverna Therapeutics
Kyverna is a patient-centered, clinical-stage biopharmaceutical company focused on developing cell therapies for patients suffering from autoimmune diseases.
Our lead CAR T-cell therapy candidate, KYV-101 is advancing through clinical development with sponsored clinical trials across two broad areas of autoimmune disease: rheumatology and neurology, including Phase 2 trials for multiple sclerosis and myasthenia gravis, a Phase 1/2 trial for systemic sclerosis, and two ongoing multi-center, open-label Phase 1/2 trials in
Kyverna's pipeline includes next-generation chimeric antigen receptor (CAR) T-cell therapies in both autologous and allogeneic formats with properties intended to be well suited for use in B cell-driven autoimmune diseases. For more information, please visit www.kyvernatx.com.
Forward-looking Statements
This press release contains forward looking statements that are based on management's beliefs and assumptions and on information currently available to management of Kyverna Therapeutics, Inc. ("Kyverna", "we", "our," or the "Company"). All statements other than statements of historical facts contained in this press release are forward looking statements. Forward looking statements include, but are not limited to, statements concerning: the Company's future results of operations and financial position, business strategy, drug candidates, planned preclinical studies and clinical trials, results of preclinical studies and named patient activities, ongoing clinical trials, research and development costs, plans for manufacturing, regulatory approvals, timing and likelihood of success, as well as plans and objectives of management for future operations. These forward-looking statements are subject to risks and uncertainties, including the factors described under the Risk Factors section of the Company's Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on March 26, 2024 and any subsequent Quarterly Reports on Form 10-Q filed by the Company. Actual results could differ materially and adversely from those anticipated or implied in the forward looking statements. When evaluating Kyverna's business and prospects, careful consideration should be given to these risks and uncertainties. These statements speak only as of the date of this press release, and Kyverna undertakes no obligation to update or revise these statements.
For more information, please contact:
Investor Contact:
George Thampy
Kyverna Therapeutics
InvestorRelations@kyvernatx.com
Media Contact:
Consort Partners for Kyverna
kyvernatx@consortpartners.com
Kyverna Therapeutics, Inc. Condensed Statements of Operations and Comprehensive Loss (in thousands, except share and per share data) (unaudited) | ||||||||
Three Months Ended March 31, | ||||||||
2024 | 2023 | |||||||
Operating expenses | ||||||||
Research and development | $ | 22,476 | $ | 8,711 | ||||
General and administrative | 6,882 | 2,734 | ||||||
Total operating expenses | 29,358 | 11,445 | ||||||
Loss from operations | (29,358) | (11,445) | ||||||
Interest income | 2,735 | 349 | ||||||
Interest expense | (44) | (44) | ||||||
Other expense, net | (26) | (3) | ||||||
Total other income, net | 2,665 | 302 | ||||||
Net loss | (26,693) | (11,143) | ||||||
Other comprehensive gain (loss) | ||||||||
Unrealized gain (loss) on available-for-sale marketable securities, net | (5) | 18 | ||||||
Total other comprehensive gain (loss) | (5) | 18 | ||||||
Net loss and other comprehensive loss | $ | (26,698) | $ | (11,125) | ||||
Net loss per share attributable to common stockholders, basic and diluted | $ | (1.12) | $ | (12.10) | ||||
Weighted-average shares of common stock outstanding, basic and diluted | 23,754,062 | 921,260 | ||||||
Kyverna Therapeutics, Inc. Condensed Balance Sheets (in thousands, except share and per share data) (unaudited) | ||||||||
March 31, | December 31, | |||||||
2024 | 2023 | |||||||
Assets | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ | 224,287 | $ | 34,647 | ||||
Available-for-sale marketable securities | 145,507 | 22,896 | ||||||
Prepaid expenses and other current assets | 5,694 | 3,121 | ||||||
Total current assets | 375,488 | 60,664 | ||||||
Restricted cash | 570 | 565 | ||||||
Property and equipment, net | 2,714 | 2,326 | ||||||
Operating lease right-of-use assets | 8,486 | 6,494 | ||||||
Finance lease right-of-use assets | 1,552 | 1,790 | ||||||
Other non-current assets | 1,174 | 3,356 | ||||||
Total assets | $ | 389,984 | $ | 75,195 | ||||
Liabilities, redeemable convertible preferred stock and stockholders' | ||||||||
Current liabilities | ||||||||
Accounts payable | $ | 7,451 | $ | 4,358 | ||||
Accrued compensation | 1,363 | 2,812 | ||||||
Accrued license expense – related party | 6,250 | 6,250 | ||||||
Other accrued expenses and current liabilities | 3,083 | 3,519 | ||||||
Operating lease liabilities, short-term portion | 2,739 | 1,964 | ||||||
Finance lease liabilities, short-term portion | 979 | 956 | ||||||
Total current liabilities | 21,865 | 19,859 | ||||||
Operating lease liabilities, net of short-term portion | 6,461 | 5,238 | ||||||
Finance lease liabilities, net of short-term portion | 667 | 921 | ||||||
Total liabilities | 28,993 | 26,018 | ||||||
Commitments and contingencies | ||||||||
Redeemable convertible preferred stock, no par value; no shares authorized, issued and outstanding as of March 31, 2024; as of December 31, 2023; 114,556,997 shares issued and outstanding as of December 31, 2023; liquidation preference of | — | 180,574 | ||||||
Stockholders' equity (deficit) | ||||||||
Preferred stock, 10,000,000 shares authorized, and outstanding as of March 31, 2024; no shares authorized, issued, and outstanding as of December 31, 2023 | — | — | ||||||
Common stock, of March 31, 2024 and December 31, 2023, respectively; 43,115,244 and 1,250,103 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively | — | — | ||||||
Additional paid-in capital | 523,728 | 4,642 | ||||||
Accumulated other comprehensive income (loss) | (1) | 4 | ||||||
Accumulated deficit | (162,736) | (136,043) | ||||||
Total stockholders' equity (deficit) | 360,991 | (131,397) | ||||||
Total liabilities, redeemable convertible preferred stock and | $ | 389,984 | $ | 75,195 | ||||
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SOURCE Kyverna Therapeutics
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