Kyverna Therapeutics, Inc. (NASDAQ: KYTX) priced an underwritten public offering of 13,333,333 shares of its common stock at $7.50 per share, a transaction that is expected to generate approximately $100 million in gross proceeds before underwriting discounts and commissions.
The offering is being managed by J.P. Morgan, Leerink Partners, Morgan Stanley and Wells Fargo Securities. The company has granted the underwriters a 30‑day option to purchase up to 1,999,999 additional shares at the offering price, less the usual underwriting discounts. The transaction is slated to close on or about December 18, 2025, subject to customary closing conditions.
Kyverna’s cash burn has accelerated as it advances its lead CAR T‑cell candidates for stiff person syndrome (SPS) and generalized myasthenia gravis (MG). The $100 million capital raise is intended to extend the company’s runway into 2027 and to fund the pivotal Phase 2 trial of mivocabtagene autoleucel (miv‑cel) in SPS and the registrational Phase 3 trial in MG.
The company’s Phase 2 KYSA‑8 trial in SPS reported a median 46% improvement in the timed 25‑foot walk test, with 81% of patients achieving a clinically meaningful response. Interim data from the Phase 2 KYSA‑6 trial in MG showed a 100% response rate, underscoring the therapeutic potential of miv‑cel and reinforcing investor confidence in Kyverna’s pipeline.
Investors reacted to the offering with concern about dilution, a common market response to new share issuances. The positive clinical data from the SPS trial had previously driven strong investor enthusiasm, but the immediate dilution effect tempered that sentiment.
The offering represents a strategic step for Kyverna, providing the financial resources needed to advance its CAR T‑cell platform while balancing the short‑term dilution impact against the long‑term value of its clinical programs.
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