With Trials In Motion, Cash To 2027, Can Kyverna's Next Data Drop Turn The Stock Around?

HC Wainwright upgraded Kyverna Therapeutics Inc. KYTX, citing three upcoming data sets through mid-2025.

In its first quarter 2025 earnings released, the company highlighted:

• Enrollment is complete in the registrational Phase 2 KYV-101 trial for stiff person syndrome (SPS).
  • The trial is on track for topline data and a biologics license application (BLA) filing is now anticipated in the first half of 2026.
• Advancing into registrational Phase 3 KYV-101 trial in myasthenia gravis (MG) following end-of-Phase 2 meeting with U.S. Food and Drug Administration (FDA). Phase 2 MG data is anticipated in the second half of 2025.

Also Read: Cartesian Therapeutics Reports Strong 12-Month Data For Lead Cell Therapy In Myasthenia Gravis Patients

Kyverna reported $242.6 million in cash, cash equivalents, and available-for-sale marketable securities as of March 31, 2025. The company expects this to provide a cash runway into 2027.

“Ahead of three catalysts, we think the risk-reward profile attractive, particularly given a deeply negative enterprise value,” says HC Wainwright analyst Mitchell S. Kapoor.

Kapoor wrote on Tuesday, “We note that this cash position enables investors to own KYTX effectively as a call option that could provide meaningful upside if any of these catalysts were to be positive. In the same vein, since the stock currently trades at such a massive discount to cash, we believe there is considerable mitigation baked in against downside risk.”

HC Wainwright sees near-term potential in the MG opportunity, mainly due to encouraging early results from three compassionate-use patients. Additionally, the analyst says that an upcoming update on how long the treatment lasts in these patients could be an even stronger catalyst, possibly showing durability comparable to rivals like Cartesian Therapeutics Inc RNAC.

HC Wainwright upgraded from Neutral to Buy rating, raising the price target from $4 to $5.

Kyverna might consider giving MG patients another dose of KYV-101 in the future, though that’s not the current plan.

For context, according to one report, ArgenX SE‘s ARGX Vyvgart costs between $300,000 and $450,000 per year, and KYV-101 would likely be priced in a similar range.

Because of that, Kapoor writes the therapy should at least offer lasting remission for a year to be considered a cost-effective and preferred option for treating MG.

Price Action: KYTX stock is up 14.9% at $2.61 at the last check Tuesday.

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