Kyverna Therapeutics, a Phase 2-ready biotech developing cell therapies for autoimmune diseases, announced terms for its IPO on Thursday.
The Emeryville, CA-based company plans to raise $200 million by offering 11.1 million shares at a price range of $17 to $19. At the midpoint of the proposed range, Kyverna Therapeutics would command a fully diluted market value of $731 million.
Kyverna Therapeutics is focused on developing cell therapies for patients suffering from autoimmune diseases. Its lead program is KYV-101, an autologous CD19 CAR T-cell therapy made from an underlying chimeric antigen receptor licensed from the National Institutes of Health that previously completed a Phase 1 trial in oncology. Kyverna is developing KYV-101 across two broad areas of autoimmune disease: rheumatology and neurology. Its initial rheumatology development focus is on lupus nephritis (LN) and systemic sclerosis (SSc). The company plans to conduct two trials of KYV-101 in patients with LN, and has also received IND clearance for a Phase 1/2 study in SSc. In neurology, Kyverna is focused on myasthenia gravis (MG) and multiple sclerosis (MS), and it has received IND clearance for Phase 2 studies in both diseases.
Kyverna Therapeutics was founded in 2018 and plans to list on the Nasdaq under the symbol KYTX. J.P. Morgan, Morgan Stanley, Leerink Partners, and Wells Fargo Securities are the joint bookrunners on the deal. It is expected to price during the week of February 5, 2024.
