Kyverna Therapeutics, Inc. (KYTX) Fundamental Analysis: Bull vs. Bear Case

KYTX

Kyverna Therapeutics, Inc.

Fundamental data last updated:August 13, 2026

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company profile

SECTOR

Healthcare

industry

Biotechnology

Exchange

NASDAQ

County of HQ

US

Next Earnings Date

Pending Announcement

Business Summary

Kyverna Therapeutics, Inc., a clinical-stage biopharmaceutical company, focuses on developing cell therapies for patients suffering from autoimmune diseases. Its lead product candidate is KYV-101, an autologous CD19 CAR T-cell product candidate for the treatment of patients with lupus nephritis and systemic sclerosis that is in Phase I clinical trial; and for myasthenia gravis and multiple sclerosis that is in Phase II clinical trial. The company is also developing KYV-201, an allogeneic CD19 CAR T-cell product candidate that is in preclinical stage to treat multiple autoimmune diseases. In addition, it is developing product candidates to treat other autoimmune diseases, such as inflammatory bowel disease that includes Crohn's disease and ulcerative colitis. Kyverna Therapeutics, Inc. has a license and collaboration agreement with Intellia Therapeutics, Inc. to research and develop an allogeneic CD19-directed CAR cell therapy product; and with Kite to research and develop programs for the treatment, diagnosis, and prevention of autoimmune, inflammatory, and allogeneic stem cell transplant inflammatory diseases. 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.

VALUATION

P/E

-3.31

Market Cap ($M USD)

$375.08M

Forward P/E

-8.00

PEG

-0.14

PRICE TO SALES

0.00 PRICE TO BOOK

2.65 EV / EBITDA

-2.26

5-Year Average P/E

Free Cash Flow Yield

-40.25%

DCF Value

$2.04

Graham Number

N/A

Price to FCF

-2.48

EV to FCF

-2.33

Earnings Yield

-30.22%

FCF Yield

-40.25%

DIVIDEND

Yield

0.00%

Annual Payout

$0.00

Payout Ratio

0.00%

Consecutive Years of Dividend Growth

5-Year Dividend Growth Rate

Financial Health & Profitability

Earnings Per Share

-$2.59

Next Year EPS Growth Estimate

-$1.07

Next Year Revenue Growth Estimate

$523.75M

Return on Equity (ROE)

-81.87%

FREE CASH FLOW

Operating Margin

0.00%

Debt-to-Equity

0.12 Piotroski F-Score

2 Altman Z-Score

0.12 Return on Invested Capital (ROIC)

-72.04%

Current Ratio

8.15 Quick Ratio

8.15 Net Debt to EBITDA

0.15 Interest Coverage

-144.69

Gross Profit margin

0.00%

FCF PER SHARE

$-2.50

REVENUE PER SHARE

$0.00

Gainseekers Quantitative Analysis

Summary

KYTX’s financial health paints a grim picture. The market has priced it significantly above its DCF value, suggesting a disconnect between investor optimism and intrinsic worth. With a Forward P/E of -8.74 and an Earnings Yield of -36.59%, the company is hemorrhaging value rather than creating it. The Altman Z-score of 1.15 signals distress, raising red flags about its long-term viability. Despite a “Buy” consensus, the numbers suggest caution.

AI Exposure / Tech Reliance

In the biotechnology sector, KYTX is well-positioned to leverage AI advancements for drug discovery and personalized medicine. The industry's rapid evolution demands adaptability, and companies like KYTX must integrate cutting-edge tech to stay competitive. However, their current financial instability may hinder swift adaptation.

The Bull Case

For the optimistic investor, KYTX offers a speculative opportunity. Despite a dismal ROIC of -65.99%, its low Debt/Equity ratio of 0.12 suggests financial prudence in leveraging. The high Current Ratio of 7.75 indicates strong liquidity, providing a buffer against short-term liabilities. While the Piotroski F-Score of 1 is weak, the potential for massive sales growth next year could entice those betting on a turnaround.

The Bear Case

KYTX's structural weaknesses are glaring. With a Price/Book ratio of 1.90 and a Price/Sales of zero, the company struggles to justify its market cap. The negative FCF Yield and Price to FCF ratio highlight severe cash flow issues, while an Operating Margin of 0% underscores its inability to generate profit. Trading significantly above its 52-week low, the stock appears technically overextended, amplifying the risk for investors.

Market Sentiment & Smart Money

Short Interest %

Analyst Consensus

Buy

Average Analyst Price Target

$30.75

Institutional Ownership %

1-Year Beta

2.06 Insider Buying % (6 Mo)

Distance to 52-Week High

59.60%

Distance to 52-Week Low

71.16%

EARNINGS SURPRISE %

12.00%

50-DAY SMA

$9.04

200-DAY SMA

$7.53

⚠️ Financial Disclaimer:
This content is for informational purposes only and is not financial advice. Information may be delayed or inaccurate. We may earn a commission from partner links.