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Kyverna Therapeutics, Inc., a biotechnology firm specializing in biological products with a market capitalization of approximately $108 million, announced today it has entered into a significant sales agreement with Jefferies LLC. According to InvestingPro data, the company maintains a strong liquidity position with a current ratio of 10.5x, though it has been rapidly depleting its cash reserves. Under the terms of the Open Market Sale AgreementSM dated March 27, 2025, Kyverna may opt to sell shares of its common stock through Jefferies, acting as the sales agent.
The potential offerings, part of an "at-the-market" equity program, could reach up to an aggregate offering price of $50 million, as detailed in the company’s shelf registration statement filed with the SEC on the same day. This move allows Kyverna to finance its operations flexibly by selling shares from time to time at prevailing market prices.
Jefferies will receive a commission of 3.0% of the gross sales price for each share sold under this agreement. However, Kyverna is under no obligation to sell any shares and retains control over the timing and amount of sales. InvestingPro analysis indicates the company’s overall financial health score is weak, with analysts not expecting profitability this year.
Kyverna has agreed to indemnify Jefferies against certain liabilities that may arise under the Securities Act of 1933. The agreement is a strategic step for Kyverna, potentially providing capital to advance its pipeline of therapeutic candidates. With an EBITDA of -$119 million in the last twelve months, this capital raise appears crucial for the company’s development plans. For deeper insights into Kyverna’s financial health and 12 additional ProTips, visit InvestingPro.
Investors should note that this report is not an offer to sell or a solicitation of an offer to buy these securities. Sales, if any, will occur at market prices and may be made at any time without notice. The details of this arrangement are based on the disclosure in a press release statement and the associated SEC filing.
In other recent news, Kyverna Therapeutics has announced the appointment of Dr. Naji Gehchan as its new Chief Medical (TASE:BLWV) and Development Officer. Dr. Gehchan brings over 20 years of experience in the pharmaceutical industry, having previously worked at Eli Lilly and Company (NYSE:LLY) where he led clinical development for a novel breast cancer treatment. His appointment comes as Kyverna advances its lead CAR T-cell therapy candidate, KYV-101, into late-stage development for autoimmune diseases. The company is currently conducting Phase 2 trials for conditions such as stiff person syndrome and myasthenia gravis, along with ongoing trials for lupus nephritis. In a strategic move, Dominic Borie, the founding CEO, will transition to a role as Strategic Advisor to the CEO and Board. Dr. Gehchan will receive an inducement equity award, allowing him to purchase 425,000 shares of common stock, with vesting over four years. This leadership change is part of Kyverna’s efforts to bolster its clinical development and medical affairs as it explores treatments for multiple sclerosis and systemic sclerosis.
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