Kyverna Therapeutics, Inc. (KYTX) Stock Analysis and Metrics

Sector: Healthcare Industry: Biotechnology CIK: 0001994702

P/B 2.49

P/E -2.35

P/S 0.00

Market Cap 378.96 Mn

ROIC (Qtr) -98.82

Div Yield % 0.00

Rev 1y % (Qtr) 0.00

Total Debt (Qtr) 5.02 Mn

Debt/Equity (Qtr) 0.03

About

Kyverna Therapeutics, Inc. (KYTX) is a patient-centered clinical-stage biopharmaceutical company operating within the autoimmune disease treatment industry. The company is dedicated to developing cell therapies for patients who are suffering from various autoimmune diseases. Kyverna Therapeutics' main business activities are centered on the development of cell therapies for autoimmune diseases. The company operates in the rheumatology and neurology fields, focusing on diseases such as lupus nephritis, systemic sclerosis, myasthenia gravis, and...

Kyverna Therapeutics, Inc. (KYTX) is a patient-centered clinical-stage biopharmaceutical company operating within the autoimmune disease treatment industry. The company is dedicated to developing cell therapies for patients who are suffering from various autoimmune diseases.

Kyverna Therapeutics' main business activities are centered on the development of cell therapies for autoimmune diseases. The company operates in the rheumatology and neurology fields, focusing on diseases such as lupus nephritis, systemic sclerosis, myasthenia gravis, and multiple sclerosis. The company's primary product candidates include KYV-101, an autologous CD19 CAR T-cell product candidate, and KYV-201, an allogeneic CD19 CAR T-cell product candidate.

The company generates revenue through the development of these primary product candidates. KYV-101 is being developed in rheumatology, with a focus on lupus nephritis and systemic sclerosis. The company is conducting two trials of KYV-101 in patients with lupus nephritis. KYV-101 is also being developed in neurology, with a focus on myasthenia gravis and multiple sclerosis. The company has received IND clearance for a Phase 2 study in myasthenia gravis and a Phase 2 study in multiple sclerosis. Additionally, the company is developing KYV-201, an allogeneic CD19 CAR T-cell product candidate.

Kyverna Therapeutics has several competitive advantages within the industry. The company's differentiated CAR construct, designed by the National Institutes of Health (NIH), uses a fully human CD19 binding domain and optimized hinge and transmembrane domains to improve tolerability. The company's CAR T-cell therapy approach has the potential to provide significant clinical benefit and reset the immune system with a single, well-tolerated treatment.

The company is positioned as a leader in the development of cell therapies for autoimmune diseases. Its focus on developing autologous and allogeneic CD19 CAR T-cell product candidates has the potential to provide significant clinical benefit and reset the immune system with a single, well-tolerated treatment. Key competitors in the autoimmune disease market include Gilead Sciences, Inc. and Novartis AG.

The company's customers include patients with autoimmune diseases, such as lupus nephritis, systemic sclerosis, myasthenia gravis, and multiple sclerosis. The brand names and/or trade names of its products and services include KYV-101 and KYV-201.

Stock Price Chart

Analysis

Pros

Healthy cash reserves of 34.72M provide 9.42x coverage of short-term debt 3.69M, demonstrating strong liquidity position and minimal refinancing risk.
Strong tangible asset base of 187.16M provides 37.25x coverage of total debt 5.02M, indicating robust asset backing and low credit risk.
Short-term investments of 136.97M provide solid 5.04x coverage of other current liabilities 27.17M, indicating strong liquidity.
Tangible assets of 187.16M provide robust 6.89x coverage of other current liabilities 27.17M, indicating strong asset backing.
Cash reserves of 34.72M provide robust 1.02x coverage of current liabilities 33.87M, indicating strong short-term solvency.

Cons

Operating cash flow of (157.25M) barely covers its investment activities of 86.52M, with a coverage ratio of -1.82, indicating heavy reliance on external financing for growth which may not be sustainable in a tighter credit environment.
Investment activities of 86.52M provide weak support for R&D spending of 137.19M, which is 0.63x, suggesting potentially insufficient investment in innovation relative to other capital deployment.
Short-term investments of 136.97M significantly exceed cash reserves of 34.72M, which is 3.95x, indicating potentially excessive yield-seeking behavior at the expense of liquidity.
The company's operating cash flow of (157.25M) shows concerning coverage of stock compensation expenses of 8.76M, with a -17.95 ratio indicating potential earnings quality issues.
Free cash flow of (158.30M) provides weak coverage of capital expenditures of 1.06M, with a -149.63 ratio suggesting additional external financing needs for growth initiatives.

Peer Comparison

Companies in the Biotechnology

S.No.	Ticker	Company	Market Cap	P/E	P/S	Total Debt (Qtr)
1	SMMT	Summit Therapeutics Inc.	1,349.40 Bn	-1,464.17	0.00	0.01 Bn
2	ONC	BeOne Medicines Ltd.	437.43 Bn	6,381.20	87.97	1.90 Bn
3	VRTX	Vertex Pharmaceuticals Inc / Ma	116.09 Bn	31.59	9.90	1.83 Bn
4	REGN	Regeneron Pharmaceuticals, Inc.	78.10 Bn	17.06	5.48	2.71 Bn
5	ALNY	Alnylam Pharmaceuticals, Inc.	55.87 Bn	1,282.42	17.40	3.21 Bn
6	ARGX	Argenx Se	52.85 Bn	35.08	27,559.65	-
7	BNTC	Benitec Biopharma Inc.	41.75 Bn	-998.33	0.00	0.00 Bn
8	INSM	INSMED Inc	37.80 Bn	-31.93	84.56	0.74 Bn

Industry Comparisons

Current Valuation

Metric	Value	Industry
EV to Assets	1.77	12.31
EV to Cash from Ops.	-2.10	23.25
EV to Debt	65.86	738.44
EV to EBIT	-2.06	-9.16
EV to EBITDA	-1.98	6.95
EV to Free Cash Flow [EV/FCF]	-2.09	21.90
EV to Market Cap	0.87	65.67
EV to Revenue	0.00	227.32
Price to Book Value [P/B]	2.49	22.34
Price to Earnings [P/E]	-2.35	-11.77

Dividend Metrics

Metric	Value	Industry
Dividend Coverage Ratio	0.00	-11.94
Dividend Payout Ratio %	0.00	0.16
Dividend per Basic Share	0.00	0.01
FCF Dividend Payout Ratio %	0.00	-0.14
Interest Coverage	-2,204.37	841.00

Growth Metrics

Metric	Value	Industry
Capex Growth (1y) %	47.28	-27.13
Cash and Equivalents Growth (1y) %	-67.01	734.65
Dividend Growth (1y) %	0.00	0.01
EBIAT Growth (1y) %	-45.64	-46.93
EBITDA Growth (1y) %	-40.61	-1.68
EBIT Growth (1y) %	-45.64	-56.45
EBT Growth (1y) %	-45.49	-12.70
EPS Growth (1y) %	87.33	-28.31
FCF Growth (1y) %	-61.93	-31.90
Gross Profit Growth (1y) %	0.00	226.84

Liquidity Ratios

Metric	Value	Industry
Asset Utilization Ratio	0.00	0.14
Cash Payout Ratio	0.00	0.00
Cash Ratio	1.02	3.85
Current Ratio	5.16	7.27
Debt to Equity Ratio	0.03	0.40
Interest Cover Ratio	-2,204.37	841.00
Times Interest Earned	-2,204.37	841.00

Profitability

Metric	Value	Industry	Percentile
EBITDA Margin %	0.00	-18,234.31
EBIT Margin %	0.00	-18,580.80
EBT Margin %	0.00	-19,488.74
Gross Margin %	0.00	-7.59
Net Profit Margin %	0.00	-19,439.22

Kyverna Therapeutics, Inc. (NASDAQ: KYTX)