Kyverna Therapeutics Provides Business Update and Reports Third Quarter 2024 Financial Results

Core Insights - Kyverna Therapeutics has made significant leadership appointments, including Warner Biddle as CEO, to enhance its clinical, commercial, and strategic expertise in cell therapy [1][8] - The company is advancing its KYSA clinical development program, with promising clinical data for KYV-101 in various autoimmune diseases presented at recent conferences [2][3] - Kyverna reported a strong financial position with $321.6 million in cash and equivalents as of September 30, 2024, despite a net loss of $34.3 million for the third quarter [11][12] Leadership and Management Updates - Warner Biddle has been appointed as CEO, bringing over 30 years of experience in commercial and product planning [8] - Christi Shaw and Mert Aktar have joined the Board of Directors, contributing expertise in corporate strategy and manufacturing [8] - Cara Bauer has been appointed as Chief Human Resources Officer to support talent development and organizational growth [8] Clinical Development Highlights - KYV-101 has shown potential in treating stiff-person syndrome, myasthenia gravis, and multiple sclerosis, with data presented at ECTRIMS [3][4] - The company plans to present further clinical data on KYV-101 for lupus nephritis at ACR Convergence 2024, focusing on efficacy, safety, and durability [4][5] - As of November 2024, Kyverna has initiated Phase 2 dosing for KYV-101 and received RMAT and Orphan Drug Designations for multiple indications [6][7] Financial Performance - For Q3 2024, Kyverna reported a net loss of $34.3 million, compared to a net loss of $15.5 million in Q3 2023 [11] - The net cash used in operating activities for the nine months ended September 30, 2024, was $77.2 million, up from $33.8 million in the same period in 2023 [11] - The company ended the quarter with $321.6 million in cash, cash equivalents, and marketable securities [12] Manufacturing and Operational Updates - Kyverna has expanded its manufacturing capacity by partnering with ElevateBio as a second-source supplier for KYV-101 [9] - The company published a study highlighting a 100% manufacturing success rate for KYV-101 in 20 patients, demonstrating a robust manufacturing process [10]