Kyverna’s $319M Upsized IPO Is Latest in Surge of Biotechs Going Public

Nasdaq_iStock, JHVEPhoto

Pictured: Nasdaq headquarters in New York City/iStock, JHVEPhoto

Kyverna Therapeutics will debut on the Nasdaq Global Select Market on Thursday under the ticker symbol KYTX after announcing that it is putting up for sale 14.5 million shares of its common stock for $22 apiece in an upsized initial public offering.

The California-based biotech is expecting the IPO to bring in $319 million in gross proceeds, before subtracting underwriting discounts, commissions and other similar expenses. Kyverna could raise even more money if underwriters take their 30-day option to buy up to 2.175 million more shares of common stock at the IPO price. The offering will close on or around Feb. 12.

Wells Fargo Securities, J.P. Morgan, Morgan Stanley and Leerink Partners will be joint book-running managers for Kyverna’s IPO.

Kyverna’s IPO pricing on Thursday is a huge jump from its previous target. The biotech announced last week that it was planning to sell more than 11 million shares of its common stock for $18 each, for total net earnings of around $182 million—or a maximum of $210.2 million, including the 30-day underwriter option.

According to an SEC filing last week, Kyverna will use its IPO proceeds to support the development of its lead candidate KYV-101, which is an autologous CAR T therapy targeting the CD19 antigen. The biotech currently has a Phase II study of KYV-101 in multiple sclerosis and myasthenia gravis.

In December 2023, the FDA granted the candidate its Fast Track Designation for refractory myasthenia gravis, following a November 2023 case report publication in The Lancet Neurology, demonstrating that KYV-101 improved muscle strength and lowered fatigue in a 33-year-old patient, alongside a 70% reduction in pathogenic anti-acetylcholine receptor autoantibodies.

KYV-101 is also in a Phase I/II study in systemic sclerosis and a Phase I trial in lupus nephritis.

The IPO is also meant to help Kyverna advance its allogeneic CAR T therapy candidate KYV-201, which similarly binds to the CD19 antigen, into clinical development.

Kyverna is the fourth biotech this year with an upsized IPO. First out of the gate was CG Oncology, which went public late last month, raising $380 million from its initial target of just over $180 million. On its heels was ArriVent Biopharma, debuting on the Nasdaq just a day later with a haul of $175 million, up from its initial estimate of $135 million to $156 million.

Last week, Alto Neuroscience also upsized its IPO to $128.6 million, from a previous target of $89 million to $103 million. Fractyl Health went public last week as well, but has so far been trading below its IPO price.

All eyes are now on Metagenomi, which on Monday announced an IPO target of $86.9 million.

Tristan Manalac is an independent science writer based in Metro Manila, Philippines. Reach out to him on LinkedIn or email him at or

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