EMERYVILLE, Calif. - Kyverna Therapeutics Inc. (NASDAQ: KYTX), a clinical-stage biopharmaceutical company with a market capitalization of $144 million, today announced the appointment of Dr. Naji Gehchan as Chief Medical (TASE:PMCN) and Development Officer. According to InvestingPro data, while the company maintains strong liquidity with a current ratio of 10.5, it faces typical biotech challenges with ongoing cash burn. Dr. Gehchan will oversee the company's research, clinical development, and medical affairs, bringing over 20 years of experience in the pharmaceutical industry and clinical practice to the role.
Dr. Gehchan joins Kyverna from Eli Lilly and Company (NYSE:LLY), where he led clinical development for a novel breast cancer treatment, imlunestrant, from Phase 1 to global submissions. His tenure at Lilly spanned over 16 years, during which he held several senior leadership roles, including Associate Vice President of Sales for the U.S. Diabetes Team and Chief Marketing Officer for Lilly France, Belgium, and Netherlands.
Kyverna's CEO Warner Biddle expressed confidence in Dr. Gehchan's ability to lead the company through its next growth phase, particularly as it advances its lead CAR T-cell therapy candidate, KYV-101, into late-stage development for autoimmune diseases.
Christi Shaw, Independent (LON:IOG) Director on Kyverna's Board, praised Dr. Gehchan's disciplined and patient-centered approach, noting his background as a perfect fit for Kyverna's needs. Dr. Gehchan himself expressed enthusiasm for contributing to Kyverna's pioneering work in cell therapy for autoimmune diseases.
In a strategic shift, Dominic Borie, M.D., Ph.D., who has served as Kyverna's founding CEO and President of Research and Development, will transition to a new role as Strategic Advisor to the CEO and the Board.
Kyverna will grant Dr. Gehchan an inducement equity award of an option to purchase 425,000 shares of common stock under the company's 2024 Inducement Equity Incentive Plan, in accordance with Nasdaq Listing Rule 5635(c)(4). The stock currently trades near its 52-week low of $3.24, having declined significantly over the past year. InvestingPro analysis suggests the stock is currently trading below its Fair Value, with 12 additional ProTips available to subscribers. The option will vest over four years, with the first quarter vesting on the one-year anniversary of his appointment.
Kyverna is focused on developing cell therapies with the potential to cure autoimmune diseases. For deeper insights into Kyverna's financial health and growth prospects, including detailed analyst forecasts and comprehensive financial metrics, visit InvestingPro. Its lead candidate, KYV-101, is undergoing Phase 2 trials for stiff person syndrome and myasthenia gravis, with ongoing Phase 1/2 trials for lupus nephritis. The company is also exploring treatments for multiple sclerosis and systemic sclerosis through investigator-initiated trials.
This announcement is based on a press release statement from Kyverna Therapeutics.
In other recent news, Kyverna Therapeutics reported significant leadership changes and financial results. The biopharmaceutical company announced the addition of three new executives to its leadership team, namely Dan Maziasz as Chief Business Officer, Cara Bauer as Chief Human Resources Officer, and Tracy Rossin as Senior Vice President of Corporate Affairs, Communications, and Investor Relations. Kyverna also revealed the resignation of its Chief Medical Officer, James Chung, followed by a severance agreement.
The company reported a net loss of $0.80 per share in its third-quarter financials for 2024, a steeper loss than the anticipated $0.68 per share. As a result, H.C. Wainwright reduced the stock price target for Kyverna from $7 to $6 while maintaining a Neutral stance. In contrast, JPMorgan (NYSE:JPM) maintained an Overweight rating on Kyverna, showing confidence in the company's progress. UBS also initiated coverage on the company with a Buy rating and a price target of $13.
Kyverna Therapeutics also announced the appointment of Mert Aktar, a biopharmaceutical industry veteran, to its Board of Directors. This strategic move is expected to support the company's growth, particularly in the advancement of its lead CAR T-cell therapy candidate, KYV-101. These recent developments underscore Kyverna's commitment to its growth strategy and potential impact on autoimmune disease treatment.
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