EMERYVILLE, Calif. - Kyverna Therapeutics (KYTX), a clinical-stage biopharmaceutical company with a market capitalization of $202 million, announced the addition of three new executives to its leadership team earlier this week. The company's stock has faced significant headwinds this year, declining over 85% year-to-date to $4.42 per share. Dan Maziasz has been appointed 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.
Warner Biddle, CEO of Kyverna, expressed confidence in the new appointments, highlighting the trio's collective expertise in business, human resources, and strategic communications as vital to the company's growth and its mission to revolutionize treatment for autoimmune diseases.
Maziasz, who has over 25 years of industry experience, previously held a similar role at Atara Biotherapeutics (NASDAQ:ATRA) and played a significant part in strategic planning and research collaborations. His background also includes positions at Kite Pharma and Amgen (NASDAQ:AMGN), where he developed a comprehensive skill set in business development, corporate strategy, and commercial functions.
Bauer joins Kyverna with a wealth of global human resources experience, having previously led HR strategies for Kite, a Gilead (NASDAQ:GILD) Company, during a period of rapid growth. Her past roles at Netflix (NASDAQ:NFLX), Amgen, Gartner (NYSE:IT), and Novo Nordisk (NYSE:NVO) have equipped her with extensive knowledge in managing human resources across various sectors.
With more than two decades of experience in strategic communications, Rossin brings her expertise from her recent position at Kite, where she was responsible for corporate and product communications, as well as patient advocacy. Her career also includes leadership roles at Innate Pharma (EPA:IPH) and AstraZeneca/MedImmune, and she has experience working with global public relations agencies.
Coinciding with Maziasz's appointment, Kyverna granted him an inducement option to purchase 350,000 shares of its common stock on December 9, 2024, under the company's 2024 Inducement Equity Incentive Plan. The option vests over four years and is contingent upon his continued service to the company.
Kyverna Therapeutics is advancing its lead CAR T-cell therapy candidate, KYV-101, through clinical trials for various autoimmune diseases. The company's pipeline includes next-generation CAR T-cell therapies designed for B cell-driven autoimmune diseases.
The recent executive appointments and ongoing clinical developments underscore Kyverna's commitment to its growth strategy and potential impact on autoimmune disease treatment. This news is based on a press release statement from Kyverna Therapeutics.
In other recent news, Kyverna Therapeutics announced the resignation of its Chief Medical (TASE:PMCN) Officer, James Chung, followed by a severance agreement. The company also 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. The firm's research and development expenses reached $29.2 million, surpassing the estimated $27.5 million. Following these financial results, H.C. Wainwright cut the stock price target for Kyverna from $7 to $6, maintaining a Neutral stance.
In contrast, JPMorgan (NYSE:JPM) maintained an Overweight rating on Kyverna, showing confidence in the company's progress in developing CAR-T cell therapies for autoimmune diseases. UBS also initiated coverage on the company with a Buy rating and a price target of $13, noting potential in Kyverna's pipeline.
In addition to these analyst adjustments, Kyverna 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 are the recent developments shaping the landscape for Kyverna Therapeutics.
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