Kyverna Therapeutics, Inc.

KYTX
About the company

Kyverna Therapeutics, Inc., a late-stage biopharmaceutical company, focuses on developing cell therapies for patients with autoimmune diseases. Its lead product candidate is KYV-101, an autologous CD19 CAR T-cell product candidate for the treatment of stiff person syndrome, myasthenia gravis, and autoimmune diseases.

Country: United StatesPrice: $5.05Market Cap: $319.3M

Investment snapshot

0%positive consensus
Scored 1d ago

Positive

0

BUY / PASS

Neutral / negative

2 / 14

NEUTRAL / FAIL

Median fair value

—

No comparable estimates

Models with upside

0 / 17

Positive margin of safety

Strongest signal

9 of 12 pass — Buffett, Marks and Asness object

Key risk

No clean pass — all 13 investors flag at least one valuation criterion

Framework analysis

VerdictMeaning
BUYPositive purchase signal: the framework's buy requirements are met.
PASSThe company clears the framework's checklist or screen, but the framework does not produce a buy signal. For valuation frameworks this often means margin of safety is missing, insufficient, or unavailable; some screen-only frameworks have no intrinsic-value BUY state.
NEUTRALNeither a positive nor negative conclusion. It does not mean to hold an existing position.
FAILThe company does not clear the framework's requirements.
RankedRanked strategies do not use PASS: selected cohort is BUY, outside the cohort is FAIL, and unranked is NEUTRAL.

Current investor scores use trailing 12-month flows and the latest balance sheet where supported. Multi-year and EPS tests retain annual history; each framework shows its financial basis below. Intrinsic values use annual financials.

MetricGraham

Defensive Value

Buffett

Quality Compounder

Lynch

GARP

Greenblatt

Magic Formula

Piotroski

F-Score

Dreman

Contrarian Value

Munger

Quality Focus

Pabrai

Dhandho Framework

Akre

Three-Legged Stool

Marks

Risk-Aware Value

Ackman

Activist Value

Templeton

Global Bargain Hunter

Sleep

Scale Economies Shared

Asness

Systematic Factors

Neff

Low-P/E Total Return

Schloss

Asset-Value Discipline

O'Shaughnessy

Systematic Factor Composite

VerdictFAILFAILFAILFAIL · Rank #2801 (Top 90.4%)FAILFAILFAILFAILFAILFAILFAILFAILFAILNEUTRALFAILFAILNEUTRAL
Score
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Intrinsic Value (annual)N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Margin of SafetyN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Financial Basis

Annual history · FY 2025 · Balance sheet at 2026-09-30

Latest source filing: 2026-11-12

Score computed: 2026-11-14

Annual history · FY 2025 · TTM ended 2026-09-30

Latest source filing: 2026-11-12

Score computed: 2026-11-14

Annual history · FY 2025 · Balance sheet at 2026-09-30 · TTM ended 2026-09-30

Latest source filing: 2026-11-12

Score computed: 2026-11-14

TTM ended 2026-09-30

Latest source filing: 2026-11-12

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-03-26

Score computed: 2026-11-14

Annual history · FY 2025 · TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Market data at 2026-11-01

Latest source filing: 2026-11-12

Score computed: 2026-11-14

Qualitative assessment · Annual history · FY 2025 · TTM ended 2026-09-30 · Balance sheet at 2026-09-30

Latest source filing: 2026-11-12

Score computed: 2026-11-14

Qualitative assessment · Annual history · FY 2025

Latest source filing: 2026-03-26

Score computed: 2026-11-14

Annual history · FY 2025 · Qualitative assessment · Balance sheet at 2026-09-30

Latest source filing: 2026-11-12

Score computed: 2026-11-14

Annual history · FY 2025 · TTM ended 2026-09-30 · Qualitative assessment

Latest source filing: 2026-11-12

Score computed: 2026-11-14

Annual history · FY 2025 · TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Market data at 2026-11-01

Latest source filing: 2026-11-12

Score computed: 2026-11-14

Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 · Balance sheet at 2026-09-30

Latest source filing: 2026-11-12

Score computed: 2026-11-14

Annual history · FY 2025 · Qualitative assessment

Latest source filing: 2026-03-26

Score computed: 2026-11-14

TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Price history 2025-01-01–2026-11-01 · Annual history · FY 2025

Latest source filing: 2026-11-12

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-03-26

Score computed: 2026-11-14

Annual history · FY 2025 · Balance sheet at 2026-09-30

Latest source filing: 2026-11-12

Score computed: 2026-11-14

Annual history · FY 2025 · TTM ended 2026-09-30 · Price history 2025-01-01–2026-11-01

Latest source filing: 2026-11-12

Score computed: 2026-11-14

Where It Passes

  • Debt & Leverage75% pass✓ 12✗ 3▾

    9 of 12 pass — Buffett, Marks and Asness object

    LT Debt vs Net Current AssetsLT Debt $25.0M vs NCA $151.1M
    ✓GrahamLT Debt <= Net Current Assets
    Debt/Equity & Interest CoverageD/E: 0.19, IC: -64.9x
    ✗BuffettD/E < 0.5 AND Interest Coverage > 5x
    Total Debt / Equity0.19
    ✓Lynch< 0.33
    Cash - Long-term Debt$6.9M
    ✓LynchPositive preferred
    LT Debt / Total Assets Change0.00% -> 0.00%
    ✓PiotroskiDecreased YoY
    Current Assets / Current Liabilities7.01
    ✓Dreman> 1.5✓SchlossCurrent ratio >= 1.50x (app cutoff)
    Total Debt / Shareholders' Equity0.19
    ✓Dreman< 0.8✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00x
    Debt Levels0.19
    ✓MungerDebt/Equity < 0.5✓AkreDebt/Equity < 0.3
    Interest Coverage & Debt/EBITDAIC=-64.9x, D/EBITDA=N/A
    ✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x
    Total Debt / Shareholders Equity0.19
    ✓Ackman<= 1.0
    Negative debt-to-equity (higher means less debt)-0.1877; #1639/4210 (top 38.9%)
    ✗AsnessTop 30% of eligible cross-section

Where It Falls Short

  • Valuation0% pass✓ 3✗ 25▾

    No clean pass — all 13 investors flag at least one valuation criterion

    Price / Book Value per Share1.3x
    ✗Dreman< 1.2x✓Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)
    Price / 3-yr avg EPS
    ✗Graham<= 15x
    Price-to-Book Ratio1.3x
    ✓Graham<= 1.5x
    P/E x P/B
    ✗Graham<= 22.5
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    EBIT / Enterprise Value-52.2%
    ✗Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=-52.2%, ROC=-135.1%
    ✗GreenblattBoth EY > 10% and ROC > 25%
    Price / EPS
    ✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)
    Price / (CFO / Shares)N/A (negative CFPS)
    ✗Dreman< 8x
    Valuation ReasonablenessOE Yield=-52.3%
    ✗MungerP/E < 25 or Owner Earnings Yield > 5%
    P/E or FCF YieldFCF Yield=-48.1%
    ✗PabraiP/E < 15 or FCF Yield > 10%
    P/B or P/E vs. Historical AverageP/B=1.3x
    ✓MarksP/E < 15 or P/B < 2.0
    Discount to Intrinsic ValueN/A (negative normalized EPS)
    ✗Marks>= 20% below intrinsic value
    Price / FCF per ShareN/A (negative FCF)
    ✗Ackman<= 25
    Price vs. Trailing Low262% of trailing low ($1.93)
    ✗Templeton<= 120% of trailing low (certified split-adjusted live window)
    Net income / market capitalization-49.42%; #5043/6340 (top 79.5%)
    ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
    Positive book equity / market capitalization+0.4171; #3199/6449 (top 49.6%)
    ✗AsnessTop 30% of eligible cross-section
    Price / Diluted EPS
    ✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)
    (EPS CAGR % + Dividend Yield %) / P/E
    ✗Neff> 0.7 (Neff's published traditional edge)
    Price / Tangible Book Value per Share1.31x
    ✗SchlossP/TBV <= 1.00x (app cutoff)
    Book Value per Share Change
    ✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)
    Revenue / market capitalization
    ✗OshaughnessyTop 10% of eligible cross-section
    (Operating cash flow - capex) / market capitalization-48.15%; #3843/4519 (top 85.0%)
    ✗OshaughnessyTop 10% of eligible cross-section
    Trailing six-month price return through the evaluation date-43.58%; #4937/6202 (top 79.6%)
    ✗OshaughnessyTop 10% of eligible cross-section
  • Cash Flow0% pass✓ 1✗ 11▾

    No clean pass — all 10 investors flag at least one cash flow criterion

    Free Cash Flow Proxy$-159.5M
    ✗BuffettPositive and growing
    FCF Positive and Growing$-153.7M
    ✗LynchPositive and growing
    Operating Cash Flow$-153.7M
    ✗PiotroskiCFO > 0
    (CFO / Total Assets) vs ROACFO/Assets=-52.31%, ROA=-54.90%
    ✓PiotroskiCFO/Assets > ROA
    Price / (CFO / Shares)N/A (negative CFPS)
    ✗Dreman< 8x
    P/E or FCF YieldFCF Yield=-48.1%
    ✗PabraiP/E < 15 or FCF Yield > 10%
    FCF Positive0/3 years FCF positive
    ✗MarksPositive FCF in majority of recent years
    (OCF - CapEx) / Market Cap-50.4%
    ✗Ackman>= 4%
    Price / FCF per ShareN/A (negative FCF)
    ✗Ackman<= 25
    Positive Operating Cash Flow frequency0/3 years positive
    ✗SleepPositive OCF in >= 70% of available years
    Operating Cash Flow - Capital Expenditures$-153.7M
    ✗Neff> $0 (app proxy for a strong fundamental case)
    (Operating cash flow - capex) / market capitalization-48.15%; #3843/4519 (top 85.0%)
    ✗OshaughnessyTop 10% of eligible cross-section
  • Growth0% pass✓ 1✗ 12▾

    No clean pass — all 8 investors flag at least one growth criterion

    EPS Growth (3-yr avg, 10-yr window)
    ✗Graham>= 33% growth
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR
    ✗Lynch15-30% (Fast Grower); > 0% to pass
    Inventory Growth vs Revenue GrowthN/A (no inventory)
    ✓LynchInventory growth < Revenue growth
    EPS Growth Direction$-89.61 (2023) -> $-3.64 (2025)
    ✗DremanPositive over recent years
    EPS CAGR
    ✗Dreman> 5% annualized
    Positive Net Income Frequency0/3 years positive
    ✗MarksPositive net income in >= 7 of last 10 years
    3yr Median Revenue Growth
    ✗Ackman>= 5%
    Positive EPS Growth Frequency1/2 years with positive EPS growth
    ✗AckmanPositive EPS growth in >= 3 of last 5 years
    5-Year EPS CAGR
    ✗Templeton> 0% (5-year EPS CAGR)
    Revenue growth vs. gross and operating margin trend
    ✗SleepRevenue rising; gross margin flat or falling; operating margin holding
    5-year Revenue CAGR
    ✗SleepCAGR > 7%
    3-5 Year Diluted EPS CAGR
    ✗Neff7%-20% annualized
  • Verdicts0% pass✗ 15▾

    Split decision: 14 FAIL · 2 NEUTRAL

    Overall verdict
    ✗GrahamFAIL (3/9)✗BuffettFAIL (0/9)✗LynchFAIL (3/7)✗GreenblattRank #2801✗PiotroskiFAIL (F-Score 2)✗DremanFAIL (2/11)✗MungerFAIL (1/4)✗PabraiFAIL (1/3)✗AkreFAIL (1/6)✗MarksFAIL (1/5)✗AckmanFAIL (1/9)✗TempletonFAIL (3/8)✗SleepFAIL (0/6)•AsnessNEUTRAL (Not ranked)✗NeffFAIL (0/6)✗SchlossFAIL (2/7)•OshaughnessyNEUTRAL (Not ranked)
  • Profitability6% pass✓ 2✗ 33▾

    15 of 16 flag KYTX's profitability — Graham, Buffett, Lynch +12 more

    Positive EPS (10 years)0/4 years positive
    ✗GrahamPositive EPS every year for 10 years
    EPS Growth (3-yr avg, 10-yr window)
    ✗Graham>= 33% growth
    Net Income Positive (10+ years)0/4 years positive
    ✗BuffettPositive every year for 10+ years
    ROE (up to 5-year arithmetic mean)-58.6%
    ✗Buffett> 15% arithmetic mean (app rule)
    Operating Margin (10-yr trend)
    ✗BuffettStable or rising over 10 years
    Free Cash Flow Proxy$-159.5M
    ✗BuffettPositive and growing
    Earnings Variance (10-yr CoV)
    ✗BuffettCoV < 0.3
    Retained Earnings Effectiveness
    ✗Buffett$1 retained -> > $1 market value created
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR
    ✗Lynch15-30% (Fast Grower); > 0% to pass
    ROE-118.5%
    ✗Lynch> 15%
    EBIT / Enterprise Value-52.2%
    ✗Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=-52.2%, ROC=-135.1%
    ✗GreenblattBoth EY > 10% and ROC > 25%
    Net Income / Total Assets-54.90%
    ✗PiotroskiROA > 0
    ROA Change YoY-41.84% -> -54.90% (delta: -13.05%)
    ✗PiotroskiCurrent ROA > Prior ROA
    (CFO / Total Assets) vs ROACFO/Assets=-52.31%, ROA=-54.90%
    ✓PiotroskiCFO/Assets > ROA
    Gross Margin Change YoY
    ✗PiotroskiImproved YoY
    Pre-Tax Income / Revenue
    ✗Dreman>= 8%
    Net Income / Shareholders' Equity-118.5%
    ✗Dreman> 12%
    Margin of SafetyP/B=1.3x
    ✓PabraiP/B < 1.5 or P/E < 15
    Return on Equity-58.6% (3-yr avg)
    ✗AkreROE > 20% (3-year avg)
    Discount to Intrinsic ValueN/A (negative normalized EPS)
    ✗Marks>= 20% below intrinsic value
    Positive Net Income Frequency0/3 years positive
    ✗MarksPositive net income in >= 7 of last 10 years
    Operating Income / Revenue
    ✗Ackman>= 15%
    Net Income / Shareholders Equity-118.5%
    ✗Ackman>= 15%
    5-Year EPS CAGR
    ✗Templeton> 0% (5-year EPS CAGR)
    Operating Margin Trend
    ✗TempletonNon-negative operating-margin trend over 3 years
    Revenue growth vs. gross and operating margin trend
    ✗SleepRevenue rising; gross margin flat or falling; operating margin holding
    Net income / market capitalization-49.42%; #5043/6340 (top 79.5%)
    ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
    Gross profit / total assets
    ✗AsnessTop 30% of eligible cross-section
    Net income / positive book equity-118.50%; #4670/5226 (top 89.4%)
    ✗AsnessTop 30% of eligible cross-section
    Negative 5-year standard deviation of ROA-0.1596; #3993/5884 (top 67.9%)
    ✗AsnessTop 30% of eligible cross-section
    3-5 Year Diluted EPS CAGR
    ✗Neff7%-20% annualized
    Positive Diluted-EPS Years
    ✗Schloss>= 70% positive over 5-10 observed years (app rule)
  • Efficiency25% pass✓ 2✗ 9▾

    6 of 8 flag KYTX's efficiency — Buffett, Greenblatt, Piotroski +3 more

    Current Ratio7.01
    ✓Graham>= 2.0
    ROIC (3-5 yr avg)-83.3%
    ✗Buffett> 10%
    ROIC - WACC-93.3%
    ✗BuffettPositive (WACC = 10%)
    EBIT / (NWC + Net Fixed Assets)-135.1%
    ✗Greenblatt> 25%
    Current Ratio Change YoY8.61 -> 7.75
    ✗PiotroskiIncreased YoY
    Revenue / Total Assets Change YoY
    ✗PiotroskiImproved YoY
    Current Assets / Current Liabilities7.01
    ✓Dreman> 1.5
    Return on Invested Capital-81.5%
    ✗Munger> 15%
    ROIC (high and growing)FY2023: ROIC=unavailable; FY2024: ROIC=-42.1%; FY2025: ROIC=-52.1%
    ✗AkreLatest 3 consecutive FYs: ROIC > 15% in each
    Reinvestment Rate x ROICN/A (non-positive net income)
    ✗AkreReinvestment Rate * ROIC > 10%
    ROIC (5-year)0/2 years above 12% (latest -52.1%)
    ✗SleepROIC > 12% in a majority of years

Business & financials

Financial snapshot: annual FY 2025. Current investor scores may use newer quarterly data.

Company Profile

Industry: Pharmaceutical Products
SIC Sector: Chemicals & Pharmaceuticals
Size: Small Cap($319.3M)
Revenue: N/A
Net Income: $161.3M-26.5% YoY

Financial Snapshot

Operating Margin--
Return on Equity-69.4%
Debt / Equity0.11
Current Ratio7.75
EPS (Diluted)$-3.64
Shares Retired−39.9%

Similar Companies

MRKMerck & Co., Inc.
$364.3B
ABTABBOTT LABORATORIES
$188.0B
BMYBRISTOL MYERS SQUIBB CO
$129.7B
TECHBIO-TECHNE Corp
$11.4B

Shareholder Return

Fiscal 2025

Issued 39.9% of shares last year.

Buybacks
—
Dividends
—

Company Financials

Latest TTM and quarters alongside annual years

TTM sums four consecutive quarters and uses the latest quarter-end balances. Quarter columns show three-month results; annual columns show full-year totals. Growth compares the same period a year earlier. EPS is not added for TTM; full-year ratios are blank for quarters.

The latest annual period end is unavailable. Showing the latest fiscal cycle’s quarters; quarter and annual columns may overlap. Quarterly shows the full quarter history.

MetricTTM · 2026-09-30

2025-10-01 – 2026-09-30

Sources · derived quarter values

Derived from cumulative filings: net income, operating income, ebit, interest expense, operating cash flow, depreciation amortization, capex.

Q3 FY 2026

2026-07-01 – 2026-09-30

Sources · derived quarter values

Derived from cumulative filings: operating cash flow, depreciation amortization, capex.

Q2 FY 2026

2026-04-01 – 2026-06-30

Sources · derived quarter values

Derived from cumulative filings: operating cash flow, depreciation amortization.

Q1 FY 2026

2026-01-01 – 2026-03-31

Sources
FY 2025
Sources
  • 10-K · 2026-03-26
FY 2024
Sources
  • 10-K · 2026-03-26
FY 2023
Sources
  • 10-K · 2025-03-27
FY 2022
Sources
  • 10-K · 2025-03-27
Market Cap$319.3Mcurrent------$484.1Mest.$140.0Mest.$34.0Mest.--
Revenue----------------
Operating Income-$163.1M↑5%-$42.9M↓11%-$39.6M↑11%-$41.4M↑13%-$169.8M↓19%-$142.6M↓129%-$62.4M--
Net Income-$157.8M↑2%-$41.9M↓14%-$38.3M↑9%-$39.7M↑11%-$161.3M↓27%-$127.5M↓111%-$60.4M--
EPS (Diluted)--$-0.68↑20%$-0.63↑35%$-0.66↑36%$-3.64↓9%$-3.33↑96%$-89.61--
Gross Margin————————
Operating Margin————————
ROE-118.5%↓12%———-69.4%↓45%-47.8%↓110%459.4%—
Total Debt$25.0M↑12522%$25.0M↑12522%$25.0M↑7764%$25.0M↑4216%$25.1M↑3116%$779.0K↓58%$1.9M--
Shareholders' Equity$133.2M↓12%$133.2M↓12%$165.5M↓10%$195.6M↓13%$232.3M↓13%$266.6M↑2129%-$13.1M↑82%-$74.0M
Current Ratio7.01↑36%7.01↑36%9.06↑68%8.15↑10%7.75↓10%8.61↑182%3.05—
Debt / Equity0.19↑14303%0.19↑14303%0.15↑8659%0.13↑4843%0.11↑3591%0.00↑102%-0.14—
Operating Cash Flow-$150.8M↑4%-$35.4M↑18%-$40.3M↓26%-$41.6M↑7%-$153.7M↓35%-$114.3M↓118%-$52.4M--
Free Cash Flow---$35.5M↑18%-----$153.7M↓32%-$116.5M↓120%-$53.0M--

Score history

Historical Score Timeline

Industry peers

Industry Peers

Similar companies in Pharmaceutical Products

KYTX vs Peers — Financial Grading

RevenueN/A
Net Income$161.3MBottom 25%
ROE-69.4%Bottom 25%
D/E0.11Top 25%
Op. Margin—
Curr. Ratio7.75Top 25%
CompanyMarket CapPriceRevenueNet IncomeROED/EOp. MarginCurr. RatioGrahamBuffettLynchGreenblattPiotroskiDreman
Merck & Co., Inc.MRK$364.3B$147.76$65.0B$18.3B34.7%0.94—1.542/95/94/70/3F-Score 41/11
ABBOTT LABORATORIESABT$188.0B$108.52$44.3B$6.5B12.5%0.2518.2%1.583/94/92/71/3F-Score 53/11
BRISTOL MYERS SQUIBB COBMY$129.7B$63.43$48.2B$7.1B38.2%2.4419.4%1.262/91/93/71/3F-Score 85/11
BIO-TECHNE CorpTECH$11.4B$72.80$1.2B$73.4M3.8%—8.4%3.464/93/93/70/3F-Score 54/11
REPLIGEN CORPRGEN$10.7B$167.79$738.3M$48.9M2.3%0.267.5%8.373/92/93/70/3F-Score 75/11
IONIS PHARMACEUTICALS INCIONS$4.8B$29.06$943.7M$381.4M-78.0%3.60-40.4%3.833/91/91/70/3F-Score 43/11
NEOGEN CORPNEOG$2.5B$11.23$870.4M$7.9M-0.4%0.76-2.5%3.823/91/92/70/3F-Score 64/11
Pharvaris N.V.PHVS$2.4B$33.36—$206.4M-64.8%0.00——0/90/92/70/3F-Score 22/11