| COMPANY |
Kyverna Therapeutics, Inc |
| COURT |
United States District Court for the Northern District of California |
| CASE NUMBER |
24-cv-08869 |
| JUDGE |
The Hon. Patrick Casey Pitts |
| CLASS PERIOD |
Pursuant and/or traceable to IPO on February 8, 2024 |
| SECURITY TYPE |
Common Stock |
Case Background:
Kyverna’s lead product candidate is KYV-101, which is being developed for neurological and rheumatological diseases, including, lupus nephritis, a kidney disease that commonly develops in patients with systemic lupus erythematosus. Kyverna initiated two clinical trials of KYV-101, KYSA-1 and KYSA-3, respectively, to evaluate, among other things, KYV-101’s incidence of adverse events and laboratory abnormalities, the frequency of dose-limiting toxicities, efficacy, and immunogenicity (the ability of a substance to cause an immune response in an organism).
On or about February 8, 2024, Kyverna conducted its IPO, offering 14.5 million shares of its common stock to the public at a price of $22 per share (the “Offering Price”) for anticipated proceeds of over $296 million. Kyverna granted the underwriters a 30-day option to purchase up to an additional 2.175 million shares of its common stock at the Offering Price, less underwriting discounts and commissions. According to the prospectus and registration statements issued in connection with Kyverna’s IPO (the “Offering Documents”), “[i]n early results available as of December 31, 2023, from the first two adult patients enrolled in our KYSA-1 LN trial and from the first adult patient enrolled in our KYSA-3 LN trial, we observed improvement in” urine protein creatinine ratio, which measures certain indicators of lupus found in urine.
The complaint alleges that, in the Offering Documents, Defendants made materially false and/or misleading statements and/or omissions regarding the company’s business, operations, and prospects. Specifically, Defendants made false and/or misleading statements regarding, and/or failed to disclose, that: (1) Kyverna possessed adverse data related to one of its clinical trials at the time of its IPO; and (2) as a result, the Offering Documents were materially false and/or misleading and failed to state information required to be stated therein.
Current Status of Case:
On March 11, 2025, the Court appointed Lead Plaintiff. This action is ongoing.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP: Jon Naji, Esq. (484) 270-1453; toll-free at (844) 887-9500; or via e-mail at info@ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.