Kyverna Therapeutics Updates COMPARE Trial Data
Kyverna Therapeutics announced the presentation of updated data from the Phase 1 portion of COMPARE, a Phase 1/2 investigator-initiated trial evaluating miv-cel in patients with active anti-citrullinated protein antibody-positive, treatment-refractory rheumatoid arthritis. The data will be presented today in an oral presentation by Charite - University of Berlin at the European Alliance of Associations for Rheumatology, or EULAR, 2026 Congress in London. Building on the safety and efficacy results reported at ACR Convergence 2025, the updated data showed a single dose of miv-cel resulted in deep B-cell depletion with subsequent reconstitution with a naive B-cell phenotype in ACPA-positive RA patients. These findings demonstrate the potential of an immune reset and translate into meaningful clinical improvement. The COMPARE trial is an open-label, randomized, controlled Phase 1/2 study evaluating miv-cel against the anti-CD20 monoclonal antibody rituximab in patients with active ACPA-positive, treatment-refractory RA with moderate to high disease activity. All six patients enrolled in the Phase 1 portion of the study displayed highly refractory disease and had failed a median of 6.5 prior biologic and targeted synthetic disease-modifying anti-rheumatic drugs before entering the study. Patients received a single infusion of 1108 miv-cel CAR T cells following lymphodepletion with follow-up ranging up to 52 weeks. The primary endpoint for the Phase 1 study was safety and tolerability with patients additionally evaluated for efficacy and key biomarkers of RA. Deep depletion of autoreactive CD19+ B cells and plasmablasts in periphery and tissues. Rapid and substantial reduction in disease-associated autoantibodies, including ACPA, rheumatoid factor immunoglobulin A and M, for up to 52 weeks, while preserving long-term protective vaccine immunity. Substantial reduction in disease activity in all six patients who showed fewer tender and swollen joints and less joint inflammation following a single dose of miv-cel. In addition, the majority of patients met the ACR70 response by Week 36. Evidence of immune reset with repopulated B-cells returning as predominantly naive and transitional cells. Well-tolerated safety profile with no high-grade cytokine release syndrome and no immune effector cell-associated neurotoxicity syndrome. Based on the Phase 1 findings, the Phase 2 portion of the COMPARE trial has been initiated and is fully enrolled. This trial compares B-cell depletion with miv-cel versus rituximab in patients with active ACPA-positive, treatment refractory RA with moderate to high disease activity.
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- Executive Change: Kyverna Therapeutics has appointed Greg Martini as CFO to prepare for the potential commercial launch of its autoimmune disease cell therapy candidate miv-cel, with Martini previously serving as SVP and CFO at Ironwood Pharmaceuticals.
- Succession Plan: Martini succeeds Marc Grasso, who will remain with the company in a consulting role during the transition, ensuring stability and continuity amid leadership changes.
- Product Advancement: Kyverna is advancing miv-cel, also known as KYV-101, aiming for its first approval in stiff person syndrome, indicating the company's strategic positioning in the autoimmune disease treatment landscape.
- Market Outlook: As the BLA submission process for miv-cel progresses, Kyverna's market potential is expanding, particularly with positive clinical trial results in treating conditions like myasthenia gravis, laying a foundation for future growth.
- BLA Process Initiation: Kyverna Therapeutics (KYTX) has commenced the rolling Biologics License Application (BLA) process for its autoimmune CAR T therapy, miv-cel, marking a significant advancement in treating stiff person syndrome.
- Clinical Data Integration: The company has agreed with the FDA to include results from the KYSA-8 single-arm trial in the application, with the primary endpoint being the Timed 25-foot Walk (T2FW) test at 16 weeks, highlighting the focus on efficacy.
- Market Expectations: Kyverna anticipates launching miv-cel in 2027, which, if successful, could present substantial market opportunities, particularly in the rare disease space of stiff person syndrome.
- Additional Research Progress: In addition to stiff person syndrome, miv-cel is also under investigation for myasthenia gravis, further demonstrating its potential across various autoimmune diseases and bolstering investor confidence in the company.
- Earnings Highlights: Kyverna Therapeutics reported a Q1 GAAP EPS of -$0.66, beating expectations by $0.09, indicating a positive trend in financial performance despite ongoing losses.
- Cash Reserves: As of March 31, 2026, Kyverna holds $236.4 million in cash, cash equivalents, and marketable securities, providing ample funding support and ensuring a cash runway into 2028, which enhances operational stability.
- Clinical Progress: Kyverna's mid-stage trial for myasthenia gravis therapy yielded positive data, with deep responses noted despite a small sample size, potentially attracting increased investor interest in future treatment options.
- Funding Strategy: The company has filed for a $300 million mixed securities shelf to support ongoing R&D and market initiatives, reflecting confidence in future growth and strategic planning.

- Trial Success: Kyverna Therapeutics' KYSA-8 trial demonstrated a statistically significant median improvement of 46% in the Timed 25-Foot Walk (T25FW) at 16 weeks, indicating the efficacy of miv-cel in treating Stiff Person Syndrome (SPS) and enhancing patient mobility.
- Significant Patient Improvement: Among treated patients, 81% achieved clinically meaningful improvements of 20% or more, with nearly one-third walking at healthy adult speeds by week 16, reflecting the positive impact of the therapy on functional independence.
- Good Safety Profile: Miv-cel exhibited a well-tolerated safety profile, with four patients experiencing Grade 3/4 neutropenia, a manageable side effect associated with CAR T-cell therapy, and all serious treatment-related adverse events resolved fully without lasting effects.
- Future Outlook: The trial results will be presented at the American Academy of Neurology Annual Meeting in Chicago, which is expected to further enhance KYTX's market performance and increase investor interest in the biopharmaceutical sector.

- Trial Results: At the American Academy of Neurology Annual Meeting, Kyverna reported that 81% of patients in their phase-2 trial achieved clinically meaningful mobility improvements at 16 weeks, highlighting the efficacy of their CAR-T cell therapy.
- Positive Patient Response: Among the 26 patients who had not responded well to standard therapies, two-thirds no longer required walking aids after receiving a single dose of miv-cel, and all patients were able to discontinue chronic immunotherapies, demonstrating the therapy's significant impact.
- Manageable Side Effects: Miv-cel was generally well-tolerated, with the most common side effect being a temporary drop in neutrophil counts that was manageable, indicating the therapy's feasibility in terms of safety.
- Broad Market Potential: Kyverna plans to submit a biologics license application to the FDA, and if approved, it would be the first treatment for stiff person syndrome, with a total addressable market exceeding $80 billion, attracting significant investor interest.
- Market Sentiment Fluctuates: Following President Trump's announcement of a ceasefire extension with Iran, US stock index futures edged higher, with Nasdaq 100 futures up 0.68%, S&P 500 futures up 0.53%, and Dow futures up 0.47%, indicating cautious optimism among investors regarding future developments.
- Market Close Performance: Despite the uptick in futures, the S&P 500, Dow Jones Industrial Average, and Nasdaq Composite all declined about 0.6% at Monday's close, reflecting ongoing uncertainty surrounding peace negotiations that may impact short-term investment decisions.
- Oil Price Volatility: In Tuesday's trading, WTI crude futures fell 0.07% to $89.61 per barrel, while Brent crude futures dropped 0.02% to $98.46 per barrel, indicating market concerns over global economic prospects that could affect energy-related stocks.
- Stock Movements: Poet Technologies saw its shares rise after the CFO's dismissal, Navitas Semiconductor gained over 2% following the appointment of a new independent director, and Kyverna Therapeutics surged 29% after reporting positive results in a clinical trial, highlighting market interest in specific tech and biotech companies.







