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- Immediate Dilution In Net Tangible Book Value of $3.43 Per Share to New Investors (new) — New investors pay $7.94 but receive only $4.51 in net tangible book value per share, a 43% immediate dilution.
- 9,330,722 Shares of Common Stock Issuable Upon the Exercise of Stock Options Outstanding... Weighted-average Exercise Price of $4.77 Per Share (new) — A large option overhang exists with exercise prices well below the offering price, which could further dilute new investors if exercised.
Kyverna Therapeutics files to sell up to $100M in common stock at $7.94/share in at-the-market offering
Filed April 2, 2026 · ~1 min read
Key Changes
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Kyverna may sell up to $100 million of common stock from time to time under an at-the-market offering, with net proceeds to the company.
Risk Factors verify on EDGAR → -
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At the assumed $7.94 offering price, new investors face immediate dilution of $3.43 per share, as net tangible book value per share rises to only $4.51.
Risk Factors verify on EDGAR → -
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Jefferies will receive a 3% commission on gross proceeds from each sale, reducing net proceeds to Kyverna.
Risk Factors verify on EDGAR →
1 more material change behind this preview — plus the full narrative summary, section-by-section diffs against the prior filing, and verbatim quotes with EDGAR citations.
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Figures/quotes linked to EDGAR · Narrative written by AI · Sep 2, 2026 · How we verify