Kyverna Therapeutics (KYTX) has upsized its proposed initial public offering to $200M from $100M.
According to a recent SEC filing, Kyverna is now looking to offer 11.1M shares priced between $17 and $19 per share, which would raise just under $200M if priced at the midpoint. Underwriters would be granted an option to buy up to 1.7M additional shares to cover any over-allotments.
In its initial filing last month, Kyverna indicated it was considering raising $100M, a number that was likely a placeholder and subject to change.
The biotech company intends to list its shares on Nasdaq under the symbol KYTX. JP Morgan, Morgan Stanley, Leerink Partners and Wells Fargo Securities are serving as bookrunners.
Kyverna’s lead program, KYV-101, is a CD19 CAR T-cell therapy licensed from the National Institutes of Health. The product is in Phase 1 testing for lupus nephritis and systemic sclerosis, and in Phase 2 testing for myasthenia gravis and multiple sclerosis.