Aug. 11 at 8:18 PM
$RNAC is still trading at more than 2x market cap of
$KYTX.
- RNAC is trading at a valuation of
$288 million, which is
$154 million more than Kyverna which is trading at
$134 million.
- RNAC has about
$60 million less in cash on hand than Kyverna which has
$240 million pre Q2 earnings and realistically has about
$220 million
- RNAC and KYTX are at very similar stages in clinical development, but RNAC is likely unable to commercialize their current pipeline of Descartes-08 even if it passes Phase 3 and are hedging more on their next generation Descartes-15 which is in Phase 1 and way behind in terms of testing and commercialization.
- Kyverna's main pipeline is on track for commercialization in 2027 with manufacturing already scaled and planned, RNAC's Descartes-15 probably will not be ready for commercialization until around 2031 or later. Descartes-08 might be ready for commercialization in 2027 but will likely be highly unprofitbale
It's rather crazy that the valuations are not flipped
