Kyverna's KYV-101 in autoimmune trials; Vertex has cystic fibrosis dominance

Kyverna Therapeutics is advancing KYV-101, a CAR T-cell therapy for autoimmune diseases, in U.S. and Germany trials. The company reported a $161.3 million net loss in FY 2025, up from $142.6 million in 2024. Vertex Pharmaceuticals holds a near-monopoly in cystic fibrosis and has approved multiple therapies. Both companies operate in high-risk, high-reward biotech sectors.