Kyverna Therapeutics, Inc. · NASDAQ:KYTX
Kyverna Therapeutics — Jefferies Healthcare Conference 2026
31 slides from Kyverna Therapeutics's conference presentation, June 2026
Slide 1: Pioneering CAR T in Autoimmune Diseases
Pioneering CAR T in Autoimmune Diseases June 2026
Slide 2: Disclaimer and Forward-Looking Statements
Disclaimer and Forward-Looking Statements This presentation contains forward-looking statements that are based on management’s beliefs and assumptions and information currently available to management of Kyverna Therapeutics, Inc. (“Kyverna”, “we”, “our,” or the “Company”). All statements other than
Slide 3: Poised to Deliver the Curative Potential of CAR T for a Range of Neuroimmunology Diseases
Poised to Deliver the Curative Potential of CAR T for a Range of Neuroimmunology Diseases CAR T Leadership Best-in-Class Profile Focused Strategy Potentially first approved Demonstrated durable drug- Neuroimmunology-led autoimmune CAR T with free, disease-free remission franchise most patients treat
Slide 4: Focused Neuroimmunology Strategy Drives Significant Growth Trajectory for Long-Term Value Creation
Focused Neuroimmunology Strategy Drives Significant Growth Trajectory for Long-Term Value Creation Broaden patient access and expand our reach to additional indications • Focused indication expansion (e.g., PMS) First mover advantage with SPS; • Develop no LD or alternative LD establish commercial f
Slide 5: Miv-cel: Potential First-in-Class and Best-in-Class CAR T Designed for Potency & Tolerability
Miv-cel: Potential First-in-Class and Best-in-Class CAR T Designed for Potency & Tolerability Mivocabtagene Autoleucel (miv-cel)1,2 Only Fully Human Autologous CD19 • More than 100 patients dosed with CAR T With CD28 Costim miv-cel across multiple indications3 • Deep and broad depletion of periphera
Slide 6: Neuroimmunology Franchise Strategy Driven by Miv-cel's Profound MOA and Ability to Penetrate the CNS
Neuroimmunology Franchise Strategy Driven by Miv-cel’s Profound MOA and Ability to Penetrate the CNS CNS Penetration and Expansion Broad Immune Reset CAR+ Miv-cel Expansion Detected in CSF Naïve B Cells in SPS Regulatory T Cells in SPS at Day 14 in Progressive MSa 10000000 106 1000000 105 Cell Count
Slide 7: Significant Market Opportunity for Miv-cel in SPS and gMG
Significant Market Opportunity for Miv-cel in SPS and gMG Stiff Person Syndrome Generalized Myasthenia Gravis • First-to-market opportunity with highly • ~80K U.S. diagnosed patients3,4; growing efficient infrastructure market • ~6K U.S. diagnosed patients1 • Significant unmet need with current SOC
Slide 8: Well Positioned to Deliver on our 2026 Catalysts
Well Positioned to Deliver on our 2026 Catalysts Program Anticipated Milestones Report primary analysis at AAN 2026 Stiff Person Syndrome Initiated rolling BLA submission with completion expected in Q4 2026 RMAT, ODD Report one-year follow-up data in 2H 2026 Generalized Report updated data on Phase
Slide 9: SPS Rolling BLA Submission Initiated; On Track to Deliver Potential First Approved CAR T Therapy
SPS Rolling BLA Submission Initiated; On Track to Deliver Potential First Approved CAR T Therapy for Autoimmune Disease in Valuable SPS Market • Positive pre-BLA meeting with FDA alignment achieved on all core components of BLA submission package: – KYSA-8 single-arm pivotal Phase 2 trial is suffici
Slide 10: Stiff Person Syndrome (SPS)
Stiff Person Syndrome (SPS) 10
Slide 11: Patient Perspective from KYSA-8: Before and After Treatment with Miv-cel - Case Study 1
Patient Perspective from KYSA-8: Before and After Treatment with Miv-cel - Case Study 1 View Video View Video 11
Slide 12: SPS is a Debilitating, Progressive Autoimmune Disease with No FDA-Approved Therapies
SPS is a Debilitating, Progressive Autoimmune Disease with No FDA-Approved Therapies SPS impacts the inhibitory signaling Devastating Impact on Patients pathways, which are the body’s braking system and the target of 80% of patients lose mobility, needing autoantibodies produced by B walking aid ass
Slide 13: Primary Endpoint Met: Significant Improvement in T25FW
Primary Endpoint Met: Significant Improvement in T25FW 46% Median Improvement at Week 16 Significant T25FW Improvement and Reduced Walking Aid Use • 81% of patients achieved clinically meaningful improvement (≥20% reduction from baseline)1 • 31% completed T25FW in <5 seconds; P = .0003 typical time
Slide 14: Secondary Endpoints Met: Significant Improvements in Disability, Mobility, Stiffness, and Hypersensitivity
Secondary Endpoints Met: Miv-cel Achieved Significant (P < .0001) Improvements in Disability, Mobility, Stiffness, and Hypersensitivity Modified Rankin Scale Hauser Ambulation Index 0 1 2 3 4 5 6 0 1 2 3 4 5 6 7 8 9 • Significant (P < .0001) mean improvements in mRS and HAI of -0.8 (SD, 0.86) and -1
Slide 15: Miv-cel Demonstrated a Well-Tolerated Safety Profile Supporting Potential for Outpatient Administration
Miv-cel Demonstrated a Well-Tolerated Safety Profile Supporting Potential for Outpatient Administration Treatment-Related Adverse Events, n (%) N=26 • No high-grade CRS or ICANS observed CRS (any Grade) 24 (92) • 4 patients had Grade 3/4 neutropenia, an expected AE with lymphodepletion and Grade 1 1
Slide 16: Natural History Study Contextualizes Transformative Miv-cel Data and its Opportunity to Change the Treatment Paradigm
Natural History Study Contextualizes Transformative Miv-cel Data and its Opportunity to Change the Treatment Paradigm Natural History Study Large, multicenter, retrospective study assessing T25FW KYSA-8 SPS Registrational Trial in patients with SPS (n=153) over 10-year period Earlier in disease cour
Slide 17: Potential for Miv-cel to Quickly Set a New Treatment Standard in SPS
Potential for Miv-cel to Quickly Set a New Treatment Standard in SPS with ~2.0 to 2.5k Immediately Addressable Patients at Launch Miv-cel Addressable Market2,3 ~6k Immediately Addressable Total Miv-cel Market at Launch Addressable Market U.S. Diagnosed SPS Patients1,2 ~2.0 to 2.5k Patients ~5.5k Pat
Slide 18: Focused Launch Strategy Targets ~10 High-Value SPS Centers
Focused Launch Strategy Targets ~10 High-Value SPS Centers • Thought leaders / high-volume treaters SPS Leadership • Institutional support for miv-cel • Existing patients ready at center Addressable Patients • Strong referral network • Commercial CAR T experience CAR T Expertise • Accreditation • Ro
Slide 19: SPS Treaters Show Strong Enthusiasm for Early Adoption of Miv-cel
SPS Treaters Show Strong Enthusiasm for Early Adoption of Miv-cel Survey of 20 high volume Product profile based on SPS treaters in U.S. miv-cel topline data 80% view efficacy data 90% view profile as 85% would use miv-cel and one-time treatment compelling versus current for moderate-to-severe as ke
Slide 20: Flexible Manufacturing Model to Support Scalable Commercial Growth
Flexible Manufacturing Model to Support Scalable Commercial Growth Dual-source U.S. manufacturing strategy for miv-cel Current capacity fully supports clinical demand and SPS commercial launch Additional expansion capacity available to support MG launch >98% manufacturing success rate driven by robu
Slide 21: Generalized Myasthenia Gravis (gMG)
Generalized Myasthenia Gravis (gMG) 21
Slide 22: Despite Available Treatment Options, High Disease Burden Remains in Generalized Myasthenia Gravis
Despite Available Treatment Options, High Disease Burden Remains in Generalized Myasthenia Gravis Current State of Treatment • gMG is a B-cell and antibody-mediated for Patients With gMG neuromuscular autoimmune disease that causes fluctuating muscle weakness and Inadequate symptom control3,4 fatigu
Slide 23: Miv-cel Demonstrated Rapid and Robust Reductions in MG-ADL and QMG Sustained Out to 52 Weeks
Miv-cel Demonstrated Rapid and Robust Reductions in MG-ADL and QMG Sustained Out to 52 Weeks MG-ADL score QMG score Change from BL Change from BL Baseline Baseline Week 2 Week 24 Week 2 Week 24 Mean MG-ADL 10.6 –6.4 –8.5 Mean QMG 16.9 –8.6 –11.3 Data cutoff: February 25, 2026. BL, baseline; MG-ADL,
Slide 24: After a Single Dose of Miv-cel, Patients Achieved Substantial, Clinically Meaningful Reductions in MG Outcome Scores
After a Single Dose of Miv-cel, Patients Achieved Substantial, Clinically Meaningful Reductions in MG Outcome Scores and Treatment Burden Substantially improved clinical outcomes MG-ADL QMG 100% had clinically meaningful response 100% had clinically meaningful response (≥2-point reduction vs baselin
Slide 25: Miv-cel Demonstrated a Well-Tolerated Safety Profile Supporting Potential for Outpatient Administration
Miv-cel Demonstrated a Well-Tolerated Safety Profile Supporting Potential for Outpatient Administration Treatment-related AEs, n (%) Patients (n=7) • No high-grade CRS and no ICANS observed CRS (any grade) 7 (100) • CRS was low-grade and manageable in all Grade 1 5 (71) patients Grade 2 2 (29) − 5 o
Slide 26: Single Dose Miv-cel Achieved Unprecedented gMG Clinical Outcomes
Single Dose Miv-cel Achieved Unprecedented gMG Clinical Outcomes All other therapies require chronic Approved Investigational* background immunotherapies FcRn Complement CD19 BCMA mRNA Miv-cel Inhibitor1 Inhibitor2,3 mAb4 CAR T5 CD19 CAR T VYVGART® ULTOMIRIS® UPLIZNA® Descartes-08 (KYSA-6, n=6) Prim
Slide 27: Phase 2 Trial Results Further Derisk Ongoing Phase 3 Registrational Trial
Phase 2 Trial Results Further Derisk Ongoing Phase 3 Registrational Trial First Patient Enrolled in 2025; 15 Sites Activated Globally ~60-patient, global, open-label, randomized controlled Phase 2/3 trial with crossover design Co-Primary Endpoints (MG-ADL & QMG) Miv-cel Screening, Cy/Flu lymphodeple
Slide 28: Miv-cel Potential to Change the Treatment Paradigm in gMG by Delivering Durable, Drug-free, Disease-free Remission
Miv-cel Potential to Change the Treatment Paradigm in gMG by Delivering Durable, Drug-free, Disease-free Remission with Single Dose Miv-cel Addressable Market1,3 ~80k Initial Total Miv-cel Priority Addressable Market U.S. Diagnosed gMG Patients1,2 ~12k Patients ~40k Patients 15% of total diagnosed 5
Slide 29: Additional Opportunities
Additional Opportunities 29
Slide 30: Progressive Multiple Sclerosis (PMS): Encouraging IIT Data Highlight Broad Opportunity with Miv-cel
Progressive Multiple Sclerosis (PMS): Encouraging IIT Data Highlight Broad Opportunity with Miv-cel in Neuroimmunology Diseases Phase 1 IIT Studies at Stanford (N=6) and UCSF (N=2) Stanford uses alternative bendamustine lymphodepletion regimen Biological Activity Efficacy Safety • Robust CAR T cell
Slide 31: Kyverna Is Poised to Deliver on the Curative Potential of CAR T for Autoimmune Patients
Kyverna Is Poised to Deliver on the Curative Potential of CAR T for Autoimmune Patients Derisked Opportunity with Positive Data and >100 patients Near-Term Potential to be treated Catalysts First-in-Class with Miv-cel with SPS BLA Unique Experienced Cell Underway CAR Construct Therapy Optimal for Le
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