Kyverna Therapeutics : Investor Presentation – May 2026

Published: 2026-05-12 17:49:07 ET KYTX

Published on 05/12/2026 at 05:49 pm EDT

May 2026

CAR T Leadership

Potentially first approved autoimmune CAR T with most patients treated to date

Valuable Commercial

Opportunity in SPS Immediately addressable market and premium pricing potential

Best-in-Class Profile

Demonstrated durable drug-free, disease-free remission with single dose

Pipeline-in-a-Product

Clinical data supports expansion into broader indications (e.g., gMG, PMS)

Focused Strategy

Neuroimmunology-led franchise

Strong Financial Position

Supporting anticipated SPS commercial launch and gMG Phase 3 trial

gMG, generalized myasthenia gravis; PMS, progressive multiple sclerosis; SPS, stiff person syndrome.

Validate miv-cel differentiation with transformative clinical data in SPS and gMG

First mover advantage with SPS; establish commercial foundation; efficient gMG launch to follow

Broaden patient access and expand our reach to additional indications

Focused indication expansion

(e.g., PMS)

Develop no LD or alternative LD regimen

Reduce COGS and drive greater capacity and scalability

COGs, Cost of Goods Sold; LD, lymphodepletion; PMS, progressive multiple sclerosis.

Tolerability

Miv-cel: Potential First-in-Class and Best-in-Class CAR T Designed for Potency &

More than 100 patients dosed with miv-cel across multiple indications3

Deep and broad depletion of peripheral-and tissue-resident B cells to support broad immune reset and durable remission4,5

No high-grade CRS or ICANS3

First SPS and gMG patients treated with a single dose of miv-cel achieved durable efficacy beyond 24 months without the need for chronic immunotherapies6

Mivocabtagene Autoleucel (miv-cel)1,2

Only Fully Human Autologous CD19 CAR T With CD28 Costim

Anti-CD19 scFv CD8α Hinge

CD8α TM

CD28 Costim

CD3ζ

CRS, cytokine release syndrome; Costim, co-stimulation; gMG, generalized myasthenia gravis; ICANS, immune effector cell-associated neurotoxicity syndrome; scFv, single-chain fragment variable; TM, transmembrane.

1. Brudno JN, et al. Nat Med. 2020;26:270-280. 2. Alabanza L, et al. Mol Ther. 2017;25:2452-2465. 3.Data on file, Kyverna Therapeutics. 4. Minopoulou I, et al. Ann Rheum Dis.2025;84(3):e4-e7. 5. Albach FN, et al.

Rheumatology. 2025;64(6):4075-4077. 6. Named patient access data, Kyverna Therapeutics.

Autoimmune Disease: Clinical Stage Modalities

Single

Dose

Miv-cel

(Autologous CD-19 CAR T)

T-cell

engager

Chronic

Low

Deep B-cell depletion in tissue

Complete

Antibody

mRNA

CAR T

Antibodies require chronic dosing and provide inadequate depth of response

Drug-free Duration

mRNA CAR T has insufficient B-cell

depletion and requires redosing

T cell engagers require chronic dosing and lack complete B-cell depletion

mRNA, messenger ribonucleic acid.

In-vivo technologies are pre-clinical stage for autoimmune and several years from commercial, if successful

Stiff Person Syndrome

RMAT, ODD

Report primary analysis at AAN 2026

Generalized Myasthenia Gravis

RMAT, ODD*, FTD†

Report updated data on Phase 2 portion of KYSA-6 trial at AAN 2026

Additional Pipeline Opportunities

BLA, Biologics License Application; FTD, Fast Track Designation; IIT, Investigator-initiated trial; IND,

Investigational New Drug; ODD, Orphan Drug Designation; RMAT, Regenerative Medicine Advanced Therapy.

*EU & US. †Fast Track Designation does not assure that we will experience a faster development process,

regulatory review or regulatory approval process compared to conventional FDA procedures.

Program

Anticipated Milestones

Broad Immune Reset

Naïve B Cells in SPS

Regulatory T Cells in SPS

Resets B cells and upregulates regulatory T cells,

important suppressors of CNS disease inflammation2-4

aAbsolute numbers of CAR T cells in CSF assumed a volume of 140 mL and 150 mL for female and male, respectively.

CAR, chimeric antigen receptor; CNS, central nervous system; CSF, cerebrospinal fluid; miv-cel, mivocabtagene autoleucel; SPS, stiff person syndrome.

1. Dunn J, et al. Presented at the ACTRIMS Forum 2026; February 5-7, 2026; San Diego, CA. Poster 112. 2. Piquet A, et al. Presented at the AAN Annual Meeting 2026; April 18-22, 2026; Chicago, IL. LBA Poster 8. 3. Goverman JM. N Engl J Med. 2021;384:578-580. 4. Harkins AL, et al. Crit Rev Immunol. 2022;42:1-27.

106

CNS Penetration and Expansion

CAR+ Miv-cel Expansion Detected in CSF at Day 14 in Progressive MSa

1000001005

104

103

102

101

Patient 1 Patient 2 Patient 3 Patient 4 Patient 5 Patient 6

Acts directly on cells in the CNS at the site of disease1

Cell Count by Flow Cytometry

Stiff Person Syndrome

First-to-market opportunity with highly efficient infrastructure

~6K U.S. diagnosed patients1

Severe, rare disease with no approved

therapies

High-cost burden (~$0.7 to $1.5M 3-yr cost per patient)2

Immediately addressable patients

SOC, standard of care.

1. Crane PD, et al. Neurology. 2024;103(12):e210078. 2. Merative 2025 HCRU Analysis of Commercial Chronic Immunotherapy SPS patients.

3. Rodriguez E, et al. Muscle. Nerve. 2024;69(2):166-171. 4. Hendricks TM, et al. Am J Opthamol. 2019; 205:99-105. 5. ICER Report on MG 2021. 6. Global Data Pricing database.

Highly concentrated treatment network

Generalized Myasthenia Gravis

~80K U.S. diagnosed patients3,4; growing

market

Significant unmet need with current SOC

High-cost burden (~$2M 3-yr cost per patient)5,6

Opportunity to change the treatment paradigm

Strong commercial synergies with SPS

enables efficient scaling

Miv-cel: Potential for Significant Premium to Oncology CAR T Pricing; Biologics-like Margins

Neuroimmunology Franchise Synergies

Why Being 'First' Matters:

Develop relationships with neurologists and hospital staff

Activate commercial site network and establish processes with key autoimmune treatment centers

Establish price with payers

Build our end-to-end supply chain

Lay commercial foundation for a rapid gMG launch

Physicians

CMC

Approach

SPS

Treatment Centers

Commercial and Medical Infrastructure

CMC, chemistry, manufacturing, and controls.

80% of patients lose mobility, needing

walking aid assistance or wheelchair1-3

Only ~19% of patients remained able

to work after 4 years4

"Freezing attacks" and sudden falls

requiring ER care1,2

Risk of permanent disability and

increased mortality3

Devastating Impact on Patients

SPS impacts the inhibitory signaling pathways, which are the body's braking system and the target of autoantibodies produced by B

cells in SPS1,2

Symptoms characterized by muscle stiffness and painful muscle spasms, impacting mobility1-3

Inadequate response with off-label symptomatic and immunomodulatory therapies1,2,5

ER, emergency room.

1. Rakocevic G, et al. BMC Neurol. 2019;19:1. 2. Dalakas MC. Nat Rev Neurol. 2024;20(10):587-601. 3. Duddy ME, Baker MR. Front Neurol Neurosci. 2009;26:147-165. 4.NCBI. https://www.ncbi.nlm.nih.gov/sites/books/NBK573078/

5. Dalakas MC. Neurol Neuroimmunol Neuroinflamm. 2023;10(3):e200109.

KYSA-8 Patient Perspectives:

Before and After Treatment with Miv-cel

View Video View Video View Video

KYSA-8: Open-label, single-arm, multicenter study

Miv-cel Low-Dose Cy/Flu lymphodepletion

Single infusion of 1×108 CAR T cells

SPS immunotherapies are discontinued

Primary endpoints:

One-year Follow Up

N = 26

Age 18 to 75 years

Diagnosis of SPS

Inadequate response to immunomodulatory therapy

Stiffness index ≥2

Change from baseline in T25FW at 16 weeks

Safety

Secondary endpoints: change from baseline at 16 weeks

Modified Rankin Scale (mRS)

Distribution of Stiffness Index (DSI)

Hauser Ambulation Index (HAI)

Heightened Sensitivity Scale (HSS)

Rapid Clinical Enrollment Underscores Significant Unmet Need and Kyverna's Ability to Execute

Received Both ODD and RMAT Designations

Cy/Flu, cyclophosphamide and fludarabine; ODD, Orphan Drug Designation; RMAT,

Regenerative Medicine Advanced Therapy; T25FW, Timed 25-Foot Walk.

Significant T25FW Improvement and Reduced Walking Aid Use

P = .0003

81% of patients achieved clinically meaningful improvement (≥20% reduction from baseline)1

31% completed T25FW in <5 seconds;

typical time for healthy adults2

Of the 12 patients requiring a walking aid for T25FW at baseline, 67% (8/12) no longer needed assistance at

week 16

As of week 16 and through last follow-

Baseline

n=26

Week 16

n=26

54 12 35

85 4 12

0 20 40 60 80 100

Patients, %

None

Unilateral

Bilateral

up, all 26 (100%) patients remained free of immunomodulatory or immunosuppressant therapies for SPS*

*Includes Includes IVIg/SCIg, PLEX, rituximab and/or prednisone (≥20 mg/day) for SPS symptoms.

Data cutoff: 26Nov2025. Percentages may total more than 100% due to rounding. BL, baseline; T25FW, timed 25-foot walk.

1. Hobart J, et al. Neurology. 2013;80(16):1509-17. 2. Motl RW, et al. Mult Scler. 2017;23(5):704-710.

46% Median Improvement at Week 16

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 -1.6 (1.13) and SPS-specific measures, DSI and HSS, of -1.5 (1.75) and -3.2 (2.01), respectively

96% of patients (25/26) had improvement in ≥1 primary or secondary efficacy endpoint

Data cutoff: 26Nov2025. Percentages may total more than 100% due to rounding.

BL, baseline; DSI, Distribution-of-Stiffness Index; HAI, Hauser Ambulation Scale; HSS, Heightened Sensitivity Scale; mRS, Modified Rankin Scale; wk, week.

6-Minute Walk Test (MWT): >4-fold improvement

over clinical minimally important change1

89-meter

median improvement at week 16

36-Item Short Form Health Survey (SF-36): Week 16 scores comparable to healthy adults for most domains2,3

Data cutoff: 26Nov2025.

1. Oosterveer DM, et al. Mult Scler Relat Disord. 2022;57:103438. 2. Maglinte GA, et al. J Clin Epidemiol. 2012;65(5):497-502. 3. Wu Q, et al. Medicine (Baltimore). 2023;102(24):e33979.

Robust CAR T-cell Expansion Deep B-cell Depletion Reduced GAD65-IgG

Median IQR

GAD65-IgG by RIA, nmol/L

750

P < .0001

56%

median reduction

500

250

Baseline Week 16

n=20 n=20

CAR-positive T cells peaked by day 14 • 54% of patients had B-cell

reconstitution by week 16

Efficacy was maintained with B-cell reconstitution

GAD65-IgG was reduced in 19/20 patients with

≥20 nM GAD65 at baseline

Data cutoff: 26Nov2025. Box and whisker plots showing median line (dark line), and interquartile range (box), and min/max (bars).

CAR, chimeric antigen receptor; IgG, immunoglobulin G; GAD65, glutamic acid decarboxylase 65.

Naïve

Non-Class Switched

Memory

Class Switched

Memory

B-Cell Phenotypes

Regulatory T Cells

Newly emerging B-cell population showed significantly increased naïve phenotype with concomitant decrease in memory phenotype

Significant increase in

regulatory T cells at week 16

Data cutoff: 26Nov2025. Box and whisker plots showing median line (dark line), and interquartile range (box), and min/max (bars).

IgD, immunoglobulin D.

Disclaimer

Kyverna Therapeutics Inc. published this content on May 12, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 12, 2026 at 21:48 UTC.