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A New Era for Neuroimmunology: Unleashing the Power of CAR T August 28, 2025 ©2025 Kyverna Therapeutics, Inc.
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2 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 statements of historical facts contained in this presentation are forward-looking statements. Forward looking statements include, but are not limited to, statements concerning: the Company’s future results of operations and financial position, business strategy, drug candidates, planned preclinical studies and clinical trials, results of preclinical studies, named-patient access data, ongoing clinical trials, research and development costs, plans for manufacturing, regulatory approvals, timing and likelihood of success, as well as plans and objectives of management for future operations. These forward-looking statements are subject to risks and uncertainties, including the factors described under the Risk Factors section of the Company’s most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q that the Company has filed or may subsequently file with the U.S. Securities and Exchange Commission. Actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. When evaluating Kyverna’s business and prospects, careful consideration should be given to these risks and uncertainties. These statements speak only as of the date of this presentation, and Kyverna undertakes no obligation to update or revise these statements. This presentation also contains estimates made by independent parties relating to industry market size and other data. These estimates involve a number of assumptions and limitations and you are cautioned not to give undue weight on such estimates. We have not independently verified the accuracy or completeness of such information, and we do not take any responsibility for the accuracy or completeness of such information. This presentation contains references to trademarks and marks belonging to other entities. Solely for convenience, trademarks and trade names referred to in this presentation may appear without the ® or TM symbols, but such references are not intended to indicate, in any way, that the applicable licensor will not assert, to the fullest extent under applicable law, its rights to these trademarks and trade names. The Company does not intend its use or display of other companies’ trade names, trademarks or service marks to imply a relationship with, or endorsement or sponsorship of the Company by any other companies. This presentation includes results from named-patient basis access. Similar to expanded access or compassionate use in the United States, “IH” or “Individueller Heilversuch,” also known as “named-patient basis access,” is a regulatory scheme in Germany that allows for the supply of a treatment that has not received marketing authorization for an individual patient in response to a request by the treating physician on behalf of the named patient. This option can be pursued for the expected benefit of a patient who has exhausted all available treatment options, under the discretion of the treating physician, with the patient’s consent. The use of KYV-101 in the IH settings is not a substitute for, or intended to replace, our clinical trials. The goal is not to assess the effectiveness of a potential therapy, but rather to provide an individual patient with a possible efficacious approach when all other treatment options have failed, as determined by the patient’s physician. While we do not expect to be able to use the results from these activities as the basis for approval in our applications for marketing approval to the U.S. Food and Drug Administration (FDA) or other foreign regulatory agencies, we believe such activities may provide additional clinical insights beyond highly focused clinical trials in specific geographies. Please see Appendix for a glossary of certain abbreviations used throughout this presentation. Disclaimer and Forward-Looking Statements ©2025 Kyverna Therapeutics, Inc.
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Welcome and Intro Warner Biddle Chief Executive Officer ©2025 Kyverna Therapeutics, Inc.
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4 Key Takeaways from Today’s Event 1 2 3 Kyverna is uniquely positioned to fundamentally change the treatment paradigm in MG and SPS: KYV-101 has demonstrated durable, drug-free and disease-free remission with a single dose Valuable commercial opportunity in SPS given significant unmet need in a rare disease, laying the foundation for a rapid and efficient launch in MG, a large and growing market Innovative registrational Phase 3 trial design for KYV-101 in MG: Aligned with FDA on approach that leverages KYV-101’s differentiated clinical profile and supports clear and rapid path to BLA ©2025 Kyverna Therapeutics, Inc.
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5 Today’s Agenda ©2025 Kyverna Therapeutics, Inc. Setting the Stage Speakers Welcome and intro Why CAR T in Autoimmune MG Overview Transformative Outcomes with KYV-101 in MG MG Treatment Landscape: CAR T Opportunity Changing the Treatment Paradigm in MG SPS Overview Establishing a New Treatment Standard in SPS Commercialization Path to Commercializing our Neuroimmunology Franchise Q&A Warner Biddle Chief Executive Officer Ricardo Grieshaber-Bouyer M.D., Ph.D., FAU Erlangen-Nümberg Aiden Haghikia M.D., Hanover Medical School Sri Muppidi M.D., Stanford Medicine Naji Gehchan M.D., MSc, MBA, Chief Medical & Development Officer Sham Dholakia M.D., Ph.D., Chief Product Officer Dan Maziasz MBA, Chief Business Officer ©2025 Kyverna Therapeutics, Inc.
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6 Our Experts for Today’s Event ©2025 Kyverna Therapeutics, Inc. Ricardo Grieshaber-Bouyer, M.D., Ph.D. FAU Erlangen-Nümberg Aiden Haghikia, M.D. Hanover Medical School Sri Muppidi, M.D. Stanford Medicine ©2025 Kyverna Therapeutics, Inc.
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7 LIBERATING AUTOIMMUNE PATIENTS through the CURATIVE POTENTIAL OF CAR T-CELL THERAPY ©2025 Kyverna Therapeutics, Inc.
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8 Kyverna Is Poised to Deliver on the Curative Potential of CAR T for Autoimmune Patients ©2025 Kyverna Therapeutics, Inc. Unique CAR Construct Optimal for Autoimmune 100 patients treated with KYV-101 Derisked Opportunity with Near-Term Catalysts Potential to be First-in-Class with Clear Path to BLA Experienced Cell Therapy Leadership & Strong Cash Position ©2025 Kyverna Therapeutics, Inc.
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9 Alternate Modalities KYV-101: Ideal Modality for Treating Autoimmune Diseases TARGETED ATTRIBUTES Antibodies T-Cell Engagers In-Vivo Allogeneic Single dose ? ? Deep B-cell depletion in tissue ? ? On-target specificity ? Drug-free, durable remission ? ? KYV-101 ©2025 Kyverna Therapeutics, Inc.
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10 Executing on Long-Term Vision to Be the Leader in CAR T Across Autoimmune Diseases Fast to Market Strategy with Opportunity to Rapidly Expand into Additional Indications TODAY NEAR TERM FUTURE DATA DRIVEN OPPORTUNITIES Establish First-Mover Advantage • Build First-in-Class Neuroimmunology Franchise with SPS and MG • Lay groundwork for future indications Broaden Patient Access • Unlock additional patient value with KYV-102, rapid whole blood approach requiring no apheresis Expand Our Reach • Additional studies across B-cell driven autoimmune diseases (MS, RA, LN, others) • Total estimated market opportunity of 8.3M patients1 ©2025 Kyverna Therapeutics, Inc.1. Published literature through GlobalData market analysis reports 2022. ©2025 Kyverna Therapeutics, Inc.
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11 Today's Focus: Building a First-in-Class Neuroimmunology Franchise ©2025 Kyverna Therapeutics, Inc. Stiff Person Syndrome Myasthenia Gravis ✓ First-mover advantage ✓ Fast to market ✓ Shared infrastructure drives operational & cost synergies ✓ Amplification of neurology call point ✓ Compelling initial clinical data in both indications ✓ High unmet patient needs ✓ SPS: highly debilitating and progressive disease with no FDA-approved therapies ✓ MG: suboptimal outcomes and high-cost burden with existing chronic therapies Strategic Rationale ©2025 Kyverna Therapeutics, Inc.
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12 Multiple, Value-Creating Near-Term Catalysts Program Anticipated Milestones Stiff Person Syndrome RMAT, ODD Complete Pivotal Phase 2 Enrollment mid-2025 Report Topline Pivotal Phase 2 Data 1H 2026 BLA filing in 1H 2026 Myasthenia Gravis RMAT, ODD*, FTD† Confirm Registrational Path with Regulators 1H 2025 Report Interim Phase 2 Data Q4 2025 Initiate Patient Enrollment for Phase 3 Registrational Trial by Year-End 2025 Additional Indications MS: Report Phase 1 IIT Data Q3 2025 RA: Report Phase 1/2 IIT Data Q4 2025 LN: Report Phase 1 Data in a Peer-Reviewed Publication in 2026 Future Pipeline File KYV-102 IND Application Q4 2025 COMPLETED *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. ©2025 Kyverna Therapeutics, Inc.
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13 Helping Autoimmune Patients Achieve Drug-Free, Disease-Free Remission Named-patient basis access data. KYV-101 therapeutic dose is 1×108 CAR T cells. Free of active disease and off immunosuppressants and glucocorticoids > 24 Months First MG patient > 23 Months First SPS patient ©2025 Kyverna Therapeutics, Inc.
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Ricardo Grieshaber-Bouyer, M.D., Ph.D. FAU Erlangen-Nümberg
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Breakthrough Immunotherapies: Clinical Experience and Molecular Mechanisms Ricardo Grieshaber-Bouyer, M.D. Ph.D., MHBA Professor of Clinical Systems Immunology Head of the Clinical Trial Unit Department of Internal Medicine 3 – Rheumatology and Immunology www.rgb-lab.de
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B Cells Are Essential Players in Immune-Mediated Neurological Diseases Stathopoulos & Marinos. Neurotherapeutics 2022
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Targeting CD19 Provides Broad Coverage Across B Cell Subsets Heeger et al. Nature Reviews Nephrology 2024
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CD19 CAR T-Cell Therapy Transformed Autoimmune Disease Treatment Acute cutaneous lupus Myositis Interstitial lung disease ILD (FAPI PET-CT)
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Prior Rituximab Led to Incomplete B Cell Depletion in the CNS – Complete B Cell Depletion Accomplished via CD19 CAR T-Cell Therapies Hagen M & Grieshaber-Bouyer & Schett G. et al. Lancet 2024 doi: 10.1016/S0140-6736(24)02265-7 20-year old male with active SLE with severe, progressive CNS involvement with subtotal paraplegia. Treatment refractory to HCQ, GLC, MTX, RTX, CYC, plasmapheresis
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KYV-101 CD19 CAR T-Cell Therapy Crosses the Blood Brain-Barrier and Expands Within the CNS Dunn J, et al. Oral presented at: AAN Annual Meeting; April 5-9, 2025; San Diego, CA. KYV-101 CAR T-Cell Expansion in CNS in 4 Patients with Progressive MS Excellent CAR-T Expansion in Blood and CSF 1 2 3 4 Total Counts (cells) Fold Increase Total Counts (cells) Fold Increase Total Counts (cells) Fold Increase Total Counts (cells) Fold Increase Peak CAR-T in Circulation (Blood) 475 M 14.5 254 M 7.7 1.3 B 40 124 M 1.24 CAR-T in CSF on D+14 300 K 3.78 M 1.65 M 1.33 M
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Tur C & Grieshaber-Bouyer R & Schett G & Ramondo MG.et al. Ann Rheum Dis 2024 CD19 CAR T-Cells Deplete B Cells in Lymphoid Tissues Significant number of B-cells are in the tissues Deep Tissue Depletion of B-cells Incomplete Tissue Depletion of B-cells After CAR T Before CAR T After Rituximab
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Evidence of Immune RESET in the B Cell Compartment Expanded transitional and immature B cells Wilhelm A & Grieshaber-Bouyer R & Schett G & Krönke G. et al. JCI Insight 2024 Naïve B cell repertoire relative cell number
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CD19 CAR T-Cell Therapy Has Profound Effects on Many Other Immune Cell Types Beyond B Cells Multi-omic deep immune profiling before and after CAR T-cell therapy Verily Immune Profiler platform Myeloid Cells Monocytes MoCl (Classical) MoIn (Intermediate) MoNC (Nonclassical) Dendritic cells coDC (Conventional) plDC (Plasmacytoid) T cells CD4 T cells Treg (Regulatory T cells) T4nv (Naïve CD4) T4cm (Central memory CD4) T4em (Effector memory CD4) T4ra (CD45RA+ effector CD4) CD8 T cells T8nv (Naïve CD8) T8cm (Central memory CD8) γδ T cells gadT (Gamma delta T) T8em (Effector memory CD8) NK cells T8ra (CD45RA+ effector CD8) NKhi (CD56hi) Nklo (CD56low) B cells Effector B cells cMBc (Class switched memory) MBim (IgM+ IgD– memory) BnCS (Double-negative 1) aMBc (Atypical memory) pBcs (Plasmablasts) Naïve B cells BnUS (Unswitched naïve) traB (Transitional) Schematic workflow 24 immune cell subsets Grieshaber-Bouyer R & Chou J & Schett G et al. Oral presented at:ACR Annual Meeting; November 16,2025; Washington DC
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Profound Favorable Effects of CD19 CAR T-Cells on Regulatory T Cells -Log10P-value Downregulated Upregulated P and FDR <0.05 Inhibitory markers Log2 Fold Change Data shown include available subsets derived from patients with autoimmune disease (N=6). CD26 CD45RA CD83 CD183 CD337 CD336 Notch1 CD158e1 CD117 PDL1 CD244 CD49A CTLA4 B7H4 CD60a FASL TRAIL Healthy Donors Pre-CAR T cell AID Post-CAR T cell AID HD-1 HD-2 HD-3 HD-4 HD-5 IIM-1 IIM-2 MG SSc-1 SSc-2 IIM-1 IIM-2 LN MG SSc-1 SSc-2 Treg inhibitory proteins are significantly increased post treatment to a level comparable to healthy donors PD-L1 CTLA-4 Grieshaber-Bouyer R, Chou J, Schett G. et al. Oral presented at:ACR Annual Meeting; November 16,2025; Washington DC
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Improved Biomarker Profile with CD19 CAR T Cells Garantziotis P & Grieshaber.Bouyer R & Schett G &Parodis I. et al. Ann Rheum Dis 2025 Different molecular signature of remission after CD19 CAR-T cell therapy compared with conventional pharmacotherapy in SLE
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Immune Reset: from Cellular Mechanisms to Holistic Understanding Expanding understanding of mechanisms of immune reset Deep B-cell depletion leading to immune reset Enhanced tolerogenic cells Downregulated type I IFN Decreased inflammatory myeloid cells Naïve B cell Grieshaber-Bouyer R & Chou J & Schett G et al. Oral presented at:ACR Annual Meeting; November 16,2025; Washington DC
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Summary New insights into CD19 CAR T-cell therapy in autoimmune diseases ➢ Broad and deep depletion of pathogenic B cells in tissues and circulation ➢ Positive impact beyond B cells on a broader set of immune cell types ➢ Specific impact on regulatory T cells ➢ Broad impact on inflammatory cytokines ➢ Holistic immune reset is possible
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Establishing a New Treatment Standard in SPS Sham Dholakia, M.D., Ph.D. Chief Product Officer ©2025 Kyverna Therapeutics, Inc.
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29 KYV-101 Has Demonstrated Promising Efficacy in Stiff Person Syndrome Loss of Leg Control; Repeated Falls; Wheel-Chair Support Able to Walk and Turn With Aids Able to Walk Unaided Without Fear of Falling Drug-Free Remission for >23 months Reduced stiffness Improved mobility Stable gait Better walking speed >95% reduction in anti-GAD antibody Pre-infusion 4-6 Months Post 8 Months Post Named-patient basis access data. Drug-free refers to immunosuppressant and immunomodulatory agents only. ©2025 Kyverna Therapeutics, Inc.
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30 SPS Is Highly Debilitating Due to Lack of Mobility Source: Bose S, et al. Pract Neurol. 2025;25:6-17. SPS Pathophysiology1,2 Progressive rigidity and muscle spasms GABAergic inhibitory pathways and synaptic signaling targeted SPS commonly associated with GAD autoantibodies produced by B cells 1. Baizabal-Carvallo JF, Jankovic J. J Neurol Neurosurg Psychiatry. 2015;86:840-848. 2. Dalakas MC. Neurotherapeutics. 2022;19:832-847. ©2025 Kyverna Therapeutics, Inc.
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31 SPS is a Progressive Disease with Significant Disease Burden and Symptom Severity that Can Lead to Mortality SPS Symptoms1 PSYCHIATRIC SYMPTOMS generalized anxiety disorder, depression, and specific phobias taut facial expression difficulty breathing stiffness, hyperlordosis proximal limb weaknessMUSCULAR SPASMS intermittent painful spasms fracture of bones and joint dislocations MUSCULAR RIGIDITY DISEASE PROGRESSION “Freezing attacks” and sudden falls requiring ER care2,3 80% of patients lose mobility, needing walking aid assistance or wheel-chair2-4 1. Adapted from https://www.medicalnewstoday.com/articles/stiff-person-syndrome#Symptoms. 2. Rakocevic G, et al. BMC Neurol. 2019;19:1. 3. Dalakas MC. Nat Rev Neurol. 2024;20(10):587-601. 4. Duddy ME, Baker MR. Front Neurol Neurosci. 2009;26:147-165. Can lead to permanent disability and increased risk of mortality4 Patients are often under or misdiagnosed SPS diagnosis based on symptoms and antibody testing3
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32 No FDA-Approved Therapies for SPS; Off-Label Treatments Fail Majority of Patients 1. Dalakas MC. Nat Rev Neurol. 2024;20(10):587-601.2. Alexopoulos H, Dalakas MC. Eur J Clin Invest. 2010;40(11):1018-25. 3. Yi J, Dalakas MC. Neurol Neuroimmunol Neuroinflamm. 2022;9(5):e200011. 4. Yale Medicine. https://www.yalemedicine.org/conditions/stiff-person-syndrome-sps. Accessed 21 Aug 2025. 5.National Institute of Neurological Disorders and Stroke. https://www.ninds.nih.gov/health-information/disorders/stiff-person-syndrome. Accessed 21 Aug 2025. Immunotherapy1-3 Off-Label immunosuppressants, rituximab and IVIg Most SPS patients receive symptomatic therapies and many eventually advance to off-label immunotherapies Therapy and Supportive Care4,5 Physical, speech and occupational therapy Psychiatric Therapy1-4 Anti-depressants and benzodiazepines Symptomatic Treatments1-3 Muscle relaxants and anti-seizure Time Physical Mobility
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33 • Only modest improvement in stiffness and spasms for many patients1 • Temporary benefit which wanes over time2; symptoms return between treatments1 • Requires ongoing infusions—often monthly1,3 • Side effects include risk of thrombotic events (including pulmonary embolism)1,4 Significant Limitations of Off-Label Immunotherapies Drive Need for Novel Treatment Options in SPS IVIg (Intravenous Immunoglobulin) Rituximab (anti-CD20 mAb) • Limited and inconsistent efficacy as either a monotherapy or combination with IVIg5,6 • Combination use leads to incremental cost and infusion burden with unclear benefit1 • Can take months to see effect7 • Infection risk driven by long-term immune suppression8 KYV-101 aims to set a new treatment standard in SPS with a potentially first FDA-approved therapy, addressing a significant unmet need for this patient population e 1. SPS and MG 2025 Patient Journey and Demand Research. 2. Yi J, et al. Neurol. Neuroimmunol. Neuroinflamm. 2022;9(5):e200011. 3. Dalakas MC. Neurol. Neuroimmunol. Neuroinflamm. 2023;10(3):e200109. 4. Kapoor M, et al. Neurology. 2020;94(6):e635-e638. 5. Dalakas MC, et al. Ann. Neurol. 2017;82(2):271-277. 6. Pignolo A, et al. J. Neurol. 2025; 272(6):417. 7. Piquet A. 2025 SPSRF Annual Symposium. 8. Rituxan. Prescribing Information. Genentech; 2021.
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34 KYV-101 in SPS: Longer Term Follow-Up Data Demonstrates Strong Clinical Activity and Potential for Deep and Durable Responses Kyverna Experience at Therapeutic Dose in Initial 2 Compassionate Use Patients Named-patient basis access data. Data cutoff August 19, 2025. KYV-101 therapeutic dose is 1×108 CAR T cells/μL. Baseline (BL) value is the most recent assessment prior to lymphodepletion. *Data shown for immunosuppressant and immunomodulatory agents only; does not include physiologic replacement steroids ≤7.5 mg/day. Improvement in Mobility Months post-infusion Drug-Free Remission: All Patients off Background Therapies* No. of Immunosuppressant Therapies Before KYV-101 After KYV-101 Patient 1 (anti-GAD65) 6 0 Patient 2 (anti-GAD65) 8 0 Reduction of Autoantibody Titers Months post-infusion Anti-GAD65 titer (1:x unit) 0 10 20 30 2 4 6 8 10 12 14 16 18 20 240BL Estimated T25FW (s) 0 500 1000 1500 2000 2500 3000 3500 2 4 6 8 10 12 14 16 18 20 240BL Week 16 Latest follow up Patient 1 23 months Patient 2 9 months Patient 1 Patient 2 Infusion
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35 Focused Registrational Study Design Supports Rapid Path to Potential BLA Approval in SPS N = 25 • Age 18 to 75 years • Diagnosis of SPS • Inadequate response to immunomodulatory therapy • Stiffness index ≥2 Primary endpoints • Change in T25-FW at 16 weeks • Safety Key secondary endpoints • Modified Rankin Scale at 16 weeks • Distribution of Stiffness Index at 16 weeks Key exploratory endpoint • Change in anti-GAD65 or anti-glycine R antibody titer Topline Data Expected 1H 2026 Timed 25-foot walk test is a validated tool to assess walking ability. This test has been used to capture stiffness and loss of mobility in SPS1,2 Cyc/Flu lymphodepletion + Single infusion of KYV-101 (1×108 CAR T cells) One- year Follow Up 1. Newsome SD and Johnson T J. Neuroimmunol. 2022;369:577915; 2. Hobart J, et al. Neurology. 2013;80:1509-1517. KYSA-8: Open-label, single-arm, multicenter study ©2025 Kyverna Therapeutics, Inc.
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36 Rapid Clinical Progress Underscores the Significant Unmet Need in SPS and Kyverna’s Ability to Execute Recruited from 3 Centers of Excellence Fully Enrolled in 7 Months Topline Data and BLA Filing Anticipated 1H26 ©2025 Kyverna Therapeutics, Inc.
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37 KYV-101: Potentially First-in-Class Therapy for SPS Patients with Clear Path to BLA Positioned to be the FIRST to unlock the promise of CAR T-cell therapy for autoimmune diseases, paving the way for rapid expansion into additional indications SPS is a progressive and highly debilitating disease with no FDA-approved therapies Longer-term follow-up data1 continues to demonstrate KYV-101’s potential to set a new treatment standard in SPS with first FDA-approved therapy Supports FDA philosophy of developing innovative therapies with high unmet need in rare diseases FDA-aligned registrational study on track for data readout and BLA submission in 1H26; aim to see clinically meaningful improvement in T25FW (>25%) Strong engagement and support from treating physicians 1. Named-patient basis access data. ©2025 Kyverna Therapeutics, Inc.
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MG Overview Dr. Aiden Haghikia, M.D. M.D., Hanover Medical School Sri Muppidi, M.D. Stanford Medicine Naji Gehchan, M.D., MSc, MBA Chief Medical & Development Officer ©2025 Kyverna Therapeutics, Inc.
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Aiden Haghikia, M.D. Professor and Chair Department of Neurology and Clinical Neurophysiology Medizinische Hochschule Hannover (MHH) Transformative Outcomes with KYV-101 in MG
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For purposes of scientific exchange only. All therapies are investigational. Severe, Refractory Anti-AChR Seropositive MG Patient Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct 33 year-old mother of 4, disability pension, initial MG diagnosis 2012 • Five myasthenic crises in the last two years, requiring ICU care and tracheostomy • Refractory to rituximab, bortezomib • Chronic treatment with MMF and steroids • May 2023: rising clinical score (need to use a walker); rising AChR titers • moved to consider CD19 CAR T “healing attempt” Prednisone: 25mg 60mg 50mg 45mg 20mg 10mg KYV-101 infusion 30-MAYICU ICU ICU ICU ICU 2 doses of Rituximab Initial MG diagnosis: 2012 PEG tube installation Bortezomib Bortezomib Bortezomib 2021 2022 2023 Clinical worsening MMFa Prior Treatment Lines: 7 (Tracheostomy) aMMF interrupted briefly for apheresis. MG, myasthenia gravis; PEG, percutaneous endoscopic gastrostomy; ICU, intensive care unit; MMF, mycophenolate mofetil; AChR, acetylcholine-receptor. Named-patient basis access data. Patient 1
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For purposes of scientific exchange only. All therapies are investigational. Denise’s CAR T Journey 6 Days Post CAR T-Cell Therapy 13 Days Post CAR T-Cell Therapy Pre CAR T-Cell Therapy
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For purposes of scientific exchange only. All therapies are investigational. Reduction of Autoantibodies with Preservation of Humoral Immunity Reduction of pathogenic autoantibodies Maintenance of humoral protection Patient 1 ab, antibody; AChR, acetylcholine receptor; IgG, immunoglobulin G; VZV, varicella zoster virus. Haghikia A, et al. Lancet Neurol. 2023; 22: 1104–05.
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Reduction in Nerve Signaling to Muscles in MG Normal Meriggiolo, Lancet Neurol. 2009 Complement-mediated degeneration of the neuromuscular junction MG Reduced nerve signaling during repetitive stimulation
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Immune Pathways and Therapeutic Approaches in MG Iorio, Nat. Rev. Neurol. 2024 Initiation of the autoimmunity by antigen-presenting cells Autoantibodies produced by pathogenic B cells Nerve signals to muscles blocked by autoantibodies Autoantibody recycling 1 2 3 4
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Antibody-Independent Mechanisms of B Cells in MG
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For purposes of scientific exchange only. All therapies are investigational. Patient Diagnosis Disease Duration Age Disease Description Prior Lines of Treatment CD20 Failure 1 Seropositive MG 11 years 33 years 5 myasthenic crises in 2 years requiring ICU care and tracheostomy 7 ✓ 2 Seropositive MG 1 year 75 years Rapid onset of severe disease; inability to swallow; PEG feeding tube due to aspiration pneumonia 2 ✓ 3 Seropositive MG 10 years 36 years Exhausted available therapies 5 ✓ KYV-101 CD19 CAR T-Cell Therapy in Generalized MG ICU, intensive care unit; MG, myasthenia gravis; PEG, percutaneous endoscopic gastrostomy.
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For purposes of scientific exchange only. All therapies are investigational. KYV-101 CD19 CAR T-Cell Therapy in Generalized MG - Efficacy MG, myasthenia gravis; MG-ADL, MG activities of daily living; QMG, quantitative myasthenia gravis. Patient Diagnosis Disease Duration Age MG-ADL QMG Follow-up DurationBaseline Follow up Baseline Follow up 1 Seropositive MG 11 years 33 years 7 0 15 2 24 months 2 Seropositive MG 1 year 75 years 3 0 7 2 22 months 3 Seropositive MG 10 years 36 years 7 0 18 0 15 months
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For purposes of scientific exchange only. All therapies are investigational. Patient Diagnosis Disease Duration Age CRS Grade (1-4) ICANS Grade (1-4) 1 Seropositive MG 11 years 33 years None None 2 Seropositive MG 1 year 75 years 2 None 3 Seropositive MG 10 years 36 years None None CRS, cytokine release syndrome; ICANS, immune effector cell-associated neurotoxicity syndrome; MG, myasthenia gravis. KYV-101 CD19 CAR T-Cell Therapy in Generalized MG - Safety
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For purposes of scientific exchange only. All therapies are investigational.
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MG Treatment Landscape: Opportunity for CAR T-Cell Therapies Sri Muppidi, M.D. Stanford Medicine
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Disclosures Advisory Board Meetings: • Alexion Pharma • Argenx Pharma • UCB Pharma • Amgen Pharma • J & J Pharma • Kyverna Therapeutics • Arcellx Pharma DSMB committee: • Dianthus Pharma • I will discuss some therapeutics in pipeline that are not FDA approved.
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MG Disease Severity Over 10 Years Matthias Tomschik et al. Neurology 2020;95:e1426-e1436 • 19% remained symptomatic after 2 years • Remained treatment resistant
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MG-Activities of Daily living (MG-ADL) • MG-ADL – To measure the impact of MG severity on Patient’s activity level • Currently the primary outcome measure in many MG studies • Validated outcome measure • A 2-point improvement is considered clinically significant Muppidi S, et al. Muscle Nerve. 2011:727-731. Wolfe G, et al. Neurology. 1999;52:1487-1487. Grade 0 1 2 3 1. Talking Normal Intermittent slurring of nasal speech Constant slurring or nasal, but can be understood Difficult to understand speech 2. Chewing Normal Fatigue with solid food Fatigue with soft food Gastric tube 3. Swallowing Normal Rare episode of choking Frequent choking, necessitating changes in diet Gastric tube 4. Breathing Normal Shortness of breath with exertion Shortness of breath at rest Ventilator dependence 5. Impairment of ability to brush teeth or comb hair None Extra effort, but no rest periods needed Rest periods needed Cannot do one of these functions 6. Impairment of ability to arise from a chair None Mild, sometimes uses arms Moderate, always uses arms Severe, requires assistance 7. Double vision None Occurs, but not daily Daily, but not constant Constant 8. Eyelid droop None Occurs, but not daily Daily, but not constant Constant Total MG-ADL score (range, 0-24)
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Quantitative MG (QMG) Scale • QMG requirements − Spirometer − Hand-held Dynamometer − Training • Item distribution − 2 ocular items − 3 facial/pharyngeal items − 8 non-facial items • QMG takes 30 minutes to compete Test Item None Mild Moderate Severe Grade 0 1 2 3 Double Vision on lateral gaze or left (circle one), seconds >60 11-60 1-10 Spontaneous Ptosis (upward gaze), seconds >60 11-60 1-10 Spontaneous Facial muscles Normal lid closure Complete, weak, some resistance Complete, without resistance Incomplete Swallowing 4 oz water (1/2 cup) Normal Minimal coughing or throat clearing Severe coughing/choking or nasal regurgitation Cannot swallow (test not attempted) Speech after counting aloud from 1 to 50 (onset of dysarthria) None at 50 Dysarthria at 30-49 Dysarthria at 10-29 Dysarthria at 9 Right arm outstretched (90 degrees sitting), seconds 240 90-239 10-89 0-9 Left arm outstretched (90 degrees sitting), seconds 240 90-239 10-89 0-9 Vital capacity, % predicted ≥ 80 65-79 50-64 < 50 Right hand grip, kgW Men Women ≥ 45 ≥ 30 15-44 10-29 5-14 5-9 0-4 0-4 Left hand grip, kgW Men Women ≥ 35 ≥ 25 15-34 10-24 5-14 5-9 0-4 0-4 Head lifted (45 degrees supine), seconds 120 30-119 1-29 0 Right leg outstretched (45 degrees supine), seconds 100 31-99 1-30 0 Left leg outstretched (45 degrees supine), seconds 100 31-99 1-30 0 Total QMG score (range, 0-39) Wolfe G, et al. Neurology. 1999;52:1487-1487.
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MG Composite (MGC) Scale • Mixed outcome measure • Developed from components from MG-ADL, MMT and QMG • 10 items, 6 physician - evaluated and 4 patient reported • Weighted scores • Range from 0-50 Test Item None Mild Moderate Severe Ptosis, upward gaze (physician examination) > 45 seconds = 0 11-45 seconds = 1 1-10 seconds = 2 Immediate = 3 Double vision on lateral gaze, left or right (physician examination) > 45 seconds = 0 11-45 seconds = 1 1-10 seconds = 3 Immediate =4 Eye closure (physician examination) Normal = 0 Mild weakness (can be forced open with effort) = 0 Moderate weakness (can be forced open easily) = 1 Severe weakness (unable to keep eyes closed) = 2 Talking (patient history) Normal = 0 Intermittent slurring or nasal speech = 2 Constant slurring or nasal but can be understood = 4 Difficult to understand speech = 6 Chewing (patient history) Normal = 0 Fatigue with solid food = 2 Fatigue with soft food = 4 Gastric tube = 6 Swallowing (patient history) Normal = 0 Rare episode of choking or trouble swallowing = 2 Frequent trouble swallowing, eg, necessitating changes in diet = 5 Gastric tube = 6 Breathing (thought to be caused by MG) Normal = 0 Shortness of breath with exertion = 2 Shortness of breath = 4 Ventilator dependence = 9 Neck flexion or extension (weakest) (physician examination) Normal =0 Mild weakness = 1 Moderate weakness (ie, - 50% weak, ± 15%) = 3 Severe weakness = 4 Shoulder abduction (physician examination) Normal = 0 Mild weakness = 2 Moderate weakness (ie, - 50%, ± 15 %) = 4 Severe weakness = 5 Hip flexion (physician examination) Normal = 0 Mild weakness = 2 Moderate weakness (ie, - 50%, ± 15 %) = 4 Severe weakness = 5 Total MGC score (range, 0-50) Burns T. Muscle Nerve. 2010;42:5-13. Burns TM, et al. Neurology. 2010;74:1434-1440.
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Eculizumab1 LSM, least squares mean. 1. Howard J, et al. Lancet Neurol. 2017;16(12):976-986. 2. Vu T et al. NEJM Evid. 2022;1:EVIDoa2100066. 3. Howard J, et al. Lancet Neurol. 2023;22(5):395-406. Ravulizumab2 Zilucoplan3 Complement Inhibitors Improve MG-ADL; However, Ongoing Treatment Is Needed Patient population Refractory MG Refractory MG not required Refractory MG not required Antibody status AChR positive AChR positive AChR positive Dosing regimen IV every 2 weeks IV every 8 weeks SC daily 0 2 4 6 8 10 12 14 16 18 20 22 24 26 0 -1 -2 -3 -4 -5 -6 -7 Mean change from baseline in MG-ADL total score, 95%CI Time, weeks Placebo (n=63) Eculizumab (n=62) Time, weeks 0 2 4 10 12 18 261 0 1 -2 -3 -4 -5 -1 LSM change from baseline in MG-ADL total score, 95% CI Placebo (n=89) Ravulizumab (n=86) Time, weeks 0 1 2 4 8 12 Placebo (n=88) Zilucoplan 0.3 mg/kg (n=86) LSM change from baseline in MG-ADL total score (95%CI) 0 -1 -2 -3 -4 -5 -6 -7 -8
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Patient population Refractory MG not required Refractory MG not required Refractory MG not required Antibody status AChR positive AChR positive, MuSK positive Antibody positive not required Dosing regimen IV weekly for 4 weeks given in cycles SC weekly for 6 weeks, given in cycles IV every 2 weeks Efgartigimod1 LSM, least squares mean. 1. Howard J, et al. Lancet Neurol. 2021;20(7):526-536. 2. Bril V, et al. Lancet Neurology. 2023;22;383-394. 3. Antozzi C, et al. Lancet Neurol. 2025;24:105-116. Nipocalimab3 FcRn Inhibitors Rapidly and Transiently Decrease MG-ADL but Repeat Cycles Needed 1 15 22 71 858 29 36 43 57 99 1 -1 -2 -3 -4 0 -5 -6 Treatment period Observation period Placebo (n=67) Rozanolixizumab 7 mg/kg (n=66) Rozanolixizumab 10 mg/kg (n=67) Mean change from baseline in MG-ADL total score, SE 0 -1 -2 -3 -4 -5 Placebo (n=64) Efgartigimod (n=65) Time, weeks 0 1 2 3 4 5 6 7 8 10 Mean change from baseline in MG-ADL total score, SE Time, days Time, weeks LSM change from baseline in MG-ADL total score (SE) 0 -1 -2 -3 -4 -5 -6 Nipocalimab + SOC (n=77) p=0.0024Placebo + SOC (n=75) 0 1 3 4 8 122 6 16 20 22 2423 Rozanolixizumab2
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Complement and FcRn Inhibitors • Predominantly approved for AChR+ve MG patients • Increases the likelihood of achieving minimal symptom state • Likely helps reduce prednisone doses • Expensive therapies • Living with underlying disease; requires ongoing treatments • Continuous therapy • Ongoing background therapies
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Upstream Targeting with CD19 Monoclonal Antibody Improves MG-ADL but Does not Eliminate Symptoms • Investigational CD19 monoclonal antibody • Infusions every 6 months • Reduction in prednisone dose • Overall, B cell directed monoclonal antibodies have not resulted in dramatic outcomes • A superior B cell suppression is needed Inebilizumab Nowak RJ, et al. N Engl J Med. 2025;392:2309-2320.
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Transient Transduction with Investigational mRNA CAR T-Cell Therapy Targeting BCMA Chahin N, et al. Ann Clin Transl Neurol. 2025; Aug. MG-ADL MG Composite QMG
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My Current Approach to MG Care Generalized MG Treatment Options AChR positive MG Mild Moderate Severe MuSK MG 1st line PYD, Pred, Oral IS PYD, Pred, FcRn therapies PYD, FcRn therapies, Pred B cell therapy (Rituximab) 2nd line+ FcRn therapies Oral IS Oral IS Pred, FcRn therapies, Oral IS - Complement inhibitors Complement inhibitors PYD: Pyridostigmine. Pred: Prednisone. Oral IS: Mycophenolate, Azathioprine, Tacrolimus, Methotrexate Note: No currently FDA approved CD19 drug Thymectomy: Offered to AChR patients (<55 years). CAR T Potential
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CAR T-Cell Therapies Can Be Paradigm Shift in MG Care • There are a number of newer MG therapies already available; however, all newer therapies require continued treatment • MG-ADL and MSE capture symptom control and improvement at a point in time but do not account for intermittent worsening and disease fluctuations • Treatments are needed with durable effects that can alleviate treatment burden and holistically improve quality of life beyond just symptom improvement • CAR T-cell therapy will need to be safe with prolonged (at least 1 year) period • Safety both short term and long term would be critical
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Changing the Treatment Paradigm in MG Naji Gehchan, M.D., MSc, MBA Chief Medical & Development Officer ©2025 Kyverna Therapeutics, Inc.
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64 Changing the Treatment Paradigm in MG with KYV-101 High Unmet Patient Need Today Suboptimal results with costly, chronic treatment options Continued reliance on background therapies Goals of KYV-101 Drug-free, disease-free remission with single dose Elimination of background therapies Improve quality of life ©2025 Kyverna Therapeutics, Inc.
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65 KYV-101 for MG: Upstream Targeting at the Disease Source 1. Tur C, et al. Ann Rheum Dis. 2025;84(1):106-114. 2. DeHart-McCoyle M, et al. BMJ Med. 2023;2(1):E241. 3. Myasthenia Gravis. NIH – NINDS. https://www.ninds.nih.gov/health-information/disorders/myasthenia-gravis. 4 Sender R, et al. Proc. Natl. Acad. Sci. U.S.A. 2023;120 (44) e2308511120. Complement inhibitors transiently inhibit autoantibody immune activity2 KYV-101 deeply depletes B cells including in tissues1 B-cell targeting mAbs cannot fully penetrate tissues and primarily target peripheral blood B cells1 FcRn inhibitors transiently reduce autoantibody accumulation2 Upstream Downstream Disease Source in Lymphoid Tissues B cells Lymph node Autoantibodies produced by B cells disrupt nerve signals at muscles2 <1% of B cells in peripheral blood4 Disease Symptoms at Muscles Nerve Muscle Acetylcholinesterase inhibitors increase concentration of nerve signaling molecules3
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66 Current Generalized MG Treatment Landscape Before KYV-101 Generalized Myasthenia Gravis2,3 Approved Consider Thymectomy (AChR+ only) Treatment Naïve Options ~50% of patients2 ±Acetylcholinesterase inhibitors (AChR+ only) FcRn inhibitors + ISTs Refractory Treatment Options ~50% of patients2 + IVIg Immunosuppressive therapies (ISTs; e.g., steroids, mycophenolate mofetil, azathioprine) Rituximab + ISTs (MuSK+ only) Treatment landscape represents most common sequencing. 1. Rodrigues E, et al. Muscle Nerve. 2024;69(2):166-171. 2. 2024 Clarivate DRG Report. 3. 2025 Patient Journey and Demand Research (data on file). + Rituximab Off Label Immunosuppressive therapies ±Acetylcholinesterase inhibitors (AChR+ only) Complement inhibitors + ISTs ± AChEi Surgical Biologic therapy options ©2025 Kyverna Therapeutics, Inc.
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67 Leading Approved and Investigational Therapies in MG Have High Administration Burden, Requiring Frequent and Chronic Dosing *Under investigation in MG. †Vyvgart allows for flexible cycles; however, real-world evidence published data supports a modal gap between cycles of 4 weeks, particularly in chronic Vyvgart patients. ‡43% of patients (3/7) return to baseline symptom burden and are re-dosed in the Ph2a trial. 1. Howard Jr JF, et al. Lancet Neurol. 2021;20(7):526-536. 2. Bhavaraju-Sanka R, et al. MGFA Session at AAN 2024. MG9. 3. Vu T, et al. NEJM Evid. 2022;1(5):EVIDoa2100066. 4. Nowak RJ, et al. N Engl J Med. 2025;392(23):2309- 2320. 5. Vu T, et al. AAN 2025. S34.002. 6. Brunn C. HHC. Wainwright Investor Conference Fireside Chat 20 May 2025. 7. Cartesian. August 2025 Corporate Presentation. https://ir.cartesiantherapeutics.com. Year 1 Year 2 Year 3 Total Doses FcRn Inhibitor1,2 VYVGART® 72 Complement Inhibitor3 ULTOMIRIS® 19 CD19 mAb4 UPLIZNA® 8 BCMA mRNA CAR T5-7 Descartes-08 6-12 Summary of Dosing Schedules in gMG 4 weekly doses and 4 weeks off† Maintenance dose every 8 weeks Maintenance dose every 6 months 6 Doses 43% of patients return to baseline and re-dosed‡ ApprovedInvestigational* First doses 2 weeks apart First doses 2 weeks apart
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68 © 2025 Kyverna Therapeutics, Inc. | Confidential – Internal Use Only They Also Leave Patients with Residual Disease Burden and Require Chronic Background Therapy Significant portion of gMG patients still have high unmet need and lack durable response Approved Investigational* FcRn Inhibitor1 VYVGART® Complement Inhibitor2,3 ULTOMIRIS® CD19 mAb4,5 UPLIZNA® BCMA mRNA CAR T6 Descartes-08 Primary Endpoint 4 weeks 6 months 6 months 3 months Depth of Response Mean reduction from baseline to primary endpoint (non-placebo adjusted) MG-ADL Reduction ~4.6 3.1 4.2 ~4.2 QMG Reduction ~6.2 2.8 4.8 ~3.9 Inadequate Response Patients with <3-point MG-ADL improvement from baseline to primary endpoint (non-placebo adjusted) ~27% ~43% ~21% ~30% Achieve Minimal Symptom Expression (MSE) % of patients achieving MG-ADL of 0 or 1 40% 43% Not reported 33% *Under investigation in MG. 1. Howard Jr JF, et al. Lancet Neurol. 2021;20(7):526-536. 2. Vu T, et al. NEJM Evid. 2022;1(5):EVIDoa2100066. 3. AstraZeneca. ULTOMIRIS® efficacy data from CHAMPION-MG. https://ultomirishcp.com/gmg/efficacy. Accessed 20 Aug 2025. 4. Nowak RJ, et al. N Engl J Med. 2025;392(23):2309-2320. 5. Nowak RJ, et al. AAN 2025. LS2.002. 6. Vu T, et al. AAN 2025. S34.002. At any point before primary endpoint 6 months to 1 year
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69 KYV-101 in MG: Longer-term Follow-up Data Demonstrate Durable Drug-Free, Disease-Free Remission with Single Dose Kyverna Experience at Therapeutic Dose in Initial 3 Compassionate Use Patients Named-patient basis access data. Data cutoff August 19, 2025. KYV-101 therapeutic dose is 1×108 CAR T cells/μL. Baseline (BL) value is the most recent assessment prior to lymphodepletion. Latest follow-up for Patient 1 is 24 months per narrative update from treating physician. *Data shown for immunosuppressant and immunomodulatory agents only; does not include physiologic replacement steroids ≤7.5 mg/day. Drug-Free Remission: All Patients off MG Background Therapies* No. of Immunosuppressant Therapies Before KYV-101 After KYV-101 Patient 1 6 0 Patient 2 6 0 Patient 3 5 0 Reduction of QMG Months post-infusion QMG Score MG-ADL score 0 0 5 10 15 20 25 2 4 6 8 10 12 14 16 18 20 24BL Week 24 Patient 1 Patient 2 Patient 3 0 2 4 6 8 2 4 6 8 10 12 14 16 18 20 240BL Infusion Disease-Free Remission: All Patients Reached MG-ADL 0, Ongoing for 15+ Months Latest follow up Patient 1 24 months Patient 2 22 months Patient 3 15 months Months post-infusion
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70 Goal for Interim Phase 2 Data: Demonstrate Positive Trend Towards Durable, Drug-Free, Disease-Free Remission with KYV-101 Trends we aim to see in patients with longer follow-up period: Anticipated Interim Phase 2 Data Set: Topline efficacy and safety data for 6 patients with up to 9 months of follow up Meaningful reduction in MG-ADL and QMG Elimination of background therapy Setting a new standard in MSE Manageable and predictable safety profile •*Named-patient basis access data. ©2025 Kyverna Therapeutics, Inc.
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71 Registrational MG Trial Is Designed to Highlight KYV-101’s Differentiated Clinical Profile While Supporting Rapid Path to BLA Patient Enrollment to Begin by Year-End 2025 Innovative, FDA- Aligned Trial Efficient and Robust Design Differentiated to Show Durability Expanding KYSA-6 Phase 2 trial into randomized Phase 2/3 trial, providing rapid path to BLA Randomized, superiority trial with prospective control and crossover, reflecting the potential substantial clinical effect size of KYV-101 in gMG 24-week endpoint measurement to demonstrate durable drug-free, disease-free potential ©2025 Kyverna Therapeutics, Inc.
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72 ©2025 Kyverna Therapeutics, Inc. Significant Effect Size Allows for Efficient KYV-101 Registrational Trial Design ~60-patient, global, open-label, randomized controlled Phase 2/3 trial with crossover design KYV-101 Cyc/Flu lymphodepletion + Single infusion of 1×108 CAR T cells Standard of Care Traditional agents or complement pathway inhibitors N = ~60 Randomized 1:1 Baseline Measurement Screening, washout, apheresis, and resume standard of care 24 weeks 18 Months Co-Primary Endpoints (MG-ADL & QMG) KYV-101 Crossover Follow Up Follow Up Standard of care may consist of traditional agents (eg, prednisone, azathioprine, mycophenolate, methotrexate, chronic IVIG/PLEX) or complement pathway inhibitors (eg, eculizumab, ravulizumab). Anti-CD20 or -CD19 monoclonal antibodies or FcRn inhibitors not allowed as defined in inclusion criteria.
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73 © 2025 Kyverna Therapeutics, Inc. | Confidential – Internal Use Only Key Criteria and Endpoints for KYV-101 Registrational Trial in MG Key Inclusion Criteria • Age 18 to 75 years • Diagnosis of generalized MG, Class II-IV per MGFA criteria • Autoantibodies to AChR or MuSK • MG-ADL ≥6; QMG ≥11 • Failed ≥1 immunosuppressive therapy and required chronic plasmapheresis or chronic use of IVIG; or failed ≥2 prior immunosuppressive/ immunomodulatory therapies Co-Primary Endpoints • Change from baseline in MG-ADL and QMG score at 24 weeks compared to SOC Secondary Endpoints • MGC change from baseline at 24 weeks compared to SOC • Proportion of patients with a ≥3 point improvement from baseline in MG-ADL at 24 week compared to SOC • Proportion of patients with MSE at 24 weeks compared to SOC Exploratory Endpoints • Endpoints evaluating the durability of efficacy including change from baseline in MG-ADL, QMG, and MGC at weeks 52 and 78 • Use of immunosuppressant therapy over time ©2025 Kyverna Therapeutics, Inc.
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74 Changing the Treatment Paradigm in MG with KYV-101 Provide MG patients with durable drug-free, disease-free remission and improved quality of life High unmet need; suboptimal treatments with costly, chronic treatment options and continued reliance on background therapies Longer-term follow-up data1 reinforce KYV-101’s potential to change the treatment paradigm in MG by delivering durable, drug-free, disease-free remission with single dose Interim Phase 2 data on track for Q4 2025; aim to reinforce positive trends in efficacy and safety FDA-aligned registrational trial to begin enrollment by year-end 2025; design supports clear and rapid path to BLA 1 Named-patient basis access data. ©2025 Kyverna Therapeutics, Inc.
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Path to Commercializing our Neuroimmunology Franchise Dan Maziasz, MBA Chief Business Officer ©2025 Kyverna Therapeutics, Inc.
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76 Kyverna Is Uniquely Positioned to Launch and Commercialize KYV-101 as the First CAR T in Autoimmune FIRST to launch in autoimmune CAR-T field FAST uptake given unmet need and first mover advantage EFFICIENT commercial model given synergies across SPS and MG ©2025 Kyverna Therapeutics, Inc.
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77 Older Estimate Updated Estimate 6x Recent Epidemiology Study Indicates that U.S. SPS Patient Population Is Significantly Larger than Previously Reported 1. Galli JR, et al. Muscle Nerve. (2018) indicating 2.06 SPS cases per million in the US. 2. Crane PD, et al. Neurology. 2024;103(12):e210078. 3 Analysis of 2024 Komodo U.S. Claims Data. 4. Kyverna Patient Journey and Demand Study (data on file). • Recent epi study from University of Colorado indicates that SPS affects 1.4 to 2.1 per 100,000 individuals2 − Kyverna U.S. claims analysis confirms 1.8 per 100,000 individuals (i.e., ≥2 SPS ICD-10 codes over ≥30 days)3 • Previously reported figures based on 2018 analysis of US VA system do not reflect recent trends1 − Historically, SPS patients were significantly under and/or misdiagnosed4 − Awareness of disease and use of standard diagnostic testing is also increasing4 SPS Market Overview <1k ~6k 1 2 ~6k diagnosed SPS patients in the U.S. U.S. Diagnosed SPS Patients ©2025 Kyverna Therapeutics, Inc.
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78 SPS is a Valuable Commercial Opportunity with Potential for KYV-101 to Quickly Set a New Treatment Standard as First Approved Therapy *Immunotherapy defined as off-label immunosuppressants (e.g., prednisone), rituximab and/or IVIg. 1. Crane PD, et al. Neurology. 2024;103(12):e210078. 2. Analysis of 2024 Komodo U.S. Claims Data. 3. Kyverna Patient Journey and Demand Study (data on file). ~6k U.S. Diagnosed SPS Patients1,2 Addressable Market2,3 KYV-101 ~2.0 to 2.5k Patients 30-40% of total diagnosed Patients treated with off-label immunotherapy* Initial Priority Total KYV-101 Addressable Market ~5.5k Patients 90% of total diagnosed Patients treated with symptomatic therapies ©2025 Kyverna Therapeutics, Inc.
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79 U.S. MG Market is Significant and Continues to Grow Driven by Increasing Awareness and Adoption of New Therapies ~80K diagnosed generalized MG patients in the U.S. MG Market OverviewU.S. Diagnosed MG Patients 1. Rodriguez E, et al. Muscle. Nerve. 2024;69(2):166-171. 2. Hendricks TM, et al. Am J Opthamol. 2019; 205:99-105. 3. Li Y, et al. Ann. Transl. Med. 2019; 11(7):290. 4.Clarivate DRG Report outlining use of immunosuppresants (2024). 5. Salari, et al. J. Transl. Med. (2021); 19(1):516. 6. Kyverna Patient Journey and Demand Study (data on file). • ~100K total diagnosed U.S. patients1 − ~80% with seropositive generalized MG2,3 − Robust prevalence growth in MG1,5 − ~50% of patients have an inadequate response to immunosuppressants and are considered for biologic4 • MG physicians and patients have historically quickly adopted new therapies4,6 • Utilization of FcRn blockers and complement inhibitors continues to increase4,6 100K 80K 40K Total MG Ocular & Seronegative Generalized MG Response to ISTs Inadequate Response to ISTs 1 2,3 2,3 4 4 20K 40K ©2025 Kyverna Therapeutics, Inc.
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80 KYV-101 Potential to Change the Treatment Paradigm in MG by Delivering Durable, Drug-free, Disease-free Remission with Single Dose *Biologics defined as immunomodulatory therapies including FcRN blockers, complement inhibitors, rituximab or chronic IVIg use. 1. Rodriguez E, et al. Muscle. Nerve. 2024;69(2):166-171. 2. Hendricks TM, et al. Am J Opthamol. 2019; 205:99-105. 3. Clarivate DRG Report (2024). 4. Kyverna Patient Journey and Demand Study (data on file). ~80k U.S. Diagnosed gMG Patients1,2 Addressable Market1,3,4 KYV-101 ~12k Patients 15% of total diagnosed Patients with inadequate response to > 1 biologic* ~40k Patients 50% of total diagnosed Patients with inadequate response to immunosuppressants Initial Priority Total KYV-101 Addressable Market ©2025 Kyverna Therapeutics, Inc.
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81 Current Treatment Options in SPS and MG Have High-Cost Burden and Suboptimal Patient Outcomes Creating an Opportunity for KYV-101 *Non-drug costs include hospitalizations, ICU visits, multi-specialist management and other patient costs. Excludes unemployment and caregiver time burden. SPS Drug costs include IVIg and/or Rituximab plus background therapy. MG drug costs includes FcRN or Complements plus background therapy. 1. Merative 2025 HCRU Analysis of Commercial Chronic Immunotherapy SPS patients. 2. ICER Report on MG 2021. 3. Global Data Pricing database. 4. Rakocevic G, et al. BMC Neurol. 2019;19(1):1. 5. Dalakas MC. Nat Rev Neurol. 2024;20(10):587-601. Suboptimal Patient Outcomes4,5 High-Cost Burden • Residual symptoms and disease burden impacting patient quality of life • High treatment burden from frequent, chronic therapy • Many patients unable to function independently with impact on ability to work and drive • Portion of patients have crisis events requiring hospital and/or ICU visits Estimated 3-Year Total Cost per Patient* Drug Costs Non-Drug Costs Drug Costs Stiff Person Syndrome1 Myasthenia Gravis2,3 Non-Drug Costs ~$0.7 to 1.5 Million ~$2 Million
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82 Commercial Strategy to Build an Efficient and Scalable Neuroimmunology Franchise Starting with SPS and Rapidly Expanding to MG Neuroimmunology Franchise Synergies SPS MG Physicians CMC Approach Treatment Centers Commercial and Medical Infrastructure Leverage SPS to set the foundation for efficient CAR T market entry and scalable growth in MG First Mover Advantage Allows Us To: ✓ 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 ©2025 Kyverna Therapeutics, Inc.
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83 SPS and MG Patients Are Concentrated at Key Academic Centers Enabling a Lean Commercial Model Analysis of Komodo Claims Data, Kyverna Patient Journey and Demand Study. • SPS and MG patients are typically treated by neurologists and same care teams at these academic centers • Focus on building relationships and establishing network of key academic centers for SPS launch - High volume treaters - Existing referral networks - CAR-T accreditation/experience • Prioritize additional site activations for MG, leveraging SPS framework • Total of 50-75 centers across SPS and MG Targeted U.S. Treatment Centers Myasthenia Gravis Expand to ~50-75 centers at peak Stiff Person Syndrome ~10 centers at launch ©2025 Kyverna Therapeutics, Inc.
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84 CAR T foundation is established and translates to autoimmune System capacity continues to increase via new and existing authorized treatment centers (ATCs) Improved patient access based on trend to outpatient setting and FDA REMS update Established commercial processes and reimbursement infrastructure for CAR T-cell therapy KYV-101 Is Set Up for Commercial Success Given Autologous CAR T Class Evolution and Differentiated Product Profile Commercial strategy leverages CAR T infrastructure and attributes unique to KYV-101 Leverage growing capacity at ATCs Autologous model with single dose aligns with existing processes and reimbursement infrastructure Product profile conducive to outpatient treatment and monitoring (no high-grade CRS/ICANS across 100 patients) Ongoing Kyverna trials continue to generate enthusiasm and experience at academic and community centers/referring clinics KYV-101 ©2025 Kyverna Therapeutics, Inc.
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85 KYV-101: Attractive Commercial Opportunity in Neuroimmunology Significant KYV-101 addressable market in both SPS and MG SPS: Set a new treatment standard as first FDA-approved therapy MG: Change the treatment paradigm in large, growing market Opportunity for KYV-101 given current treatment options have high cost-burden and suboptimal outcomes Commercial strategy to build efficient and scalable neuroimmunology franchise; first-mover advantage in SPS will enable rapid market entry and uptake in MG CAR-T ecosystem has rapidly evolved setting up a successful launch environment for KYV-101 Uniquely positioned to be the FIRST to launch a CAR T-cell therapy for autoimmune diseases ©2025 Kyverna Therapeutics, Inc.
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Conclusion and Q&A Warner Biddle Chief Executive Officer ©2025 Kyverna Therapeutics, Inc.
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87 Key Takeaways from Today’s Event 1 2 3 Kyverna is uniquely positioned to fundamentally change the treatment paradigm in MG and SPS: KYV-101 has demonstrated durable, drug-free and disease-free remission with a single dose Innovative registrational Phase 3 trial design for KYV-101 in MG: Aligned with FDA on approach that leverages KYV-101’s differentiated clinical profile and supports clear and rapid path to BLA ©2025 Kyverna Therapeutics, Inc. Valuable commercial opportunity in SPS given significant unmet need in a rare disease, laying the foundation for a rapid and efficient launch in MG, a large and growing market
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Q&A ©2025 Kyverna Therapeutics, Inc. Warner Biddle Chief Executive Officer Ricardo Grieshaber-Bouyer, M.D., Ph.D FAU Erlangen-Nümberg Aiden Haghikia, M.D. Hanover Medical School Sri Muppidi, M.D. Stanford Medicine Naji Gehchan MD, MSc, MBA Chief Medical & Development Officer Sham Dholakia, M.D., Ph.D Chief Product Officer Marc Grasso, M.D. Chief Financial Officer Dan Maziasz, MBA Chief Business Officer
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89 Liberating Autoimmune Patients Through the Curative Potential of CAR T-Cell Therapy KYV-101 has potential to deliver durable, disease-free, drug-free remission with single dose First-in-class potential with neuroimmunology strategy Attractive market opportunity supported by focused commercial approach Strong cash position to support multiple near-term milestones Continue to advance future pipeline opportunities, including next-gen KYV-102 and additional indications ©2025 Kyverna Therapeutics, Inc.
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Appendix ©2025 Kyverna Therapeutics, Inc.
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91 Developed for POTENCY • CD19 targeting eliminates broadest range of B-cell subsets while sparing long-lived plasma cells1 • CD28 costimulation is highly potent1,2 • Deep B-cell depletion in tissue and immune reset3-5 KYV-101: Unique CAR Design Optimal for Autoimmune Diseases Fully Human Design Anti-CD19 scFv CD8α Transmembrane (TM) CD28 Costim CD3ζ CD8α Hinge Delivering TRANSFORMATIVE CLINICAL OUTCOMES • Single dose aiming for durable drug-free, disease-free remission • Potential for outpatient administration Engineered for SAFETY • Fully human CAR design reduces immunogenicity1,2 • CD8α hinge and TM support reduced inflammatory cytokine production1,2 • No high-grade CRS or ICANS observed3 References: 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. Trautmann-Gill K, et al. Lancet. 2025;405:25-28; 5. Albach FN, et al. Rheumatology. 2025; epub ahead of print. ©2025 Kyverna Therapeutics, Inc.
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92 KYV-102: Transforming the Next Generation of CAR T Patient Delivery No Apheresis, No/Low Lymphodepletion, Reduces Costs, Improves Patient Access TARGETED BENEFITS Improve patient experience Unlock system capacity and accessibility Reduce manufacturing turnaround time and costs Increased scalability Proprietary process with filed patent families KYV-102 Begins with whole blood – no need for apheresis <3-day culture time File KYV-102 IND application Q4 2025 Reference: Anaya D, et al. bioRxiv. 2024;doi: https://doi.org/10.1101/2024.01.24.576713. Utilizes same CAR construct as KYV-101 KYV-101 Begins with apheresis 8-9 day culture time CD19 CAR optimal for autoimmune ©2025 Kyverna Therapeutics, Inc.
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93 KYSA-6 Phase 2 Study Design Foundational for Advancement Into Registrational Trial gMG: generalized myasthenia gravis; MGFA: Myasthenia Gravis Foundation of America; AchR: Acetylcholine Receptor; MuSK: Muscle-Specific Kinase; LRP4: Low-density lipoprotein receptor-related protein 4; MG-ADL: myasthenia gravis Activities of Daily Living; QMG: Quantitative Myasthenia Gravis; MGC: Myasthenia Gravis Composite N = 6 • Age 18 to 75 years • Diagnosis of gMG, Class IIB-IV per MGFA criteria • Autoantibodies to AChR, MuSK, or LRP4 • MG-ADL ≥6 • Failed ≥2 prior immunomodulatory therapies Primary endpoints • MG-ADL at 24 weeks • Adverse events Key secondary endpoints • QMG and MGC scores • Change in anti-AChR, anti-MuSK, or anti-LRP3 antibodies • PK/PD KYSA-6: Open-label, single-arm, multicenter study Interim Phase 2 Data Expected Q4 2025 Cyc/Flu lymphodepletion + Single infusion of KYV-101 (1×108 CAR T cells) 18-month follow up ©2025 Kyverna Therapeutics, Inc.
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94 Abbreviations ab, antibody cMBc, class switched memory B cells AChEi, acetylcholinesterase inhibitor CMC, chemistry, manufacturing, and controls AChR, acetylcholine receptor CNS, central nervous system AID, autoimmune disease coDC, conventional lDC plasmacytoid dendritic cells aMBc, atypical memory B cells CRS, cytokine release syndrome ATAC-seq, assay for transposase-accessible chromatin with sequencing CTLA-4, cytotoxic T-lymphocyte antigen 4 ATC, authorized treatment center CYC, cyclophosphamide B mem, memory B cell D, day BCMA, b-cell maturation antigen DC, dendritic cell BCR, B-cell receptor DPPX, dipeptidyl peptidase-like protein BLA, biologics license application dsDNA, double-stranded deoxyribonucleic acid BnCS, double-negative 1 B cells ER, emergency room BnUS, unswitched naïve B cells FACS, fluorescence-activated cell sorting CAAR-t, chimeric autoantibody receptor T FAPI, fibroblast activation protein inhibitor CAR T, chimeric antigen receptor T-cell therapy Fc, fragment crystallizable CD, cluster of differentiation FcRn, neonatal fragment crystallizable receptor ©2025 Kyverna Therapeutics, Inc.
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95 Abbreviations FDA, US Food and Drug Administration ICD-10, International Classification of Diseases, 10th Revision fDC, follicular dendritic cell ICU, healthy donor FDR, false discovery rate IDL, interstitial lung disease Flu, fludarabine IFN, interferon FTD, Fast Track Designation Ig, immunoglobulin GABA, gamma aminobutyric acid IGH, immunoglobulin heavy chain GABA-RAP , gamma-aminobutyric acid receptor-associated protein IIM, idiopathic inflammatory myopathy GAD, glutamic acid decarboxylase IL, interleukin gadT, gamma delta T cells IND; investigational new drug application GLC, glucocorticoids iNOS, inducible nitrogen synthase GM-CSF, granulocyte macrophage-colony-stimulating factor IST, immunosuppressive therapies (e.g., corticosteroids, mycophenolate mofetil, azathioprine) gMG, generalized myasthenia gravis IV, intravenous H; half IVIG, intravenous immunoglobulin HCQ, hydroxychloroquine LN, lupus nephritis HD, healthy donor LRP4, lipoprotein receptor protein 4 ICANS, immune effector cell-associated neurotoxicity syndrome LSM, least squares means ©2025 Kyverna Therapeutics, Inc.
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96 Abbreviations LTβ, lymphotoxin-β MSE, minimal symptom expression LTβR, lymphotoxin-β receptor MTX, methotrexate mAb, monoclonal antibody MuSK, muscle-specific tyrosine kinase Mbim, IgM+ IgD– memory B cells Nkhi, CD56hi NK cells MG, myasthenia gravis Nklo, CD56low NK cells MG-ADL, myasthenia gravis activities of daily living NOTCH1, neurogenic locus notch homolog protein 1 MGC, myasthenia gravis composite ODD, Orphan Drug Designation MGFA, The Myasthenia Gravis Foundation of America pBcs, plasmablasts MHC, major histocompatibility complex PBMC, peripheral blood mononuclear cell MMF, mycophenolate mofetil PD-L1, programmed cell death ligand 1 MMT, manual muscle testing PEG, percutaneous endoscopic gastrostomy MoCl, classical monocytes PET-CT, positron emission tomography-computed tomography MoIn, intermediate monocytes PLEX, plasma exchange MoNC, nonclassical monocytes Q; quarter mRNA, messenger RNA QC, quality control MS, multiple sclerosis QMG, quantitative myasthenia gravis score ©2025 Kyverna Therapeutics, Inc.
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97 Abbreviations RA, rheumatoid arthritis T4nv, naïve CD4 T cells REMS, risk evaluation and mitigation strategy T4ra, CD45RA+ effector CD4 T cells RMAT, Regenerative Medicine Advanced Therapy T8cm, central memory CD8 T cells RNA-seq, ribonucleic acid sequencing T8em, effector memory CD8 T cells RTX, rituximab T8nv, naïve CD8 T cells SC, subcutaneous T8ra, CD45RA+ effector CD8 T cells SLE, systemic lupus erythematosus TaPE-seq, tagmentation of prime editor sequencing SOC, standard of care TCR, T-cell receptor SPS, stiff person syndrome TLR, toll-like receptor SSc, systemic sclerosis TNF, tumor necrosis factor Standard PT, standard SLE pharmacotherapy traB, transitional B cells T25-FW , timed 25-foot walk test TRAIL, tumor necrosis factor-related apoptosis-inducing ligand (CD253) T4cm, central memory CD4 T cells Treg, regulatory T cells T4em, effector memory CD4 T cells VZV, varicella zoster virus ©2025 Kyverna Therapeutics, Inc.