Kyverna Now We’re Rolling! Miv-cel BLA Submission Underway; 1Q Key Takes

Research evidence excerpt

Kyverna Now We’re Rolling! Miv-cel BLA Submission Underway; 1Q Key Takes

Brian Cheng AC North America Equity Research

(1-212) 622-0449 12 May 2026 J P M O R G A N

brian.cheng@jpmorgan.com

Price Performance Summary Investment Thesis and Valuation

Investment Thesis

We rate KYTX Overweight. We believe Kyverna, armed with

compelling clinical evidence to date, is at the forefront of

deploying CAR-T cell therapies across multiple autoimmune

indications. The evidence to date is compelling and consistent

with the results seen from academic research. We believe KYTX

has the attractive potential to expand beyond its initial

indications in neurology and rheumatology. We believe the

pivotal SPS data is clinically meaningful, offering a disruptive

option in the current treatment paradigm. The company is also

YTD 1m 3m 12m positioned to pivot to allogeneic in the future through its

Abs 8.8% 14.3% 39.0% 362.9% partnership with Intellia.

Rel -6.9% 5.2% 29.3% 325.7%

Valuation

Company Data

Our Dec-2026 PT is $29 based on our DCF-based SOTP

Shares O/S (mn) 61

52-week range ($) 13.67-2.06 calculation. Our DCF-based SOTP model assigns stand-alone

Market cap ($ mn) 621.93 contributions for miv-cel/KYV-101 in stiff person syndrome

Exchange rate 1.00 (SPS) and myasthenia gravis (MG). SPS contributes $19/share

Free float (%) 77.1%

3M ADV (mn) 0.84 in our PT, while MG contributes $6/share in our PT. The

3M ADV ($ mn) 7.6 remainder of our valuation comes from pipeline, corporate

Volatility (90 Day) 86 expenses, NOLs, and cash. We assign WACC of 9-10%, 60-85%

Index RUSSELL 2000

BBG ANR (Buy | Hold | Sell) 6|0|0 PoS, and 5-30% peak penetration.

Key Metrics (FYE Dec)

Performance Drivers$ in millions FY25A FY26E FY27E

Financial Estimates

Revenue 0 0 20

Adj. EBITDA (170) (175) (181)

Adj.