New Manufacturing Agreement With ElevateBio Strengthens Commercial Readiness

Research evidence excerpt

New Manufacturing Agreement With ElevateBio Strengthens Commercial Readiness

Update

July 27, 2026 02:42 PM GMT

Morgan Stanley & Co. LLCMKyverna Therapeutics | North America Michael E Ulz

Equity Analyst

New Manufacturing Agreement Mike.Ulz@morganstanley.comRohit Bhasin +1 212 761-4650

Research Associate

Rohit.Bhasin@morganstanley.com +1 212 761-0534

With ElevateBio Strengthens Avraham Novick

Avi.Novick@morganstanley.com +1 212 761-2231

Commercial Readiness

Kyverna Therapeutics (KYTX.O, KYTX US)

Biotechnology | United States of America

Key Takeaways Stock Rating Overweight

Industry View Attractive

ElevateBio partnership secures scalable US commercial manufacturing and global Price target $33.00

clinical supply for miv-cel ahead of potential launch. Shr price, close (Jul 24, 2026) $7.41

Mkt cap, curr (mm) $447

Strengthens operational readiness as company targets completion of its rolling 52-Week Range $13.67-2.80

SPS BLA submission in 4Q26.

Miv-cel remains on track to become the first CAR T approved for an autoimmune

disease and the first approved therapy for SPS; Reiterate Overweight.

Commercial manufacturing and supply agreement to support launches in SPS

and gMG. Earlier today, Kyverna and ElevateBio announced a manufacturing

agreement for both US commercial and global clinical supply of miv-cel (press

release) to support launches in stiff person syndrome (SPS) and generalized

myasthenia gravis (gMG), along with other ongoing clinical studies. We view the

expanded manufacturing agreement with ElevateBio as an important step in de-

risking commercialization ahead of its planned rolling BLA completion in SPS in

4Q26. Notably, the agreement secures scalable US commercial manufacturing and