Kyverna Therapeutics is a late-stage clinical biopharmaceutical company developing CAR T-cell therapies for autoimmune diseases. Kyverna's lead product, mivocabtagene autoleucel (miv-cel), is an autologous CD19-targeting CAR T-cell therapy: a patient's own T cells are extracted, engineered to target and destroy B cells, and infused back in a single treatment designed to produce durable, treatment-free remission. Miv-cel's CAR construct is licensed exclusively from the NIH and is fully human, which Kyverna argues improves persistence and tolerability versus the mouse-derived constructs used in approved oncology CAR T therapies. Kyverna is pursuing two lead indications: Stiff Person Syndrome (SPS), a rare neurological disease with no approved therapies, where Kyverna completed a registrational Phase 2 trial with positive results and plans to file a BLA in the first half of 2026; and generalized Myasthenia Gravis, a larger neuromuscular disease where Kyverna reported positive Phase 2 interim data and initiated a Phase 3 trial in 2025. Kyverna is also studying miv-cel in progressive MS, rheumatoid arthritis, lupus nephritis, and systemic sclerosis. The company also has two next-generation candidates: KYV-102, which uses a faster whole-blood manufacturing process, and KYV-201, an allogeneic "off-the-shelf" version developed with Intellia using CRISPR editing. Kyverna has no revenue yet and is funded by equity, with a cash runway into 2028. If approved, miv-cel would be sold as a one-time, high-cost therapy through specialized treatment centers, with manufacturing outsourced to contract manufacturers ElevateBio and Minaris.