Kyverna ended 2025 with $279 million in cash and equivalents, bolstered by $147.5 million in follow-on financing and ATM sales. This liquidity supports operations, the SPS BLA filing and planned commercial launch through 2028 within current manufacturing capacity. Investigator-initiated Phase 1 trials in progressive multiple sclerosis treated eight patients at 33M or 100M CAR T doses, achieving 83% improvement in EDSS scores and 100% of evaluable patients showing fatigue score gains. Miv-cel was well-tolerated with no high-grade CRS or ICANS, and all patients remained off other immunomodulatory therapies. Positive interim Phase 2 data for generalized myasthenia gravis showed durable, drug-free remission and a strong safety profile after a single miv-cel dose. The FDA-aligned Phase 3 KYSA-6 trial has enrolled its first patient and is active at 14 sites across three regions, with additional data due at the April AAN meeting. The Phase 2 KYSA-8 trial in stiff person syndrome demonstrated statistically significant benefit across all primary and secondary endpoints with no high-grade CRS or ICANS observed. Kyverna plans to submit the BLA in the first half of 2026 and is advancing launch-readiness through site activations and key leadership hires.