This scientific and business case evaluation was completed as part of the Entrepreneurship in Healthcare and Life Science course at Chicago Booth taught by serial entrepreneur Brian Coe.

The company evaluation deck can be found here.

October 2025

Kyverna Therapeutics

Scientific and Business Case Evaluation

Entrepreneurship in Healthcare & Life Science – Midterm

Overview

This project is a fundamental evaluation of Kyverna Therapeutics, a publicly traded biotechnology company developing CAR-T cell therapies for severe autoimmune diseases. The work mirrors a public equity research process rather than a venture pitch.

Analytical Focus

  • Scientific rationale for applying CAR-T therapy beyond oncology

  • Safety, durability, and relapse risk associated with deep B-cell depletion

  • Manufacturing scalability as a commercial constraint

  • Valuation sensitivity to upcoming clinical and regulatory catalysts

Scope of Analysis

  • Mechanism of action and differentiation versus existing biologics

  • Interpretation of Phase II clinical data and transition risks to Phase III

  • TAM, SAM, and capacity-constrained SOM modeling

  • Valuation framing using public comparables and precedent transactions

Why This Work Matters

Advanced cell therapies often attract enthusiasm that outpaces evidence. This analysis demonstrates a disciplined approach to evaluating cutting-edge science while grounding conclusions in clinical data, manufacturing realities, and capital markets behavior.

My Role

  • Led business case evaluation

  • Built market sizing and capacity-constrained adoption assumptions

  • Contributed to valuation framing and investment conclusion

  • Synthesized findings into an scientific and business case assessment

Kyverna Therapeutics presentation slide with green background, displaying the company name, Nasdaq ticker symbol KYTX, group member Christopher Schweitzer, and event details from October 20, 2025.
Company overview slide describing Kyverna's CAR T-cell therapies for autoimmune diseases, with icons representing Lupus Nephritis, Multiple Sclerosis, Myasthenia Gravis, Stiff Person Syndrome, and Systemic Sclerosis.
Diagram showing five autoimmune diseases: Lupus Nephritis, Multiple Sclerosis, Myasthenia Gravis, Stiff Person Syndrome, and Systemic Sclerosis, with icons representing the affected body parts or systems.
A presentation slide discussing the problem of insufficient current therapies for autoimmune diseases. It covers immunosuppressants and inhibitors, glucocorticoids, and monoclonal antibodies targeting B cell receptors. Each section lists examples and
Infographic about Kyverna's KYV-101, an anti-CD19 CAR-T cell therapy for autoimmune disease, highlighting B cell targeting, durable remission, and improved tolerability.
Diagram illustrating Kyerna's pipeline for engineered CAR-T cells targeting CD19 positive B cells, showing stages from lab processing to clinical application.
Diagram illustrating CD19-targeted depletion of B cells, showing various stages from Pro-B cell to Plasma Cell with CD19, CD20, and other markers.
Table comparing four therapies for autoimmune diseases, including targeted agents, wide-reaching therapies, clinical trial cohorts, toxicity levels, drug-free remission rates, and quick turnaround times.
Line and bar graphs showing data related to the safety and efficacy of anti-COVID-19 CAR T cells, with text highlighting proof and comparison of data, and references to scientific studies.
Scientific poster detailing proof in data demonstrating Kyverna's specificity, including H&E-stained images of lymph node biopsies showing CD19 and CD20 B-cell depletion, and a graph showing clinical science results of CD19-CAR T cell therapy inducin
Study slide showing images of lymph node biopsies stained for T cell and macrophage presence, with data graphs comparing different treatments, demonstrating Kyverna's specificity in T cell depletion and its effect on immune cells.
Line graphs showing data over 24 months, with labels indicating follow-up times and progress for two patients, related to Kyverna's efficacy, mobility, and disease-free remission readouts.
Table summarizing disease areas, lead indications, and product formats, including Rheumatology with Lupus Nephritis and Systic Sclerosis, and Neurology with Myasthenia Gravis, Multiple Sclerosis, and Stiff Person Syndrome.
Screenshot of a presentation slide listing key scientific goals and risks related to a project. The slide includes points on demonstrating durability, safety profile, manufacturing innovation, with bullet points detailing each one.
Timeline chart detailing milestones in pharmaceutical development from 2024 to beyond 2030, including phase trials, FDA approvals, and regulatory milestones.
Table titled 'Market Size' comparing TAM, SAM, and SOM for three categories: US + T5 Europe, label therapy, and cell therapy. Shows patient counts and market value in billions or trillions of dollars.
Financial chart with key assumptions and projected net sales and EBIT from 2027 to 2035. Key assumptions include a 11% discount rate, 250,000 treatment price, 225,000 treatment MSP, 275,000 terminal growth, 25% profit and SGA margins, 20% tax rate. N
Financial slide showing key assumptions, projected net sales, and EBIT over time from 2027 to 2035. Key assumptions include discount rate of 11%, treatment price of $250,000, treatment MOQ of 225,000, and profit margin details. Bar graph illustrates
Photograph of the Kyverna Leadership Team, showing twelve team members in professional headshots, with roles and names listed.
A presentation slide with the title 'Conclusion' divided into two sections: Science and Market. The Science section mentions immune reset, Kyverma, remission durability, and toxicity ratio. The Market section discusses patient counts, treatment limit
Page titled 'Appendix' with a plain white background and centered text.
A list of abbreviations for medical conditions and factors, including BAF, IgG, SLE, LN, MG, MS, PPMS, SPMS, SSC, SPS, and SPPSD.
Slide with the title 'Market Size Backup'
A table showing market size and prevalence of various neurological conditions across the US, Europe, and worldwide. Conditions listed include Stiff Person Syndrome, Myasthenia Gravis, Lupus Nephritis, Progressive MS, and Systemic Sclerosis, with prev
Market size and pricing benchmark table for cell and gene therapies, showing target medical conditions, price ranges, and references for each therapy.
Table comparing market size and notes for various medical conditions, including Stiff Person Syndrome, Myasthenia Gravis, Lupus Nephritis, Progressive MS, and Systemic Sclerosis.
Screen showing a medical presentation slide about market size, with sections on TAM, SAM, and SOM, and a red 'Backup' link at the top right.
Slide titled 'Problem & Value Proposition' discussing severe autoimmunity reset, refractory disease, chronic toxicity, and inadequate depth, with bullet points explaining each.
A table titled 'Detailed Value by Patient Segment,' outlining three categories: 'Halt Organ Damage,' 'Avoid Chronic Steroids,' and their respective target patient segments and clinical goals for lupus nephritis treatment.
Table titled 'Detailed Value by Patient Segment' showing targets and clinical goals for multiple sclerosis patients, including segments like neurologoscular reset and long-term mobility.
A table from a medical document outlining the value, patient segment, and clinical goals for treating Stiff Person Syndrome (SPS), including relief from rigidity and mobility/autonomy issues.
Slide with the title 'References' centered on a plain white background.
Screenshot of a references section in a document, listing scientific sources about autoimmune diseases, including Cleveland Clinic, CAR T-cell therapy, and therapeutic approaches from scientific journals.
Screenshot of a references page listing sources on lupus nephritis, prevalence rates, and treatment regimens.
References page with citations and URLs for myasthenia gravis research sources.
Screenshot of references section with hyperlinks to multiple sclerosis research articles and statistics.
Screenshot of references discussing systemic sclerosis, including prevalence rates, market size, and related links.
Text document with references to Stiff Person Spectrum Disorders, market size, and links to medical websites.
A table of medical test references and pricing benchmarks, listing various tests, abbreviations, reference ranges, prices, and references, with some highlighted links.