When a bright-eyed valedictorian finds herself short of tuition for Harvard University, the logical next step is to open an underground business selling edibles out of her parents’ bakery, right? At least that’s the scheme protagonist Jane Huang concocts in “Baked! The Musical,” a sweet, funny coming-of-age show by Deepak Kumar and Jord Liu. Although billed as a developmental production, this fully staged musical is already well worth seeing at Theo Ubique Cabaret Theatre, where Grace Dolezal-Ng directs a charming, all-Asian American cast.

Recent Northwestern grad Sunnie Eraso stars as Jane, the daughter of Mingli (Nick Joe), whose family has owned a Chinese bakery in Minnesota for three generations, and Yunzhou (Mariel Saavedra), an immigrant who is grieving the recent loss of her own father back home. Rounding out the principal characters are Jane’s best friend, Kasey (Devon Hayakawa), and Z (Reilly Oh), their drug-dealing classmate turned business partner.

“Baked!” covers several familiar themes — the evolution of friendships and family relationships as kids grow up, the pressures on high-achieving young Asian Americans, the sacrifices of immigrant parents and the tension between their hopes and their children’s dreams. But Kumar and Liu’s recipe offers a particularly effective blend of quirky humor and touching moments, bolstered by strong performances from the whole cast. I was impressed by the thoughtful development of supporting characters such as Kasey, who gets a heftier arc than the typical narrative of the loyal best friend, and the multigenerational subplots involving Mingli and Yunzhou. Even Z, an alternative punk kid who reminds me of a high school classmate, has a humanizing back story.

Kumar and Liu’s score features driving rhythms, an upbeat sound and tight harmonies that are somewhat reminiscent of “Dear Evan Hansen,” but without the vaguely churchy vibes that I get from Benj Pasek and Justin Paul’s music. With music director Tyler Miles on keyboard and Noel Streacker on percussion, the simple orchestration doesn’t sound too sparse but rather allows the lyrics and vocals to shine. While I didn’t walk away humming any of the tunes, the songs did an excellent job of moving the story forward.

Viewing this show in 2023 naturally brings to mind the ongoing political fights over student debt relief. Jane has already been admitted to Harvard when the show begins, but the catalyst for her illicit business endeavor is being rejected from the full-ride scholarship that she needs to pay for her freshman year. After overhearing her parents discuss the bakery’s financial troubles, she lies to them and tries to get the money herself.

Brainstorming solutions, Kasey suggests that Jane ask a billionaire to donate the money to her directly instead of funneling it through a questionable foundation, arguing that $50,000 is a drop in the bucket for that kind of wealth. If that fails, she says, you can just take out a loan like normal people do. It’s a funny scene, but underlying it is the reality that many promising young Janes are staring down the rising costs of higher education today.

Overall, the show maintains a light touch and provides several opportunities for ensemble members to deliver comedic bits. Peter Ruger gives a flamboyant turn as the bougie influencer who converts Minnesota’s underground scene into customers for the teens’ edible business. RJ Silva also gets a lot of laughs as a customer who gets a little too — well, baked — at a festival hosted by Jane’s parents, thus spilling the beans on the whole operation.

Without losing its sense of fun, the script could afford to raise the stakes more in the first act. Things fall apart quickly during the shorter second act, and the consequences of Jane’s poor choices could be fleshed out better. But none of this keeps the cast from pulling off some really moving moments.

Now in their late 20s, Kumar and Liu have been working on “Baked!” for six years. Among other stops on its journey to Theo Ubique, the show was workshopped at Chicago’s Den Theatre and Underscore Theatre Company, and it was featured at the latter’s Chicago Musical Theatre Festival in 2020. Matthew C. Yee’s ”Lucy and Charlie’s Honeymoon,” another promising new musical about Asian American characters, followed a similar path, with a staged reading at Steppenwolf in 2019 and a world premiere at Lookingglass in spring of 2023.

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It’s hard not to worry about the ability of Chicago’s contracting theater industry to keep fostering talented young voices. Underscore permanently closed in September 2022, and Steppenwolf and Lookingglass recently announced significant layoffs, with the latter currently on hiatus from producing shows. But there is also reason for optimism: the Chicago Musical Theatre Festival will live on with Kokandy Productions, fresh off its triumph at the 2023 Non-Equity Jeff Awards. Let’s hope that writers like Kumar, Liu and Yee will continue to get the support needed to produce their best work.

Emily McClanathan is a freelance critic.

Review: “Baked! The Musical” (3.5 stars)

When: Through Oct. 8

Where: Theo Ubique Cabaret Theatre, 721 Howard St., Evanston

Running time: 2 hours, 10 minutes

Tickets: $40 at 773-939-4101 or theo-u.com