[Kymera Therapeutics Q2 2025 Business and Financial Highlights](index=1&type=section&id=Kymera%20Therapeutics%20Q2%202025%20Business%20and%20Financial%20Highlights) The company reports significant pipeline advancements, a new strategic partnership, and a strengthened financial position despite a quarterly net loss [Business Highlights and Pipeline Update](index=1&type=section&id=Business%20Highlights%20and%20Pipeline%20Update) The company advanced its immunology pipeline with positive KT-621 data, progressed KT-579, and secured a strategic partnership and new funding - The company is well-capitalized with approximately **$1 billion in cash** as of July 31, 2025, extending its financial runway into the **second half of 2028**[1](index=1&type=chunk)[2](index=2&type=chunk)[8](index=8&type=chunk) - Entered a strategic partnership with Gilead to develop novel oral molecular glue CDK2 degraders, with potential payments up to **$750 million**[1](index=1&type=chunk)[9](index=9&type=chunk) - Sanofi has prioritized Kymera's second-generation IRAK4 degrader, KT-485, for advancement into Phase 1 clinical studies in 2026[2](index=2&type=chunk)[9](index=9&type=chunk) [STAT6 Degrader Program (KT-621)](index=2&type=section&id=STAT6%20Degrader%20Program%20(KT-621)) The oral STAT6 degrader KT-621 demonstrated a positive Phase 1 profile, with plans to initiate Phase 2b trials in late 2025 and early 2026 - Phase 1 healthy volunteer data surpassed the target product profile, demonstrating **rapid, deep, and prolonged STAT6 degradation**, with complete degradation achieved in both blood and skin at doses ≥50 mg[1](index=1&type=chunk)[3](index=3&type=chunk) - KT-621 showed an impact on Th2 biomarkers comparable or superior to dupilumab, with median **TARC reduction up to 37%** and median **Eotaxin-3 reduction up to 63%**[3](index=3&type=chunk) Upcoming Milestones for KT-621 | Milestone | Indication | Expected Timing | | :--- | :--- | :--- | | Phase 1b (BroADen) Data | Atopic Dermatitis (AD) | 4Q 2025 | | Phase 2b Trial Initiation | Atopic Dermatitis (AD) | 4Q 2025 | | Phase 2b Trial Initiation | Asthma | 1Q 2026 | [IRF5 Degrader Program (KT-579)](index=3&type=section&id=IRF5%20Degrader%20Program%20(KT-579)) The first-in-class oral IRF5 degrader KT-579 is advancing through IND-enabling studies, with a Phase 1 trial anticipated in early 2026 - KT-579 is a **first-in-class oral degrader of IRF5**, a genetically validated transcription factor with potential utility in diseases such as lupus, Sjögren's, inflammatory bowel disease (IBD), and rheumatoid arthritis (RA)[4](index=4&type=chunk) - The program is currently in IND-enabling studies, with a **Phase 1 clinical trial anticipated to commence in early 2026**[1](index=1&type=chunk)[6](index=6&type=chunk) - New preclinical data from lupus and RA animal models will be presented at the American College of Rheumatology (ACR) Annual Meeting in October 2025[6](index=6&type=chunk) [Collaboration and Corporate Updates](index=4&type=section&id=Collaboration%20and%20Corporate%20Updates) The company strengthened its financial position through a new Gilead partnership, a Sanofi milestone payment, and a successful equity offering - Entered an exclusive option and license agreement with Gilead for a CDK2 molecular glue degrader program, with Kymera eligible for up to **$750 million in total payments** plus tiered royalties[9](index=9&type=chunk) - Sanofi prioritized the second-generation IRAK4 degrader KT-485 for Phase 1 testing, triggering a **$20 million milestone payment** to Kymera in Q2 2025, while the first-generation degrader, KT-474, will not be advanced[9](index=9&type=chunk) - Completed an underwritten equity offering with total gross proceeds of approximately **$288 million**, strengthening the company's balance sheet[8](index=8&type=chunk) [Second Quarter 2025 Financial Results](index=5&type=section&id=Second%20Quarter%202025%20Financial%20Results) The company reported lower Q2 2025 revenues and a wider net loss driven by increased R&D expenses, while maintaining a strong cash position Q2 2025 Financial Highlights (vs. Q2 2024) | Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | Collaboration Revenues | $11.5M | $25.7M | -55.3% | | R&D Expenses | $78.4M | $59.2M | +32.4% | | G&A Expenses | $17.6M | $17.4M | +1.1% | | Net Loss | ($76.6M) | ($42.1M) | +81.9% | | Net Loss Per Share | ($0.95) | ($0.58) | +63.8% | - The increase in R&D expenses was primarily driven by investments in the **STAT6 program**, platform and discovery programs, and organizational growth[11](index=11&type=chunk) - As of June 30, 2025, the company had **$963.1 million** in cash, cash equivalents, and investments, a balance that grew to approximately **$1 billion** by July 31, 2025, after recent financing activities[14](index=14&type=chunk) [Financial Statements](index=8&type=section&id=Financial%20Statements) This section presents the unaudited consolidated Balance Sheet and Statement of Operations for the period ended June 30, 2025 [Consolidated Balance Sheets](index=8&type=section&id=Consolidated%20Balance%20Sheets) The balance sheet shows total assets grew to $1.13 billion as of June 30, 2025, primarily due to an increase in cash and marketable securities Consolidated Balance Sheets (in thousands) | Account | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash, cash equivalents and marketable securities | $963,074 | $850,903 | | Total assets | $1,131,068 | $978,035 | | **Liabilities and Stockholders' Equity** | | | | Total liabilities | $159,588 | $142,416 | | Total stockholders' equity | $971,480 | $835,619 | | Total liabilities and stockholders' equity | $1,131,068 | $978,035 | [Consolidated Statements of Operations and Comprehensive Loss](index=8&type=section&id=Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Loss) The statement of operations details a net loss of $76.6 million for the three months and $142.2 million for the six months ended June 30, 2025 Consolidated Statements of Operations (in thousands) | Account | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :--- | :--- | :--- | | Collaboration Revenue | $11,476 | $25,650 | | Total operating expenses | $96,033 | $76,575 | | Loss from operations | ($84,557) | ($50,925) | | Net loss | ($76,614) | ($42,062) | | Net loss per share, basic and diluted | ($0.95) | ($0.58) |

Core Insights - Kymera Therapeutics reported positive Phase 1 data for KT-621, a once-daily oral STAT6 degrader, which exceeded the company's target product profile and demonstrated a safety profile similar to placebo [1][2][3] - The company is on track to report data from the KT-621 BroADen Phase 1b trial in moderate to severe atopic dermatitis (AD) patients in Q4 2025, with Phase 2b trials in AD and asthma set to begin in Q4 2025 and Q1 2026, respectively [1][2][7] - Kymera has entered a strategic partnership with Gilead to develop CDK2 degraders, with potential total payments of up to $750 million [1][9] - As of July 31, 2025, the company had $1 billion in cash, providing a runway into the second half of 2028 [1][10] Business Highlights - KT-621 demonstrated over 90% mean STAT6 degradation at doses above 1.5 mg, with complete degradation at doses ≥50 mg [3][4] - The drug showed median reductions in Th2 biomarkers, with TARC reduction up to 37% and Eotaxin-3 reduction up to 63% [4] - KT-579, an oral IRF5 degrader, is expected to enter Phase 1 clinical trials in early 2026, showing promise in treating lupus and rheumatoid arthritis [5][8] Collaboration Updates - The partnership with Gilead includes an exclusive option and license agreement for the CDK2 program, with Kymera leading research activities [6][9] - Sanofi plans to advance KT-485, a second-generation IRAK4 degrader, into clinical studies, while Kymera achieved a $20 million milestone related to KT-485 [9] Financial Results - Collaboration revenues for Q2 2025 were $11.5 million, down from $25.7 million in Q2 2024, primarily due to the recognition of deferred revenue from the Sanofi collaboration [11] - Research and development expenses increased to $78.4 million in Q2 2025 from $59.2 million in Q2 2024, driven by investments in the STAT6 program [12] - The net loss for Q2 2025 was $76.6 million, compared to $42.1 million in Q2 2024 [14]

Core Insights - Kymera Therapeutics, Inc. is set to report its second quarter 2025 financial results on August 11, 2025, and will host a video conference call and webcast at 8:30 a.m. ET on that day [1] Company Overview - Kymera Therapeutics is a clinical-stage biotechnology company focused on targeted protein degradation (TPD) to develop innovative medicines for immunological diseases [3] - The company aims to create a pipeline of oral small molecule degraders that offer a new generation of effective therapies, addressing disease targets that are not accessible with traditional therapeutics [3] - Founded in 2016, Kymera has been recognized as one of Boston's top workplaces in recent years [3]

Core Insights - Kymera's shares have surged 70.7% over the past three months, significantly outperforming the industry gain of 9.7% and the broader S&P 500 index [1][9] - The company is focused on targeted protein degradation (TPD) to develop drugs for various immunological diseases [1] Collaboration with Gilead - Kymera has entered an exclusive option and license agreement with Gilead Sciences to advance a novel molecular glue degrader (MGD) program targeting cyclin-dependent kinase 2 (CDK2), which has potential applications in oncology [4][5] - Under the agreement, Kymera will receive an upfront payment of $85 million, with total potential payments reaching up to $750 million [6] - Kymera may also earn tiered royalties on net product sales, while it will lead research activities for the CDK2 program [7] Setback with Sanofi - Kymera faced a setback with Sanofi, which decided to prioritize the development of a different candidate, KT-485, over Kymera's KT-474, impacting potential milestone payments [10][14] - Despite this, Kymera achieved a $20 million milestone related to preclinical activities for KT-485, which is expected to enter early-stage testing next year [12][13] Pipeline Developments - Kymera's pipeline includes ongoing studies for KT-621 in atopic dermatitis and plans for two phase IIb studies in asthma and atopic dermatitis in late 2025 and early 2026 [15] - The company has identified KT-579 as its lead development candidate, with plans to advance it into phase I testing in early 2026 [16]

Company Strategy & Vision - Kymera is developing oral therapies with biologics-like profiles by combining the "right target" with Targeted Protein Degradation (TPD), aiming to expand patient access globally[12] - The company's vision is to reinvent disease treatment as a fully integrated commercial global biotech, supported by $775 million in cash and equivalents, providing a runway into the first half of 2028[20] - Kymera has delivered 5 new investigational degrader drugs into the clinic since 2020, and is on track to deliver a total of 10 by 2026[17] Immunology Market & TPD - The immunology market is large and underserved, with approximately 160 million total patients across key immunologic diseases[26] - Only ~5 million patients (3%) are on systemic advanced therapies, representing >$100 billion in annual sales for key I/I indications, with 2/3 of these therapies being injectable biologics[27] - Targeted Protein Degradation (TPD) can unlock the undrugged proteome, addressing the 80% of disease-causing proteins currently out of reach for existing technologies[22][23] - In industry surveys, 75% of patients would switch from injectable biologics to oral medications with a similar profile[34] Pipeline Programs & Milestones - **STAT6 (KT-621):** Phase 1 Healthy Volunteer (HV) data is expected in June 2025, with Phase 1b Atopic Dermatitis (AD) patient data anticipated in Q4 2025; Phase 2b trials in AD are expected to start in Q4 2025 and in Asthma in Q1 2026[52][83] - The total potential patient impact for STAT6 (KT-621) is >130 million patients, with only ~1% having access to advanced systemic therapies; the market is projected to reach $23B+ with new indications/entrants[83] - **IRF5 (KT-579):** IND-enabling studies are ongoing, with a Phase 1 trial start expected in early 2026[90][175] - In mouse models of lupus, KT-579, dosed once a day for 63 days, leading to 85% and >90% IRF5 degradation, reduced proteinuria (key disease marker) and prevented disease associated mortality better than all other approved or clinically active agents tested[164]

Company Overview - Kymera is a science-driven clinical stage organization focused on developing oral drugs with biologics-like efficacy in immunology[6] - The company has raised $1.7 billion to date, with $850 million in cash on hand, providing a runway to mid-2027[11] - Kymera has delivered 5 new investigational degrader drugs into the clinic since 2020 and is on track to deliver a total of 10 by 2026[14] Targeted Protein Degradation (TPD) Technology - TPD is a small molecule-based modality with gene silencing power that can unlock the undrugged proteome[23, 22] - TPD has been validated across multiple FDA-approved drugs with >$17 billion in combined peak WW sales[23] - Kymera utilizes comprehensive proprietary technologies to identify novel ligands to undrugged proteins, leading to >8 development candidates, including >4 targeting undrugged transcription factors[39, 41] Immunology Market and Oral Degraders - The immunology market has ~160 million total patients across key immunologic diseases[24] - Approximately 5 million patients (3% of total diagnosed) are on systemic advanced therapies with >$100 billion in annual sales for key I/I indications[28] - In multiple surveys, 75% of patients would switch from injectable biologics to oral with similar profile[31] Pipeline and Clinical Development - KT-474 (IRAK4 degrader) has shown >95% IRAK4 degradation in humans[68] with Phase 2b trials in HS and AD ongoing, with completion expected in 1H 2026 (HS) and mid-2026 (AD)[69] - KT-295 (TYK2 degrader) is undergoing IND-enabling studies with Phase 1 healthy volunteer start planned for 2Q 2025[57] - KT-621 (STAT6 degrader) is in Phase 1 trial with recruitment ongoing and multiple SAD/MAD cohorts completed[92] - Kymera aims to build a STAT6 franchise to serve >130 million diagnosed mild and moderate/severe patients with Th2 inflammation[85]

Core Viewpoint - Kymera Therapeutics, Inc. has announced a public offering of $250.8 million in common stock and pre-funded warrants to advance its pipeline of oral small molecule degrader medicines for immunological diseases [1][2]. Group 1: Offering Details - Kymera is selling 5,044,500 shares of common stock at a price of $44.00 per share and pre-funded warrants to purchase 655,500 shares at $43.9999 each [1]. - The gross proceeds from the offering are expected to be approximately $250.8 million, before deducting underwriting discounts and commissions [1]. - The underwriters have a 30-day option to purchase up to an additional 855,000 shares at the public offering price [1]. Group 2: Use of Proceeds - The net proceeds from the offering will be used to advance Kymera's pipeline of preclinical and clinical degrader programs, as well as for working capital and other general corporate purposes [2]. Group 3: Company Background - Kymera Therapeutics is a clinical-stage biotechnology company focused on targeted protein degradation (TPD) to develop innovative medicines for significant health issues [6]. - The company aims to provide a new generation of effective therapies for patients with immunological diseases [6].

Core Insights - Kymera Therapeutics, Inc. (KYMR) faced a setback as partner Sanofi (SNY) decided not to advance the development of lead IRAK4 degrader KT-474, but this was somewhat mitigated by an exclusive option and license agreement with Gilead Sciences, Inc. (GILD) [1][8] - Kymera also announced a public offering of $250 million of its common stock to fund clinical programs and general corporate purposes [1][14] Group 1: Sanofi Partnership Update - Sanofi has chosen to advance KT-485/SAR447971, a new oral candidate targeting IRAK4 for immuno-inflammatory diseases, into clinical studies, while discontinuing KT-474, which was in phase IIb studies for hidradenitis suppurativa and atopic dermatitis [5][6] - Kymera achieved a $20 million milestone in Q2 2025 related to preclinical activities associated with KT-485 [7] - The decision to advance KT-485 delays potential milestone payments for Kymera that could have been realized with KT-474's approval [15] Group 2: Collaboration with Gilead - Kymera entered into an exclusive option and license agreement with Gilead for a novel molecular glue degrader (MGD) program targeting CDK2, with potential applications in oncology [10] - The agreement includes an upfront payment of $85 million and potential milestone payments up to $750 million [11] - Kymera may also receive tiered royalties ranging from high single-digit to mid-teens on net product sales, while leading all research activities for the CDK2 program [12] Group 3: Financial Developments - Kymera's stock decreased by 1.4% on June 25 and dropped 6.91% in after-market trading, likely due to the Sanofi setback and equity dilution from the stock offering [2] - Year-to-date, KYMR shares have gained 15.5%, contrasting with a 2% decline in the industry [4] - The proceeds from the $250 million stock offering will be used to advance preclinical and clinical degrader programs and for general corporate purposes [14]

Company Overview - Proactive is a financial news publisher that provides fast, accessible, informative, and actionable business and finance news content to a global investment audience [2] - The company has a team of experienced and qualified news journalists who produce independent content [2] Market Focus - Proactive specializes in medium and small-cap markets while also covering blue-chip companies, commodities, and broader investment stories [3] - The news team delivers insights across various sectors including biotech and pharma, mining and natural resources, battery metals, oil and gas, crypto, and emerging digital and EV technologies [3] Technology Adoption - Proactive is recognized for its forward-looking approach and enthusiastic adoption of technology to enhance workflows [4] - The company utilizes automation and software tools, including generative AI, while ensuring that all content is edited and authored by humans [5]

Financial Data and Key Metrics Changes - The meeting reported that proxies were received for approximately 61.66 million shares, representing about 94.68% of the total shares entitled to vote, indicating strong shareholder engagement [7] Business Line Data and Key Metrics Changes - No specific business line data or key metrics were discussed in the provided content Market Data and Key Metrics Changes - No specific market data or key metrics were discussed in the provided content Company Strategy and Development Direction and Industry Competition - The proposals included the election of directors and the approval of executive compensation, indicating a focus on governance and management alignment with shareholder interests [8][9] Management's Comments on Operating Environment and Future Outlook - No specific comments from management regarding the operating environment or future outlook were provided in the content Other Important Information - The meeting concluded with all proposals being carried, including the election of directors and the ratification of the independent accounting firm, Ernst and Young, for the fiscal year ending December 31, 2025 [14] Q&A Session Summary - There were no questions raised during the meeting, indicating a smooth process without shareholder concerns [12]