Kymera Therapeutics(US:KYMR)2025-11-04 12:15Financial Performance - The company has incurred net losses of $223.9 million and $147.0 million for the years ended December 31, 2024 and 2023, respectively, with net losses of $82.2 million and $62.5 million for the three months ended September 30, 2025 and 2024, respectively [146]. - The company has an accumulated deficit of $979.0 million as of September 30, 2025 [146]. - Net loss for Q3 2025 was $82.2 million, compared to a net loss of $62.5 million in Q3 2024, reflecting a $19.7 million increase [178]. - Total operating expenses for Q3 2025 were $95.3 million, up from $75.9 million in Q3 2024, marking a $19.4 million increase [178]. - For the nine months ended September 30, 2025, collaboration revenue was $36.3 million, down from $39.7 million in the same period of 2024 [188]. - Other income, net decreased to $27.1 million for the nine months ended September 30, 2025, from $27.7 million in the same period of 2024, a decrease of approximately 2.2% [193]. - Cash used in operating activities was $166.1 million for the nine months ended September 30, 2025, compared to $132.7 million for the same period in 2024, representing an increase of approximately 25.2% [198]. - Cash used in investing activities was $126.7 million for the nine months ended September 30, 2025, down from $472.6 million in the same period of 2024, a decrease of approximately 73.3% [201]. - Net cash provided by financing activities was $285.5 million for the nine months ended September 30, 2025, compared to $606.1 million in the same period of 2024, a decrease of approximately 53.0% [203]. Cash and Funding - As of September 30, 2025, the company had cash, cash equivalents, and marketable securities of $978.7 million, expected to fund operations into the second half of 2028 [149]. - The company has received gross proceeds of $2.06 billion from various financing activities since its inception in 2015 [144]. - The company anticipates requiring additional funding to continue clinical development and commercialization efforts if regulatory approvals are received [207]. - The company has outstanding pre-funded warrants to purchase 15,815,253 shares of common stock, each with an exercise price of $0.0001 per share [211]. Research and Development - The company is developing KT-621 and KT-579 for immunology programs, with KT-621 recently completing dosing in the BroADen Phase 1b trial and initiating the BroADen2 Phase 2b clinical trial [142]. - The company has progressed five programs into clinical development and aims to advance at least one new molecular entity into clinical testing annually [140]. - Research and development expenses increased to $74.1 million in Q3 2025 from $60.4 million in Q3 2024, primarily due to an $8.3 million increase in costs related to the STAT6 program [182]. - Research and development expenses for the nine months ended September 30, 2025, totaled $232.7 million, an increase of $64.3 million from $168.4 million in 2024 [190]. - The company anticipates a substantial increase in research and development expenses in the near term due to planned clinical development activities [171]. - The company expects substantial increases in expenses related to ongoing activities, particularly in clinical development [205]. Collaborations and Agreements - The company entered into a collaboration agreement with Gilead Sciences, receiving a non-refundable upfront payment of $40 million and potential milestone payments totaling up to $665 million [155]. - Under the Sanofi Agreement, the company received an upfront payment of $150 million and is eligible for development milestone payments of up to $1.48 billion and commercial milestone payments of up to $700 million [159]. - Collaboration revenue for Q3 2025 was $2.8 million, down from $3.7 million in Q3 2024, all attributable to the agreement with Gilead [181]. Market and Industry Context - Approximately 160 million patients in the U.S., Europe, and Japan are diagnosed with immune-inflammatory diseases, with nearly half remaining untreated [141]. - The company has not yet generated any revenue from product sales and does not expect to do so for several years [195]. - The company is exposed to market risks related to interest rates and foreign currency exchange rates, with no significant liabilities in foreign currencies as of September 30, 2025 [214][215]. Expenses - General and administrative expenses rose to $17.3 million in Q3 2025 from $15.5 million in Q3 2024, driven by higher legal and professional service fees [183]. - General and administrative expenses for the nine months ended September 30, 2025, were $51.3 million, compared to $47.2 million in 2024, reflecting a $4.1 million increase [191]. - Impairment of long-lived assets was $3.9 million for Q3 2025, compared to $0 for Q3 2024, due to worsening market conditions [185].