KT-621 (STAT6) BROADEN2 Phase 2b trial in atopic dermatitis (AD) ongoing, with data expected by mid-2027 KT-621 BREADTH Phase 2b trial in asthma ongoing, with data expected in late-2027 Initiated dosing in KT-579 (IRF5) Phase 1 healthy volunteer trial with data expected in 2H26 Dr. Neil Graham, experienced biopharma leader, appointed Chief Development Officer Well-capitalized with $1.6 billion in cash as of December 31, 2025, and runway into 2029 Company to hold video conference call and webcast today at ...

Summary of C4 Therapeutics Conference Call Company Overview - C4 Therapeutics is focused on targeted protein degradation (TPD) with a clinical pipeline that includes its lead program, cemsidomide, an IKZF1/3 degrader, which is in later-stage clinical development [6][8] - The company has a phase 2 study called the MOMENTUM trial, which is set to start this quarter, and a phase 1/b study in combination with elranatamab planned for the second quarter [6][8] - C4 has collaborations with Betta Pharmaceuticals for an EGFR degrader in China, and ongoing partnerships with Biogen, Roche, and Merck KGaA [7] Pipeline and Development Focus - Cemsidomide is a key focus, but the company is also excited about its discovery efforts and collaborations [8] - The company plans to evaluate data from the phase 1 study for the EGFR degrader to determine potential U.S. clinical development [8] - The emphasis on discovery collaborations is crucial for the company's strategy [8] Regulatory Environment and MRD Negativity - The FDA's new draft guidance on minimal residual disease (MRD) as a surrogate endpoint for myeloma is seen as beneficial for expediting drug development [10][11] - C4 Therapeutics believes that incorporating MRD negativity as an endpoint can help de-risk drug development and support accelerated approval [11][14] - The company plans to measure MRD negativity in its trials to strengthen the case for cemsidomide's approval [13][14] Competitive Landscape - Upcoming data from Bristol's iberdomide and mezigdomide trials will provide insights into the efficacy of highly potent degraders, which could benefit the field [16][17] - C4 Therapeutics does not view these trials as direct competition but anticipates they will provide benchmark data for planning pivotal trials [17] Clinical Trial Design and Expectations - The company aims for a 40% response rate in the MOMENTUM trial, with a minimum expected response rate of 20% to support accelerated approval [25][24] - The timeline for patient enrollment is set at 12 months, with early readouts expected within a year of closing the study [26][23] - Full regulatory endpoints will require longer follow-up, projected into 2028 [26] Financing and Future Plans - Recent financing has extended the company's runway to the end of 2028, allowing for the execution of planned studies [28] - Additional funding of over $200 million could facilitate a swift transition from phase 1/b to phase 3 planning [28] Combination Studies and Dosing Strategies - The company is designing studies for cemsidomide in combination with elranatamab, focusing on patients with 2 to 4 lines of prior therapy [30] - Dosing strategies are being carefully considered to manage overlapping toxicities and ensure patient safety [34][35] Communication and Updates - C4 Therapeutics commits to providing reasonable top-line updates as the trial progresses, with the first update expected after completing the first cohort [37][39] Conclusion - C4 Therapeutics is strategically positioned in the TPD space with a strong focus on cemsidomide and its potential for accelerated approval through innovative trial designs and regulatory strategies [6][8][10]

Core Thesis - C4 Therapeutics, Inc. is positioned as a leader in targeted protein degradation (TPD), a novel approach in precision oncology that focuses on eliminating disease-causing proteins rather than merely inhibiting them [3][4] Company Overview - C4 Therapeutics, Inc. is a clinical-stage biopharmaceutical company that develops therapeutic candidates aimed at degrading proteins responsible for diseases [3] - The company's share price was $1.9600 as of January 29th [1] Technology and Innovation - C4's proprietary E3 ligase platform is protected by strong intellectual property and has been validated through partnerships with major pharmaceutical companies like Pfizer and Biogen [4] - The TORPEDO platform allows for rational design and rapid optimization of degraders, which shortens development cycles and enhances competitive advantages [4] Strategic Focus - The company targets orphan oncology indications, such as synovial sarcoma and multiple myeloma, with its BRD9 and IKZF1/3 degraders, CFT8634 and CFT7455, which have received orphan drug designations [5] - This strategic focus enables smaller and faster pivotal trials, regulatory support, and exclusivity-driven economics, providing a sustainable market advantage [5] Financial Management - C4 maintains a lean cost structure and pursues milestone-based partnerships to extend its cash runway without diluting ownership [5] Competitive Landscape - Despite challenges in ligase engineering and scalability, C4's in-house chemistry, clinical networks, and manufacturing capabilities create significant entry barriers for competitors [6] - The company is one of the few independent TPD pure-plays capable of sustained value creation and strategic optionality [7] Upcoming Catalysts - Anticipated catalysts include durable efficacy data in orphan cohorts, positive results from combination therapies with standard-of-care regimens, and milestone payments from partners [6]

Core Insights - Kymera Therapeutics has initiated dosing in its BREADTH Phase 2b clinical trial for KT-621, targeting moderate to severe eosinophilic asthma, with data expected in late-2027 [1][2] - The company is also conducting the BROADEN2 Phase 2b trial for atopic dermatitis, with results anticipated by mid-2027 [1][3] - KT-621 is a first-in-class oral degrader of STAT6, aimed at treating Type 2 inflammatory diseases, showing promising results in earlier studies [4] Group 1: Clinical Trials - The BREADTH Phase 2b trial is a global, randomized, double-blind, placebo-controlled study involving approximately 264 adult patients over 12 weeks, focusing on the efficacy, safety, and tolerability of KT-621 [2] - The primary endpoint of the BREADTH trial is the change in forced expiratory volume in one second (FEV1) from baseline, with secondary endpoints assessing additional safety and quality of life measures [2] - The BROADEN2 trial is parallel to the BREADTH trial and is expected to accelerate the development of KT-621 for multiple Type 2 indications [3] Group 2: Product Information - KT-621 is designed to degrade STAT6, a key transcription factor in IL-4/IL-13 signaling, which drives Type 2 inflammation [4] - In Phase 1 studies, KT-621 demonstrated significant STAT6 degradation and reductions in Type 2 inflammatory biomarkers, along with improvements in clinical endpoints and patient-reported outcomes [4] - The drug has the potential to address a wide range of Type 2 diseases affecting over 140 million patients globally, including asthma and atopic dermatitis [4] Group 3: Industry Context - Asthma is a chronic inflammatory lung disease with significant unmet treatment needs despite existing therapies [5] - The ongoing development of KT-621 reflects the industry's focus on innovative oral treatments that can provide biologics-like efficacy for inflammatory diseases [4][6] - Kymera Therapeutics is positioned as a pioneer in targeted protein degradation, aiming to develop effective therapies for conditions that are difficult to treat with conventional methods [6][7]

Core Insights - Kymera Therapeutics is advancing a new class of oral small molecule degrader medicines for immunological diseases, with significant clinical milestones expected in 2026 and beyond [1][2][14] Pipeline Developments - KT-621 is in Phase 2b trials for atopic dermatitis (AD) and asthma, with data expected by mid-2027 and late-2027 respectively [1][10] - KT-579 is set to initiate a Phase 1 clinical trial in healthy volunteers in Q1 2026, with data anticipated in the second half of 2026 [1][8] - The company aims to advance at least one new development candidate towards IND for a first-in-class oral immunology program in 2026 [1][12] Financial Position - Kymera is well-capitalized with $1.6 billion in cash, providing a runway into 2029 [1][2] Clinical Trial Updates - KT-621 has shown promising results in a Phase 1b trial for moderate to severe AD, demonstrating deep STAT6 degradation and significant improvements in clinical endpoints [4] - The BROADEN2 Phase 2b trial for KT-621 includes approximately 200 patients and aims to evaluate efficacy, safety, and tolerability over 16 weeks [10] - The BREADTH Phase 2b trial for KT-621 in eosinophilic asthma will involve around 264 adult patients over 12 weeks [10] Strategic Vision - The company is focused on transforming treatment paradigms for over 140 million patients suffering from Type 2 diseases, aiming to deliver oral medicines that can change the standard of care [2][3]

Core Insights - Kymera Therapeutics, Inc. (KYMR) has experienced a significant stock performance increase of 82.4% over the past year, outperforming the industry gain of 17.3% and the S&P 500 Index [1][2] Pipeline and Clinical Developments - Kymera is advancing its lead pipeline candidate KT-621, a first-in-class oral degrader of STAT6, aimed at treating type 2 inflammatory diseases [5][10] - Positive results from the phase Ib BroADen study for KT-621 showed deep STAT6 degradation, with median reductions of 94% in skin and 98% in blood [6][9] - The treatment also resulted in a mean 63% reduction in the Eczema Area and Severity Index (EASI) and a mean 40% reduction in peak pruritus Numerical Rating Scale (NRS) [8][10] - KT-621 has received FDA Fast Track designation and is currently undergoing a phase IIb study for atopic dermatitis, with data expected by mid-2027 [11][12] Strategic Partnerships - Kymera has entered into a collaboration with Gilead Sciences to develop a novel molecular glue degrader program targeting CDK2 for oncology applications [13][14] - The company also collaborates with Sanofi, which has prioritized the development of KT-485, a candidate for immuno-inflammatory diseases, over KT-474 [15][16] Valuation and Financial Estimates - KYMR's shares are currently trading at a price/book ratio of 5.53X, which is higher than the biotech industry average of 3.61X [17] - The Zacks Consensus Estimate for 2025 loss per share has widened, while the estimate for 2026 loss has narrowed to $3.64 [19][20] Investment Recommendations - Existing investors are advised to hold the stock, while prospective investors should wait for a more favorable entry point [21][22]

Core Insights - Kymera Therapeutics, Inc. (KYMR) received FDA Fast Track designation for KT-621, aimed at treating moderate to severe atopic dermatitis, which is the most common form of eczema [1][8] - KYMR's stock increased by 4.23% in after-hours trading following the announcement [1] - KT-621 is a first-in-class, once-daily oral degrader of STAT6, a key transcription factor in Type 2 inflammation [1] FDA Designation - The Fast Track designation from the FDA accelerates the development and review process for drugs addressing serious conditions and unmet medical needs, allowing for frequent interactions with the FDA during clinical development [2] Clinical Development - Positive results were reported from the phase Ib study, BroADen AD, where KT-621 showed effectiveness across various measures, including STAT6 degradation and safety [3] - A phase IIb study, BROADEN2, is ongoing with data expected by mid-2027, and a phase IIb study for asthma is planned to start in Q1 2026 [4] Financial Performance - Kymera closed an upsized underwritten public offering, raising $602 million by selling 8,050,000 shares at $86 per share, with gross proceeds of approximately $692.3 million [5] - The company's stock has surged 64.1% year to date in 2025, outperforming the industry gain of 17.7% [6][7] Pipeline and Collaborations - Kymera is utilizing targeted protein degradation (TPD) to develop drugs for significant health issues, with promising progress in its pipeline [9] - In June 2025, Kymera entered an exclusive agreement with Gilead Sciences to develop a novel molecular glue degrader program targeting CDK2 for oncology applications [10][11] - Kymera also collaborates with Sanofi to advance its pipeline, with a candidate targeting IRAK4 selected for clinical studies [12]

Core Insights - The FDA has granted Fast Track designation to KT-621, a first-in-class oral STAT6 degrader for treating moderate to severe atopic dermatitis (AD) [1][2][3] - KT-621 aims to provide a once-daily oral treatment option that matches the efficacy and safety of injectable biologics, addressing significant gaps in current treatment options for AD and other Type 2-driven diseases [2][4] - Positive results from the BroADen Phase 1b trial indicate KT-621's potential in treating Type 2 inflammatory diseases, with ongoing Phase 2b trials expected to yield data by mid-2027 [1][2][4] Company Overview - Kymera Therapeutics is a clinical-stage biopharmaceutical company focused on developing oral small molecule degrader medicines for immunological diseases [1][6] - The company has advanced the first degrader into clinical evaluation for immunological diseases and aims to build a leading pipeline of therapies [6] - Founded in 2016, Kymera has been recognized as one of Boston's top workplaces [6] Atopic Dermatitis Context - Atopic dermatitis is a chronic inflammatory disease that significantly impacts patients' quality of life, with a notable unmet need for improved treatment options [5] - Current treatments include topical therapies and injectable biologics, but many patients remain untreated [5]

Core Viewpoint - Kymera Therapeutics, Inc. has announced a public offering of $602.0 million in common stock to advance its pipeline of degrader programs and for general corporate purposes [1][2]. Group 1: Offering Details - Kymera is selling 7,000,000 shares at a public offering price of $86.00 per share, with an additional option for underwriters to purchase up to 1,050,000 shares [1]. - The gross proceeds from the offering are expected to be approximately $602.0 million before deducting underwriting discounts and commissions [1]. - The offering is anticipated to close on December 11, 2025, subject to customary closing conditions [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 targeting large patient populations and for working capital [2]. Group 3: Company Overview - Kymera Therapeutics is a clinical-stage biotechnology company focused on targeted protein degradation (TPD) to develop innovative medicines for immunological diseases [6]. - The company aims to provide a new generation of oral small molecule therapies that are highly effective and convenient for patients [6].

KT-621, Oral STAT6 Degrader, Phase 1b Results 1 Agenda Introduction Justine Koenigsberg Vice President, Investor Relations Revolutionizing Immunology with Oral Medicines Nello Mainolfi, PhD Founder, President and Chief Executive Officer KT-621 BroADen Phase 1b Data Jared Gollob, MD Chief Medical Officer Closing Remarks Nello Mainolfi, PhD Founder, President and Chief Executive Officer Question and Answer Session 2 Forward Looking Statements This presentation contains forward-looking statements within the me ...