Summary of Kymera Therapeutics FY Conference Call Company Overview - **Company**: Kymera Therapeutics (NasdaqGM:KYMR) - **Founded**: Nearly 10 years ago, celebrating its 10-year anniversary in May 2026 - **Focus**: Targeted protein degradation, particularly in immunology markets, addressing large unmet needs where targets have been inadequately drugged [3][4] Core Programs and Pipeline - **Current Focus**: The STAT6 program, with significant data expected to be shared soon from a patient study, and ongoing Phase 2 studies [4][6] - **Pipeline**: Five programs in the clinic, including two partnered programs and one wholly owned program, with more expected to be discussed next year [5] STAT6 Program Details - **Phase 1B Study**: Ongoing, providing confirmatory evidence for dose selection for the Phase 2B study [6][7] - **Phase 2B Study**: Recently initiated, focusing on dose range finding with three doses being tested [7][12] - **Objectives**: To confirm translation of pharmacokinetics (PK) and pharmacodynamics (PD) from healthy volunteers to patients, assess clinical outcomes, and evaluate biomarkers [9][12] - **Study Size**: Approximately 20 patients, with a treatment duration of four weeks [10] - **Data Expectations**: Full data set to include safety, biomarkers, and clinical endpoints, with results expected by mid-2027 [30] Safety and Efficacy - **Safety Profile**: Expected to be similar to Dupixent (dupilumab), with potential adverse events like conjunctivitis anticipated [23][24] - **Mechanism of Action**: The drug selectively targets STAT6, blocking the IL-4/IL-13 pathway, which is crucial for its therapeutic effects [23][25] IRF5 Program Overview - **Target**: IRF5, a transcription factor involved in various autoimmune diseases, with a unique approach to drugging this target using a highly potent oral degrader [32][33] - **Clinical Development**: Moving into Phase 1 healthy volunteer studies early next year, with data readouts expected shortly thereafter [34] - **Target Degradation Level**: Aiming for over 90% degradation based on preclinical data, which has shown superior activity in lupus models compared to existing treatments [35] Additional Insights - **Cytokine Challenge**: Unlikely to be included in the Phase 1 study design, focusing instead on ex vivo assessments of pathway activation [39][40] - **Biomarkers**: Main pharmacodynamic markers will include IRF5 itself and activation pathways, with ongoing evaluation of the best assays to use [39] Conclusion Kymera Therapeutics is advancing its innovative approaches in targeted protein degradation, with significant focus on the STAT6 and IRF5 programs. The company is positioned to address unmet medical needs in immunology, with upcoming data expected to provide insights into the efficacy and safety of its therapies.

Financial Data and Key Metrics Changes - Kymera Therapeutics has a cash position of $980 million, providing a runway into the second half of 2028, which supports ongoing phase 2B studies and initial phase 3 studies for STAT6 and IRF5 programs [28][29]. Business Line Data and Key Metrics Changes - The company is focusing on two wholly owned programs: the STAT6 program, which is nearing data readout, and the IRF5 program, set to enter the clinic next year [3][4]. - The STAT6 program has progressed through phase 1A and is currently in phase 1B, with plans to initiate phase 2B studies in atopic dermatitis and asthma [10][24]. Market Data and Key Metrics Changes - The atopic dermatitis market has over 40 million diagnosed patients, but only about 1 million are treated with Dupixent (Dupy), indicating a significant unmet need for effective treatments [20][21]. - The company sees a large opportunity for oral medications in the market, especially for pediatric populations who currently face challenges with injectable treatments [32][33]. Company Strategy and Development Direction - Kymera aims to leverage its unique platform technology to develop drugs that provide biologic-like efficacy with a similar safety profile, focusing on immunology as a key area of opportunity [2][3]. - The company plans to conduct phase 2B studies in atopic dermatitis and asthma, which will serve as sentinel studies for future phase 3 trials across multiple indications [24][26]. Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the potential of their STAT6 and IRF5 programs, highlighting the transformative potential of their oral drugs in treating Th2 allergic diseases [32][33]. - The company is committed to maintaining control over its development process to accelerate timelines and ensure the right patient populations are included in trials [43][46]. Other Important Information - Kymera has made a strategic decision to not partner its programs at this stage, believing it can execute phase 2B studies effectively on its own [24][26]. - The company is exploring the use of AI to enhance clinical operations and improve efficiency in patient recruitment and data analysis [51][52]. Q&A Session Summary Question: How does the company view the competitive landscape for its STAT6 and IRF5 programs? - Management believes that while many companies are interested in protein degradation, Kymera's focused approach and deep expertise give it a competitive edge in developing effective therapies [68]. Question: What are the key objectives for the upcoming phase 1B and phase 2B studies? - The main objectives include confirming safety and pharmacokinetics, validating dosing for phase 2B, and demonstrating biomarker effects similar to those seen with Dupixent [6][7][10]. Question: How does the company plan to address the commercial opportunity for its drugs? - The strategy involves focusing on the largest markets first, such as atopic dermatitis and asthma, and potentially expanding to other indications based on the success of initial studies [22][23].