Kymera Therapeutics (KYMR) FY Conference June 10, 2025 03:20 PM ET Speaker0 Hi, Speaker1 everyone. Good afternoon. Thanks so much for joining us. I'm Andrea Newkirk, one of the biotech analysts here at GS. And I'm really pleased to be joined by Nella Manolfe, founder, president, and CEO of Chimera. Thanks so much. Speaker0 Thanks for having us. Speaker1 Yeah, of course. So maybe before we dig into the data that you just presented last week for your STAT6 program, I thought maybe we could start with a overvi ...

Kymera Therapeutics (KYMR) Update Summary Company Overview - **Company**: Kymera Therapeutics - **Focus**: Development of small molecule degraders targeting Th2 diseases, specifically through the KT621 program, which is the first STAT6 targeted drug to enter clinical testing [4][35]. Key Industry Insights - **Immunology Market**: Approximately 160 million patients diagnosed with the top 10 immune inflammatory diseases, with only about 3% (5 million) receiving advanced systemic therapies [12][13]. - **Biologics Limitations**: Biologics are often expensive, challenging to prescribe, and have issues with immunogenicity and storage, limiting their accessibility [14][15][16]. - **Opportunity**: Developing oral drugs with biologics-like efficacy could disrupt the market, potentially creating hundreds of billions in value [13]. Core Findings from KT621 Phase 1 Results - **Clinical Data**: KT621 demonstrated complete STAT6 degradation at low doses (as low as 6.25 mg) and a pristine tolerability profile, exceeding expectations [31][49]. - **Biomarker Impact**: The drug showed significant reductions in Th2 biomarkers (TARC, IgE, eotaxin-3) comparable or superior to dupilumab, a leading biologic [44][49]. - **Safety Profile**: No serious adverse events were reported, and the safety profile was indistinguishable from placebo, even at doses 16 times higher than the lowest tested [49]. Development Strategy - **Pipeline**: The company is advancing KT621 through Phase Ib studies in atopic dermatitis (AD) and asthma, with plans for two parallel Phase IIb studies [26][11]. - **Target Selection**: Focus on undrugged or poorly drugged targets with large clinical opportunities, aiming for early clinical differentiation [10][11]. - **Future Expectations**: The company anticipates robust biomarker data in patients, with a focus on achieving dupilumab-like effects in clinical endpoints [72][74]. Additional Insights - **Mechanism of Action**: KT621 utilizes a catalytic mechanism that allows for continuous target degradation, leading to sustained pathway blockade without the typical pharmacokinetic-pharmacodynamic (PK-PD) correlation issues seen with traditional small molecules [17][18]. - **Market Potential**: The potential to treat over 100 million patients who currently lack access to systemic advanced therapies represents a significant market opportunity [25]. - **Regulatory Pathway**: The company is committed to a rapid development timeline, with ongoing studies designed to validate the efficacy and safety of KT621 [91]. Conclusion Kymera Therapeutics is positioned to disrupt the immunology market with its innovative approach to small molecule degraders, particularly through the promising results of KT621. The company’s focus on addressing the limitations of current biologics and its robust clinical data support a strong outlook for future studies and market entry.

Summary of Chimera's Conference Call Company Overview - **Company**: Chimera - **Industry**: Biopharmaceuticals, specifically focused on clinical stage drug development Key Points and Arguments FDA Interactions - Chimera has ongoing interactions with the FDA and other agencies, with no material changes observed in recent months [5][9] Manufacturing Plans - Current manufacturing is global, with a commitment to source commercial materials in the U.S. when possible [6][7] - The CEO highlighted a lack of infrastructure in the U.S. to support the biopharma industry, indicating a need for investment in basic research and infrastructure [8][9] Upcoming Catalysts - Healthy volunteer data for KT621 is expected in June, with a focus on presenting comprehensive data rather than piecemeal [14][15] - The STAT6 program is highlighted as unique, with potential to replicate the effects of existing blockbuster drugs like dupilumab [15][16] Biomarker Strategy - The primary biomarker for the STAT6 program is the degradation of STAT6 itself, which allows for direct measurement of target engagement [19][21] - Comparison with dupilumab's effects on biomarkers like TARC is discussed, with caution against drawing direct conclusions due to different study designs [20][21] Phase Ib Study - A Phase Ib study for atopic dermatitis (AD) patients has already begun, with expectations for robust biomarker changes and clinical endpoints by Q4 [25][26][48][49] Safety Profile - Previous studies indicated a good safety profile for related compounds, with no specific concerns for STAT6 degradation noted [34][36] - The CEO mentioned a subclinical QT effect observed in earlier studies, but no expectation of similar issues for the current drug [39][40] Competitive Landscape - The only oral approved drug for AD is a JAK inhibitor, which has safety concerns. Chimera's STAT6 degrader is positioned as a Th2-specific treatment [40][41] - The CEO expressed confidence in the differentiation of their product based on its mechanism of action [41][42] Future Development Plans - Chimera plans to develop the STAT6 drug across multiple indications, similar to dupilumab, with a focus on aggressive development strategies [63][64] - The company has a strong cash position of $775 million, expected to last until the first half of 2028, covering multiple data readouts [68][69] Additional Important Information - The CEO emphasized the importance of achieving over 90% STAT6 degradation for robust efficacy in clinical studies [28][31] - The company is prepared with multiple molecules in its pipeline, ensuring flexibility in case of underperformance in current studies [62][63] This summary encapsulates the key insights from Chimera's conference call, highlighting the company's strategic direction, upcoming milestones, and competitive positioning within the biopharmaceutical industry.