Kymera Therapeutics(KYMR) - 2025 Q1 - Earnings Call Presentation

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]