Company Overview - Kymera is a science-driven clinical stage organization focused on developing oral drugs with biologics-like efficacy in immunology[6] - The company has raised $1.7 billion to date, with $850 million in cash on hand, providing a runway to mid-2027[11] - 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[14] Targeted Protein Degradation (TPD) Technology - TPD is a small molecule-based modality with gene silencing power that can unlock the undrugged proteome[23, 22] - TPD has been validated across multiple FDA-approved drugs with >$17 billion in combined peak WW sales[23] - Kymera utilizes comprehensive proprietary technologies to identify novel ligands to undrugged proteins, leading to >8 development candidates, including >4 targeting undrugged transcription factors[39, 41] Immunology Market and Oral Degraders - The immunology market has ~160 million total patients across key immunologic diseases[24] - Approximately 5 million patients (3% of total diagnosed) are on systemic advanced therapies with >$100 billion in annual sales for key I/I indications[28] - In multiple surveys, 75% of patients would switch from injectable biologics to oral with similar profile[31] Pipeline and Clinical Development - KT-474 (IRAK4 degrader) has shown >95% IRAK4 degradation in humans[68] with Phase 2b trials in HS and AD ongoing, with completion expected in 1H 2026 (HS) and mid-2026 (AD)[69] - KT-295 (TYK2 degrader) is undergoing IND-enabling studies with Phase 1 healthy volunteer start planned for 2Q 2025[57] - KT-621 (STAT6 degrader) is in Phase 1 trial with recruitment ongoing and multiple SAD/MAD cohorts completed[92] - Kymera aims to build a STAT6 franchise to serve >130 million diagnosed mild and moderate/severe patients with Th2 inflammation[85]
Kymera Therapeutics(KYMR) - 2025 FY - Earnings Call Presentation