Kymera Therapeutics, Inc. (KYMR)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$105.0M

Revenue growth

134.8%

Net income, last twelve months

-$299.6M

Earnings per share

-$3.24

Gross margin

0.0%

Operating margin

-333.5%

Net margin

-285.3%

Free cash flow

-$238.0M

Return on equity

-19.9%

Market value

$10.1B

Cash

$124.5M

Debt

$0

Debt to equity

0.00

Shares outstanding

82.8M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the third quarter of 2026 results, filed 29 October 2026.

• Net loss widened on higher spending. Loss from operations was $147.2 million and diluted EPS was $(1.32), compared with $(0.94) a year earlier.
• No collaboration revenue this quarter. Collaboration revenue was nil, against $2.8 million a year earlier, which was all attributable to Gilead. Nine-month collaboration revenue was $99.4 million.
• Interest income rose year on year. Interest and other income was $15.3 million, against $10.4 million a year earlier, partly offsetting the operating loss.
• KT-621 data shown at congresses. KT-621 Phase 1b atopic dermatitis data were presented at EADV and ERS congresses, with posters across dermatology and respiratory forums.
• KT-621 aimed at Type 2 diseases. Management describes KT-621 as a once-daily oral STAT6 degrader for Type 2 diseases including AD, asthma, COPD, EoE and CSU.
• Deep IRF5 degradation in blood. In the multiple-dose portion, median IRF5 degradation in blood was at least 90% across several dose levels, saturating by dose level 3. Skin showed similar reductions.
• Cytokine and interferon suppression. Using the median of all multiple-dose cohorts, ex vivo stimulated samples showed inhibition of 88% of TNFα, 87% of IL-12/23p40, 94% of IL-1β and 98% of IFNβ at Day 14.
• Safety comparable to placebo. No serious or severe adverse events and no discontinuations due to adverse events were reported. Vital signs, labs and ECGs showed no clinically relevant changes.
• LUMORA lupus trial design. LUMORA is planned as a placebo-controlled study of about 30 adults over 16 weeks, aimed at showing KT-579 modulates lupus biology with a favorable safety profile.
• KT-485 Phase 1 led by Sanofi. Sanofi leads development, regulatory and commercial work on KT-485, an oral IRAK4 degrader, and the first-in-human trial is ongoing.
• KT-200 licensed to Gilead. Gilead holds an exclusive license to KT-200, a CDK2 molecular glue degrader candidate that Kymera discovered and characterized.
• New chief medical officer appointed. Terence Rooney became Chief Medical Officer and Elizabeth Laws took the lead for the STAT6 program, both appointments made in July 2026.
• R&D spend rose on STAT6 program. R&D expense rose on the STAT6 program, platform and discovery work, and growth of the R&D organization. Loss from operations rose with it.
• G&A up on legal and professional fees. G&A was $18.7 million, against $17.3 million a year earlier, reflecting legal and professional fees and public-company related personnel and facility costs.

Company events

The newest 8-K filings of 76 held.

Every filing

The newest filings with the SEC of 153 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

303 funds held it at 30 Jun 2026: 138 added and 83 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Amgen Inc. (AMGN): revenue $38.1B, market value $244.4B
• Gilead Sciences, Inc. (GILD): revenue $30.5B, market value $197.6B
• Moderna, Inc. (MRNA): revenue $2.2B, market value $85.4B
• argenx SE (ARGX): revenue $4.2B, market value $55.2B
• Biogen Inc. (BIIB): revenue $10.3B, market value $36.1B
• BioNTech SE (BNTX): revenue $3.2B, market value $22.1B
• Exelixis, Inc. (EXEL): revenue $2.4B, market value $16.5B
• Halozyme Therapeutics, Inc. (HALO): revenue $1.7B, market value $14.8B
• Neurocrine Biosciences Inc. (NBIX): revenue $3.4B, market value $14.8B
• Bio-Techne Corp. (TECH): revenue $1.2B, market value $11.3B

What the company does

Kymera Therapeutics is a clinical-stage biopharmaceutical company that develops oral medicines based on targeted protein degradation (TPD). The filing describes TPD as a small molecule approach that uses the body's natural cellular recycling system to remove disease-causing proteins. It has no products on the market and has not generated revenue from product sales. Its current discovery and development work is primarily directed at targets in immunology.

What it is developing

The lead program targets STAT6, a transcription factor in the IL-4/IL-13 signaling pathway. The drug candidate is KT-621. The company is running two Phase 2b trials: BROADEN2 in adults and adolescents with moderate to severe Atopic Dermatitis, and BREADTH in adults with moderate to severe asthma. The company says data are expected by mid-2027 and late-2027, respectively. Earlier work included a Phase 1 trial in 118 healthy volunteers and a Phase 1b trial in 22 patients with atopic dermatitis, dosed at 100 mg and 200 mg once daily for 28 days. In that Phase 1b trial, median STAT6 degradation at Day 29 was 98% in blood and 94% in skin.

A second program targets IRF5. Its lead molecule, KT-579, is an oral degrader for rheumatic and autoimmune diseases, and a Phase 1 trial in healthy volunteers has started. The company also says it expects to advance at least one new molecular entity into clinical testing each year.

How the science works

It says this lets it reach proteins such as transcription factors and scaffolding proteins, which have been hard to address with conventional small molecules.

Its discovery toolbox includes DNA encoded libraries, fragment-based and X-ray-based screening, machine learning and artificial intelligence in virtual screening, X-ray crystallography, cryogenic electron microscopy, proprietary quantitative proteomics, and translational biology on patient disease samples.

How it earns money

Kymera's only revenue to date has come from research collaborations with Vertex Pharmaceuticals Incorporated, Sanofi and Gilead. The Vertex agreement expired on 9 May 2023. The company says it has received no royalties so far.

- Sanofi. Sanofi holds a worldwide exclusive license to develop, manufacture and commercialize compounds against IRAK4, outside oncology and immuno-oncology. Kymera handles discovery, preclinical research and a Phase 1 trial, and Sanofi handles later development, manufacturing and commercialization. Kymera can opt in to fund 50% of US development costs and share US net profits and losses equally. It is also eligible for tiered royalties from the high single digits to the high teens. In June 2025 Sanofi chose to advance KT-485/SAR447971 and stopped development of KT-474. The filing says Sanofi plans to begin clinical testing of KT-485 in 2026. - Gilead. In June 2025 Kymera granted Gilead an exclusive option to license molecular glue degraders against CDK2, aimed at oncology. Kymera leads the research. If Gilead exercises the option, it gets global rights, and Kymera is eligible for tiered royalties from high single digits to mid-teen percentages.

Who it competes with

The filing names Arvinas, C4 Therapeutics, Nurix Therapeutics and Foghorn Therapeutics as companies developing protein degraders. For STAT6 specifically, it names Gilead Sciences, Johnson & Johnson, Pfizer and Sanofi as having partnered or internal programs. Its target diseases also have approved treatments, including the injectable antibody dupilumab. The company says it will need to show that its degraders compare favorably with these treatments. It estimates that more than 140 million people in the US, Europe and Japan have diseases driven mainly by Type 2 inflammation.

Making and protecting its drugs

Kymera owns no manufacturing facilities and says it has no plans to build any. It buys drug substance and finished product from third-party contract manufacturers on a purchase order basis, with no long-term supply agreements. It also outsources substantially all clinical trial work to clinical research organizations.

Its intellectual property is built on wholly owned patent families. These include four families covering ligands for the cereblon E3 ubiquitin ligase, with any resulting patents expected to expire between 2038 and 2045. Other families cover degrader compounds and specific targets such as IRAK, STAT, CDK2 and IRF5. It holds trademarks for KYMERA, KYMERA THERAPEUTICS and KT in the United States, Europe and Canada.

Its people and sites

Of the 238 employees, 189 work in research and development. The other 49 work in business development, finance, legal, and general management and administration. None is covered by a collective bargaining agreement.

The company leases about 100,624 square feet of office and laboratory space in Watertown, which it occupies.

*From Kymera Therapeutics's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/1815442/000119312526073395/kymr-20251231.htm)*

From the company's 10-K.