Kymera Therapeutics, Inc.
Key statistics
from XBRL data in SEC filingsAI briefing
from the latest 10-K, 10-Q and 8-K eventsKymera Therapeutics is a clinical-stage biopharmaceutical company developing oral targeted protein degradation medicines for immunological diseases.
What they do
Kymera is a leader in targeted protein degradation (TPD), using small molecules to eliminate disease-causing proteins. Its lead programs target STAT6 (KT-621), IRF5 (KT-579), and IRAK4 (KT-485, partnered with Sanofi). The company also collaborates with Gilead on an oral CDK2 molecular glue degrader. Kymera is focused on immunology but has research initiatives in other therapeutic areas.
Revenue drivers
- Collaboration revenue — Revenue is primarily from collaborations, including Sanofi (IRAK4) and Gilead (CDK2). Quarterly revenue jumped to $34.4M (Q1 2026) and $65.0M (Q2 2026) from $2.8M and $2.9M in late 2025, reflecting collaboration milestones.
Recent performance
In Q2 2026, revenue was $65.0M, up from $2.9M in Q4 2025 and $34.4M in Q1 2026, driven by collaboration payments. Net income for full-year 2025 was $311.4M, though operating cash flow was negative at -$232.9M. The company reported $1.5 billion in cash as of June 30, 2026, with no debt.
Strategy
Kymera aims to advance its pipeline through key clinical milestones, including Phase 2b trials for KT-621 in atopic dermatitis and asthma. The company plans to initiate Phase 3 trials in AD by mid-2027 and expects to advance at least one new molecular entity into clinical testing annually. It is also progressing partnered programs (Sanofi, Gilead) and early discovery efforts in undisclosed targets.
Risks
- Clinical-stage losses — Kymera has incurred significant operating losses since inception and expects continued losses, requiring substantial additional funding.
- Early development stage — All product candidates are in Phase 1 or Phase 2, with no approved products; failures in clinical trials could halt programs.
- Dependence on collaborators — The IRAK4 program depends on Sanofi's execution, and the CDK2 program on Gilead; collaboration termination could delay or end development.
- Competitive and regulatory risks — Biologic competitors and regulatory uncertainties may affect approval and commercial potential of oral degraders.
Outlook
Management expects to report top-line data from the KT-621 BROADEN2 Phase 2b AD trial by year-end 2026, six months earlier than prior guidance. Data from the BREADTH asthma trial are expected in late 2027, and KT-579 Phase 1 data in Q4 2026. Sanofi plans to advance KT-485/SAR447971 into clinical testing in 2026.