Kymera Therapeutics — Third Quarter 2026 Earnings Summary

Financial Performance:

• Reported a net loss of $132.0 million for the third quarter of 2026, an increase from $82.2 million in the same period of 2025.
• Collaboration revenue was $0 for the third quarter of 2026, compared to $2.8 million in the third quarter of 2025; the 2025 revenue was entirely attributable to the Gilead collaboration.
• Research and development expenses totaled $128.5 million for the third quarter of 2026, up from $74.1 million in the third quarter of 2025, driven by increased investment in the STAT6 program, platform, and discovery programs, as well as organizational growth.
• General and administrative expenses were $18.7 million for the third quarter of 2026, compared to $17.3 million in the third quarter of 2025, primarily due to higher legal, professional service fees, and increased personnel and facility costs.
• Cash, cash equivalents, and investments stood at $1.6 billion as of September 30, 2026, providing a runway into 2029.
• For the nine months ended September 30, 2026, total operating expenses were $406.4 million, and net loss attributable to common stockholders was $262.4 million.
• Net loss per share for the three months ended September 30, 2026, was $1.32, compared to $0.94 in the prior year period.

Guidance and Future Outlook:

• Plans to report topline data from the KT-621 BROADEN2 Phase 2b atopic dermatitis trial by year-end 2026.
• Expects to initiate the first Phase 3 atopic dermatitis trial by mid-2027, subject to regulatory discussions.
• The KT-579 LUMORA Phase 1b trial in lupus patients is planned to start by early 2027.
• Topline data from the KT-621 BREADTH Phase 2b asthma trial is expected in late 2027.
• The company aims to deliver at least one new development candidate per year through its research engine.
• No additional collaboration revenue is expected to be recognized in 2026.

Business Segments and Product Lines:

• KT-621 (STAT6 Degrader): Completed enrollment in the Phase 2b BROADEN2 atopic dermatitis trial; presented data from the Phase 1b BroADen trial at EADV and ERS Congresses in September 2026.
• KT-579 (IRF5 Degrader): Announced positive results from the Phase 1 healthy volunteer trial, demonstrating deep, sustained IRF5 degradation (≥90% median degradation) and robust suppression of disease-relevant biomarkers, including 88% inhibition of TNFα, 87% of IL-12/23p40, 94% of IL-1β, and 98% of IFNβ. The safety profile was comparable to placebo with no serious adverse events.
• KT-485 (IRAK4 Degrader): First-in-human Phase 1 trial is ongoing in healthy volunteers and hidradenitis suppurativa patients; Sanofi leads development, regulatory, and commercial efforts.
• KT-200 (CDK2 Degrader): Advancing in IND-enabling studies with Gilead Sciences, targeting an IND filing in 2027 for breast cancer and solid tumors.

Market and Competitive Landscape:

• KT-621 targets over 140 million patients worldwide with Type 2 diseases, including atopic dermatitis, asthma, COPD, eosinophilic esophagitis, and chronic spontaneous urticaria.
• KT-579 targets serious autoimmune diseases such as lupus, inflammatory bowel disease, Sjögren's, and rheumatoid arthritis where effective oral therapies are needed.
• The company positions its oral small molecule degraders as differentiated therapies capable of modulating multiple core inflammatory pathways through a single mechanism.

Risks and Challenges:

• Forward-looking statements highlight risks that preclinical and clinical data may not be predictive of future trial results or may be inconsistent.
• Uncertainties exist regarding the initiation, timing, and design of future clinical trials, as well as the availability and timing of data.
• Risks include the ability to demonstrate safety and efficacy, regulatory interaction outcomes, and the potential emergence of adverse events.
• Funding availability sufficient for operating expenses and capital requirements is a key risk factor.

Management Commentary and Tone:

• CEO Nello Mainolfi stated that recent progress reinforces the opportunity across the portfolio and the ability to shape a new era of differentiated oral medicines in immunology.
• Management noted that KT-579 Phase 1 results exceeded expectations regarding the depth of degradation, safety, and pathway suppression.
• The tone emphasized the translation of preclinical pharmacology into humans and the potential to address unmet needs across the current treatment landscape.

Other Key Points:

• Appointed Terence Rooney, MD, as Chief Medical Officer and Elizabeth Laws, PhD, as Senior Vice President, Global STAT6 Development Program Leader in July 2026.
• KT-579 is the company's 7th degrader to enter the clinic.
• The company will present new preclinical data on KT-579 at the American College of Rheology (ACR) Convergence conference in November 2026.
• Total assets were $1.77 billion as of September 30, 2026, with total stockholders' equity at $1.61 billion.
• Interest and other income for the three months ended September 30, 2026, was $15.3 million.