Kymera Therapeutics Announces First Quarter 2026 Financial Results and Provides a Business Update
Rhea-AI Summary
Kymera Therapeutics (NASDAQ: KYMR) reported Q1 2026 results and pipeline updates. Key highlights: $1.55 billion cash runway into 2029; $34.4M collaboration revenue; Q1 net loss $69.2M. Gilead exercised option on KT-200, triggering a $45M milestone. KT-621 Phase 2b trials (BROADEN2 in AD, BREADTH in asthma) ongoing with data expected mid-2027 and late 2027; FDA granted Fast Track for KT-621 in eosinophilic asthma. KT-579 Phase 1 data expected 2H26. Company to webcast investor call today at 8:30 a.m. ET.
Positive
- Cash balance of $1.55 billion provides runway into 2029
- Gilead exercised KT-200 option, generating a $45 million milestone
- Collaboration revenue increased to $34.4M in Q1 2026 from $22.1M
- FDA granted Fast Track designation to KT-621 for eosinophilic asthma
Negative
- Net loss of $69.2M in Q1 2026
- R&D spend rose to $98.2M in Q1 2026, up from $80.3M
- Clinical readouts for KT-621 not expected until mid-2027 (AD) and late 2027 (asthma)
- G&A expenses increased to $20.4M in Q1 2026
News Market Reaction – KYMR
In the Apr 30 session, KYMR declined 0.54%, reflecting a mild negative market reaction. Our momentum scanner triggered 4 alerts that day, indicating moderate trading interest and price volatility.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Feb 26 | Q4/FY 2025 earnings | Positive | +4.8% | Q4 and 2025 results with strong cash and KT-621/KT-579 progress. |
| Nov 04 | Q3 2025 earnings | Positive | +0.3% | Q3 2025 results, solid cash and multiple KT-621 and KT-579 milestones. |
| Aug 11 | Q2 2025 earnings | Positive | -7.2% | Strong Q2 2025 data, Gilead deal and capital raise but shares sold off. |
| May 09 | Q1 2025 earnings | Neutral | -2.3% | Q1 2025 update with KT-621/KT-579 progress and KT-295 discontinuation. |
| Apr 24 | Earnings scheduling | Positive | +9.3% | Announcement of upcoming Q1 2025 results and new oral immunology program. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Earnings updates have generally been framed positively and often coincided with modestly positive price reactions, with one notable selloff following strong Q2 2025 news.
Over the last year, Kymera’s earnings events have repeatedly paired financial updates with pipeline progress. Prior reports highlighted advancing KT-621 into Phase 2b, launching KT-579 into the clinic, and securing major partnerships, including Gilead and Sanofi. Cash has steadily increased from $775 million in Q1 2025 to about $1.6 billion by late 2025, extending runway into 2028–2029. Today’s Q1 2026 report continues this pattern of growing R&D investment alongside an expanding degrader pipeline and partnership milestones.
Key Terms
fast track designation regulatory
glp chronic toxicology medical
eczema area and severity index (easi) medical
forced expiratory volume in one second (fev1) medical
ind-enabling studies regulatory
rule 10b5-1 trading plan financial
autoantibody medical
AI-generated analysis. How Rhea-AI works. Not financial advice.
KT-621 (STAT6) parallel Phase 2b trials, BROADEN2 in atopic dermatitis and BREADTH in asthma, ongoing with data expected by mid-2027 and late 2027, respectively
FDA granted Fast Track designation to KT-621 for the treatment of moderate to severe asthma, in addition to prior Fast Track designation for moderate to severe atopic dermatitis
KT-579 (IRF5) Phase 1 healthy volunteer trial ongoing, with data expected in 2H26
Gilead Sciences exercised its option to exclusively license KT-200, a first-in-class, oral CDK2 molecular glue degrader, generating a
Well-capitalized with
Company to hold video conference call and webcast today at 8:30 a.m. ET
WATERTOWN, Mass., April 30, 2026 (GLOBE NEWSWIRE) -- Kymera Therapeutics, Inc. (NASDAQ: KYMR), a clinical-stage biopharmaceutical company advancing a new class of oral small molecule degrader medicines for immunological diseases, today reported financial results for the first quarter ended March 31, 2026, and provided business highlights and updates on its pipeline.
“As we continue to advance KT-621 and KT-579 through clinical development, our focus remains on disciplined execution and delivering on multiple important milestones this year,” said Nello Mainolfi, PhD, Founder, President and CEO, Kymera Therapeutics. “We remain committed to translating our first-in-class science into better outcomes for patients. Our STAT6 and IRF5 oral degrader programs exemplify this mission, and the growing recognition of our work within the scientific and medical community further validates the potential of our approach. We are continuing to build on this foundation with the advancement of KT-200, our oral CDK2 molecular glue degrader partnered with Gilead, and through progress within our early-stage pipeline.”
Business Highlights, Recent Developments and Upcoming Milestones
STAT6 Degrader Program
KT-621 is an investigational, first-in-class, once daily, oral degrader of STAT6, the specific transcription factor responsible for IL-4/IL-13 signaling and the central driver of Type 2 inflammation. KT-621 is currently in Phase 2 clinical testing in atopic dermatitis (AD) and asthma. In the Phase 1 clinical study in AD patients, KT-621 demonstrated deep STAT6 degradation in blood and skin, robust reductions in disease-relevant Type 2 inflammatory biomarkers, meaningful improvements on clinical endpoints and patient-reported outcomes in AD and comorbid asthma and allergic rhinitis, and was well tolerated with a favorable safety profile. KT-621, the first STAT6-directed drug to enter clinical evaluation, has the potential to transform treatment for more than 140 million patients around the world suffering from Type 2 diseases such as AD, asthma, chronic obstructive pulmonary disease (COPD), eosinophilic esophagitis (EoE), chronic rhinosinusitis with nasal polyps (CRSwNP), chronic spontaneous urticaria (CSU), prurigo nodularis (PN), and bullous pemphigoid (BP), among others.
- In January 2026, the Company expanded the KT-621 BROADEN2 Phase 2b clinical trial to include adolescents, in addition to adults. BROADEN2 is a global, randomized, double-blind, placebo-controlled, dose-ranging study evaluating the efficacy, safety, and tolerability of three doses of KT-621 in approximately 200 patients, ages 12 to 75 with moderate to severe AD over 16 weeks. The primary endpoint is the percent change from baseline in Eczema Area and Severity Index (EASI) score at Week 16. Secondary endpoints will evaluate additional safety, efficacy, and quality-of-life measures. Recruitment is ongoing, with enrollment expected to be completed in 2026 and data reported by mid-2027.
- In January 2026, the Company commenced dosing in the BREADTH Phase 2b clinical trial, a global, randomized, double-blind, placebo-controlled, dose-ranging study evaluating the efficacy, safety and tolerability of three doses of KT-621 in approximately 264 adult patients with moderate to severe eosinophilic asthma over 12 weeks. The primary endpoint is the change from baseline in pre-bronchodilator forced expiratory volume in one second (FEV1). Secondary endpoints will evaluate a range of additional safety, efficacy, and quality of life measures. Recruitment is ongoing, with data expected to be reported in late 2027.
- In the first quarter of 2026, the Company completed the KT-621 six- to nine-month GLP chronic toxicology studies in rat and NHP and did not observe any adverse findings across all doses and concentrations tested, consistent with earlier toxicology studies.
- In March 2026, the Company presented positive results from the KT-621 BroADen Phase 1b AD clinical trial in a late-breaking oral presentation at the American Academy of Dermatology (AAD) Annual Meeting. The data demonstrated deep STAT6 degradation, reductions in Type 2 inflammatory biomarkers, encouraging clinical activity, and a favorable safety profile, supporting STAT6 degradation as a novel oral approach for Type 2 inflammatory diseases.
- In April 2026, the U.S. Food and Drug Administration granted Fast Track designation to KT-621 for the treatment of moderate to severe eosinophilic asthma.
- In May 2026, the Company will present on KT-621 at multiple medical meetings, including a late-breaking oral presentation at the Society of Investigative Dermatology (SID) Annual Meeting highlighting STAT6 degradation and modulation of Th2 gene transcripts in AD lesional skin. Additionally, the Company will have a featured oral presentation at the American Thoracic Society (ATS) Annual Meeting Respiratory Innovation Summit focused on the potential of KT-621 to transform treatment paradigms in respiratory care.
IRF5 Degrader Program
KT-579 is an investigational, first-in-class, oral degrader of IRF5, a genetically validated transcription factor and master regulator of immunity, and currently in Phase 1 testing. KT-579 has the potential to selectively block inflammation and restore immune regulation by inhibiting pro-inflammatory cytokines, Type I IFN, and autoantibody production while sparing normal cell function. In preclinical studies, KT-579 degraded IRF5 across multiple preclinical species and in all disease-relevant tissues. In preclinical models of lupus and rheumatoid arthritis (RA), KT-579 activity was equal to or more efficacious than small molecule inhibitors and biologics currently marketed or in the clinic. In preclinical safety studies, KT-579 did not show any adverse effects of any type at all doses tested. KT-579 has the potential to be the first novel mechanism with broad utility in diseases where effective and well tolerated oral therapies are needed, such as lupus, Sjögren's, inflammatory bowel disease (IBD), RA and others.
- In February 2026, after IND-clearance from the FDA, the Company commenced dosing in the first-in-human KT-579 Phase 1 clinical trial in healthy volunteers. The Phase 1 study is evaluating the safety, tolerability, pharmacokinetics and pharmacodynamics of single- and multiple-ascending doses of orally administered KT-579 compared to placebo. The key study aim is to show that KT-579 can robustly degrade IRF5 in blood at doses that are safe and well-tolerated. The functional impact of IRF5 degradation on the induction of Type I interferons, pro-inflammatory cytokines, and inflammatory pathway gene transcripts will also be assessed with whole blood ex vivo stimulation assays. The Company expects to report data from the trial in the second half of 2026.
- Building on KT-579’s preclinical profile, the Company plans to present new data further characterizing its activity across autoimmune disease models, including IBD at Digestive Disease Week (DDW) in May, as well as lupus at the European Alliance of Associations for Rheumatology (EULAR) Congress and the Federation of Clinical Immunology Societies (FOCIS) Annual Meeting, both in June.
Partnered Programs
- In April 2026, the Company announced that Gilead Sciences exercised its option to exclusively license KT-200, a first-in-class, oral CDK2 molecular glue degrader development candidate discovered and characterized by Kymera. As a result, Kymera achieved a
$45 million milestone payment, expected to be received in the second quarter. KT-200 has the potential to deliver meaningful improvements in the standard of care for patients with breast cancer and other solid tumors. Gilead will progress the program into IND-enabling studies to support an IND filing in 2027. - KT-485/SAR447971, a selective, potent, oral IRAK4 degrader being advanced in partnership with Sanofi, has the potential to offer a novel oral approach for a variety of chronic immuno-inflammatory diseases. The program has completed IND-enabling studies, with clinical entry expected in 2026.
Research
- Leveraging its unique target selection strategy, proven small molecule discovery capabilities, and deep development expertise, the Company expects to advance at least one new development candidate towards IND for a first-in-class, oral program in 2026.
Financial Results
Collaboration Revenues: Collaboration revenues were
Research and Development Expenses: Research and development expenses were
General and Administrative Expenses: General and administrative expenses were
Net Loss: Net loss was
Cash and Cash Equivalents: As of March 31, 2026, Kymera had
Event Details
Kymera will host a video conference call today, April 30, 2026, at 8:30 a.m. ET. To join the call please use this link to register. A live webcast of the event will be available under News and Events in the Investors section of the Company’s website at www.kymeratx.com. A replay of the webcast will be archived and available following the event.
About Kymera Therapeutics
Kymera is a clinical-stage biotechnology company pioneering the field of targeted protein degradation (TPD) to develop medicines that address critical health problems and have the potential to dramatically improve patients’ lives. Kymera is deploying TPD to address disease targets and pathways inaccessible with conventional therapeutics. Having advanced the first degrader into the clinic for immunological diseases, Kymera is focused on building an industry-leading pipeline of oral small molecule degraders to provide a new generation of convenient, highly effective therapies for patients with these conditions. Founded in 2016, Kymera has been recognized as one of Boston’s top workplaces for the past several years. For more information about our science, pipeline and people, please visit www.kymeratx.com or follow us on X or LinkedIn.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including, without limitation, implied and express statements about our expectations regarding strategy, business plans and objectives on the development of our clinical and preclinical pipeline, including the therapeutic potential, clinical benefits and safety thereof, the effect of initial parallel development of Phase 2b studies in AD and asthma patients on acceleration of late parallel development across multiple indications, the KT-485/SAR447971 and KT-200 programs, and Kymera’s financial condition and expected cash runway into 2029. The words "may," "might," "will," "could," "would," "should," "expect," "plan," "anticipate," "intend," "believe," "expect," "estimate," "seek," "predict," "future," "project," "potential," "continue," "target," “upcoming” and similar words or expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Any forward-looking statements in this press release are based on management's current expectations and beliefs and are subject to a number of risks, uncertainties and important factors that may cause actual events or results to differ materially from any forward-looking statements contained in this press release, including, without limitation, risks associated with: the risk that preclinical and clinical data, including the results from the Phase 1 trials of KT-621, are not predictive of, may be inconsistent with, or more favorable than, data generated from future or ongoing clinical trials of the same product candidate, uncertainties inherent in the initiation, timing and design of future clinical trials, the availability and timing of data from ongoing and future clinical trials and the results of such trials, the ability to successfully demonstrate the safety and efficacy of drug candidates, the timing and outcome of planned interactions with and submissions to regulatory authorities, the availability of funding sufficient for our operating expenses and capital expenditure requirements, the unexpected emergence of adverse events or other undesirable side effects during preclinical and clinical development, and other factors. These risks and uncertainties are described in greater detail in the section entitled "Risk Factors" in the most recent Quarterly Report on Form 10-Q and in subsequent filings with the SEC. In addition, any forward-looking statements represent our views only as of today and should not be relied upon as representing our views as of any subsequent date. We explicitly disclaim any obligation to update any forward-looking statements. No representations or warranties (expressed or implied) are made about the accuracy of any such forward-looking statements.
| KYMERA THERAPEUTICS, INC. | ||||||
| Consolidated Balance Sheets | ||||||
| (In thousands, except share and per share amounts) | ||||||
| (Unaudited) | ||||||
| March 31, 2026 | December 31, 2025 | |||||
| Assets | ||||||
| Cash, cash equivalents and marketable securities | $ | 1,545,653 | $ | 1,619,434 | ||
| Property and equipment, net | 41,617 | 43,175 | ||||
| Right-of-use assets, operating lease | 41,736 | 42,351 | ||||
| Other assets | 40,010 | 37,852 | ||||
| Total assets | $ | 1,669,016 | $ | 1,742,812 | ||
| Liabilities and Stockholders’ Equity | ||||||
| Deferred revenue | $ | — | $ | 34,365 | ||
| Operating lease liabilities | 77,617 | 78,975 | ||||
| Other liabilities | 51,762 | 49,808 | ||||
| Total liabilities | 129,379 | 163,148 | ||||
| Total stockholders’ equity | 1,539,637 | 1,579,664 | ||||
| Total liabilities and stockholders’ equity | $ | 1,669,016 | $ | 1,742,812 | ||
| KYMERA THERAPEUTICS, INC. | |||||||
| Consolidated Statements of Operations | |||||||
| (In thousands, except share and per share amounts) | |||||||
| (Unaudited) | |||||||
| Three Months Ended March 31, | |||||||
| 2026 | 2025 | ||||||
| Collaboration Revenue | $ | 34,365 | $ | 22,100 | |||
| Operating expenses: | |||||||
| Research and development | $ | 98,162 | $ | 80,255 | |||
| General and administrative | 20,357 | 16,271 | |||||
| Total operating expenses | 118,519 | 96,526 | |||||
| Loss from operations | (84,154 | ) | (74,426 | ) | |||
| Other income (expense): | |||||||
| Interest and other income | 14,981 | 8,917 | |||||
| Interest and other expense | (61 | ) | (72 | ) | |||
| Total other income | 14,920 | 8,845 | |||||
| Net loss attributable to common stockholders | $ | (69,234 | ) | $ | (65,581 | ) | |
| Net loss per share attributable to common stockholders, basic and diluted | $ | (0.71 | ) | $ | (0.82 | ) | |
| Weighted average common stocks outstanding, basic and diluted | 97,534,269 | 80,146,531 | |||||
Investor Contact:
Justine Koenigsberg
investors@kymeratx.com
857-285-5300
Media Contact:
Matthew Henson
mhenson@kymeratx.com
857-285-5300
