Kymera Therapeutics Announces Proposed Public Offering

Rhea-AI Summary

Kymera Therapeutics (NASDAQ: KYMR), a clinical-stage biopharmaceutical company, has announced a proposed public offering of $250.0 million of common stock and pre-funded warrants. The company is also granting underwriters a 30-day option to purchase up to an additional $37.5 million of shares.

The proceeds will be used to advance Kymera's pipeline of preclinical and clinical degrader programs targeting immunological diseases. Morgan Stanley, J.P. Morgan, Jefferies, TD Cowen and Leerink Partners are serving as joint book-running managers for the offering.

Positive

• Potential to raise up to $287.5 million including underwriter option
• Proceeds will advance pipeline of degrader programs
• Strong lineup of major investment banks as underwriters
• Automatically effective shelf registration already in place

Negative

• Significant dilution for existing shareholders
• Uncertain market conditions may affect offering completion
• Additional shares will increase supply in the market potentially pressuring stock price

Insights

Biotech Investment Analyst

Kymera's $250M offering strengthens financial position to advance its degrader pipeline but will dilute existing shareholders.

Kymera Therapeutics is raising significant capital through a $250 million public offering of common stock and pre-funded warrants, with an additional $37.5 million option for underwriters. This capital raise comes at a strategic time for the clinical-stage biopharmaceutical company developing oral small molecule degrader medicines for immunological diseases.

This financing strengthens Kymera's balance sheet and extends its operational runway, providing crucial funding for its pipeline of degrader programs. The company explicitly stated that proceeds will support its preclinical and clinical programs targeting "large patient populations with significant need and clear commercial opportunity" - indicating the company is prioritizing programs with substantial market potential.

The involvement of top-tier investment banks as joint book-running managers (Morgan Stanley, J.P. Morgan, Jefferies, TD Cowen and Leerink Partners) lends credibility to this offering. However, investors should note this will dilute existing shareholders, as the company is issuing new shares. The exact dilution impact remains unknown until the offering price and total shares issued are determined.

While this capital infusion provides financial flexibility, it also signals Kymera needs additional funds to advance its pipeline. The company is leveraging its targeted protein degradation platform in immunology, an area with high unmet need and commercial potential. This financing provides the runway needed to reach potential value-inflection clinical milestones in their development programs.

WATERTOWN, Mass., June 25, 2025 (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 announced that it has commenced an underwritten public offering of $250.0 million of shares of its common stock and, in lieu of common stock to certain investors, pre-funded warrants to purchase shares of its common stock. All of the shares of common stock and pre-funded warrants to be sold in this offering are being offered by Kymera. In addition, Kymera intends to grant the underwriters a 30-day option to purchase up to an additional $37.5 million of shares of its common stock at the public offering price per share, less underwriting discounts and commissions. The proposed offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.

Kymera intends to use the net proceeds from the offering to continue to advance its pipeline of preclinical and clinical degrader programs that are designed to address large patient populations with significant need and clear commercial opportunity, and for working capital and other general corporate purposes.

Morgan Stanley, J.P. Morgan, Jefferies, TD Cowen and Leerink Partners are acting as joint book-running managers for the offering.

The securities described above are being offered pursuant to an automatically effective shelf registration statement on Form S-3 (No. 333-282912) that was filed with the U.S. Securities and Exchange Commission (the “SEC”) on October 31, 2024. This offering is being made only by means of a prospectus supplement and an accompanying prospectus that form a part of the registration statement.

A preliminary prospectus supplement related to and describing the terms of the offering will be filed with the SEC and will be available on the SEC’s website located at www.sec.gov. Copies of the preliminary prospectus supplement and an accompanying prospectus related to the offering may also be obtained, when available, from Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014, or by email at prospectus@morganstanley.com; J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by email at prospectus-eq_fi@jpmchase.com and postsalemanualrequests@broadridge.com; Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, NY 10022, by telephone at (877) 821-7388, or by email at prospectus_department@jefferies.com; TD Securities (USA) LLC, 1 Vanderbilt Avenue, New York, NY 10017, by telephone at (833) 297-2926 or by email at TD.ECM_Prospectus@tdsecurities.com; and Leerink Partners LLC, Syndicate Department, 53 State Street, 40th Floor, Boston, MA 02109, or by telephone at (800) 808-7525 ext. 6105, or by email at syndicate@leerink.com.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that state or jurisdiction.

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.

Cautionary Note Regarding Forward-Looking Statements
Statements in this press release may contain “forward-looking statements” that are subject to substantial risks and uncertainties. Forward-looking statements contained in this press release may be identified by the use of words such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential” or “continue” or the negative of these terms or other similar expressions, and include, but are not limited to, statements regarding the size and expected gross proceeds from the offering, completion and timing of the public offering, the anticipated use of proceeds from the offering and the expectation to grant the underwriters a 30-day option to purchase additional shares. Any forward-looking statements are based on Kymera’s current expectations, forecasts, and assumptions and are subject to a number of risks and uncertainties that could cause actual outcomes and results to differ materially and adversely from those set forth in or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, risks and uncertainties related to market conditions and satisfaction of customary closing conditions related to the proposed public offering. For a discussion of other risks and uncertainties, and other important factors, any of which could cause Kymera’s actual results to differ from those contained in the forward-looking statements in this press release, see the section entitled “Risk Factors” in Kymera’s Annual Report on Form 10-K for the year ended December 31, 2024 and its Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2025, as well as in the preliminary prospectus supplement related to the proposed public offering. Forward-looking statements contained in this press release are based on information available to Kymera as of the date hereof and are made only as of the date of this release. Kymera undertakes no obligation to update such information except as required under applicable law. These forward-looking statements should not be relied upon as representing Kymera’s views as of any date subsequent to the date of this press release. In light of the foregoing, investors are urged not to rely on any forward-looking statement in reaching any conclusion or making any investment decision about any securities of Kymera.

Investor & Media Contact:    Justine Koenigsberg Vice President, Investor Relations investors@kymeratx.com media@kymeratx.com  857-285-5300

FAQ

What is the size of Kymera Therapeutics (KYMR) proposed public offering in 2025?

Kymera Therapeutics announced a $250.0 million public offering of common stock and pre-funded warrants, with an additional $37.5 million option for underwriters.

How will Kymera Therapeutics use the proceeds from its 2025 stock offering?

Kymera will use the proceeds to advance its pipeline of preclinical and clinical degrader programs for immunological diseases, and for working capital and general corporate purposes.

Who are the underwriters for Kymera Therapeutics' 2025 public offering?

Morgan Stanley, J.P. Morgan, Jefferies, TD Cowen and Leerink Partners are acting as joint book-running managers for the offering.

What type of securities is Kymera (KYMR) offering in this public offering?

Kymera is offering shares of common stock and, for certain investors, pre-funded warrants to purchase shares of common stock.

When will Kymera's 2025 public offering be completed?

The offering is subject to market and other conditions, with no assurance as to whether or when the offering may be completed.