Kymera Therapeutics Announces Proposed Public Offering

Rhea-AI Summary

Kymera Therapeutics (NASDAQ: KYMR) commenced a proposed underwritten public offering of $500.0 million of common stock, with a 30-day underwriter option to purchase up to an additional $75.0 million.

The offering is subject to market and other conditions and may not be completed as proposed. Kymera intends to use net proceeds to advance its preclinical and clinical degrader programs and for working capital and general corporate purposes. The securities are offered under an effective Form S-3 shelf registration (No. 333-282912).

Positive

• $500.0 million proposed equity raise
• $75.0 million 30-day overallotment option
• Proceeds earmarked to advance clinical and preclinical pipeline
• Offering covered by an effective Form S-3 shelf registration

Negative

• Issuance will cause shareholder dilution
• Offering completion not guaranteed—subject to market conditions
• Potential downward pressure on share price near offering

Key Figures

Proposed offering size $500.0 million Underwritten public offering of common stock

Underwriters’ option $75.0 million 30-day option for additional common shares

Cash balance $978.7 million Cash, cash equivalents and marketable securities as of Sep 30, 2025

Net loss $82.2 million Q3 2025 net loss

R&D expense $74.1 million Q3 2025 research and development expense

Prior offering size $250.8 million June 2025 public offering of stock and pre-funded warrants

Shares offered 5,044,500 shares Common shares in June 2025 offering

Offering price $44.00 per share Pricing of June 2025 public offering

Market Reality Check

$94.23 Last Close

Volume Volume 383,835 vs 20-day avg 692,455 (relative volume 0.55x) ahead of the offering headline. low

Technical Shares at 66.62, trading above 200-day MA 43.96, 3.17% below 52-week high 68.8 and well above 52-week low 19.445 (242.61%).

Peers on Argus

Key biotech peers showed mixed moves: APLS up 6.78% while MLTX, CRNX, SRRK, and ZLAB were down between 0.4% and 3.23%, suggesting stock-specific rather than sector-driven dynamics for KYMR.

Common Catalyst One peer, ZLAB, reported a clinical trial dosing update, whereas KYMR’s news centers on a proposed equity offering, indicating differing catalysts across the group.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Dec 05	Data announcement date	Neutral	+0.1%	Set timing for KT-621 Phase 1b topline atopic dermatitis data release.
Nov 25	Clinical trial update	Positive	+0.7%	First patient dosed in BROADEN2 Phase 2b atopic dermatitis trial of KT-621.
Nov 24	Investor conferences	Neutral	-0.7%	Planned participation in multiple December investor fireside chats.
Nov 04	Earnings and update	Neutral	+0.3%	Reported Q3 2025 results and highlighted cash runway and pipeline progress.
Nov 03	Investor conferences	Neutral	-3.4%	Outlined participation in several November 2025 healthcare conferences.

Pattern Detected

Recent news flow has produced mostly modest single-day moves, while prior offering-related headlines historically showed mild single-digit percentage declines after announcement and pricing.

Recent Company History

Over the last few months, Kymera reported Q3 2025 results with cash of $978.7 million and an expected cash runway into 2H 2028, alongside continued pipeline progress for KT-621 and KT-579. It has been active at multiple investor conferences and advanced its atopic dermatitis program into the BROADEN2 Phase 2b trial, with Phase 1b data due in December 2025. The current proposed public offering follows a June 2025 follow-on financing, extending a pattern of raising capital to fund its degrader pipeline.

Market Pulse Summary

This announcement outlines a sizeable proposed equity raise of $500.0 million, plus a $75.0 million underwriter option, to fund Kymera’s degrader pipeline and general corporate purposes. It follows a prior $250.8 million offering completed in June 2025 and Q3 cash of $978.7 million with runway into 2H 2028. Investors may focus on dilution versus the benefits of additional capital and track future updates on KT-621 and other programs as key milestones.

Key Terms

underwritten public offering financial

"today announced that it has commenced an underwritten public offering of $500.0 million"

An underwritten public offering is when a company sells new shares of its stock to the public with the help of a financial firm, called an underwriter. The underwriter agrees to buy all the shares upfront, reducing the company's risk, and then sells them to investors. This process helps companies raise money quickly and confidently from a wide range of buyers.

prospectus supplement regulatory

"This offering is being made only by means of a prospectus supplement and an accompanying prospectus"

A prospectus supplement is an additional document provided alongside a company's main offering details, offering updated or extra information about a specific financial product being sold. It helps investors understand the latest terms, risks, and details of the investment, similar to how an update or revision clarifies or expands on original instructions, ensuring they have current and complete information before making a decision.

shelf registration statement regulatory

"pursuant to an automatically effective shelf registration statement on Form S-3"

A shelf registration statement is a document a company files with regulators that allows it to sell shares or bonds quickly when it’s a good time to raise money. It’s like having a pre-approved plan ready so the company can act fast without going through lengthy paperwork each time they want to sell, making fundraising more flexible.

form s-3 regulatory

"shelf registration statement on Form S-3 (No. 333-282912) that was filed"

Form S-3 is a legal document companies use to register their stock sales with the government, making it easier and faster for them to raise money by selling shares to investors. It’s like having a pre-approved shopping list that lets a company quickly sell new shares when they need funds, without going through a lengthy approval process each time.

u.s. securities and exchange commission regulatory

"filed with the U.S. Securities and Exchange Commission (the “SEC”) on October 31, 2024"

The U.S. Securities and Exchange Commission is a government agency responsible for overseeing the stock market and protecting investors. It sets rules to ensure that companies share truthful information and that trading is fair, helping to maintain trust in the financial system. This oversight is important because it helps prevent fraud and ensures that investors can make informed decisions.

AI-generated analysis. Not financial advice.

WATERTOWN, Mass., Dec. 08, 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 $500.0 million of shares of its common stock. All of the shares of common stock 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 $75.0 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, Stifel, Guggenheim Securities and Wells Fargo Securities 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 by mail at Attn: Equity Syndicate Prospectus Department, 520 Madison Avenue, New York, NY 10022, by telephone at (877) 821-7388, or by email at prospectus_department@jefferies.com; Stifel, Nicolaus & Company, Incorporated, Attention: Prospectus Department, One Montgomery Street, Suite 3700, San Francisco, CA 94104, by telephone at (415) 364-2720 or by email at syndprospectus@stifel.com; Guggenheim Securities, LLC, Attention: Equity Syndicate Department, 330 Madison Avenue, 8th Floor, New York, NY 10017, telephone: at (212) 518-9544, or by emailing GSEquityProspectusDelivery@guggenheimpartners.com; and Wells Fargo Securities, 90 South 7^th Street, 5^th Floor, Minneapolis, MN 55402, at 800-645-3751 (option #5) or email a request to WFScustomerservice@wellsfargo.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 Reports on Form 10-Q for the quarterly periods ended March 31, 2025, June 30, 2025 and September 30, 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

How much is Kymera (KYMR) offering in its December 8, 2025 public offering?

Kymera is proposing to offer $500.0 million of common stock with a $75.0 million 30-day overallotment option.

What will Kymera (KYMR) use the proceeds from the $500M offering for?

Kymera intends to use net proceeds to advance its preclinical and clinical degrader programs and for working capital and general corporate purposes.

Is the Kymera (KYMR) offering final and guaranteed?

No; the offering is subject to market and other conditions and may not be completed as proposed.

Will the Kymera (KYMR) offering dilute existing shareholders?

Yes; selling new common stock in the offering will result in shareholder dilution if completed.

Where can investors find the Kymera (KYMR) prospectus supplement for the offering?

A preliminary prospectus supplement will be filed with the SEC and available at www.sec.gov, and requests can be made to the listed underwriters.

Under what registration is the Kymera (KYMR) offering being made?

The securities are offered under an automatically effective Form S-3 registration (No. 333-282912) previously filed with the SEC.