Kymera Therapeutics Announces Third Quarter 2026 Financial Results and Reports Positive Results from the KT-579 Phase 1 Healthy Volunteer Trial

KT-579 advances toward a planned lupus patient trial as Kymera reports a wider quarterly loss and funding expected into 2029.

Rhea-AI Summary

Kymera Therapeutics (NASDAQ: KYMR) reported third-quarter financial results and completed Phase 1 healthy-volunteer results for its oral IRF5 protein degrader KT-579. Multiple-dose testing showed ≥90% median IRF5 degradation across multiple dose levels, with suppression of inflammatory biomarkers. Safety was comparable to placebo, with no serious or severe adverse events or adverse-event discontinuations.

Kymera plans to start the KT-579 LUMORA Phase 1b lupus trial by early 2027. The last patient completed the KT-621 BROADEN2 Phase 2b atopic dermatitis trial; results are planned by year-end 2026. Asthma trial results are expected in late 2027. Third-quarter collaboration revenue was zero versus $2.8 million a year earlier, while net loss widened to $132.0 million from $82.2 million. Cash, cash equivalents and investments totaled $1.6 billion at September 30, 2026; Kymera expects funding to last into 2029.

19 points · 0 major

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0 major · 9 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate pointKT-579 achieved ≥90% median blood IRF5 degradation across multiple dose levels; similar reductions occurred in skin.
• Moderate pointKT-579 safety was comparable to placebo, without serious or severe adverse events or adverse-event discontinuations.
• Moderate point. Forward-looking: it has not happened yet and may not happen.KT-579 LUMORA Phase 1b lupus trial is planned to start by early 2027.
• Moderate point. Forward-looking: it has not happened yet and may not happen.KT-621 BROADEN2 completed its last patient’s week 16 visit; topline results are planned by year-end 2026.
• Moderate point. Forward-looking: it has not happened yet and may not happen.KT-621 Phase 3 atopic dermatitis trial initiation is expected by mid-2027.
• Moderate point. Forward-looking: it has not happened yet and may not happen.KT-621 BREADTH Phase 2b asthma enrollment continues, with topline results expected in late 2027.
• Moderate point. Forward-looking: it has not happened yet and may not happen.$1.6 billion in cash, cash equivalents and investments supports an expected cash runway into 2029.
• Moderate pointNine-month collaboration revenue rose to $99.365 million from $36.341 million in the corresponding 2025 period.

11 minor points

• Minor pointKT-579 Day 14 biomarkers showed median inhibition across all multiple-dose cohorts: TNFα 88%, IL-12/23p40 87%, IL-1β 94%, IFNβ 98%.
• Minor pointKT-579 gene analyses showed downregulation of inflammatory cytokine, interferon and B-cell-associated genes.
• Minor pointKT-579 tolerability included very few mild treatment-related adverse events and no clinically relevant vital-sign, laboratory or ECG changes.
• Minor pointKT-485 Phase 1 continues in healthy volunteers and hidradenitis suppurativa patients, with Sanofi leading development.
• Minor point. Forward-looking: it has not happened yet and may not happen.KT-200 is advancing through Gilead-led studies intended to support an investigational new drug application in 2027.
• Minor point. Forward-looking: it has not happened yet and may not happen.Discovery pipeline has a company goal of at least one new development candidate per year.
• Minor pointInterest and other income increased to $15.295 million in Q3 2026 from $10.444 million a year earlier.
• Minor pointNine-month interest and other income rose to $44.753 million from $27.413 million in 2025.
• Minor pointInterest and other expense fell to $0.062 million quarterly and $0.203 million year-to-date, versus $0.098 million and $0.280 million.
• Minor pointAsset impairment charges were zero for Q3 and nine-month 2026, versus $3.855 million in both 2025 periods.
• Minor pointNine-month loss per share narrowed to $2.66 from $2.71 in the corresponding 2025 period.

Negative

• Moderate pointQ3 2026 net loss widened to $131.999 million from $82.175 million a year earlier.
• Moderate pointQ3 research and development expenses increased to $128.509 million from $74.094 million a year earlier.
• Moderate pointNine-month net loss widened to $262.444 million from $224.370 million in the corresponding 2025 period.
• Moderate pointNine-month research and development expenses rose to $346.152 million from $232.737 million in 2025.
• Moderate pointKT-621 Phase 3 initiation remains subject to discussions with regulators.

4 minor points

• Minor pointQ3 loss per share widened to $1.32 from $0.94 a year earlier.
• Minor point. Forward-looking: it has not happened yet and may not happen.Q3 collaboration revenue fell to zero from $2.764 million; Kymera expects no additional collaboration revenue in 2026.
• Minor pointQ3 general and administrative expenses increased to $18.723 million from $17.336 million a year earlier.
• Minor pointNine-month general and administrative expenses rose to $60.207 million from $51.252 million in 2025.

News Explained

Kymera expects to start its first Phase 3 atopic-dermatitis trial by mid-2027, subject to discussions with regulators; this is a future, conditional milestone, not a trial start reported in this release.

Key Figures

Median IRF5 degradation: ≥90% Biomarker inhibition: 88% TNFα; 87% IL-12/23p40; 94% IL-1β; 98% IFNβ Serious or severe adverse events: 0 +5 more

Median IRF5 degradation

≥90%

Across multiple dose levels in the KT-579 multiple ascending dose portion

Biomarker inhibition

88% TNFα; 87% IL-12/23p40; 94% IL-1β; 98% IFNβ

Day 14; median of all multiple ascending dose cohorts

Serious or severe adverse events

0

KT-579 Phase 1 healthy volunteer trial

Adverse events leading to discontinuation

0

KT-579 Phase 1 healthy volunteer trial

Cash, cash equivalents and investments

$1.6 billion

As of September 30, 2026; company reported runway into 2029

Collaboration revenue

$0

Q3 2026; versus $2.8 million in Q3 2025

Research and development expenses

$128.5 million

Q3 2026; versus $74.1 million in Q3 2025

Net loss

$132.0 million

Q3 2026; versus $82.2 million in Q3 2025

Key Terms

pharmacokinetics, pharmacodynamics, single ascending dose, multiple ascending dose, +1 more

5 terms

pharmacokinetics medical

"Pharmacokinetics and pharmacodynamics: KT-579 demonstrated a favorable plasma pharmacokinetic profile."

Pharmacokinetics is the study of how a substance, such as a drug or chemical, moves through and is processed by the body over time. It tracks how it is absorbed, distributed, broken down, and eventually eliminated. For investors, understanding pharmacokinetics helps gauge the effectiveness, safety, and potential risks of new medications or treatments, which can influence a company’s success and valuation in the healthcare industry.

pharmacodynamics medical

"Pharmacokinetics and pharmacodynamics: KT-579 demonstrated a favorable plasma pharmacokinetic profile."

Pharmacodynamics is how a drug actually affects the body — the strength, type and duration of its effects and the relationship between dose and response. Think of it like how turning a thermostat changes room temperature: it shows what the drug does and how much is needed to get the desired effect. Investors care because these properties drive clinical success, dosing convenience, safety profile and competitive advantage, all of which influence commercial potential and regulatory approval.

single ascending dose medical

"following a single oral dose in the single ascending dose (SAD) portion of the trial."

A single ascending dose is a method used in testing new medicines where small amounts are given to participants, gradually increasing each time to find the safest and most effective dose. For investors, it provides important information about a drug’s safety and potential, helping gauge the progress and prospects of a pharmaceutical development.

multiple ascending dose medical

"In the multiple ascending dose portion (MAD), KT-579 demonstrated deep, sustained IRF5 degradation"

A multiple ascending dose is a method used in testing new medicines where small groups of people receive gradually larger amounts of the drug over time. This approach helps researchers find the safest and most effective dose without causing too many side effects. For investors, it signals ongoing steps in drug development that can impact a company's potential success or approval prospects.

systemic lupus erythematosus medical

"approximately 30 adult patients with systemic lupus erythematosus dosed over 16 weeks."

Systemic lupus erythematosus is a chronic autoimmune disease in which the body's immune system mistakenly attacks healthy tissue, causing inflammation that can affect skin, joints, kidneys, heart, lungs and other organs. It matters to investors because disease severity, prevalence, and gaps in effective treatments drive demand for new drugs and diagnostics—think of it as a large, persistent market need where a successful therapy can change patient outcomes and create significant commercial value.

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KT-579 (IRF5) Phase 1 healthy volunteer data demonstrated deep, sustained IRF5 degradation, robust modulation of disease-relevant biomarkers and a favorable safety profile

KT-579 LUMORA Phase 1b trial in lupus patients planned to start by early 2027

Last patient completed last visit in KT-621 (STAT6) BROADEN2 Phase 2b AD trial, with topline data to be reported by year-end 2026

KT-621 BREADTH Phase 2b asthma trial ongoing, with topline data expected to be reported in late 2027

Well-capitalized with $1.6 billion in cash as of September 30, 2026, and runway into 2029

Company to hold video conference call and webcast today at 8:30 a.m. ET

WATERTOWN, Mass., Oct. 29, 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 third quarter ended September 30, 2026, and provided business highlights and updates on its pipeline.

“Kymera’s recent progress reinforces the opportunity across our portfolio and our ability to help shape a new era of differentiated oral medicines in immunology,” said Nello Mainolfi, PhD, Founder, President and CEO, Kymera Therapeutics. “With KT-621 and KT-579, we are advancing complementary immunoregulatory mechanisms that target distinct drivers of disease, with significant potential to address unmet needs across the current treatment landscape. The last patient has now completed their week 16 visit in our KT-621 BROADEN2 Phase 2b atopic dermatitis trial, and we plan to report topline data by year-end 2026. We also are planning to initiate our first Phase 3 AD trial by mid-2027, and report data from our BREADTH Phase 2b asthma trial in late 2027.”

Dr. Mainolfi continued, “The positive results from the Phase 1 healthy volunteer trial of KT-579, which we reported today, demonstrate strong translation of its preclinical pharmacology into humans and highlight its potential to modulate multiple core inflammatory pathways through a single oral mechanism. These findings exceed our expectations in terms of depth of degradation, safety and pathway suppression measured by downstream cytokines and gene transcripts. The results provide an important foundation as we advance KT-579, our 7^th degrader to enter the clinic, toward a study in lupus patients and explore the opportunity for targeting IRF5 in additional autoimmune diseases. Beyond these clinical programs, our research engine remains focused on unlocking novel biology and pursuing high value targets to build the next wave of oral medicines for patients who need effective, safe and convenient treatment options.”

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 development in atopic dermatitis (AD) and asthma. KT-621 has the potential to transform treatment paradigms by offering a safe, effective, oral option for the more than 140 million patients worldwide living with 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 October 2026, the last patient received their final dose and completed the week 16 visit in the KT-621 BROADEN2 Phase 2b clinical trial in patients with moderate to severe AD. The Company plans to report topline data by year-end 2026. Subject to discussions with regulators, the Company expects to initiate the first Phase 3 trial in AD by mid-2027.
  

• Enrollment is ongoing in the KT-621 BREADTH Phase 2b clinical trial in patients with moderate to severe eosinophilic asthma, with topline data expected to be reported in late 2027.
  

• In September 2026, the Company presented data from the KT-621 BroADen Phase 1b clinical trial in AD across leading dermatology and respiratory forums, including posters at the European Academy of Dermatology and Venereology (EADV) and European Respiratory Society (ERS) Congresses.
  

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. KT-579 has the potential to modulate multiple core inflammatory pathways through a single oral mechanism, offering a differentiated approach to serious autoimmune diseases where effective and well-tolerated oral therapies are needed, such as lupus, inflammatory bowel disease (IBD), Sjögren's, rheumatoid arthritis (RA) and others.

• The Company today announced positive results from the completed first-in-human KT-579 Phase 1 healthy volunteer trial. The results met or exceeded study objectives and established strong proof of mechanism:
  

• • Pharmacokinetics and pharmacodynamics: KT-579 demonstrated a favorable plasma pharmacokinetic profile. Exposure increased with dose following single and multiple doses. Robust, sustained IRF5 degradation was observed following a single oral dose in the single ascending dose (SAD) portion of the trial. In the multiple ascending dose portion (MAD), KT-579 demonstrated deep, sustained IRF5 degradation in blood, with ≥90% median degradation across multiple dose levels with saturation of degradation by dose level 3. Similar reductions in IRF5 levels were also observed in skin, demonstrating target degradation in tissue as well as blood.
    

• • Ex vivo-stimulated IRF5-dependent biomarkers: KT-579 showed robust suppression of disease-relevant blood biomarkers and significant downregulation of pathway gene transcripts, reflecting pharmacodynamic effects on the three immune pathways modulated by IRF5 including inflammatory cytokines, interferon (IFN) response, and B-cell biology. The inflammatory cytokine and IFN analysis using the median of all MAD dose cohorts showed inhibition of 88% of TNFα, 87% of IL-12/23p40, 94% of IL-1β, and 98% of IFNβ at Day 14. Gene-expression analyses also showed broad downregulation of inflammatory cytokine, interferon and B-cell associated genes, supporting the functional cytokine findings.
    

• • Safety and tolerability: The safety profile of KT-579 was comparable to placebo. There were no serious or severe adverse events (AEs) and no AEs leading to discontinuation. Very few mild treatment-related AEs were reported, and there was no dose-dependent pattern in treatment-emergent AEs. There were no clinically relevant changes in vital signs, laboratory tests or ECGs.
    

• The KT-579 LUMORA Phase 1b trial in lupus patients is planned to start by early 2027. LUMORA is a randomized, double-blind, placebo-controlled trial testing KT-579 in approximately 30 adult patients with systemic lupus erythematosus dosed over 16 weeks. The key aim of this biomarker study is to demonstrate that KT-579 can modulate underlying disease biology with a favorable safety and tolerability profile while exploring potential clinical benefits.
  

• The Company will present new preclinical data on KT-579 in an oral presentation at the American College of Rheumatology (ACR) Convergence conference, taking place November 6-11, 2026, in Orlando, FL. The presentation will highlight KT-579’s compelling profile, including significant activity both as a monotherapy and in combination with background therapies in preclinical lupus models.
  

Partnered Programs & Research

• The first-in-human Phase 1 clinical trial evaluating KT-485 (SAR447971) in healthy volunteers and hidradenitis suppurativa patients is ongoing. Under the collaboration, Sanofi is leading development, regulatory and commercial efforts for the program. KT-485 is a potent, selective, oral second-generation IRAK4 degrader with the potential to offer a novel approach for a range of chronic immuno-inflammatory diseases.
  

• Gilead Sciences is advancing KT-200 in IND-enabling studies to support an IND filing in 2027. KT-200 is a first-in-class, oral CDK2 molecular glue degrader development candidate discovered and characterized by Kymera and exclusively licensed to Gilead. KT-200 has the potential to improve the standard of care for patients with breast cancer and other solid tumors.
  

• Leveraging its unique target selection strategy, proven small molecule discovery capabilities, and deep development expertise, the Company continues to advance an early pipeline of novel oral programs with a goal to deliver at least one new development candidate per year.
  

Corporate

• In July 2026, the Company appointed Terence Rooney, MD, as Chief Medical Officer and Elizabeth Laws, PhD, as Senior Vice President, Global STAT6 Development Program Leader, strengthening its clinical development leadership to support the continued advancement of Kymera’s oral immunology portfolio.
  

Financial Results

Collaboration Revenues: There were no collaboration revenues for the third quarter of 2026 compared to $2.8 million for the third quarter of 2025. Collaboration revenues recognized in the third quarter of 2025 were all attributable to the Company’s collaboration with Gilead. The Company does not expect to recognize additional collaboration revenue in 2026.

Research and Development Expenses: Research and development expenses were $128.5 million for the third quarter of 2026 compared to $74.1 million for the third quarter of 2025. This increase was primarily due to increased expenses related to the investment in the Company’s STAT6 program, platform and discovery programs, as well as costs related to continued growth in the research and development organization. Stock based compensation expenses included in R&D were $10.9 million and $8.4 million for the third quarters of 2026 and 2025, respectively.

General and Administrative Expenses: General and administrative expenses were $18.7 million for the third quarter of 2026 compared to $17.3 million for the third quarter of 2025. The increase was primarily due to an increase in legal and professional service fees in support of the Company’s growth and an increase in personnel, facility, occupancy, and other expenses to support growth as a public company. Stock based compensation expenses included in G&A were $7.9 million and $7.4 million for the third quarters of 2026 and 2025, respectively.

Net Loss: Net loss was $132.0 million for the third quarter of 2026 compared to $82.2 million for the third quarter of 2025.

Cash and Cash Equivalents: As of September 30, 2026, Kymera had $1.6 billion in cash, cash equivalents and investments. Kymera expects that its cash balance will provide the Company with a cash runway into 2029 beyond multiple clinical inflection points in its pipeline.

Event Details

Kymera will host a video conference call today, October 29, 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 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,” “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 and KT-579, 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)
	September 30, 2026			December 31, 2025
Assets
Cash, cash equivalents and marketable securities	$	1,645,883		$	1,619,434
Property and equipment, net		38,242			43,175
Right-of-use assets, operating lease		40,444			42,351
Other assets		42,700			37,852
Total assets	$	1,767,269		$	1,742,812
Liabilities and Stockholders’ Equity
Accrued expenses	$	63,315		$	42,274
Operating lease liabilities		74,626			78,975
Other liabilities		14,801			41,899
Total liabilities		152,742			163,148
Total stockholders’ equity		1,614,527			1,579,664
Total liabilities, preferred stock and stockholders’ equity	$	1,767,269		$	1,742,812

KYMERA THERAPEUTICS, INC. Consolidated Statements of Operations and Comprehensive Loss (In thousands, except share and per share amounts) (Unaudited)
	Three Months Ended September 30,								Nine Months Ended September 30,
	2026				2025				2026				2025
Collaboration Revenue	$	—			$	2,764			$	99,365			$	36,341
Operating expenses:
Research and development	$	128,509			$	74,094			$	346,152			$	232,737
General and administrative		18,723				17,336				60,207				51,252
Impairment of long-lived assets		—				3,855				—				3,855
Total operating expenses		147,232				95,285				406,359				287,844
Loss from operations		(147,232	)			(92,521	)			(306,994	)			(251,503	)
Other income (expense):
Interest and other income		15,295				10,444				44,753				27,413
Interest and other expense		(62	)			(98	)			(203	)			(280	)
Total other income		15,233				10,346				44,550				27,133
Net loss attributable to common stockholders	$	(131,999	)		$	(82,175	)		$	(262,444	)		$	(224,370	)
Net loss per share attributable to common stockholders, basic and diluted	$	(1.32	)		$	(0.94	)		$	(2.66	)		$	(2.71	)
Weighted average common stocks outstanding, basic and diluted		100,097,242				87,300,286				98,612,278				82,653,142

Investor Contact:
Justine Koenigsberg
investors@kymeratx.com
857-285-5300

Media Contact:
Matthew Henson
media@kymeratx.com
857-285-5300

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did Kymera’s KT-579 Phase 1 healthy-volunteer trial show?

KT-579 produced ≥90% median IRF5 degradation in blood across multiple dose levels, with similar reductions in skin. The trial also showed suppression of disease-relevant biomarkers. Safety was comparable to placebo, with no serious or severe adverse events and no adverse events leading to discontinuation.

What were Kymera’s third-quarter 2026 financial results and cash runway?

Kymera reported zero collaboration revenue and a $132.0 million net loss, versus $2.8 million in revenue and an $82.2 million loss a year earlier. Cash, cash equivalents and investments totaled $1.6 billion at September 30, 2026. The company expects its cash balance to fund operations into 2029.

How will Kymera’s KT-579 LUMORA lupus trial be designed?

LUMORA is a randomized, double-blind, placebo-controlled Phase 1b trial testing KT-579 in approximately 30 adults with systemic lupus erythematosus over 16 weeks. Its principal aim is to assess modulation of underlying disease biology and safety and tolerability, while exploring potential clinical benefits.