Kymera (NASDAQ: KYMR) widens 2025 loss but lifts cash to $1.6B
Rhea-AI Filing Summary
Kymera Therapeutics reported fourth-quarter and full-year 2025 results alongside a broad pipeline update. Collaboration revenue for 2025 was $39.2 million, down from $47.1 million in 2024, while higher R&D spending of $316.6 million and G&A of $68.2 million drove a wider annual net loss of $311.4 million versus $223.9 million a year earlier.
The company significantly strengthened its balance sheet by completing an underwritten equity offering with total gross proceeds of approximately $692 million, ending 2025 with about $1.6 billion in cash, cash equivalents and investments and projecting a cash runway into 2029.
Kymera highlighted progress for its KT-621 STAT6 degrader, including positive Phase 1b atopic dermatitis data, FDA Fast Track designation, and ongoing Phase 2b BROADEN2 (AD) and BREADTH (asthma) trials. It also began first-in-human dosing for KT-579, an IRF5 degrader in Phase 1, advanced partnered IRAK4 and CDK2 programs, and appointed experienced developer Neil Graham as Chief Development Officer.
Positive
- Strengthened balance sheet and extended runway: Completed a December underwritten equity offering with approximately $692 million in total gross proceeds, ending 2025 with about $1.6 billion in cash, cash equivalents and investments and stating a projected cash runway into 2029.
- Advancing lead KT-621 STAT6 program with regulatory support: Reported positive Phase 1b atopic dermatitis data, initiated two Phase 2b trials in atopic dermatitis and asthma, and received FDA Fast Track designation for KT-621 in moderate to severe atopic dermatitis.
- Pipeline breadth and partnered programs: Initiated first-in-human Phase 1 testing for KT-579, progressed the partnered IRAK4 degrader KT-485/SAR447971 toward clinical entry in 2026, and continued development of an oral CDK2 degrader under an option and license agreement with Gilead Sciences.
Negative
- Widening losses with rising operating expenses: Net loss increased to $311.4 million in 2025 from $223.9 million in 2024 as research and development expenses grew to $316.6 million and general and administrative expenses rose to $68.2 million.
- Decline in collaboration revenue: Collaboration revenues fell to $39.2 million in 2025 from $47.1 million in 2024, reflecting lower recognized revenue from partnerships even as development spending accelerated.
Insights
Kymera is spending aggressively on its pipeline but now holds $1.6B in cash, extending runway into 2029.
Kymera Therapeutics increased its 2025 R&D investment to
This heavier spend, plus modestly lower collaboration revenue of
Key clinical milestones disclosed include KT-621 Phase 2b BROADEN2 atopic dermatitis data expected by
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
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Kymera Therapeutics, Inc.
(Address of principal executive offices, including zip code)
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Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition
On February 26, 2026, Kymera Therapeutics, Inc. announced its financial results for the quarter ended December 31, 2025 and for the fiscal year ended December 31, 2025. A copy of the press release is being furnished as Exhibit 99.1 to this Report on Form 8-K.
The information in this Report on Form 8-K and Exhibit 99.1 attached hereto is intended to be furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such filing.
Item 9.01. Exhibits
(d) Exhibits
Exhibit No. |
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Description |
99.1 |
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Press release issued by Kymera Therapeutics, Inc. on February 26, 2026, furnished herewith. |
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104 |
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Cover Page Interactive Data |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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Kymera Therapeutics, Inc. |
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Date: February 26, 2026 |
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By: |
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/s/ Nello Mainolfi |
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Nello Mainolfi, Ph.D. |
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President and Chief Executive Officer |
Exhibit 99.1
Kymera Therapeutics Announces Fourth Quarter and Full Year 2025 Financial Results and Provides a Business Update
KT-621 (STAT6) BROADEN2 Phase 2b trial in atopic dermatitis (AD) ongoing, with data expected by mid-2027
KT-621 BREADTH Phase 2b trial in asthma ongoing, with data expected in late-2027
Initiated dosing in KT-579 (IRF5) Phase 1 healthy volunteer trial with data expected in 2H26
Dr. Neil Graham, experienced biopharma leader, appointed Chief Development Officer
Well-capitalized with $1.6 billion in cash as of December 31, 2025, and runway into 2029
Company to hold video conference call and webcast today at 8:30 a.m. ET
Watertown, Mass. (February 26, 2026) – 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 fourth quarter and full year ended December 31, 2025, and provided business highlights and updates on its pipeline.
“We set a high bar for what we wanted to achieve in 2025 and exceeded expectations. We enter this year with momentum and focus as we continue to advance an innovative and robust pipeline, anchored by our STAT6 program,” said Nello Mainolfi, PhD, Founder, President and CEO, Kymera Therapeutics. “Across many immuno-inflammatory diseases, patients face tradeoffs, often compromising on efficacy, safety, or convenience. We see an opportunity to change the status quo. With highly encouraging Phase 1b data in atopic dermatitis demonstrating consistent impact across every measure evaluated, and two parallel Phase 2b studies now underway in atopic dermatitis and asthma, KT-621 highlights the opportunity to meaningfully expand the reach to patients who need and deserve treatment, move therapy earlier in the disease journey, and ultimately improve outcomes for millions of patients.”
Dr. Mainolfi continued, “We also initiated dosing in the first-in-human Phase 1 healthy volunteer trial for KT-579, the first IRF5-directed mechanism to enter the clinic and a completely novel oral approach to addressing key drivers of multiple debilitating autoimmune conditions. Additionally, with our highly productive small molecule discovery engine, we’re poised to share at least one new high-value program later this year. All these exciting milestones underscore our momentum and commitment to transforming how common, lifelong immunological diseases are treated.”
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, and 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.
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 and concentrations 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.
Partnered Programs
Research
Corporate
Financial Results
Collaboration Revenues: Collaboration revenues were $2.9 million for the fourth quarter of 2025 and $39.2 million for the year ended December 31, 2025 compared to $7.4 million and $47.1 million, respectively, for the same periods of 2024. Collaboration revenues recognized in the fourth quarter of 2025 were all attributable to the Company’s collaboration with Gilead Sciences. Collaboration revenues recognized in 2024 were all attributable to the Company’s collaboration with Sanofi.
Research and Development Expenses: Research and development expenses were $83.8 million for the fourth quarter of 2025 and $316.6 million for the year ended December 31, 2025 compared to $71.8 million and $240.2 million, respectively, for the same periods of 2024. 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 $7.6 million for the fourth quarter of 2025, and $31.5 million for the year ended December 31, 2025, compared to $6.8 million and $27.8 million, respectively for the same periods in 2024.
General and Administrative Expenses: General and administrative expenses were $16.9 million for the fourth quarter of 2025 and $68.2 million for the year ended December 31, 2025, compared to $16.3 million and $63.5 million, respectively, for the same periods of 2024. 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, and other expenses. Stock based compensation expenses included in G&A were $6.9 million for the fourth quarter of 2025, and $28.4 million for the year ended December 31, 2025, compared to $7.0 million and $27.2 million, respectively, for the same periods of 2024.
Net Loss: Net loss was $87.0 million for the fourth quarter of 2025 and $311.4 million for the year ended December 31, 2025, compared to a net loss of $70.8 million and $223.9 million, respectively, for the same period of 2024.
Cash and Cash Equivalents: As of December 31, 2025, 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 our pipeline.
Event Details
Kymera will host a video conference call today, February 26, 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, including for the Phase 1b data readout of KT-621 in AD patients in December 2025, the initiation of Phase 2b studies of KT-621 in patients with AD and asthma in the fourth quarter of 2025 and first quarter of 2026, respectively, the effect of initial parallel development of Phase 2b studies in AD and asthma patients on acceleration of late parallel development across multiple indications, and the preliminary cross-study assessments comparing non-head-to-head clinical data of KT-621 to published data for dupilumab, the advancement of KT-579 into Phase 1 clinical testing in early 2026, the KT-485/SAR447971 program, objectives on the development of CDK2 degraders, 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 cross-trial comparisons may not be reliable as no head-to-head trials have been conducted comparing KT-621 to dupilumab, and Phase 1 clinical data for KT-621 may not be directly comparable to dupilumab’s clinical data due to differences in molecule composition, trial protocols, dosing regimens, and patient populations and characteristics, 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. |
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Consolidated Balance Sheets |
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(In thousands, except share and per share amounts) |
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(Unaudited) |
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December 31, |
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December 31, |
Assets |
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Cash, cash equivalents and marketable securities |
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$ 1,619,434 |
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$ 850,903 |
Property and equipment, net |
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43,175 |
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50,457 |
Right-of-use assets, operating lease |
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42,351 |
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47,407 |
Other assets |
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37,852 |
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29,268 |
Total assets |
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$ 1,742,812 |
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$ 978,035 |
Liabilities and Stockholders’ Equity |
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Deferred revenue |
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$ 34,365 |
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$ 13,576 |
Operating lease liabilities |
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78,975 |
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84,017 |
Other liabilities |
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49,808 |
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44,823 |
Total liabilities |
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163,148 |
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142,416 |
Total stockholders’ equity |
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1,579,664 |
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835,619 |
Total liabilities, preferred stock and stockholders’ equity |
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$ 1,742,812 |
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$ 978,035 |
KYMERA THERAPEUTICS, INC. |
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Consolidated Statements of Operations and Comprehensive Loss |
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(In thousands, except share and per share amounts) |
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(Unaudited) |
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Three Months Ended |
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Year Ended |
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2025 |
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2024 |
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2025 |
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2024 |
Collaboration Revenue |
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$ 2,871 |
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$ 7,394 |
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$ 39,211 |
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$ 47,072 |
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Operating expenses: |
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Research and development |
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$ 83,831 |
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$ 71,818 |
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$ 316,568 |
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$ 240,248 |
General and administrative |
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16,935 |
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16,331 |
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68,187 |
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63,534 |
Impairment of long-lived assets |
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— |
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— |
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3,855 |
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4,925 |
Total operating expenses |
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100,766 |
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88,149 |
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388,610 |
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308,707 |
Loss from operations |
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(97,895) |
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(80,755) |
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(349,399) |
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(261,635) |
Other income (expense): |
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Interest and other income |
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11,006 |
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10,061 |
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38,418 |
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38,026 |
Interest and other expense |
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(92) |
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(59) |
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(370) |
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(249) |
Total other income |
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10,914 |
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10,002 |
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38,048 |
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37,777 |
Net loss attributable to common stockholders |
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$ (86,981) |
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$ (70,753) |
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$ (311,351) |
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$ (223,858) |
Net loss per share attributable to common stockholders, basic and diluted |
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$ (0.97) |
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$ (0.88) |
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$ (3.69) |
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$ (2.98) |
Weighted average common stocks outstanding, basic and diluted |
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89,914,699 |
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79,987,426 |
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84,490,585 |
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75,043,991 |
Investor Contact:
Justine Koenigsberg
Vice President, Investor Relations
investors@kymeratx.com
857-285-5300
Media Contact:
Matthew Henson
Vice President, Corporate Communications
mhenson@kymeratx.com
857-285-5300
FAQ
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What progress did Kymera Therapeutics (KYMR) report for its KT-621 STAT6 program?
What is KT-579 and what stage is it in at Kymera Therapeutics?
What partnered programs did Kymera Therapeutics (KYMR) highlight in this update?
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Filing Exhibits & Attachments
2 documentsPress Releases
