Kymera Therapeutics Q3 loss widens to $132M

KT-579 showed ≥90% median IRF5 degradation across multiple dose levels, and Kymera expects cash runway into 2029.

Rhea-AI Filing Summary

Kymera Therapeutics, Inc. reported third-quarter 2026 results and clinical updates, including positive Phase 1 healthy-volunteer results for KT-579. The trial showed ≥90% median IRF5 degradation across multiple dose levels; analyses using the median of all MAD dose cohorts showed inhibition at Day 14 of 88% of TNFα, 87% of IL-12/23p40, 94% of IL-1β and 98% of IFNβ. No serious or severe adverse events occurred, and no adverse events led to discontinuation.

For the quarter, collaboration revenue was $0 versus $2.764 million in third-quarter 2025; research and development expenses were $128.509 million versus $74.094 million, and net loss was $131.999 million versus $82.175 million. Cash, cash equivalents and marketable securities totaled $1,645.883 million as of September 30, 2026, with expected cash runway into 2029.

In KT-621, the last patient completed the week 16 visit in the BROADEN2 Phase 2b atopic dermatitis trial; topline data are planned by year-end 2026. The company expects BREADTH asthma topline data in late 2027 and plans to start the KT-579 LUMORA lupus Phase 1b trial by early 2027. It expects to initiate a Phase 3 atopic dermatitis trial by mid-2027, subject to discussions with regulators.

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Positive

• Minor pointKT-579: ≥90% median IRF5 degradation across multiple dose levels.

Negative

• Moderate pointNet loss: $131.999 million versus $82.175 million in third-quarter 2025.
• Minor pointCollaboration revenue: $0 versus $2.764 million in third-quarter 2025.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

Key Figures

Cash, cash equivalents and marketable securities: $1,645.883 million Collaboration revenue: $0 Research and development expenses: $128.509 million +5 more

8 metrics

Cash, cash equivalents and marketable securities $1,645.883 million As of September 30, 2026

Collaboration revenue $0 Third quarter 2026; $2.764 million in third-quarter 2025

Research and development expenses $128.509 million Third quarter 2026; $74.094 million in third-quarter 2025

General and administrative expenses $18.723 million Third quarter 2026; $17.336 million in third-quarter 2025

Net loss attributable to common stockholders $131.999 million Third quarter 2026; $82.175 million in third-quarter 2025

Net loss per share ($1.32) Third quarter 2026; ($0.94) in third-quarter 2025

Median IRF5 degradation ≥90% Across multiple KT-579 dose levels

Biomarker inhibition 88% TNFα; 87% IL-12/23p40; 94% IL-1β; 98% IFNβ Day 14; median of all multiple ascending dose cohorts

Key Terms

IRF5 degradation, pharmacokinetics, pharmacodynamics, topline data

4 terms

IRF5 degradation medical

"deep, sustained IRF5 degradation in blood"

pharmacokinetics medical

"Pharmacokinetics and pharmacodynamics"

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"

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.

topline data medical

"plans to report topline data by year-end 2026"

Topline data are the initial, high-level results from a clinical study that show whether the main goals of the trial were met, much like the headline of a news story that summarizes the most important point. Investors care because these early outcomes quickly indicate a drug’s commercial potential and regulatory path — positive topline results can boost a company’s value, while disappointing ones can sharply reduce expected future revenue.

Earnings Snapshot

Collaboration revenue: $0 · Guidance included

Third quarter ended September 30, 2026

Collaboration revenue $0 versus $2.764 million in third-quarter 2025

Research and development expenses $128.509 million versus $74.094 million in third-quarter 2025

Net loss attributable to common stockholders $131.999 million versus $82.175 million in third-quarter 2025

Guidance

Kymera expects its cash balance to provide runway into 2029.

FAQ

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

What did KYMR report about the KT-579 Phase 1 trial?

KT-579 showed ≥90% median IRF5 degradation across multiple dose levels. At Day 14, analyses using the median of all multiple ascending dose cohorts showed inhibition of 88% of TNFα, 87% of IL-12/23p40, 94% of IL-1β and 98% of IFNβ. No serious or severe adverse events occurred, and no adverse events led to discontinuation.

How much cash does KYMR have and how long is its runway?

Kymera reported $1,645.883 million in cash, cash equivalents and marketable securities as of September 30, 2026. The company expects its cash balance to provide runway into 2029.

When is KYMR's LUMORA lupus trial expected to start, and what will it test?

Kymera plans to start the KT-579 LUMORA Phase 1b trial by early 2027. It is a randomized, double-blind, placebo-controlled biomarker study of approximately 30 adults with systemic lupus erythematosus, dosed over 16 weeks.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 10/29/2026 - 07:10 AM EDT Accepted by SEC EDGAR 10/29/2026 - 07:10 AM EDT Learn about SEC filing dates

false000181544200018154422026-10-292026-10-29

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 29, 2026

KYMERA THERAPEUTICS, INC.

(Exact name of registrant as specified in its charter)

Delaware		001-39460		81-2992166
(State or other jurisdiction of incorporation)		(Commission File Number)		(I.R.S. Employer Identification No.)

Kymera Therapeutics, Inc.

500 North Beacon Street, 4th Floor

Watertown, Massachusetts 02472

(Address of principal executive offices, including zip code)

(857) 285-5300

(Registrant’s telephone number, including area code)

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:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ 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:

Title of each class	Trade Symbol(s)	Name of each exchange on which registered
Common Stock, $0.0001 par value per share	KYMR	The Nasdaq Global Market

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 October 29, 2026, Kymera Therapeutics, Inc. announced its financial results for the quarter ended September 30, 2026. 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.		Description
99.1		Press release issued by Kymera Therapeutics, Inc. on October 29, 2026, furnished herewith.
104		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.

		Kymera Therapeutics, Inc.
Date: October 29, 2026		By:		/s/ Nello Mainolfi
				Nello Mainolfi, Ph.D.
				President and Chief Executive Officer

Exhibit 99.1

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

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. (October 29, 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 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 7th 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

Filing Exhibits & Attachments

2 documents

Press Releases

• EX-99.1 EX-99.1 172.8 KB

Other Documents

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