Kymera Therapeutics, Inc.: Q1 FY2026 earnings call

What management said about Q1 FY2026, from the documents filed with the SEC on 30 April 2026: press release. Guidance figures: 2 new, 5 kept. The quarter’s numbers.

Key takeaways

Collaboration revenue rose to $34.4 million: Collaboration revenue was $34.4 million against $22.1 million a year earlier. All of the first-quarter 2026 revenue was attributed to the Gilead collaboration. Source
BROADEN2 atopic dermatitis trial enrolling: The BROADEN2 Phase 2b trial, expanded to adolescents in January 2026, is about 200 patients aged 12 to 75 with a 16-week primary endpoint on EASI at Week 16. Source
KT-579 Phase 1 dosing started: Dosing in the first-in-human KT-579 Phase 1 healthy volunteer trial began in February 2026, after FDA IND clearance, to assess safety and IRF5 degradation in blood. Source
Gilead exercised KT-200 option: Gilead exercised its option to exclusively license KT-200, an oral CDK2 molecular glue degrader discovered by Kymera, for breast cancer and other solid tumors. Source
Cash position at $1.55 billion: Cash, cash equivalents and investments were $1.55 billion at March 31, 2026, down from $1.62 billion at December 31, 2025. Source
Cash runway into 2029 stated: The company said its cash balance will fund operations into 2029, beyond multiple clinical inflection points in the pipeline. Source

“As we continue to advance KT-621 and KT-579 through clinical development, our focus remains on disciplined execution and delivering on multiple important milestones this year,”
Nello Mainolfi, PhD, Founder, President and CEO, Kymera Therapeutics

Guidance

Area	Period	Figure	Against last quarter
KT-621 BROADEN2 Phase 2b data Source	data reported by mid-2027; enrollment completed in 2026	by mid-2027	Kept
KT-621 BREADTH Phase 2b data Source	late 2027	late 2027	Kept
KT-579 Phase 1 data Source	second half of 2026	2H26	Kept
Cash runway Source	into 2029	into 2029	Kept
KT-485/SAR447971 clinical entry Source	2026	2026	Kept
KT-200 IND filing (Gilead) Source	2027	2027	New
Gilead milestone payment Source	second quarter of 2026	$45 million	New

What changed from last quarter

New: Gilead Sciences exercised its option to exclusively license KT-200, a CDK2 molecular glue degrader. Source
New: FDA granted Fast Track designation to KT-621 for moderate to severe eosinophilic asthma, in addition to the prior atopic dermatitis designation. Source
New guidance: IND filing for KT-200 is now dated to 2027 under Gilead's development plan. Source
New guidance: Company now states the $45 million Gilead milestone is expected to be received in the second quarter. Source
Guidance kept: KT-579 Phase 1 data timing kept at the second half of 2026. Source

Quarterly results and drivers

Collaboration revenue rose to $34.4 million: Collaboration revenue was $34.4 million against $22.1 million a year earlier. All of the first-quarter 2026 revenue was attributed to the Gilead collaboration. Source
Net loss widened to $69.2 million: Net loss attributable to common stockholders was $69.2 million, against $65.6 million a year earlier. Loss per share was $(0.71), against $(0.82). Source
Operating expenses rose on program spend: Total operating expenses were $118.5 million, against $96.5 million, with research and development and general and administrative costs both higher. Source

STAT6 program: KT-621

Asthma Fast Track designation granted: FDA granted Fast Track designation to KT-621 for moderate to severe eosinophilic asthma in April 2026, in addition to the earlier atopic dermatitis designation. Source
BROADEN2 atopic dermatitis trial enrolling: The BROADEN2 Phase 2b trial, expanded to adolescents in January 2026, is about 200 patients aged 12 to 75 with a 16-week primary endpoint on EASI at Week 16. Source
BREADTH asthma dosing began: Dosing in the BREADTH Phase 2b asthma trial began in January 2026, with about 264 adults and a 12-week primary endpoint on pre-bronchodilator FEV1. Source
Long-term toxicology studies showed no findings: Six- to nine-month GLP chronic toxicology studies in rat and NHP were completed in the first quarter, with no adverse findings at any dose tested. Source

“We remain committed to translating our first-in-class science into better outcomes for patients.”
Nello Mainolfi, PhD, Founder, President and CEO, Kymera Therapeutics

IRF5 program: KT-579

KT-579 Phase 1 dosing started: Dosing in the first-in-human KT-579 Phase 1 healthy volunteer trial began in February 2026, after FDA IND clearance, to assess safety and IRF5 degradation in blood. Source
Preclinical lupus and RA activity described: In preclinical lupus and RA models, KT-579 activity was described as equal to or more efficacious than marketed or clinical small molecules and biologics. No adverse effects were seen in preclinical safety studies. Source
Autoimmune model data planned for June: New KT-579 data across autoimmune models are planned for presentation at lupus and immunology meetings in June 2026. Source

Partnered programs and research

Gilead exercised KT-200 option: Gilead exercised its option to exclusively license KT-200, an oral CDK2 molecular glue degrader discovered by Kymera, for breast cancer and other solid tumors. Source
KT-200 IND planned for 2027: Gilead will move KT-200 into IND-enabling studies, with an IND filing planned for 2027. Source
KT-485 clinical entry expected 2026: The Sanofi-partnered IRAK4 degrader has completed IND-enabling studies, with clinical entry expected in 2026. Source
New development candidate targeted for 2026: The company expects to advance at least one new first-in-class oral program towards IND in 2026, using its target selection and discovery capabilities. Source

“We are continuing to build on this foundation with the advancement of KT-200, our oral CDK2 molecular glue degrader partnered with Gilead, and through progress within our early-stage pipeline.”
Nello Mainolfi, PhD, Founder, President and CEO, Kymera Therapeutics

Operating costs and net loss

R&D expense rose to $98.2 million: Research and development expenses were $98.2 million, against $80.3 million a year earlier. Stock-based compensation within R&D was $8.6 million, against $7.5 million. Source
R&D rise tied to STAT6 and platform work: Management attributed the R&D increase to STAT6 program investment, platform and discovery programs, and growth in the research and development organization. Source
G&A rose to $20.4 million: General and administrative expenses were $20.4 million, against $16.3 million a year earlier. Source
G&A rise tied to legal and public company costs: The G&A increase was attributed to higher legal and professional service fees, and personnel, facility, occupancy and other costs of operating as a public company. Source

Cash, runway and milestone receipts

Cash position at $1.55 billion: Cash, cash equivalents and investments were $1.55 billion at March 31, 2026, down from $1.62 billion at December 31, 2025. Source
Cash runway into 2029 stated: The company said its cash balance will fund operations into 2029, beyond multiple clinical inflection points in the pipeline. Source
Gilead milestone payment expected in Q2: The $45 million milestone from the KT-200 option exercise is expected to be received in the second quarter of 2026. Source

Coming up, as management said on 30 April 2026

BROADEN2 data by mid-2027: Enrollment in the BROADEN2 atopic dermatitis trial is expected to finish in 2026, with data reported by mid-2027. Source
KT-579 Phase 1 data in 2H26: The company expects to report KT-579 Phase 1 data in the second half of 2026. Source
Gilead milestone expected in Q2: The $45 million milestone payment from Gilead is expected to be received in the second quarter of 2026. Source
May 2026 medical meeting presentations: KT-621 will be presented at multiple May 2026 meetings, including a late-breaking oral presentation at the SID Annual Meeting and a featured ATS presentation. Source

Figures management reported

Figure	Reported
R&D spend Source	$98.2 million in Q1 2026, against $80.3 million in Q1 2025
Pipeline milestone: FDA Fast Track Source	KT-621 for moderate to severe eosinophilic asthma, April 2026
Partner milestone Source	$45 million from Gilead for KT-200 option exercise
Clinical trial start: KT-579 Phase 1 Source	First dosing in healthy volunteers, February 2026

Earlier plans management reported on

Not stated: The company restated its plan to advance a new first-in-class oral program towards IND in 2026. Source
Not stated: The Sanofi-partnered IRAK4 degrader is expected to enter the clinic in 2026, after completing IND-enabling studies. Source
Not stated: Enrollment in the BROADEN2 trial is expected to be completed in 2026. Source

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

Kymera Therapeutics Announces First Quarter 2026 Financial Results and Provides a Business Update

KT-621 (STAT6) parallel Phase 2b trials, BROADEN2 in atopic dermatitis and BREADTH in asthma, ongoing with data expected by mid-2027 and late 2027, respectively

FDA granted Fast Track designation to KT-621 for the treatment of moderate to severe asthma, in addition to prior Fast Track designation for moderate to severe atopic dermatitis

KT-579 (IRF5) Phase 1 healthy volunteer trial ongoing, with data expected in 2H26

Gilead Sciences exercised its option to exclusively license KT-200, a first-in-class, oral CDK2 molecular glue degrader, generating a $45 million milestone, with IND planned in 2027

Well-capitalized with $1.55 billion in cash as of March 31, 2026, and runway into 2029

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

Watertown, Mass. (April 30, 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 first quarter ended March 31, 2026, and provided business highlights and updates on its pipeline.

“As we continue to advance KT-621 and KT-579 through clinical development, our focus remains on disciplined execution and delivering on multiple important milestones this year,” said Nello Mainolfi, PhD, Founder, President and CEO, Kymera Therapeutics. “We remain committed to translating our first-in-class science into better outcomes for patients. Our STAT6 and IRF5 oral degrader programs exemplify this mission, and the growing recognition of our work within the scientific and medical community further validates the potential of our approach. We are continuing to build on this foundation with the advancement of KT-200, our oral CDK2 molecular glue degrader partnered with Gilead, and through progress within our early-stage pipeline.”

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 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.

In January 2026, the Company expanded the KT-621 BROADEN2 Phase 2b clinical trial to include adolescents, in addition to adults. BROADEN2 is a global, randomized, double-blind, placebo-controlled, dose-ranging study evaluating the efficacy, safety, and tolerability of three doses of KT-621 in approximately 200 patients, ages 12 to 75 with moderate to severe AD over 16 weeks. The primary endpoint is the percent change from baseline in Eczema Area and Severity Index (EASI) score at Week 16. Secondary endpoints will evaluate additional safety, efficacy, and quality-of-life measures. Recruitment is ongoing, with enrollment expected to be completed in 2026 and data reported by mid-2027.

In January 2026, the Company commenced dosing in the BREADTH Phase 2b clinical trial, a global, randomized, double-blind, placebo-controlled, dose-ranging study evaluating the efficacy, safety and tolerability of three doses of KT-621 in approximately 264 adult patients with moderate to severe eosinophilic asthma over 12 weeks. The primary endpoint is the change from baseline in pre-bronchodilator forced expiratory volume in one second (FEV1). Secondary endpoints will evaluate a range of additional safety, efficacy, and quality of life measures. Recruitment is ongoing, with data expected to be reported in late 2027.

In the first quarter of 2026, the Company completed the KT-621 six- to nine-month GLP chronic toxicology studies in rat and NHP and did not observe any adverse findings across all doses and concentrations tested, consistent with earlier toxicology studies.

In March 2026, the Company presented positive results from the KT-621 BroADen Phase 1b AD clinical trial in a late-breaking oral presentation at the American Academy of Dermatology (AAD) Annual Meeting. The data demonstrated deep STAT6 degradation, reductions in Type 2 inflammatory biomarkers, encouraging clinical activity, and a favorable safety profile, supporting STAT6 degradation as a novel oral approach for Type 2 inflammatory diseases.

In April 2026, the U.S. Food and Drug Administration granted Fast Track designation to KT-621 for the treatment of moderate to severe eosinophilic asthma.

In May 2026, the Company will present on KT-621 at multiple medical meetings, including a late-breaking oral presentation at the Society of Investigative Dermatology (SID) Annual Meeting highlighting STAT6 degradation and modulation of Th2 gene transcripts in AD lesional skin. Additionally, the Company will have a featured oral presentation at the American Thoracic Society (ATS) Annual Meeting Respiratory Innovation Summit focused on the potential of KT-621 to transform treatment paradigms in respiratory care.

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 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.

In February 2026, after IND-clearance from the FDA, the Company commenced dosing in the first-in-human KT-579 Phase 1 clinical trial in healthy volunteers. The Phase 1 study is evaluating the safety, tolerability, pharmacokinetics and pharmacodynamics of single- and multiple-ascending doses of orally administered KT-579 compared to placebo. The key study aim is to show that KT-579 can robustly degrade IRF5 in blood at doses that are safe and well-tolerated. The functional impact of IRF5 degradation on the induction of Type I interferons, proinflammatory cytokines, and inflammatory pathway gene transcripts will also be assessed with whole blood ex vivo stimulation assays. The Company expects to report data from the trial in the second half of 2026.

Building on KT-579’s preclinical profile, the Company plans to present new data further characterizing its activity across autoimmune disease models, including IBD at Digestive Disease Week (DDW) in May, as well as lupus at the European Alliance of Associations for Rheumatology (EULAR) Congress and the Federation of Clinical Immunology Societies (FOCIS) Annual Meeting, both in June.

Partnered Programs

In April 2026, the Company announced that Gilead Sciences exercised its option to exclusively license KT-200, a first-in-class, oral CDK2 molecular glue degrader development candidate discovered and characterized by Kymera. As a result, Kymera achieved a $45 million milestone payment, expected to be received in the second quarter. KT-200 has the potential to deliver meaningful improvements in the standard of care for patients with breast cancer and other solid tumors. Gilead will progress the program into IND-enabling studies to support an IND filing in 2027.

KT-485/SAR447971, a selective, potent, oral IRAK4 degrader being advanced in partnership with Sanofi, has the potential to offer a novel oral approach for a variety of chronic immuno-inflammatory diseases. The program has completed IND-enabling studies, with clinical entry expected in 2026.

Research

Leveraging its unique target selection strategy, proven small molecule discovery capabilities, and deep development expertise, the Company expects to advance at least one new development candidate towards IND for a first-in-class, oral program in 2026.

Financial Results

Collaboration Revenues: Collaboration revenues were $34.4 million for the first quarter of 2026 compared to $22.1 million for the first quarter of 2025. Collaboration revenues recognized in the first quarter of 2026 were all attributable to the Company’s collaboration with Gilead Sciences. Collaboration revenues recognized in the first quarter of 2025 were all attributable to the Company’s collaboration with Sanofi.

Research and Development Expenses: Research and development expenses were $98.2 million for the first quarter of 2026 compared to $80.3 million for the first 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 $8.6 million and $7.5 million for the first quarters of 2026 and 2025, respectively.

General and Administrative Expenses: General and administrative expenses were $20.4 million for the first quarter of 2026 compared to $16.3 million for the first 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 $7.4 million and $6.7 million for the first quarters of 2026 and 2025, respectively.

Net Loss: Net loss was $69.2 million for the first quarter of 2026 compared to $65.6 million for the first quarter of 2025.

Cash and Cash Equivalents: As of March 31, 2026, Kymera had $1.55 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, April 30, 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

Forward-looking statements notice

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 effect of initial parallel development of Phase 2b studies in AD and asthma patients on acceleration of late parallel development across multiple indications, 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," "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 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.

	March 31, 2026	December 31, 2025
KYMERA THERAPEUTICS, INC.
Consolidated Balance Sheets
(In thousands, except share and per share amounts)
(Unaudited)
Assets
Cash, cash equivalents and marketable securities	$ 1,545,653	$ 1,619,434
Property and equipment, net	41,617	43,175
Right-of-use assets, operating lease	41,736	42,351
Other assets	40,010	37,852
Total assets	$ 1,669,016	$ 1,742,812
Liabilities and Stockholders’ Equity
Deferred revenue	$ -	$ 34,365
Operating lease liabilities	77,617	78,975
Other liabilities	51,762	49,808
Total liabilities	129,379	163,148
Total stockholders’ equity	1,539,637	1,579,664
Total liabilities and stockholders’ equity	$ 1,669,016	$ 1,742,812

	Three Months Ended March 31,
	2026	2025
KYMERA THERAPEUTICS, INC.
Consolidated Statements of Operations
(In thousands, except share and per share amounts)
(Unaudited)
Collaboration Revenue	$ 34,365	$ 22,100
Operating expenses:
Research and development	$ 98,162	$ 80,255
General and administrative	20,357	16,271
Total operating expenses	118,519	96,526
Loss from operations	(84,154)	(74,426)
Other income (expense):
Interest and other income	14,981	8,917
Interest and other expense	(61)	(72)
Total other income	14,920	8,845
Net loss attributable to common stockholders	$ (69,234)	$ (65,581)
Net loss per share attributable to common stockholders, basic and diluted	$ (0.71)	$ (0.82)
Weighted average common stocks outstanding, basic and diluted	97,534,269	80,146,531

Contacts
Justine Koenigsberg investors@kymeratx.com
857-285-5300
Matthew Henson mhenson@kymeratx.com
857-285-5300