Kymera Therapeutics, Inc.: Q2 FY2026 earnings call

What management said about Q2 FY2026, from the documents filed with the SEC on 5 August 2026: press release. Guidance figures: 1 raised, 1 new, 4 kept. The quarter’s numbers.

Key takeaways

Collaboration revenue rose on two payments: Revenue was $65.0 million against $11.5 million a year earlier. It comprised a $45 million Gilead option exercise fee and a $20 million Sanofi milestone, both recognized in the quarter. Source
Net loss fell and per-share loss narrowed: Net loss was $61.2 million against $76.6 million. Basic and diluted net loss per share was $0.62, compared with $0.95 a year earlier. Source
BROADEN2 enrollment finished early: Enrollment in the atopic dermatitis Phase 2b trial completed nearly six months early. Topline data moved up six months to year-end 2026 from mid-2027. Source
Phase 3 atopic dermatitis start by mid-2027: Phase 3 AD trials are planned to initiate by mid-2027, subject to regulator discussions. Management described this as earlier than previously anticipated. Source
KT-579 healthy volunteer data in 4Q26: The KT-579 Phase 1 healthy volunteer trial is enrolling, with data expected in the fourth quarter of 2026, previously guided to the second half of 2026. Source
Cash position of $1.5 billion: Cash, cash equivalents and investments were $1.5 billion at June 30, 2026, down from $1.55 billion at March 31, 2026 and $1.62 billion at December 31, 2025. Source
Cash runway stated into 2029: Management expects the cash balance to provide runway into 2029, beyond multiple clinical inflection points in the pipeline. Source

“Kymera is delivering in a pivotal period of execution, with multiple clinical-stage programs advancing, important data catalysts ahead”
Nello Mainolfi, PhD, Founder, President and CEO, Kymera Therapeutics

Guidance

Area	Period	Figure	Against last quarter
KT-621 BROADEN2 topline data Source	year-end 2026	year-end 2026	Raised from mid-2027
KT-621 Phase 3 atopic dermatitis start Source	by mid-2027	by mid-2027	New
KT-621 BREADTH asthma data	late 2027	late 2027	Kept
KT-579 healthy volunteer data Source	fourth quarter 2026	4Q26	Kept
Cash runway Source	into 2029	into 2029	Kept
KT-200 IND filing (Gilead) Source	2027	2027	Kept

What changed from last quarter

Guidance raised: KT-621 BROADEN2 topline data moved to year-end 2026 from mid-2027. Source
New guidance: Phase 3 atopic dermatitis start by mid-2027 added as guidance. Source
Guidance kept: BREADTH asthma data timing unchanged at late 2027.
New: Felix J. Baker, PhD, appointed Chairman of the Board in June 2026. Source
Ended: Bruce Booth ceased as Chairman after serving since co-founding Kymera; he remains an Independent Director. Source
New: Terence Rooney, MD, appointed Chief Medical Officer in July 2026. Source
Ended: Jared Gollob, MD, retired as Chief Medical Officer after eight years and will remain an advisor through year-end. Source
New: Penny Carlson and Elizabeth Laws, PhD, joined as senior vice presidents in development roles. Source
New: Sanofi started the KT-485 Phase 1 trial in June 2026. Source

Results and growth drivers

Collaboration revenue rose on two payments: Revenue was $65.0 million against $11.5 million a year earlier. It comprised a $45 million Gilead option exercise fee and a $20 million Sanofi milestone, both recognized in the quarter. Source
Net loss fell and per-share loss narrowed: Net loss was $61.2 million against $76.6 million. Basic and diluted net loss per share was $0.62, compared with $0.95 a year earlier. Source
R&D spend rose on STAT6 investment: R&D expense was $119.5 million against $78.4 million, citing STAT6 program, platform and discovery investment and R&D organization growth. G&A was $21.1 million against $17.6 million. Source

STAT6 degrader KT-621 program

BROADEN2 enrollment finished early: Enrollment in the atopic dermatitis Phase 2b trial completed nearly six months early. Topline data moved up six months to year-end 2026 from mid-2027. Source
Phase 3 atopic dermatitis start by mid-2027: Phase 3 AD trials are planned to initiate by mid-2027, subject to regulator discussions. Management described this as earlier than previously anticipated. Source
BREADTH asthma trial still enrolling: BREADTH Phase 2b in moderate to severe eosinophilic asthma is ongoing, with data expected in late 2027. Source
Japanese healthy-adult data presented: Phase 1 data in healthy Japanese adults showed PK results and rapid, sustained blood STAT6 degradation, consistent with non-Japanese healthy adults and atopic dermatitis patients. Source

“The accelerated timeline enables us to pull forward our expected topline readout to year-end 2026”
Nello Mainolfi, PhD, Founder, President and CEO, Kymera Therapeutics

KT-579 and partnered programs

KT-579 healthy volunteer data in 4Q26: The KT-579 Phase 1 healthy volunteer trial is enrolling, with data expected in the fourth quarter of 2026, previously guided to the second half of 2026. Source
Lupus proof-of-concept study to follow: A Phase 1b patient proof-of-concept trial in lupus is planned soon after the healthy volunteer trial. Preclinical lupus data were presented at EULAR and FOCIS. Source
KT-485 Phase 1 started under Sanofi: Sanofi began the first-in-human Phase 1 trial of KT-485, an oral IRAK4 degrader, in healthy volunteers and hidradenitis suppurativa patients. Sanofi leads development, regulatory and commercial work. Source
KT-200 moves to Gilead for IND work: Gilead exercised its option to exclusively license KT-200, a CDK2 molecular glue degrader. Gilead plans IND-enabling studies, with an IND filing in 2027. Source

Corporate and leadership changes

Felix Baker named Chairman: Felix J. Baker, PhD, was appointed Chairman of the Board in June 2026, succeeding Bruce Booth, DPhil, who co-founded Kymera in 2016 and will remain an Independent Director. Source
Terence Rooney named Chief Medical Officer: Terence Rooney, MD, was appointed Chief Medical Officer to lead global clinical development. He succeeds Jared Gollob, MD, who retired after eight years. Source
Two senior development hires: Penny Carlson joined as SVP, Development Operations, overseeing global clinical development operations. Elizabeth Laws, PhD, joined as SVP, Development Program Leader for KT-621 and the STAT6 franchise. Source

“We see the significant gaps that remain across the immunology treatment landscape”
Nello Mainolfi, PhD, Founder, President and CEO, Kymera Therapeutics

Cash, balance sheet and runway

Cash position of $1.5 billion: Cash, cash equivalents and investments were $1.5 billion at June 30, 2026, down from $1.55 billion at March 31, 2026 and $1.62 billion at December 31, 2025. Source
Cash runway stated into 2029: Management expects the cash balance to provide runway into 2029, beyond multiple clinical inflection points in the pipeline. Source
Interest income rose year on year: Interest and other income was $14.5 million against $8.1 million, leaving total other income of $14.4 million after $81 thousand of other expense. Source

Six-month and share count results

Six-month collaboration revenue reached $99.4 million: Collaboration revenue for the six months was $99.4 million, against $33.6 million a year earlier. Source
Six-month net loss narrowed: Net loss for the six months was $130.4 million against $142.2 million. Six-month basic and diluted loss per share was $1.33, against $1.77. Source
Weighted share count rose: Weighted average basic and diluted shares were 98,177,158 in the quarter, against 80,449,405 a year earlier. Source

Coming up, as management said on 5 August 2026

Phase 3 atopic dermatitis trials: Phase 3 AD trials planned to initiate by mid-2027, subject to regulator discussions. Source
BROADEN2 topline data at year-end: Topline data from the BROADEN2 Phase 2b trial expected by year-end 2026. Source
KT-579 healthy volunteer data and lupus trial: KT-579 healthy volunteer Phase 1 data expected in fourth quarter 2026, followed by the lupus Phase 1b trial. Source

Figures management reported

Figure	Reported
R&D expense Source	$119.5 million
Pipeline milestone payments Source	$45 million and $20 million
Trial enrollment Source	BROADEN2 Phase 2b enrollment complete
STAT6 degradation, Phase 1 Japanese healthy adults Source	median ≥98% at both dose levels
Phase 3 initiation Source	atopic dermatitis trials by mid-2027

Risks management discussed

Regulatory: Phase 3 atopic dermatitis start depends on discussions with regulators. Source

Earlier plans management reported on

Ahead: Enrollment finished nearly six months ahead of the original timeline. Source
Not stated: Prior quarter guided clinical entry in 2026; the Phase 1 trial started in June 2026 per the current release.
Not stated: Prior quarter guided data in the second half of 2026; current release narrows it to the fourth quarter of 2026.

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 Second Quarter 2026 Financial Results and Provides a Business Update

Enrollment completed in KT-621 (STAT6) BROADEN2 Phase 2b AD trial nearly six months ahead of anticipated timeline, with data expected by year-end 2026

KT-621 Phase 3 trials in AD planned to initiate by mid-2027

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

KT-579 (IRF5) Phase 1 healthy volunteer trial ongoing, with data expected in 4Q26

KT-485 (IRAK4) Phase 1 trial commenced in healthy volunteers and HS patients by partner Sanofi

Well-capitalized with $1.5 billion in cash as of June 30, 2026, and runway into 2029

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

Watertown, Mass. (August 5, 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 second quarter ended June 30, 2026, and provided business highlights and updates on its pipeline.

“Kymera is delivering in a pivotal period of execution, with multiple clinical-stage programs advancing, important data catalysts ahead, and growing conviction in the potential of oral degrader medicines to transform the standard of care for chronic, debilitating immunological diseases,” said Nello Mainolfi, PhD, Founder, President and CEO, Kymera Therapeutics. “The rapid completion of enrollment in our KT-621 BROADEN2 Phase 2b trial in atopic dermatitis nearly six months ahead of our original timeline is a powerful example of the immense interest from clinicians and patients in a once-daily oral therapy and excellent execution from the Kymera team. The accelerated timeline enables us to pull forward our expected topline readout to year-end 2026, positions us for an earlier than anticipated start to Phase 3 trials next year, and ultimately allows us to move faster for patients who are waiting for new options.”

Dr. Mainolfi continued, “We see the significant gaps that remain across the immunology treatment landscape, and we are hearing directly from clinicians, advocacy groups, patients and their families about the need for effective, safe, and convenient approaches. We remain focused on executing across our differentiated portfolio to address those needs. With KT-621 advancing in both AD and asthma, KT-579 progressing toward Phase 1 data and a planned patient proof-of-concept trial in lupus, and important progress across our partnered programs and early discovery engine, we are translating that urgency into action as we work to deliver a new generation of oral medicines.”

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 for more than 140 million patients around the world suffering from Type 2 diseases such as atopic dermatitis (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 June 2026, the Company announced the completion of enrollment in the KT-621 BROADEN2 Phase 2b clinical trial in patients with moderate to severe atopic dermatitis nearly six months ahead of its original timeline. The earlier than expected completion of enrollment enabled the Company to accelerate its expected topline data readout by six months to year-end 2026, earlier than prior guidance to share data by mid-2027. Subject to discussions with regulators, the Company expects to initiate Phase 3 trials 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. The Company expects to report data in late 2027.

In June 2026 at the Japanese Dermatological Association (JDA) Annual Meeting, the Company presented results from the KT-621 Phase 1 study in healthy Japanese adults designed to support the enrollment of patients in Japan in global KT-621 studies. KT-621 demonstrated a favorable PK profile, rapid and sustained STAT6 degradation in blood, with median STAT6 degradation of ≥98% at both dose levels, and a favorable safety and tolerability profile. These results are consistent with those observed in non-Japanese healthy adults and atopic dermatitis patients.

The Company presented data from the KT-621 Phase 1 clinical trials across leading dermatology and respiratory forums, including a late-breaking oral presentation at the Society for Investigative Dermatology (SID) Annual Meeting, an oral presentation at the American Thoracic Society (ATS) Respiratory Innovation Summit, and poster presentations at the Revolutionizing Atopic Dermatitis (RAD) and American Academy of Dermatology (AAD) Innovation Academy meetings.

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, that is currently in Phase 1 testing. 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), rheumatoid arthritis (RA) and others.

Enrollment is ongoing in the KT-579 Phase 1 clinical trial in healthy volunteers, with data expected in the fourth quarter of 2026. The Company plans to initiate a Phase 1b patient proof-of-concept trial in lupus soon after the completion of the healthy volunteer trial.

The Company presented new preclinical data for KT-579 at the European Alliance of Associations for Rheumatology (EULAR) and Federation of Clinical Immunology Societies (FOCIS) Annual Meetings that demonstrated consistent disease-modifying activity across multiple preclinical lupus models. The Company also presented IBD data at Digestive Disease Week (DDW), where KT-579 demonstrated activity comparable or superior to clinically relevant comparators in a preclinical IBD model.

Partnered Programs

In June 2026, under its existing collaboration, Sanofi initiated the first-in-human Phase 1 clinical trial evaluating KT-485 (SAR447971), an oral, potent and selective second generation IRAK4 degrader, in adult healthy volunteers and hidradenitis suppurativa patients. Under the terms of the collaboration, dosing of the first participant resulted in a $20 million milestone payment to Kymera. KT-485 has the potential to offer a novel oral approach for a variety of chronic immuno-inflammatory diseases. Per the collaboration, Sanofi is leading development, regulatory, and commercial efforts for the program.

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. KT-200 has the potential to deliver meaningful improvements in the standard of care for patients with breast cancer and other solid tumors. Gilead intends to progress the program into IND-enabling studies to support an IND filing in 2027.

Research

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 June 2026, the Company announced the appointment of Felix J. Baker, PhD, as Chairman of the Board of Directors. Dr. Baker succeeds Bruce Booth, DPhil, who has served as Chairman since co-founding Kymera in 2016 and will remain an Independent Director.

In July 2026, the Company appointed Terence Rooney, MD, as Chief Medical Officer. Dr. Rooney is an accomplished drug development leader with extensive experience advancing immunology therapies across the full development lifecycle, from early clinical stage through commercialization and franchise expansion. Dr. Rooney will lead Kymera’s global clinical development strategy and guide the advancement of the Company’s oral immunology portfolio. He succeeds Jared Gollob, MD, who retired from his role after eight years of leadership at the Company and will remain as an advisor through the end of the year.

The Company further strengthened its leadership team with the two important appointments further positioning Kymera to advance its clinical-stage pipeline through its next phase of development and growth. Penny Carlson joined as Senior Vice President, Development Operations, to oversee global clinical development operations. Elizabeth Laws, PhD, joined as Senior Vice President, Development Program Leader, to lead the strategy and global development of KT-621 and the STAT6 franchise.

Financial Results

Collaboration Revenues: Collaboration revenues were $65.0 million for the second quarter of 2026 compared to $11.5 million for the second quarter of 2025. Collaboration revenues recognized in the second quarter of 2026 consisted of a $45 million option exercise fee related to the Company’s collaboration with Gilead Sciences and a $20 million milestone payment related to the Company’s collaboration with Sanofi. Both payments were earned and fully recognized as revenue in the second quarter of 2026. The Company received the $45 million option exercise fee during the second quarter and received the $20 million milestone payment during the third quarter. Collaboration revenues recognized in the second quarter of 2025 were all attributable to the Company’s collaboration with Sanofi.

Research and Development Expenses: Research and development expenses were $119.5 million for the second quarter of 2026 compared to $78.4 million for the second 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 $10.4 million and $8.0 million for the second quarters of 2026 and 2025, respectively.

General and Administrative Expenses: General and administrative expenses were $21.1 million for the second quarter of 2026 compared to $17.6 million for the second 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 $8.6 million and $7.4 million for the second quarters of 2026 and 2025, respectively.

Net Loss: Net loss was $61.2 million for the second quarter of 2026 compared to $76.6 million for the second quarter of 2025.

Cash and Cash Equivalents: As of June 30, 2026, Kymera had $1.5 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, August 5, 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," "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.

	June 30, 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	$ 1,504,886	$ 1,619,434
Accounts Receivable	20,000	-
Property and equipment, net	39,971	43,175
Right-of-use assets, operating lease	41,100	42,351
Other assets	39,487	37,852
Total assets	$ 1,645,444	$ 1,742,812
Liabilities and Stockholders’ Equity
Deferred revenue	$ -	$ 34,365
Operating lease liabilities	76,141	78,975
Other liabilities	60,047	49,808
Total liabilities	136,188	163,148
Total stockholders’ equity	1,509,256	1,579,664
Total liabilities, preferred stock and stockholders’ equity	$ 1,645,444	$ 1,742,812

	Three Months Ended June 30,		Six Months Ended June 30,
	2026	2025	2026	2025
KYMERA THERAPEUTICS, INC.
Consolidated Statements of Operations and Comprehensive Loss
(In thousands, except share and per share amounts)
(Unaudited)
Collaboration Revenue	$ 65,000	$ 11,476	$ 99,365	$ 33,576
Operating expenses:
Research and development	$ 119,481	$ 78,388	$ 217,644	$ 158,643
General and administrative	21,126	$ 17,645	41,484	33,916
Total operating expenses	140,607	96,033	259,128	192,559
Loss from operations	(75,607)	(84,557)	(159,763)	(158,983)
Other income (expense):
Interest and other income	14,477	8,051	29,459	16,968
Interest and other expense	(81)	(108)	(141)	(180)
Total other income	14,396	7,943	29,318	16,788
Net loss attributable to common stockholders	$ (61,211)	$ (76,614)	$ (130,445)	$ (142,195)
Net loss per share attributable to common stockholders, basic and diluted	$ (0.62)	$ (0.95)	$ (1.33)	$ (1.77)
Weighted average common stocks outstanding, basic and diluted	98,177,158	80,449,405	97,857,489	80,298,940

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