Kymera Therapeutics, Inc.
For the period ended Mar 31, 2025. Filed May 9, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2025 · Filed May 9, 2025
KYMR$131.73+2.8%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-09-30; filed 2024-10-31.
0000950170-24-119249
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-03-31; filed 2025-05-09.
0000950170-25-067498
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 148 previous paragraphs and 143 current paragraphs.
108 unchanged; 25 reworded; 10 added; 10 removed; 5 previous and 0 current paragraphs rearranged.
Tables are not compared: 5 previous and 3 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (10)
Current report
We are a clinical-stage biopharmaceutical company dedicated to reinventing the treatment of human disease through the development of innovative, highly differentiated medicines that address significant health problems and that meaningfully improve patients’ lives. We are committed to advancing novel technologies to address targets that have known disease-causing biology, but which have not been drugged, or have been inadequately drugged, often based on limitations of existing technologies. Our approach is intended to discover and develop a new generation of medicines in a disease-agnostic manner.
Current report
We are a leader in targeted protein degradation, or TPD, a next-generation small molecule therapeutic modality that engages the body’s natural cellular recycling system to selectively eliminate disease-causing proteins. Our objective is to develop molecules that are both potent and highly selective, creating the potential for our medicines to uniquely address diseases that are poorly served by current treatment options. To date, we have progressed five programs into clinical development and expect to advance at least one new molecular entity into clinical testing annually. We intend to leverage our drug development expertise to become a fully integrated biopharmaceutical company with an industry-leading pipeline of novel medicines.
Current report
Our current focus is primarily directed at high-value targets in immunology. We believe there are more than 160 million patients in the United States, Europe and Japan that are diagnosed with some of the most prevalent immune-inflammatory diseases that our programs have the potential to address, nearly half of whom remain untreated. Of those treated, most patients are treated with therapies that do not treat the underlying diseases but mostly their symptoms. As a result, only a small percentage of patients, which we believe to be approximately 3% of the diagnosed population with severe inflammatory diseases, are currently treated with systemic advanced therapies, mostly injectable biologics. While generally efficacious, biologics have drawbacks. Biologics tend to be more expensive to manufacture, and the cost is typically passed on to patients and payors. Patient access to therapy can also be a challenge, as biologics are more complex to prescribe and reimburse than small molecule medicines. Additionally, biologics are administered as injections, a less preferred route of administration for patients as compared to oral medications, which offer greater flexibility for patients. We believe we have the potential to deliver a compelling value proposition to a significant underserved patient population: small molecule medicines with biologics-like activity through the convenience of oral administration of a pill.
Current report
Our publicly disclosed immunology programs target STAT6, IRF5 and IRAK4, each of which addresses targets within validated pathways, providing the opportunity to treat a broad range of diseases. We are developing KT-621 as part of our STAT6 program, which is currently being evaluated in Phase 1 clinical trials in both healthy volunteers as well as in patients with Atopic Dermatitis (AD) as part of our KT-621 BroADen clinical trial. In May 2025, we announced KT-579, our lead molecule in our IRF5 program, which is currently in IND-enabling studies. We are collaborating with Sanofi S.A., or Sanofi, on the development of drug candidates targeting IRAK4, including KT-474/SAR444656, outside of oncology and immuno-oncology fields. Sanofi is conducting two Phase 2b clinical trials of KT-474 in patients with hidradenitis suppurativa (HS) and in patients with AD. We recently made the strategic decision not to advance our TYK2 degrader, KT-295, into clinical development, even though we completed IND-enabling activities with no adverse findings in any of our studies. We believe the decision will allow us to dedicate more human and capital resources to our other immunology programs, as well as to extend our cash runway. Our pipeline focuses on addressing high impact targets that have been elusive to conventional modalities and that drive the pathogenesis of multiple serious diseases with significant unmet medical needs.
Current report
In addition to our immunology focus, we also have research initiatives in other therapeutic areas. Additionally, we believe many of our key discovery and development capabilities have broad applicability, creating an opportunity for us to develop impactful therapeutics leveraging small-molecule modalities in addition to TPD.
Current report
Research and development expenses
Current report
General and administrative expenses
Current report
Research and development expenses
Current report
General and administrative expenses
Current report
As of March 31, 2025, the Company had outstanding pre-funded warrants to purchase 15,159,753 shares of common stock, each with an exercise price of $0.0001 per share. These warrants can be exercised at any time at the discretion of the holders, subject to certain ownership limitations. While the potential exercise of these pre-funded warrants would result in the issuance of additional shares, thus increasing the total shares outstanding, their nominal exercise price means they are already considered outstanding for purposes of calculating the Company’s weighted average common stock outstanding and earnings per share. Due to the minimal exercise price, the Company doesn't anticipate significant additional cash proceeds upon exercise and consequently does not expect the exercise of these warrants to materially affect its liquidity, capital resources, or overall financial condition.
Removed paragraphs (10)
Previous report
We are a biopharmaceutical company focused on discovering and developing novel small molecule therapeutics that selectively degrade disease-causing proteins by harnessing the body’s own natural protein degradation system. Our proprietary targeted protein degradation, or TPD, platform, which we refer to as Pegasus™, allows us to discover highly selective small molecule protein degraders with activity against disease-causing proteins throughout the body. We believe that our small molecule protein degraders have unique advantages over existing therapies and allow us to address a large portion of the human genome that was previously intractable with traditional modalities. We focus on biological pathways that have been clinically validated but where key biological nodes/proteins have not been drugged or are inadequately drugged. To date, we have utilized our Pegasus™ platform to design novel protein degraders focused in the areas of immunology-inflammation and oncology, and we continue to apply our platform’s capabilities to additional therapeutic areas. We have a mission to drug all target classes in human cells using TPD.
Previous report
Our current clinical stage programs are IRAK4, STAT6, STAT3 and MDM2. Our programs exemplify our focus on addressing high impact targets that have been elusive to conventional modalities and that drive the pathogenesis of multiple serious diseases with significant unmet medical needs. Our disclosed preclinical program, currently in IND enabling studies, targets TYK2, another protein in a well-validated pathway where we believe our degrader technology has the potential to offer unique advantages as compared to competing therapies. We are focusing our resources and ongoing development efforts primarily on our programs in immunology, each of which addresses high impact targets within biologically proven pathways, providing the opportunity to treat a broad range of immuno-inflammatory diseases.
Previous report
With respect to our IRAK4 program, we are collaborating with Sanofi S.A, or Sanofi, on the development of drug candidates targeting IRAK4 outside the oncology and immuno-oncology fields. We are developing KT-474, a highly active and selective, orally bioavailable IRAK4 degrader, for the treatment of interleukin-1 receptor/toll-like receptor or IL-1R/TLR-driven immunology-inflammation conditions and diseases with high unmet medical need, including hidradenitis suppurativa, or HS, an inflammatory skin disease, as well as atopic dermatitis, or AD, and potentially other indications. We have completed our Phase 1 trial of KT-474, which included cohorts of healthy volunteers, as well as patients with HS and AD. Phase 2 clinical trials of KT-474, conducted by Sanofi, are initially investigating its potential in HS and AD. Sanofi has initiated clinical trials for both indications and patient dosing is ongoing.
Previous report
In October 2024, we initiated dosing in the Phase 1 healthy volunteer clinical trial evaluating single and multiple ascending doses of KT-621, a potent and selective oral degrader of STAT6, an essential transcription factor in the IL-4/IL-13 pathways that is a central driver of TH2 inflammation. The Phase 1 trial will evaluate the safety, tolerability, pharmacokinetics and pharmacodynamics of KT-621 compared to placebo. We expect to report Phase 1 data in the first half of 2025. KT-621 has demonstrated biologic-like activity in preclinical models and has the potential to address multiple allergic and atopic diseases including atopic dermatitis, asthma, and chronic obstructive pulmonary disorder, among others.
Previous report
Based on an overall assessment of our clinical oncology programs, and given the opportunities in, and progress across, Kymera’s immunology pipeline, in October 2024 we made the strategic decision not to continue the clinical development of KT-333 (STAT3) and KT-253 (MDM2) beyond Phase 1. We recently completed enrollment and dose escalation for both the KT-333 and KT-253 Phase 1 trials and will only advance beyond this stage with a partner.
Previous report
Comparison of nine months ended September 30, 2024 and 2023
Previous report
Collaboration revenue
Previous report
Research and development expenses were $168.4 million for the nine months ended September 30, 2024, compared to $136.1 million for the nine months ended September 30, 2023. The increase of $32.3 million was primarily due to an increase of $15.5 million in personnel, stock-based compensation, occupancy, and other internal costs in the research and development functions as well as an increase of $25.7 million in costs related to our STAT6 and MDM2 program. These increases were partially offset by a $8.9 million reduction in activities related to our IRAK4, STAT3, and discovery programs.
Previous report
Other Income, Net
Previous report
Other income, net was $27.8 million for the nine months ended September 30, 2024, compared to $13.6 million for the nine months ended September 30, 2023. The $14.2 million increase was primarily due to an increase in our investments balance as a result of 2024 financing activities as well as prevailing interest rates in the respective periods.
Reworded paragraphs (25)
Previous wording
Since our inception in 2015, we have devoted substantially all our efforts to organizing and staffing our company, research and development activities, business planning, raising capital, building our intellectual property portfolio and providing general and administrative support for these operations. To date, we have received gross proceeds of $1.71 billion from sales of our convertible preferred stock, the sale of common stock including our August 2020 initial public offering, or IPO, and concurrent private placement, our July 2021 follow-on offering and concurrent private placement, our August 2022 private investment in public equity offering, or PIPE, our January 2024 and August 2024 follow-on offerings, our prior Sales Agreement with Cowen, and through our corporate collaborations.
Current wording
Since our inception in 2015, we have devoted substantially all our efforts to organizing and staffing our company, research and development activities, business planning, raising capital, building our intellectual property portfolio and providing general and administrative support for these operations. To date, we have received gross proceeds of $1.71 billion from sales of our convertible preferred stock, the sale of common stock including our August 2020 initial public offering, or IPO, and concurrent private placement, our subsequent follow-on offerings and private placement offering, our prior sales agreement with Cowen and through our corporate collaborations.
Previous wording
We have incurred significant operating losses since inception. Our ability to generate product revenue sufficient to achieve profitability will depend heavily on the successful development and eventual commercialization of one or more of our current product candidates or any future product candidates. Our net losses were $147.0 million and $154.8 million for the years ended December 31, 2023 and 2022, respectively. We reported net losses of $62.5 million and $52.9 million for the three months ended September 30, 2024 and 2023, respectively and $153.1 million and $132.6 million for the nine months ended September 30, 2024 and 2023, respectively. In addition, as of September 30, 2024 and December 31, 2023 we had an accumulated deficit of $683.9 million and $530.8 million, respectively. We expect that our expense and capital requirements will increase substantially in connection with our ongoing activities, particularly if and as we:
Current wording
We have incurred significant operating losses since inception. Our ability to generate product revenue sufficient to achieve profitability will depend heavily on the successful development and eventual commercialization of one or more of our current product candidates or any future product candidates. Our net losses were $223.9 million and $147.0 million for the years ended December 31, 2024 and 2023, respectively. We reported net losses of $65.6 million and $48.6 million for the three months ended March 31, 2025 and 2024, respectively. In addition, as of March 31, 2025 and December 31, 2024, we had an accumulated deficit of $820.2 million and $754.6 million, respectively. We expect that our expense and capital requirements will increase substantially in connection with our ongoing activities, particularly if and as we:
Previous wording
expand and improve the capabilities of our Pegasus™ platform;
Current wording
expand and improve the capabilities of our drug discovery platform;
Previous wording
As of September 30, 2024, we had cash, cash equivalents and marketable securities of $911.0 million. We believe the existing cash, cash equivalents and marketable securities on hand will be sufficient to fund our operations into mid 2027, which is expected to take us beyond the Phase 2 data for KT-474, and several clinical inflection points for our STAT6 and TYK2 programs. We have based this estimate on assumptions that may prove to be wrong, and we could exhaust our available capital resources sooner than we expect. See “—Liquidity and capital resources.”
Current wording
As of March 31, 2025, we had cash, cash equivalents and marketable securities of $775.5 million. We believe the existing cash, cash equivalents and marketable securities on hand will be sufficient to fund our operations into the first half of 2028, beyond multiple clinical inflection points in our pipeline. We have based this estimate on assumptions that may prove to be wrong, and we could exhaust our available capital resources sooner than we expect. See “Liquidity and capital resources” below.
Previous wording
On July 7, 2020, we entered into a collaboration agreement, or the Sanofi Agreement, with Sanofi to co-develop drug candidates directed to two biological targets. Under the Sanofi Agreement, we granted to Sanofi a worldwide exclusive license to develop, manufacture and commercialize certain lead compounds generated during the collaboration directed against IRAK4 and one additional undisclosed target in an undisclosed field of use. Such license is exercisable on a collaboration target-by-collaboration target basis only after a specified milestone. For compounds directed against IRAK4, the field of use includes diagnosis, treatment, cure, mitigation or prevention of any diseases, disorders or conditions, excluding oncology and immunooncology. We are responsible for discovery and preclinical research and conducting a phase 1 clinical trial for at least one degrader directed against IRAK4 plus up to three backup degraders. With respect to both targets, Sanofi is responsible for development, manufacturing, and commercialization of product candidates after a specified development milestone occurs with respect to each collaboration candidate.
Current wording
On July 7, 2020, we entered into a collaboration agreement, or the Sanofi Agreement, with Sanofi to co-develop drug candidates directed to two biological targets. Under the Sanofi Agreement, we granted to Sanofi a worldwide exclusive license to develop, manufacture and commercialize certain lead compounds generated during the collaboration directed against IRAK4 and one additional undisclosed target in an undisclosed field of use. Such license is exercisable on a collaboration target-by-collaboration target basis only after a specified milestone. For compounds directed against IRAK4, the field of use includes diagnosis, treatment, cure, mitigation or prevention of any diseases, disorders or conditions, excluding oncology and immuno-oncology. We are responsible for discovery and preclinical research and conducting a phase 1 clinical trial for at least one degrader directed against IRAK4 plus up to three backup degraders. With respect to both targets, Sanofi is responsible for development, manufacturing, and commercialization of product candidates after a specified development milestone occurs with respect to each collaboration candidate.
Previous wording
In consideration for the exclusive licenses granted to Sanofi under the Sanofi Agreement, Sanofi made an upfront payment of $150.0 million. In addition to the upfront payment, we are eligible to receive certain development milestone payments of up to $1.48 billion in the aggregate, of which more than $1.0 billion relates to the IRAK4 program, upon the achievement of certain developmental or regulatory events. We will be eligible to receive certain commercial milestone payments up to $700.0 million in the aggregate, of which $400.0 million relates to the IRAK4 program, which are payable upon the achievement of certain net sales thresholds. We will be eligible to receive tiered royalties for each program on net sales ranging from the high single digits to high teens, subject to low-single digits upward adjustments in certain circumstances. As of September 30, 2024 we have achieved $55.0 million of milestones to date under the Sanofi Agreement related to certain IRAK4 clinical milestones.
Current wording
In consideration for the exclusive licenses granted to Sanofi under the Sanofi Agreement, Sanofi paid to us an upfront payment of $150.0 million. In addition to the upfront payment, under the agreement we were eligible to receive certain development milestone payments of up to $1.48 billion, and commercial milestone payments of up to $700.0 million, in the aggregate. Of these milestones, we remain eligible to receive up to $1.0 billion in development milestones upon the achievement of certain developmental or regulatory events, and up to $400.0 million in commercial milestones which are payable upon the achievement of certain net sales thresholds, all of which are related to the IRAK4 program. We will further be eligible to receive tiered royalties on net sales ranging from the high single digits to high teens, subject to low-single digits upward adjustments in certain circumstances. As of March 31, 2025, we have achieved $75.0 million of milestones under the Sanofi Agreement related to certain IRAK4 clinical and preclinical milestones.
Previous wording
costs incurred under agreements with third parties, including clinical research organizations, or CROs, and other third parties that conduct clinical and preclinical activities on our behalf;
Current wording
costs incurred under agreements with third parties, including contract research organizations, or CROs, and other third parties that conduct clinical trials and preclinical activities on our behalf;
Previous wording
contract manufacturing organizations, or CMOs, that are primarily engaged to provide drug substance and product for our preclinical research and development programs, nonclinical studies and other scientific development services;
Current wording
contract manufacturing organizations, or CMOs, that are primarily engaged to provide drug substance and product for our preclinical research and development programs, nonclinical studies, clinical trials and other scientific development services;
Previous wording
our ability to maintain our current development program and to establish new ones;
Current wording
our ability to maintain our current development programs and to establish new ones;
Previous wording
the impact of any business interruptions to our operations, including the timing and enrollment of patients in our planned clinical trials, or to those of our manufacturers, suppliers, or other vendors resulting from the COVID-19 pandemic or similar public health crisis; and
Current wording
the impact of any business interruptions to our operations, including the timing and enrollment of patients in our planned clinical trials, or to those of our manufacturers, suppliers, or other vendors resulting from a future pandemic or similar public health crisis; and
Previous wording
Collaboration revenues were $39.7 million for the nine months ended September 30, 2024, the entirety of which is attributable to our collaboration agreement with Sanofi. Collaboration revenues were $30.7 million for the nine months ended September 30, 2023, of which $22.3 million and $8.4 million were attributable to our collaboration agreements with Sanofi and Vertex, respectively.
Current wording
Collaboration revenues were $22.1 million and $10.3 million for the three months ended March 31, 2025 and 2024, respectively, all of which is attributable to our collaboration agreement with Sanofi.
Previous wording
Research and development expenses were $60.4 million for the three months ended September 30, 2024, compared to $48.1 million for the three months ended September 30, 2023. The increase of $12.3 million was primarily due to a $5.5 million increase in personnel, stock-based compensation, occupancy, and other internal costs due to increase investment in employee talent and facilities in the research and development functions and a $10.2 million increase in costs related to our STAT6 and MDM2. These increases were partially offset by a $3.4 million reduction in activities related to our IRAK4, STAT3 and discovery programs.
Current wording
Research and development expenses were $80.3 million for the three months ended March 31, 2025, compared to $48.8 million for the three months ended March 31, 2024. The increase of $31.4 million was primarily due to a $5.1 million increase in personnel, stock-based compensation, occupancy, and other internal costs due to increase investment in employee talent and facilities in the research and development functions and a $22.3 million increase in costs related to our STAT6 and TYK2 programs, and a $4.6 million increase related to our discovery and other programs. These increases were partially offset by a $0.6 million reduction in activities related to our IRAK4 program.
Previous wording
General and administrative expenses were $15.5 million for the three months ended September 30, 2024, compared to $14.1 million for the three months ended September 30, 2023. This increase of $1.4 million was primarily due to an increase in legal and professional service fees, personnel, facility, occupancy, and other expenses to support our growth. Stock based compensation expenses included in general and administrative expenses were $7.3 million and $5.9 million for the three months ended September 30, 2024 and 2023, respectively.
Current wording
General and administrative expenses were $16.3 million for the three months ended March 31, 2025, compared to $14.4 million for the three months ended March 31, 2024. This increase of $1.9 million was primarily due to an increase in legal and professional service fees, personnel, facility, occupancy, and other expenses to support our growth. Stock based compensation expenses included in general and administrative expenses were $6.7 million and $5.9 million for the three months ended March 31, 2025 and 2024, respectively.
Previous wording
Impairment of long-lived assets was $4.9 million for the nine months ended September 30, 2024, compared to $0 for nine months ended September 30, 2023. The increase of $4.9 million was as a result of the occupancy of the 2021 Lease facility in February of 2024 and the corresponding exit of the 2019 Lease facility, resulting in an impairment charge of $4.9 million in the nine months ended September 30, 2024.
Current wording
There was no impairment on long-lived assets for the three months ended March 31, 2025, compared to $4.9 million for three months ended March 31, 2024. The decrease of $4.9 million was as a result of the occupancy of the 2021 Lease facility in February of 2024 and the corresponding exit of the 2019 Lease facility, resulting in an impairment charge of $4.9 million in the three months ended March 31, 2024.
Previous wording
Other income, net was $9.6 million for the three months ended September 30, 2024, compared to $4.6 million for the three months ended September 30, 2023. The $5.0 million increase was primarily due to the increase in our investments balance as a result of 2024 financing activities as well as prevailing interest rates in the respective periods.
Current wording
Other income, net was $8.8 million for the three months ended March 31, 2025, compared to $9.3 million for the three months ended March 31, 2024. The $0.5 million decrease was primarily due to prevailing interest rates in the respective periods.
Previous wording
We have not yet generated any revenue from any product sales, and we have incurred significant operating losses since our inception. We have not yet commercialized any products and we do not expect to generate revenue from sales of products for several years, if at all. To date, we have received gross proceeds of $1.71 billion from sales of our convertible preferred stock, the sale of common stock including our August 2020 IPO and concurrent private placement, our July 2021 follow-on offering and concurrent private placement, our August 2022 PIPE offering, January 2024 follow-on offering, August 2024 offering, our prior Sales Agreement with Cowen, and through our corporate collaborations. As of September 30, 2024 we had cash and cash equivalents and marketable securities of $911.0 million.
Current wording
We have not yet generated any revenue from any product sales, and we have incurred significant operating losses since our inception. We have not yet commercialized any products and we do not expect to generate revenue from sales of products for several years, if at all. To date, we have received gross proceeds of $1.71 billion from sales of our convertible preferred stock, the sale of common stock including our August 2020 initial public offering, or IPO, and concurrent private placement, our follow-on offerings and private placement offering, our prior sales agreement with Cowen, and through our corporate collaborations. As of March 31, 2025, we had cash and cash equivalents and marketable securities of $775.5 million.
Previous wording
On October 31, 2024, we entered into an Open Market Sale Agreement SM, or Jefferies Sales Agreement, with Jefferies LLC, or Jefferies, pursuant to which we may offer and sell shares of our common stock having aggregate gross proceeds of up to $300.0 million from time to time in “at-the-market” offerings through Jefferies, as our sales agent. We agreed to pay Jefferies a commission of up to 3.0% of the gross proceeds of any shares sold by Jefferies under the Sales Agreement. As of the date of this Quarterly Report on Form 10-Q, we have not sold any shares of common stock under the Jefferies Sales Agreement.
Current wording
On October 31, 2024, we entered into an Open Market Sale Agreement SM, or Jefferies Sales Agreement, with Jefferies LLC, or Jefferies, pursuant to which we may offer and sell shares of our common stock having aggregate gross proceeds of up to $300.0 million from time to time in “at-the-market” offerings through Jefferies, as our sales agent. We agreed to pay Jefferies a commission of up to 3.0% of the gross proceeds of any shares sold by Jefferies under the Sales Agreement. As of March 31, 2025, we have not sold any shares of common stock under the Jefferies Sales Agreement.
Previous wording
During the nine months ended September 30, 2023, cash used in operating activities was $110.9 million, primarily resulting from our net loss of $132.6 million during the period, the $19.5 million change in deferred revenue under our Sanofi and Vertex collaboration agreements, and a $10.2 million net decrease in other operating assets and liabilities primarily driven by changes in accounts receivable, accounts payable, accrued expenses and operating lease liabilities. These were offset by adjustments for non-cash items of $30.9 million (primarily consisting of stock-based compensation, depreciation & amortization and premiums & discounts on available-sale-securities).
Current wording
During the three months ended March 31, 2025, cash used in operating activities was $79.2 million, primarily resulting from our net loss of $65.6 million during the period and a $27.3 million net decrease in other operating assets and liabilities primarily driven by changes in contract assets, deferred revenue, accounts payable, accrued expenses and operating lease liabilities. This was partially offset by adjustments for non-cash items of $13.8 million (primarily consisting of stock-based compensation, depreciation & amortization and premiums & discounts on available-sale-securities).
Previous wording
During the nine months ended September 30, 2024, cash used in operating activities was $132.7 million, primarily resulting from our net loss of $153.1 million during the period and the $34.6 million change in deferred revenue related to our collaboration agreements. These were offset by a $14.2 million net decrease in other operating assets and liabilities primarily driven by changes in accounts receivable, accounts payable, accrued expenses and operating lease liabilities and adjustments for non-cash items of $40.8 million (primarily consisting of stock-based compensation, lease impairment charge, depreciation & amortization and premiums & discounts on available-sale-securities).
Current wording
During the three months ended March 31, 2024, cash used in operating activities was $39.6 million, primarily resulting from our net loss of $48.6 million during the period and the $8.3 million change in deferred revenue related to our collaboration agreements. These were offset by a $2.0 million net decrease in other operating assets and liabilities primarily driven by changes in accounts receivable, accounts payable, accrued expenses and operating lease liabilities. as well as adjustments for non-cash items of $15.3 million (primarily consisting of stock-based compensation, lease impairment charge, depreciation & amortization and premiums & discounts on available-sale-securities).
Previous wording
During the nine months ended September 30, 2023, cash provided by investing activities was $121.0 million comprised of maturities of marketable securities of $287.4 million, partially offset by purchases of marketable securities of $143.6 million and purchases of property and equipment of $22.8 million.
Current wording
During the three months ended March 31, 2025, cash provided by investing activities was $48.6 million comprised of maturities of marketable securities of $132.7 million, partially offset by purchases of marketable securities of $83.7 million and purchases of property and equipment of $0.5 million.
Previous wording
During the nine months ended September 30, 2024, cash used in investing activities was $472.6 million comprised of purchases of marketable securities of $822.8 million and purchases of property and equipment of $11.9 million, partially offset by maturities of marketable securities of $362.1 million.
Current wording
During the three months ended March 31, 2024, cash used in investing activities was $330.6 million comprised of purchases of marketable securities of $422.7 million and purchases of property and equipment of $7.4 million, partially offset by maturities of marketable securities of $99.5 million
Previous wording
During the nine months ended September 30, 2023, net cash provided by financing activities was $2.3 million, consisting of $2.3 million in proceeds from the exercise of employee stock options and $1.0 million in proceeds from the employee stock purchase plan, partially offset by finance lease payments of $1.0 million.
Current wording
During the three months ended March 31, 2025, net cash provided by financing activities was $0.3 million, consisting of $0.6 million in proceeds from the exercise of employee stock options partially offset by finance lease payments of $0.3 million.
Previous wording
During the nine months ended September 30, 2024, net cash provided by financing activities was $606.1 million, consisting of $547.9 million in proceeds from issuance of common stock and accompanying pre-funded warrants, net of offering costs, $48.7 million in proceeds from the issuance of common stock through an Sales Agreement, net of issuance costs, $9.6 million in proceeds from the exercise of employee stock options, $1.1 million from proceeds from the employee stock purchase plan, partially offset by finance lease payments of $1.3 million.
Current wording
During the three months ended March 31, 2024, net cash provided by financing activities was $353.8 million, consisting of $301.4 million in proceeds from issuance of common stock and accompanying pre-funded warrants, net of offering costs, $48.7 million in proceeds from the issuance of common stock through an at-the-market sales agreement, net of issuance costs, $3.9 million in proceeds from the exercise of employee stock options, partially offset by finance lease payments of $0.3 million.
Previous wording
We believe the existing cash, cash equivalents and marketable securities of $911.0 million as of September 30, 2024, will enable us to fund our operating expenses and capital expenditure requirements into mid 2027. We have based this estimate on assumptions that may prove to be wrong, and we could exhaust our available capital resources sooner than we expect. We expect that we will require additional funding to continue the clinical development of our clinical programs, commercialize our product candidates if we receive regulatory approval, and pursue in-licenses or acquisitions of other product candidates. If we receive regulatory approval for any of our product candidates, we expect to incur significant commercialization expenses related to product manufacturing, sales, marketing and distribution, depending on where we choose to commercialize our product candidates.
Current wording
We believe the existing cash, cash equivalents and marketable securities of $775.5 million as of March 31, 2025, will enable us to fund our operating expenses and capital expenditure requirements into the first half of 2028. We have based this estimate on assumptions that may prove to be wrong, and we could exhaust our available capital resources sooner than we expect. We expect that we will require additional funding to continue the clinical development of our clinical programs, commercialize our product candidates if we receive regulatory approval, and pursue in-licenses or acquisitions of other product candidates. If we receive regulatory approval for any of our product candidates, we expect to incur significant commercialization expenses related to product manufacturing, sales, marketing and distribution, depending on where we choose to commercialize our product candidates.
Previous wording
Our management’s discussion and analysis of our financial condition and results of operations is based on our consolidated financial statements, which have been prepared in accordance with generally accepted accounting principles in the United States. The preparation of these consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, as well as the reported expenses incurred during the reporting periods. Our estimates are based on our historical experience and on various other factors that we believe are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. During the nine months ended September 30, 2024, there were no material changes to our critical accounting policies from those described in our Annual Report Form 10-K filed with the SEC on February 22, 2024.
Current wording
Our management’s discussion and analysis of our financial condition and results of operations is based on our consolidated financial statements, which have been prepared in accordance with generally accepted accounting principles in the United States. The preparation of these consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, as well as the reported expenses incurred during the reporting periods. Our estimates are based on our historical experience and on various other factors that we believe are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. During the three months ended March 31, 2025, there were no material changes to our critical accounting policies from those described in our Annual Report Form 10-K filed with the SEC on February 27, 2025.
Rearranged previous paragraphs (5)
Previous report — wording carried elsewhere
Collaboration revenues were $3.7 million for the three months ended September 30, 2024, the entirety of which is attributable to our collaboration agreement with Sanofi. Collaboration revenues were $4.7 million for the three months ended September 30, 2023, the entirety of which is attributable to our collaboration agreement with Sanofi.
Previous report — wording carried elsewhere
The following table summarizes our results of operations for the nine months ended September 30, 2024 and 2023:
Previous report — wording carried elsewhere
We recognize revenue under our collaboration agreements based on our pattern of performance related to the respective identified performance obligations, which is the period over which we will perform research services under each of the respective agreements.
Previous report — wording carried elsewhere
The following table summarizes our research and development expenses for each period presented (program expenses are not disclosed prior to formal development candidate nomination):
Previous report — wording carried elsewhere
General and administrative expenses were $47.2 million for the nine months ended September 30, 2024, compared to $40.8 million for the nine months ended September 30, 2023. The $6.4 million increase was primarily due to an increase in legal and professional service fees, personnel, facility, occupancy, and other expenses to support our growth. Stock based compensation expenses included in general and administrative expenses were $20.3 million and $16.0 million for the nine months ended September 30, 2024 and 2023, respectively.