Kymera Therapeutics, Inc.

Previous wording

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 wording

We are a leader in targeted protein degradation (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.

Previous wording

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 wording

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 patients with Atopic Dermatitis (AD) as part of our BroADen Phase 1b 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. (“Sanofi”) on the development of drug candidates targeting IRAK4. In June Sanofi communicated its decision to exercise its full participation election under the terms of the companies’ collaboration agreement, and to advance our next-generation IRAK4 degrader, KT-485/SAR447971, into clinical testing. As a result, Sanofi intends to stop development of KT-474. In June 2025, we announced a strategic collaboration with Gilead Sciences, Inc. (“Gilead”) to develop novel oral molecular glue degraders for cyclin-dependent kinase 2 (CDK2). In May 2025 we announced our 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, to dedicate more human and capital resources to our other immunology programs, as well as to extend our cash runway. Our additional pipeline programs 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.

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 subsequent follow-on offerings and private placement offering, 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 $2.06 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 $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:

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 $76.6 million and $42.1 million for the three months ended June 30, 2025 and 2024, respectively and $142.2 million and $90.6 million for the six months ended June 30, 2025 and 2024, respectively. In addition, as of June 30, 2025 and December 31, 2024, we had an accumulated deficit of $896.8 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

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.

Current wording

As of June 30, 2025, we had cash, cash equivalents and marketable securities of $963.1 million. We believe the existing cash, cash equivalents and marketable securities on hand, plus net proceeds received from the exercise of the underwriters’ option in our June 2025 follow-on offering and our upfront payment from Gilead received in July, will be sufficient to fund our operations into the second 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

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.

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. 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.

Previous wording

Additionally with respect to Sanofi, on December 2, 2022, Sanofi provided the Company with written notice of its intention to advance the collaboration target 1 candidate, KT-474, into Phase 2 clinical trials for which the Company received milestone payments as further set forth in the Amended Sanofi Agreement. Phase 2 clinical trials of KT-474 are initially investigating its potential in HS and AD with the clinical trial for both indications having been initiated and commenced dosing in 2023.

Current wording

Additionally with respect to Sanofi, on December 2, 2022, Sanofi provided the Company with written notice of its intention to advance the collaboration target 1 candidate, KT-474, into Phase 2 clinical trials. In the fourth quarter of 2023, the Company achieved two milestones of $40.0 million and $15.0 million relating to the dosing of the first patient in the Phase 2 clinical trial for the first and second indications, respectively. In the first quarter of 2025, the Company achieved a development milestone related to certain preclinical activities associated with the IRAK4 program. In connection with this milestone the Company unconstrained $20.0 million of consideration in the first quarter of 2025.

Previous 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.

Current wording

Collaboration revenues were $11.5 million and $25.7 million for the three months ended June 30, 2025 and 2024, respectively, all of which is attributable to our collaboration agreement with Sanofi.

Previous 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.

Current wording

Research and development expenses were $78.4 million for the three months ended June 30, 2025, compared to $59.2 for the three months ended June 30, 2024. The increase of $19.2 million was primarily due to a $10.5 million increase in costs related to our STAT6 program, a $4.3 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 $4.5 million increase in costs related to our TYK2, IRAK4, and discovery and other programs.

Previous 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.

Current wording

General and administrative expenses were $17.6 million for the three months ended June 30, 2025, compared to $17.4 miilion for the three months ended June 30, 2024. This increase of $0.2 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 $7.4 million and $7.1 million for the three months ended June 30, 2025 and 2024, respectively.

Previous 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.

Current wording

Other income, net was $7.9 million for the three months ended June 30, 2025, compared to $8.9 million for the three months ended June 30, 2024. The $1.0 million decrease was primarily due to prevailing interest rates in the respective periods.

Previous 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.

Current wording

There was no impairment on long-lived assets for the six months ended June 30, 2025, compared to $4.9 million for six months ended June 30, 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 six months ended June 30, 2024.

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 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.

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 $2.06 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 June 30, 2025, we had cash and cash equivalents and marketable securities of $963.1 million.

Previous 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).

Current wording

During the six months ended June 30, 2025, cash used in operating activities was $139.0 million, primarily resulting from our net loss of $142.2 million during the period and a $26.0 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 $29.1 million (primarily consisting of stock-based compensation, depreciation & amortization and premiums & discounts on available-sale-securities).

Previous 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).

Current wording

During the six months ended June 30, 2024, cash used in operating activities was $82.5 million, primarily resulting from our net loss of $90.6 million during the period and the $32.2 million change in deferred revenue related to our collaboration agreements. These were offset by a $12.8 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 $27.5 million (primarily consisting of stock-based compensation, lease impairment charge, depreciation & amortization and premiums & discounts on available-sale-securities).

Previous 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.

Current wording

During the six months ended June 30, 2025, cash provided by investing activities was $108.6 million comprised of maturities of marketable securities of $251.7 million, partially offset by purchases of marketable securities of $141.9 million and purchases of property and equipment of $1.2 million.

Previous 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

Current wording

During the six months ended June 30, 2024, cash used in investing activities was $315.0 million comprised of purchases of marketable securities of $526.9 million and purchases of property and equipment of $12.1 million, partially offset by maturities of marketable securities of $224.0 million.

Previous 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.

Current wording

During the six months ended June 30, 2025, net cash provided by financing activities was $246.0 million, consisting of $237.3 million in proceeds from the issuance of common stock and accompanying pre-funded warrants, net of offering costs, $8.2 million in proceeds from the exercise of employee stock options, $1.1 million of proceeds from our employee stock purchase plan, partially offset by finance lease payments of $0.7 million.

Previous 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.

Current wording

During the six months ended June 30, 2024, net cash provided by financing activities was $355.2 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 Sales Agreement, net of issuance costs, $4.6 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 $0.6 million.

Previous 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.

Current wording

We believe the existing cash, cash equivalents and marketable securities of $963.1 million as of June 30, 2025, plus net proceeds received from the exercise of the underwriters’ option in our June 2025 follow-on offering and our upfront payment from Gilead received in July, will enable us to fund our operating expenses and capital expenditure requirements into the second 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

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.

Current wording

As of June 30, 2025, the Company had outstanding pre-funded warrants to purchase 15,815,253 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.

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 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.

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 six months ended June 30, 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.