Kymera Therapeutics Q3 Earnings Call Highlights

Key Points

• KT-621 atopic dermatitis data are expected by year-end 2026: Kymera completed the 16-week placebo-controlled portion of its phase IIb BROADEN2 study, with 98% of eligible patients entering the open-label extension. The company plans to start phase III by mid-2027 if results and FDA discussions are supportive.
• KT-579 demonstrated strong target suppression in healthy volunteers: Once-daily dosing produced median IRF5 degradation above 90% and substantial reductions in inflammatory and interferon biomarkers, with a safety profile comparable to placebo. Kymera plans to begin the biomarker-focused LUMORA phase Ib lupus study in early 2027.
• Kymera ended the quarter with approximately $1.6 billion in cash and investments: Management said this provides operating runway into 2029, although expenses are expected to increase as the company advances KT-621 toward phase III development. The company reported no collaboration revenue in the third quarter.

Kymera Therapeutics NASDAQ: KYMR reported third-quarter results and outlined progress across its clinical pipeline, including phase I healthy-volunteer data for KT-579, an oral degrader targeting IRF5 for autoimmune diseases. The company also said it expects to report phase IIb data for its STAT6 degrader, KT-621, in atopic dermatitis by year-end.

Chief Executive Officer Nello Mainolfi said Kymera had completed the 16-week placebo-controlled portion of the BROADEN2 phase IIb study of KT-621 in atopic dermatitis. The company expects remaining study closeout activities to support a data release before the end of 2026. Patients completing the 16-week portion were eligible for a 52-week open-label extension, and Kymera said 98% of eligible patients enrolled.

KT-621 is being developed as an oral therapy for type 2 inflammatory diseases, initially including atopic dermatitis and asthma. Mainolfi said the company plans to initiate its first phase III atopic dermatitis study by mid-2027, subject to supportive phase IIb results and alignment with the Food and Drug Administration. Enrollment is continuing in the BREADTH phase IIb asthma study, with top-line results expected in late 2027.

KT-579 Shows IRF5 Degradation in Healthy Volunteers

Kymera presented results from a phase I single- and multiple-ascending-dose study of KT-579 in healthy volunteers. The multiple-dose portion evaluated once-daily oral dosing for 14 days at doses of up to 600 milligrams. The company said the top five multiple-dose cohorts achieved median IRF5 degradation of more than 90%, with degradation reaching 94% by the third dose level.

Terence Rooney, Kymera’s chief medical officer, said the company also observed comparable reductions in IRF5 in skin tissue, though IRF5 expression in skin is low. He said the results demonstrated sustained target suppression with once-daily dosing.

The company evaluated downstream effects using ex vivo stimulation assays designed to assess three IRF5-dependent immune pathways: inflammatory cytokines, interferon response and B-cell biology. According to Rooney, median reductions in TNF-alpha, IL-12/23p40 and IL-1 beta across the multiple-dose cohorts ranged from 87% to 94%.

Kymera also reported a median 98% inhibition of TLR7/8-stimulated interferon-beta levels. The company said transcriptomic data supported modulation of genes associated with inflammatory cytokine signaling, interferon response, DNA sensing and B-cell activation.

In the phase I study, KT-579 was well tolerated and had a safety profile comparable to placebo, according to the company. Kymera reported no serious adverse events, no adverse events resulting in discontinuation, no clinically relevant changes in vital signs, laboratory tests or ECGs, and no imbalance in infection rates. The company said there were few mild treatment-related adverse events.

Lupus Study Planned for Early 2027

Kymera plans to move KT-579 into a phase Ib lupus study, called LUMORA, by early next year. The study is expected to enroll approximately 30 patients with systemic lupus erythematosus, randomized two-to-one to KT-579 or placebo for 16 weeks. Background oral corticosteroid treatment will be permitted.

The trial will assess inflammatory cytokines, interferon signatures, B-cell subsets and other immune biomarkers, while also exploring clinical measures of lupus activity, including mucocutaneous and musculoskeletal symptoms. Rooney said the small study is primarily biomarker-focused and is not powered for clinical endpoints.

Management said the program may eventually extend beyond lupus. Rooney cited genetic links between IRF5 and rheumatoid arthritis, Sjögren’s disease and inflammatory bowel disease, while noting that the mechanism’s activity across cytokine, interferon and B-cell pathways could support evaluation in multiple autoimmune conditions.

KT-621 Expectations and Pipeline Updates

Mainolfi reiterated that Kymera expects KT-621’s atopic dermatitis efficacy to be in the “ballpark” of dupilumab at week 16, while cautioning that cross-trial comparisons have limitations. He said the company’s goal is to develop a safe and effective oral treatment for patients who may not pursue injectable biologics or medicines carrying boxed warnings.

Kymera said it sought to limit placebo response in the BROADEN2 trial through site and investigator selection, controls on prior and concomitant medicines, and patient-screening procedures intended to confirm moderate-to-severe atopic dermatitis. The company did not provide baseline characteristics or efficacy data ahead of the planned year-end readout.

Beyond its wholly owned programs, Kymera said Sanofi continues to advance KT-485, a second-generation IRAK4 degrader, in a phase I healthy-volunteer study that is also expected to enroll hidradenitis suppurativa patients. Gilead is advancing KT-200, a CDK2 molecular glue, through IND-enabling activities, with an IND planned for 2027. Kymera deferred disclosure of its next internal program until next year.

Third-Quarter Financial Position

Kymera reported no collaboration revenue during the third quarter and said it does not expect additional collaboration revenue during the remainder of 2026. The company said milestones and deferred revenue from its Sanofi and Gilead collaborations had been fully recognized as of the second quarter.

• Reported research and development expense was $128.5 million, including about $10.9 million in non-cash stock-based compensation.
• Cash R&D expense was $117.6 million, up 8% from the second quarter of 2026.
• Reported general and administrative expense was $18.7 million, including about $7.9 million in stock-based compensation.
• Adjusted cash G&A expense was $10.8 million, down 14% from the second quarter.
• Cash, cash equivalents and investments totaled about $1.6 billion at the end of September.

Chief Financial Officer Bruce Jacobs said the company’s cash position provides runway into 2029. He said Kymera expects operating expenses to rise gradually, with greater spending anticipated as it begins phase III development of KT-621 in atopic dermatitis and expands its team for later-stage clinical development.

About Kymera Therapeutics (NASDAQ:KYMR)

Kymera Therapeutics, Inc is a clinical-stage biotechnology company focused on developing medicines that selectively eliminate disease-causing proteins through targeted protein degradation. Its approach is designed to use the cell's natural protein-disposal system to remove proteins that may be difficult to address with conventional drug modalities.

The company's research and development programs have targeted a range of disease areas, including immune-mediated and inflammatory conditions, cancer, and other serious illnesses.

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