Kymera Therapeutics (KYMR) Financials

Kymera Therapeutics’ financial statements show a company transitioning toward a more commercial revenue base, but it remains significantly unprofitable and dependent on its substantial investment portfolio to fund operations. In Q2 2026, revenue increased to $65.0 million from $25.7 million in Q2 2024 and $2.8 million in Q4 2025. However, research and development spending also rose to $119.5 million, keeping the company’s operating loss at $75.6 million and net loss at $61.2 million.

The balance sheet remains a major strength. As of June 30, 2026, Kymera reported $124.5 million in cash, $566.5 million in short-term investments and $813.9 million in long-term investments, or approximately $1.5 billion in cash and investments. Total liabilities were only $136.2 million, compared with $1.5 billion of shareholders’ equity. This provides a considerable financial cushion, although continued losses and equity issuance remain important risks for investors.

Cash consumption improved sequentially in Q2 2026. Operating cash outflow declined to $54.1 million from $88.8 million in Q1 2026, while the net change in cash improved to a $19.6 million decrease from a $212.9 million decrease. The improvement was partly offset by ongoing investment activity and $13.4 million of common-equity issuance. The figures include several restated historical periods, so investors should focus on the latest reported trends when comparing quarters.

• Revenue is accelerating: Q2 2026 revenue of $65.0 million was approximately 153% above Q2 2024 revenue of $25.7 million, indicating meaningful progress in Kymera’s commercial and collaboration activities.
• Large liquidity position: Cash, short-term investments and long-term investments totaled approximately $1.5 billion at the end of Q2 2026, substantially exceeding total liabilities of $136.2 million.
• Improving operating cash burn: Operating cash outflow narrowed from $88.8 million in Q1 2026 to $54.1 million in Q2, a favorable sequential change even though cash flow remained negative.
• Low balance-sheet leverage: The company has relatively limited liabilities and reported only $436,000 of debt repayment in Q2 2026, reducing near-term financing pressure from creditors.
• Investment income supports results: Other income was $14.4 million in Q2 2026, helping reduce the net loss from the $75.6 million operating loss to $61.2 million.
• Research spending remains elevated: R&D expense increased from $78.4 million in Q2 2024 to $119.5 million in Q2 2026. This spending may support future pipeline growth, but its investment returns depend on clinical and commercial execution.
• Gross-profit figures require context: The standardized statements report no cost of revenue in the latest periods, causing gross profit to equal revenue. Investors should not interpret this as proof of a mature, fully developed gross margin profile without reviewing the company’s underlying filings.
• Kymera remains deeply unprofitable: The company has posted net losses in every listed quarter, with the Q2 2026 loss reaching $61.2 million and retained earnings standing at a deficit of approximately $1.2 billion.
• Operating losses continue despite revenue growth: Q2 2026 revenue increased sharply, but operating expenses totaled $140.6 million, more than twice reported revenue. The company has not yet demonstrated operating leverage or profitability.
• Share dilution is a continuing concern: Weighted-average basic shares outstanding increased from 73.1 million in Q2 2024 to 98.2 million in Q2 2026. Additional equity issuance can extend the cash runway but reduces existing shareholders’ ownership percentage.