KYMR

It has been about a month since the last earnings report for Kymera Therapeutics, Inc. (KYMR). Shares have added about 10.2% in that time frame, outperforming the S&P 500. Will the recent positive trend continue leading up to its next earnings release, or is Kymera Therapeutics due for a pullback? Well, first let's take a quick look at its most recent earnings report in order to get a better handle on the recent catalysts for Kymera Therapeutics, Inc. before we dive into how investors and analysts have reacted as of late. KYMR Q2 Earnings and Revenues Top Estimates on Gilead, Sanofi Payments Kymera Therapeutics reported a second-quarter 2026 loss of 62 cents per share, narrower than the Zacks Consensus Estimate of a loss of 64 cents. The company posted a loss of 95 cents per share in the year-ago period. Revenues surged to $65 million from $11.5 million in the year-ago quarter and surpassed the Zacks Consensus Estimate of $39 million. KYMR's Collaboration Revenues Drive Top-Line Growth All second-quarter revenues came from collaboration agreements. Kymera recognized a $45 million option exercise fee related to Gilead Sciences, Inc.’s exclusive license for KT-200, its oral CDK2 molecular glue degrader candidate. The company also recorded a $20 million milestone payment after Sanofi initiated a phase I study of KT-485, an oral, potent and selective second generation IRAK4 degrader, in adult healthy volunteers and hidradenitis suppurativa patients. Management said all deferred revenues have now been recognized. Consequently, Kymera does not expect additional revenues in 2026. Future collaboration revenues will depend on milestones achieved under the Gilead or Sanofi agreements in 2027 and beyond. Kymera's R&D Spending Rises With Clinical Activity Research and development expenses increased 52.4% year over year to $119.48 million. The increase reflected higher investments in the STAT6 program, platform and discovery programs, along with continued expansion of the R&D organization. R&D expenses included $10.4 million of stock-based compensation. Excluding that noncash expense, adjusted cash R&D spending was $109.1 million. General and administrative expenses rose 19.7% to $21.13 million. The increase was driven by higher legal and professional service costs, personnel expenses and facility-related spending. Kymera Maintains Cash Runway Into 2029 Cash, cash equivalents and marketable securities totaled $1.50 billion as of June 30, 2026, compared with $1.62 billion at the end of 2025. Management maintained its expectation that available capital will be sufficient to fund operations through 2029. The runway is expected to support completion of KT-621’s phase IIb studies in atopic dermatitis and asthma, as well as KT-579’s planned lupus proof-of-concept program. Kymera also expects to fund the initial stages of a phase III asthma study and most of the planned phase III atopic dermatitis study for KT-621. Kymera Accelerates KT-621 Development Timeline KT-621, an investigational once-daily oral STAT6 degrader, is being developed for type II inflammatory diseases. Kymera completed enrollment in the BROADEN2 phase IIb study of KT-621 in moderate-to-severe atopic dermatitis (AD) nearly six months ahead of schedule. Top-line data are now expected by year-end 2026, six months earlier than the company’s previous target. Subject to regulatory discussions, phase III studies in atopic dermatitis are planned to begin by mid-2027. The trial is evaluating three doses of the once-daily oral STAT6 degrader against placebo. Its primary endpoint is the percentage change from baseline in the Eczema Area and Severity Index score at week 16. Enrollment is also underway in the BREADTH phase IIb study in patients with moderate-to-severe eosinophilic asthma. Kymera continues to expect top-line data in late 2027 and has initiated an open-label extension that permits eligible participants to receive KT-621 for up to 52 additional weeks. KYMR Advances IRF5 and Partnered Programs Beyond STAT6, Kymera is progressing KT-579, a first-in-class oral degrader of IRF5, a transcription factor positioned as a master regulator across autoimmune diseases. Enrollment is ongoing in the phase I study of KT-579 in healthy volunteers, with data expected in the fourth quarter of 2026. The study is assessing whether the oral IRF5 degrader can achieve more than 90% degradation in blood while maintaining a favorable safety profile. Kymera plans to initiate a proof-of-concept study in lupus patients soon after completing the healthy-volunteer trial. Update on KYMR’s Partnered Programs Sanofi initiated the first-in-human phase I study evaluating KT-485 (SAR447971) in adult healthy volunteers and hidradenitis suppurativa patients. KT-485 has the potential to offer a novel oral approach for a variety of chronic immuno-inflammatory diseases.  Under the agreement, Sanofi is responsible for the program's development, regulatory and commercialization activities. In April 2026, Gilead Sciences exercised its option to exclusively license KT-200, Kymera's first-in-class oral CDK2 molecular glue degrader, triggering a $45 million milestone payment. KT-200 is being developed for breast cancer and other solid tumors and has the potential to improve the current standard of care. Gilead plans to advance the candidate into IND-enabling studies, with an IND filing targeted for 2027. It turns out, estimates revision have trended downward during the past month. The consensus estimate has shifted -24.69% due to these changes. At this time, Kymera Therapeutics has a poor Growth Score of F, a grade with the same score on the momentum front. Following the exact same course, the stock has a score of F on the value side, putting it in the lowest quintile for value investors. Overall, the stock has an aggregate VGM Score of F. If you aren't focused on one strategy, this score is the one you should be interested in. Estimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Interestingly, Kymera Therapeutics has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months. Kymera Therapeutics belongs to the Zacks Medical - Biomedical and Genetics industry. Another stock from the same industry, TG Therapeutics (TGTX), has gained 14.5% over the past month. More than a month has passed since the company reported results for the quarter ended June 2026. TG Therapeutics reported revenues of $240.34 million in the last reported quarter, representing a year-over-year change of +70.3%. EPS of $0.05 for the same period compares with $0.17 a year ago. TG Therapeutics is expected to post earnings of $0.36 per share for the current quarter, representing a year-over-year change of -85.2%. Over the last 30 days, the Zacks Consensus Estimate has changed +9.9%. The overall direction and magnitude of estimate revisions translate into a Zacks Rank #3 (Hold) for TG Therapeutics. Also, the stock has a VGM Score of F. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Kymera Therapeutics, Inc. (KYMR) : Free Stock Analysis Report TG Therapeutics, Inc. (TGTX) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Image source: The Motley Fool. Wednesday, Aug. 5, 2026 at 8:30 a.m. ET Founder, President and Chief Executive Officer - Nello Mainolfi Chief Financial Officer - Bruce Jacobs Chief Medical Officer - Terence Rooney Vice President, Investor Relations - Justine Koenigsberg Senior Vice President, Development Operations - Penny Carlson Senior Vice President, Development Program Leader - Elizabeth Laws Chief Medical Officer (Emeritus/Advisor) - Jared Gollob Operator: Good day, everyone. My name is Michelle, and I will be your conference operator today. At this time, I would like to welcome you to the Kymera Therapeutics Second Quarter 2026 Results Call. [Operator Instructions] At this time, I would like to turn the call over to Justine Koenigsberg, Vice President, Investor Relations. Justin, please go ahead. Justine Koenigsberg: Good morning, and welcome to Kymera Therapeutics Quarterly Update Conference Call. Joining me today with prepared remarks are Nello Mainolfi, our Founder, President and CEO; and Bruce Jacobs, our Chief Financial Officer. We'll also have brief comments from Jared Gollob and Terence Rooney, our new Chief Medical Officer, who will also join us for Q&A. Following our prepared remarks, we will open the call for questions from our covering analysts. To ensure we have time to hear from everyone, we will limit each analyst to question. Before we begin, I would like to remind you that today's discussion will include forward-looking statements subject to risks and uncertainties described in our most recent Form 10-Q filed with the SEC. Please note that any forward-looking statements speak only as of today's date, and we undertake no obligation to update them. With that, I will now turn the call over to Nello. Nello Mainolfi: Thank you, Justine, and good morning, everyone. Before we dive into the quarterly update, as we announced last week, I'd like to take a moment to recognize Jared as he prepares to retire and thank him for his many contributions over the past 8 years. Jared has been instrumental in helping build Kymera and has made a meaningful impact across virtually every aspect of the company. His leadership, dedication and partnership have helped shape where we are today, and we're incredibly grateful for everything he's done. While we certainly miss him, he leaves the organization in a position of great strength. With Terence stepping into the role, I'm confident that we'll have a seamless transition and continue to build on the strong foundation Jared has helped create. You'll hear from Terence later in the call, but I'm very excited to have him join the team and believe that his long and deep experience across all phases of immunology development and commercialization, along with his insights and capabilities will be critical to helping advance our next phase of growth. On behalf of everybody at Kymera, thank you, Jared. We wish him nothing but the very best in this well-deserved next chapter. Before we get started, we wanted to give him the opportunity to share a few words. Jared? Jared Gollob: Thank you, Nello. While it's truly bittersweet to say goodbye, I have made the decision to retire after having spent 20 years in academic medicine, followed by 20 years in industry, including the last 8 years at Kymera. This is obviously an exciting time for Kymera, and I cannot be prouder not only of all that we have accomplished, but also of all that the company will accomplish in the future. I am happy to note that I'll be staying on as an adviser through year-end to help with the transition as needed. But I'm ultimately excited for this next chapter and for the opportunity to spend more time with my family. But before I go, I want to say a heartfelt thank you to all of you. It has been an incredible privilege to be part of this organization and to work alongside such talented, dedicated and inspiring people. I have also enjoyed all the interactions I have had with all of the investors and analysts on the call today, which I will miss as well. Looking back, I'm filled with gratitude for everything we've accomplished. I have tremendous confidence in the future of Kymera and can't wait to see all that's still to come. It's been an absolute honor to be part of this journey. Thank you. Nello Mainolfi: Thanks, Jared. Now with that, let's turn to our quarterly update. We entered today's call with strong momentum across the business, driven by progress in our lead programs, advancement of our broader pipeline and continued execution against our long-term strategy. At Kymera, our ambition is not only just to develop new medicines, but to redefine what is possible for patients by changing treatment paradigms. We believe we have the ability by leveraging not only targeted protein degradation, but also our broad small molecule capabilities to fundamentally reshape how diseases are treated. Our focus remains firmly on translating the science into transformative oral medicines that can create meaningful impact for patients. Reflecting on our recent accomplishments, last quarter's highlights was undoubtedly the announcement that we completed enrollment in our Phase 2b AD trial, approximately 6 months ahead of schedule. As a result, we now expect to report top line data by year-end 2026 and to initiate Phase III development around mid-2027, both approximately 6 months earlier than previously planned. We view this rapid enrollment as a reflection of many factors, including the compelling preclinical and Phase 1b AD data generated to date. Our appreciation and confidence from investigators and KOLs in a well-understood pathway, the incredible excitement from investigators and patients for the opportunity of a once-a-day oral therapy, as we have seen in other areas, outstanding execution by our clinical trial operations and medical teams. We completed this trial well ahead of expectations, as I mentioned earlier. I would add that we did that while maintaining our strict focus on quality, which included many measures that we put in place, some of which could be perceived as burdensome to patients and sites. And this approach remains consistent throughout enrollment. In addition to the momentum around our STAT6 program, we continue to demonstrate that our platform can repeatedly generate differentiated investigational medicines against high-value targets, reinforcing our strategy of building a robust pipeline capable of driving high-impact patients and in doing so, delivering long-term value. Our second wholly owned program is also progressing in the clinic with the ongoing Phase I study of KT-579, our oral IRF5 degrader. We believe IRF5 represents a highly compelling target in immune -- in autoimmune diseases with the potential to address multiple high-value indications. We expect to report Phase I healthy volunteer results in the fourth quarter of 2026 and to advance the program into its first proof-of-concept study in lupus patients soon thereafter. In addition, KT-485, our second-generation IRAK4 degrader partnered with Sanofi, recently entered Phase I development, resulting in a $20 million milestone payment to Kymera. The Phase I is designed to evaluate KT-485 in both healthy volunteers and patients with hidradenitis suppurativa, and we look forward to its advancement under Sanofi's leadership. And last but not the least, we look forward to providing updates as our CDK2 molecular glue KT-200, partnered with Gilead, advanced towards an expected IND and clinical start next year. Taken together, our program -- our progress across all of these programs highlight both the power of our discovery and development capabilities and our ability to consistently translate into potentially transformative medicines for patients and meaningful value creation for shareholders. Turning more specifically now to KT-621. As we prepare for the upcoming readout later this year, I wanted to quickly refresh you all on the details of the trial and then touch on how we view the opportunity for KT-621. As a reminder, the study is evaluating 3 doses of KT-621 compared to placebo. The primary endpoint is percent change from baseline in EASI score at week 16. Key secondary endpoints include EASI-50, EASI-75, vIGA-01 and pruritus NRS. When we report top line results later this year, these along with safety are among the key endpoints we expect to share. As we think about the upcoming clinical readouts, our overarching goal is very clear. We are developing KT-621 to deliver what we hear patients want, an active, safe oral therapy in diseases like AD, asthma, EoE, COPD and others that lack such an option. This is not only true in these type 2 indications, but also more broadly. There is an overwhelming demand for oral pills that can help manage debilitating chronic diseases. It comes down to clear preference among patients and physicians for treatments that are better suited to fit their lives. With respect to the market opportunity, we made this point in the past, but it bears repeating. Market data tell us that there are a significant number of patients that are not well served with existing treatments. In fact, there are an estimated 43 million adults in the U.S., EU5 and Japan with atopic dermatitis and only a small percentage of patients, single digits really, with moderate to severe diseases are on advanced systemic therapies. There is no doubt that this represents a significant, if not unprecedented opportunity for KT-621. If we are successful and can deliver an oral therapy that is both clinically efficacious and well tolerated, we have the potential to meaningfully expand the use of systemic treatment and dramatically change the existing treatment landscape. Finally, on the opportunity, I think it's important to highlight that KT-621 has the potential to become not only the first oral therapy with a favorable safety profile for individual type 2 inflammatory diseases such as atopic dermatitis and asthma, but also the first and only oral therapy capable of addressing the full spectrum of type 2 diseases and their associated comorbidities. This would represent a powerful tool for physicians and position KT-621 as a potential first and best option for all patients with type 2 diseases, given more than 50% of the population presents with additional type 2 comorbidities. Now with most of my comments focused on the AD trial, we're similarly excited about the progress we're making in asthma. We continue to hear strong enthusiasm for the potential of an effective oral therapy in type 2 asthma based on our discussions with KOLs, including most recently at the ATS conference. Importantly, we hear consistently from KOLs that a well-tolerated oral therapy delivering clinically meaningful benefit could address a significant unmet need and expand treatment options for a broader population of moderate to severe patients. Enrollment is underway in the BREADTH Phase 2b trial, and we remain on track to report top line data by late 2027. As we continue to advance KT-621 in the Phase 2b trial, we're also focused on generating the long-term data that will be important both for regulatory purposes and ultimately for commercialization. We're pleased to share that we've initiated an open-label extension asthma study, which will allow patients who complete the BREADTH study to continue receiving KT-621 for up to an additional 52 weeks. Taken together, we believe our development strategies across both AD and asthma positions us once these 2 studies are completed to fully explore the broad potential of KT-621 across our dermatology and respiratory diseases in later stage trials. Now turning to KT-579, oral IRF5 degrader. We remain on track to report top line data from ongoing healthy volunteer study in the fourth quarter of 2026. As a reminder, IRF5 is a genetically validated driver of innate immunity dysfunction and inflammation and is implicated across multiple autoimmune diseases such as lupus and IBP. KT-579 seeks to control a challenge that has been elusive among traditional drug development approaches in this space. By selectively degrading IRF5, KT-579 is designed to modulate multiple disease-driving pathways with a single mechanism and therefore, has the potential to be the first novel mechanism with broad utility in diseases where patients are desperately seeing more efficacious and well-tolerated oral therapies. The Phase I healthy volunteer study is designed to evaluate single and multiple ascending doses of KT-579 with the objective of achieving more than 90% IRF5 degradation in blood at doses with a favorable safety profile. We will also assess PD activity using ex vivo stimulation assays to understand the impact of IRF5 degradation on key inflammatory pathway biomarkers upregulated by TLR 7, 8 and 9 agonists, including type 1 interferons, pro-inflammatory cytokines and inflammatory pathway gene transcripts. We have guided that is our expectation that we should see between a 50% and 80% reduction in these biomarkers across the 3 TLR pathways assessed if we are engaging IRF5 effectively, which would suggest the potential for IRF5 degradation translating into clinical activity in subsequent patient study with KT-579. Looking ahead, we plan to advance KT-579 into a study in lupus patients soon after the healthy volunteer study is complete. Despite recent scientific advances, most lupus patients continue to cycle through therapies without achieving sustained disease control, underscoring the need for differentiated treatment approaches. Before I wrap up my remarks, I'd like to briefly highlight a few additional leadership updates. We're pleased to announce that at our recent annual meeting, Felix Baker has assumed the role of Chairman, succeeding Bruce Booth. Felix has been a member of our Board since 2024, and we look forward to his continued leadership and partnership. We are also grateful for Bruce's many contributions since our founding, and we're pleased that he continues to serve on the Board as a Director. We also recently welcomed Penny Carlson to lead our development operations and Liz Laws as global program lead for KT-621. Penny joined Kymera after a long and successful career leading global clinical development, most recently at Takeda. Liz joins us from Sanofi, where she was highly involved in the development of dupilumab. Both Penny and Liz bring extensive experience leading complex clinical development programs with direct relevance to Kymera. And their expertise will be invaluable as we advance our pipeline and continue building the capabilities needed to support a growing late-stage clinical portfolio. And last but not at least, as mentioned earlier in the call and disclosed last week, I could not be more excited to introduce Terence as Kymera's new Chief Medical Officer. Terence joins Kymera with what can only be described as the ideal set of experiences, expertise and knowledge as we continue on this journey to transform the immunology market. He held senior leadership position at J&J, Eli Lilly, where he helped build and advance leading immunology franchises, including Icotyde, Stelara and TREMFYA. His extensive experience across clinical development and portfolio strategy is highly complementary to Kymera and will help guide the continued advancement of our pipeline. I want to allow Terence to share a few thoughts with you, and we will also have him join the Q&A. Terence? Terence Rooney: Thank you, Nello. I'm excited to be joining Kymera at such an important time in the company's evolution. With multiple programs advancing across the portfolio and significant opportunities ahead, it's a privilege to be part of the team as we enter this new chapter. By way of background, I've spent some 17 years in the biopharma industry, focused on the development of treatments for immune-mediated inflammatory disease. Most recently, I served as the Head of Portfolio and Asset Management for Immunology at Johnson & Johnson, where I led strategy and asset development for a broad immunology portfolio. Prior to that, I've spent time throughout the pharma R&D value chain, including stints in early and late-stage clinical development, in business development and end-to-end R&D leadership. Before biopharma, I spent 12 years as a physician in academic clinical practice and research, specializing in rheumatology and internal medicine. So I've had the chance to work across academic medicine, translational research and global pharmaceutical R&D, all focused on advancing innovative therapies from concept through clinical development to approval and beyond. What drew me to Kymera is the opportunity to help unlock the potential of targeted protein degradation to transform the treatment of disease. The science is highly compelling. The pipeline is strong, and I'm joining a great team that I'm convinced is well positioned to deliver meaningful innovation for patients. To wrap up then, I'll echo what Nello said earlier about KT-621. Kymera STAT6 program represents a truly transformational opportunity, not only for the company, but most importantly, of course, for human health. And I couldn't be more excited to be joining and to help Kymera fully realize the potential of this and our other assets. Nello Mainolfi: Thank you, Terence. In conclusion, with KT-621 advancing through Phase 2b development and KT-579 expected to enter its first patient study shortly, we're sharply focused on building the team and capabilities needed to execute potentially more than 10 Phase III studies over the next 2 to 3 years. We have also begun building our commercial capabilities to deliver on our vision of becoming the global leader in innovative oral immunology medicines. Importantly, we're doing all of this from a position of financial strength. With a robust balance sheet and cash runway extending into 2029, we're well capitalized to advance our pipeline. Looking back to the first half of the year, we've executed across our portfolio from accelerating the development of KT-621 to advancing KT-579 while also progressing our preclinical pipeline and partner programs. With multiple catalysts ahead, we remain enthusiastic about the opportunities in front of us and look forward to sharing additional data and updates in the months ahead. With that, I will turn it over to Bruce to review the financial results before we open the call for questions. Bruce? Bruce Jacobs: Thanks, Nello. As I walk through the second quarter results, please refer to the tables included in the press release, which was issued earlier this morning. Collaboration revenue for the second quarter of 2026 was $65 million, reflecting a $45 million option exercise fee related to the company's collaboration with Gilead Sciences and a $20 million milestone payment associated with Sanofi starting the Phase I study for KT-485. We have recognized all deferred revenue, so we do not expect additional revenue this year. Any future revenue will be tied to milestones achieved in either the Sanofi or Gilead collaborations in 2027 and/or beyond. Turning quickly to operating expenses. R&D expenses for the quarter were $119.5 million, including approximately $10.4 million in noncash stock-based compensation. Excluding stock-based comp, adjusted cash R&D expense was $109.1 million, an increase of 22% compared to the first quarter of 2026, primarily reflecting continued investment across our advancing clinical portfolio. G&A expenses for the quarter were $21.1 million, including approximately $8.6 million in stock-based comp. Excluding stock-based compensation, adjusted cash G&A expense was $12.5 million, a decrease of 4% compared to the first quarter of 2026. We ended June with cash, cash equivalents and investments of approximately $1.5 billion, providing runway into 2029 and positioning us to execute on a number of important value-driving milestones over the coming years. Our balance sheet supports the completion of the KT-621 Phase 2b trials in AD and asthma and the progression of KT-579 fully through our planned proof-of-concept study in lupus. Within our runway, we also expect to fund the beginning stages of the asthma Phase III study for KT-621 and most of the KT-621 Phase III study in AD. At the same time, we will continue investing in our research pipeline and building the capabilities needed to support our transition into a later-stage development and commercial organization. Overall, we believe we are well positioned financially to execute on our strategic priorities while maintaining a disciplined approach to capital allocation. With that, we'll pause briefly while we make our way to the conference room and assemble the question queue, at which point, we'll open the call for Q&A. Operator: [Operator Instructions] Thank you. Our first question is from Thomas Smith from Leerink Partners. Thomas Smith: Congrats on all the progress. And let me add my best wishes to Jared in his retirement. Given the really strong enrollment here in BROADEN-2, I just wanted to come back and ask if there's any color you could provide on sort of the baseline characteristics for these patients that were enrolled into the study. Anything that you can say relative to some of the other large contemporary Phase III biologic studies would be helpful. And then just thinking about the bar for success for BROADEN-2. I know you characterized this as clinically efficacious and well tolerated, but just wondering if you can provide a little bit more specifics with respect to the profile relative to [ Dupi ] and what some of the injectables have shown and what maybe some of your market research is pointing to in terms of a clinically meaningful profile. Nello Mainolfi: Thanks, Tom. I love you had 2 questions in one. So let's start with the first one. So baseline characteristic. Obviously, one of our main goal of the study, and as I mentioned earlier, and we've done it in the past, was to actually prioritize quality of execution over speed. And in fact, our initial time lines were actually reflecting those expectations. We expected that some of the systems we have put in place would kind of direct the speed of execution towards those kind of expected time lines. And obviously, with that, we still saw a pretty fast enrollment, which, again, we can comment, as I commented earlier, driven, we believe, based on -- driven by the excitement around the program, the oral opportunity, the data that we generated, et cetera. But going back to your first question, yes, the goal has been to ensure that we had the patient with the right severity on the study. As you know, when the first biologics in the space was developed, dupilumab at this point, I think Phase II was more than 10 years ago, there wasn't any approved systemic drug at that time for a broader population. So the severity of the baseline of those patients was probably higher than what we've seen in more recent studies. I think, again, all the things that we put in place was to ensure that while we believe it's difficult, if not impossible, to replicate that type of severity at baseline that the patient in our study would follow at least what has been seen in the past few years. So I'm not going to comment on where we landed because I think it's unnecessary, but you'll see when we release the data. But we feel good about where we landed with the baseline characteristics right now. On your second answer, the bar, I think there is maybe 2 ways to answer your question, and I'm sure this is a question from many others. So maybe I can be really good at answering it once. So the -- what we've learned, so when we started this program, obviously, we were very science focused, right? And we were showing for the first time ever that actually you can block STAT6 signaling through degradation of STAT6. And what we saw in our laboratories was basically a downstream blockade that mimic what we have seen with dupilumab. And so our kind of narrative and science around this program has continued over the years to kind of continue to demonstrate the science behind STAT6 degradation and how effective it is how effective it is to block IL-4 and 13. So what we obviously learned along the way by interacting with the medical community, including patients, is the really strong need of an effective oral therapy. That's the feedback we've continued to hear. This is the feedback we've heard. I've been in every investigator meeting. I visited -- I've been in every medical meeting. I've talked to a lot of KOLs myself. And really, the main consistent feedback we've heard is the really, really important need of an effective oral drug. And that's what we want to deliver patients. So we believe success, both clinically and commercially is to deliver what patients want, which is an effective, safe, well-tolerated oral option that right now doesn't exist. Not only it doesn't exist in AD, but actually does not exist across all these comorbidities. So that's, I think, maybe the North Star. Now when we go to the science of it, we've continued to see over the past 6-plus years that degrading STAT6 seems to be just as effective as blocking as I mentioned IL-4 and 13 as dupilumab. And so the data has shown both preclinical and early clinical that we seem to be able to block the pathway and affect the downstream biomarker as well as initial clinical endpoint in a similar way as dupilumab. So our, let's say, data expectation is we will continue to be in this study to be in that ballpark of what dupilumab has shown at week 16 in the previous AD studies, understanding that, obviously, different studies, different populations. Operator: Our next question is from Tazeen Ahmad from Bank of America. Tazeen Ahmad: I wanted to ask about 579. I think that's an exciting potential next big drug for you guys. I wanted to understand what you're hoping to learn from the healthy volunteer data that you're expected to show in the fourth quarter, especially since you've already picked lupus to move into Phase 1b there. Nello Mainolfi: Yes. So thanks, Tazeen. So we're very excited about the IRF5. This is, again, we believe, unless we're mistaken, I don't think so. This is the first drug targeting IRF5 that has gone in the clinic. And so as we've done in the past, we feel the responsibility to actually demonstrate the power of this biology. So the underpinning excitement is around the human genetics that tell us that when you have this point mutation or activation of IRF5, you see many of these subjects develop diseases like lupus, RA, IBD, et cetera. But actually, I would say even more importantly, what we've shown, where is this biology coming from, right? And so what we've shown in preclinical species is that actually it comes from the fact that IRF5 is a central node for 3 key pathways. It's B-cell autoantibodies production, it's inflammatory cytokines like 12, 23 TNF, et cetera, and it's type 1 interferon. And obviously, when this pathway is activated, and we believe in some of these diseases, it's extremely relevant, we see IRF5 being this master regulator of immunity. So in this Phase I healthy volunteer study, the kind of the necessary but not sufficient step is first to show that we can degrade IRF5 robustly, we're saying at least 90% or more and safely. And then I guess the next step will be to show that by blocking IRF5, we can modulate these 3 important key pathways. And we have -- the team has developed, we believe, some really good assays to actually measure all these pathways. And so we expect that while this is not a patient study, the fact that even in healthy volunteer, we can interrogate the relevance of these 3 pathways by blocking IRF5 signaling, I think, should give us the confidence to move into, as you say, lupus, but actually we're planning and discussing internally what other indications we could start as well in the relatively immediate future. Operator: Our next question is from Andy Chen from Wolfe Research. Unknown Analyst: This is Jason taking for Andy. And I just wanted to ask if you guys have any plans around unveiling new degrader molecules maybe in the next year or 2? And how many molecules we should expect? And are they likely to continue to be in immunology indications or with like derisked mechanisms? Nello Mainolfi: Yes. So obviously, we have a very productive research engine. And hopefully, this is also appreciated externally. We have a general goal/guidance of having at least one new molecule entering clinical development every year. And so we continue to be on track to have development candidates in 2026 that will be entering the clinic in 2027 and beyond. So for sure, we obviously want to be able to share more programs. Obviously, we have 2 important clinical readouts in the second half of the year in 4Q. So we're figuring out whether the next clinical program to be disclosed will be either this year or early next, again, based on everything that we're doing, that decision still to be made. Likely, obviously will happen because we're on track with these programs, but we're still deciding exactly what the timing will be. And 80% of our effort preclinically is in immunology. So it's extremely likely, it's not almost 100% sure that at least the next program, next couple of programs will be immunology program with highly validated target without oral options. Operator: Our next question is from David Dai from UBS. Xiaochuan Dai: So regarding the STAT6 degrader KT-621, given the high placebo response we're seeing in some of the AD studies, what assumptions were used around placebo response and effect size when powering for the BROADEN-2 Phase 2b study? And have the recent enrollment dynamics changed your confidence around those assumptions? Nello Mainolfi: Yes. I mean -- thanks, David. That's a great question. We're not going to go into the details of your question, although it's a very good one. So we understand the STAT6 biology well. We powered the study within a range of expectation of what this biology can deliver clinically also with the Phase Ib data in hand. We obviously know that the placebo rates have increased and we've accounted for that. Obviously, there has been a couple of cases where at least one where we had some crazy high placebo rate in the 70s. Obviously, no study can plan around such a high placebo rate. But otherwise, if you look at the recent studies that delivered, let's say, positive data in -- and we've seen many in the past few years actually. And we've seen increased placebo rates. Those have been accounted in the power of our study. The enrollment has not really changed. The speed of enrollment has not changed our assumptions. When you have a high enrolling study, you often end up enrolling slightly more than you plan just as the mechanics of the study will kind of force you to do. But we haven't done anything with regards to changing our power assumption. Operator: Our next question is from Ellie Merle from Barclays. Unknown Analyst: Jasmine on for Ellie. Congratulations on all the progress. Can you give some more color on how enrollment is going in the Phase 2b asthma trial? So with the acceleration of the enrollment in AD, how should we think about whether we can see this in asthma as well? And what are, I guess, some of the different dynamics playing into the AD enrollment versus asthma that could attribute to why the time lines are shaping up to be different? Nello Mainolfi: Thanks for the question. So I would say what is common between these 2 studies is the excitement around this mechanism. I think that, as I said earlier, one thing that might be appreciated or not is the fact that this pathway is really well understood by investigators all around the world, right? This is probably the most drug pathway in immunology, right? We have so many agents targeting IL-4, IL-13, both of them, et cetera. So I think that actually is a common theme of we understand the pathway. We as a team, I should say, have done, I think, an amazing job educating the public about our mechanisms and STAT6. So there is a level of confidence about where STAT6 fits in that pathway. And then you combine, let's say, the sense of, let's call it, comfort with our program and you combine it with, as I mentioned earlier, this really strong need of an oral option. I think what is common when we talk to both dermatology investigator and respiratory and allergist investigator, I think what's common is these kind of 2 aspects. Now the 2 studies are quite different, right? For the AD study, obviously, there are more AD patients, let's start there. And also, we are enrolling all moderate to severe patients. For the asthma study, if you recall, we had some specific criteria with regards to FeNO and eosinophilia at baseline, which is looking at a subset of asthma patients. I like to call them, we call them type 2 patients. Some people call them eosinophilic asthma patients. Anyway, that's maybe for another day. And so that is a subset of the asthma population. So naturally, the denominator is smaller in this case. And because we have this, again, very specific entry criteria, generally, we would see a higher screen failure rate. So while I think we have also in asthma an opportunity to move the program enrollment at a good fast speed, I don't think we can match what we've seen for atopic derm. But anyway, we are enrolling well. There's a lot of excitement. We're even in more regions than we were for the AD study. And so we're confident that we'll be able to deliver a fast but obviously, high-quality execution and within the time line that we set. In terms of changing time lines, as we've done for it, we're only going to do it if and when we complete or I should say, when we complete enrollment, but not before because these are highly variable parameters, and it's really difficult, high priority to start changing expectation time lines while you're [ in flight ] for these studies. Operator: Our next question is from Brian Cheng from JP Morgan. Lut Ming Cheng: Just want to touch on the BROADEN2 OLE portion. Can you give us some color on the latest there? How is the rollover rate looking? And are patients allowed to dose adjust across the 3 doses in the OLE? Nello Mainolfi: Yes. Thanks, Brian. Great question. So we're not going to comment on that. We might offer when we release the BROADEN2 data in the -- by the end of the year here in '26, we might maybe offer a bit of an insight on that. But right now, we feel it's too early to comment on how the percentage of patients rolling over into the OLE. So on the dose adjustment, I think we've said this publicly, patients are all going on to 1 dose. And I think I'll leave it at that for now. Operator: Our next question is from Faisal Khurshid from Jefferies. Faisal Khurshid: Congrats to Terence on joining a great team. I just wanted to ask your kind of latest and greatest thoughts on the competitive landscape. And I'm wondering both within the STAT6 class, like yesterday, we had Pfizer confirming that their STAT6 is active in Phase II and Nurix and Sanofi dosing their program. And then beyond that with bi and trispecific as well, we also heard some interesting comments on that yesterday as well. So yes, we would just love to hear your latest and greatest thoughts on that landscape. Nello Mainolfi: Yes. So yes, I can share a few thoughts. So on the STAT6, I mean, as you know, this is a highly interesting targeted pursuit by I think probably at this point, majority of companies that are in immunology for all the reasons that we're all here today. So we -- our focus is obviously on execution and making sure that we execute with high quality and speed in order to maintain our -- the advantage that we've created in terms of time line. We know -- obviously, there is Pfizer in Phase II. We don't know much about their molecules. Obviously, there's been many flow of information from the study about starting and pausing enrollment and then restarting. There are other pilot studies ongoing to study the molecule, the formulations and DDI studies. So really, obviously, Pfizer, from what I can see from macro where I sit is trying to understand more about this molecule, the performance and the behavior in humans. I think they're reporting to complete the study in early '28, which seems like a very long time. So again, I don't know what that means. I can only go by what's publicly disclosed. As you know, we don't believe small molecule inhibitors will be competitive with degraders, driven by our ability with the degrader to block the pathway completely at very low doses and low concentration over 24 hours, which we believe is needed to match this pathway blockade that you see with upstream agents. Then yes, we've seen the Nurix, the Sanofi program starting. Again, I think we'll be in Phase III if everything goes well by the time some of this program might have some Phase I data. So we feel good about 621. I think so far, all I can say amazingly well-behaved molecule, well tolerated and we're focused really on ourselves, but being aware of the overall landscape. With regards to other mechanism, we're all -- we're really excited by our oral options. We're also excited about learning about new biology, right? I think the bispecific and trispecific is an opportunity for everybody to learn where some of these mechanisms can deliver enhanced activity in a still relatively heterogeneous population, which especially AD can be. So we're obviously -- there was some early data from a small company recently with a bispecific. Obviously, Pfizer is going ahead with this trispecific doing a head-to-head study with Dupi, which makes sense. I mean our view is, again, as I said earlier, KT-621 position is, from our perspective, first-in-line drug for the millions of patients that have moderate to severe atopic derm that are not doing well with topical steroids, which is probably the majority of patients given how difficult it is actually to be responding well to topical steroids. It's not even how they work. It's just how complicated it is for patients to use them. So if we think about 621 is the first-in-line drug, then I think many of these trial will probably be later lines once you don't respond to these, I think, single mechanism drug that address most patients, right, for in AD and other indications. So as we said also in the past, we're interested by novel mechanism. We're thinking about combination of STAT6 with other mechanisms. So we're obviously very curiously also observing these new mechanisms out there. Operator: Our next question is from Brad Canino from Guggenheim. Bradley Canino: Thanks to Jared for the collaboration over the past 5 years. I definitely learned a lot from our conversations. My question is about moving STAT6 to the late-stage development phase. How are you positioning the company to extend the benefit to pediatric AD patients? I know for Dupi, it took several years to expand the label from adults to different cohorts of pediatrics. Are you doing anything today with a goal to try to accelerate that? Nello Mainolfi: Yes, Brad, thank you. So yes, we're heavily focused on how to accelerate pediatrics development. I mean the one thing that we've done, as you know, is incorporating adolescents in our study, right? We have 12 and up, which actually are pediatric patients. Now going younger in ages is obviously something we're not in full control of. This is a conversation with regulatory agencies. All I can tell you is that we're heavily focused on it, and we will update you all when we know more. For sure, we will know more after this Phase 2b data. You shouldn't expect any update between now and then. Operator: Our next question is from Judah Frommer from Morgan Stanley. Judah Frommer: Congrats to Terence and Jared as well on their moves. Just curious if you could help us with cash runway guidance remaining into 2029, given the acceleration in time lines for 621. Any changes to spend or trajectory over the next couple of years as you think about that? Bruce Jacobs: Yes. No, thanks for the question, Judah. I think it's still intact. We had a runway into 2029. Even with the acceleration of timing, it's not enough to pull the runway in closer. So we're still into 2029 with that. So you can assume there has been a bit of cushion there as well. I think clearly, as we get to the end of the year and see the data and I guess, solidify all of our development plans, not only for the core indication, but some of the others that we're contemplating, we'll talk about whether there's an update warranted. But we're in good shape over kind of 10-plus quarters of cash even with the accelerated runway. So we should be able to -- as we said in the past, we -- our runway will incorporate, obviously, all the Phase IIs that we're running -- the Phase II is running today, the full execution of the IRF program and then as well getting underway with both the Phase IIIs, and we should come pretty close to finishing the AD study within our runway if all goes well. Operator: Our next question is from Geoffrey Meacham from Citi. Geoffrey Meacham: I just want to say congrats to Jared on the retirement and Terence, welcome to the team. So Nel, on 621, as you guys look to Phase III design in AD and asthma, I guess how important is the washout or prior therapy experience? I know there are multiple pathways that drive type 2 inflammation beyond STAT6, but are some sort of tilted pathways more heavily treated patients or maybe patients have gone for a longer duration or maybe those that have worse baseline. Just trying to think of like the entry criteria and kind of the probability of success as you look to a Phase III. Nello Mainolfi: Yes. No, Geoff, that's a great question. It's actually a topic of discussion. I just want to separate the 2. So obviously, the washout is critical, right? No matter what the entry criteria are, how you parse out whether you're going to allow every previous biologic patients or not. Obviously, based on the half-life of the drug, you need to completely wash out patients to actually retain the integrity of the data of the study. Then maybe the other question in your question was, do we allow a biologics experience patient in the study. And as you know, we've done that in our Phase 2b with a caveat of not aligning the nonresponders, previous nonresponders to this drug. But for Phase III, I think it's a topic that we're still discussing. Obviously, we need regulatory interactions as well. But we expect that in some shape, biologics experienced patients will be part of our Phase III study. There's just some nuance about what was their experience on biologics that we might have some kind of criteria around. But that's still something that we're discussing both internally and we'll have to align with regulatory agencies. Operator: Our next question is from Derek Archilla from Wells Fargo. Derek Archila: Jared, good luck in the next chapter. Terence, welcome. So just actually following up on a prior question on the pediatric development. Are there any gating factors to a sprinkle formulation of 621? And I guess, how would you frame the pediatric opportunity relative to adolescents and adults? Nello Mainolfi: Well, we actually had a 5-year-old child at Kymera a few weeks ago with their parents -- with his parents talking about the life of a child on an injectable biologic. I wouldn't say which one. It's not that difficult to guess. And I think he crystallized for us what it is that these kids have to go through and what is the -- not only the opportunity, but I would say the responsibility to deliver for children an easy to take, effective and hopefully, obviously well-tolerated drug. So we are doing, as I mentioned, all we can. From a formulation perspective, we actually are in a very good place already. Again, I don't want to talk about specifics about what is it that we need to go into younger patients. And then it's really about when we will be allowed to do -- to run those studies. And as I mentioned earlier, obviously, having data from a global placebo-controlled randomized Phase II study, especially with regards to both efficacy and safety, we feel is the important data set to initiate those discussions with regulatory agencies. But all I can tell you is from Kymera perspective, we will be ready to go as soon as we have completed this study. Operator: Our next question is from Alex Thompson from Stifel. Alexander Thompson: Congrats on all the progress. I appreciate you taking the question. Maybe another one. Nello, I'm not sure you will answer, but I just wanted to ask about -- you've had a lot more experience now dosing patients to 16 weeks plus across AD and asthma. Can you comment at all about blinded safety and your confidence in the continued clean profile of 621 heading into the data later this year? Nello Mainolfi: Yes. No, thanks, Alex. It's a great question. I think you get it right. It's hard for us to comment on ongoing study blinded safety. So it's only actually a few months away where we can actually all look at the unblinded data and then share it with you. So just a little bit of patience. I feel the same way. I like to know everything, but we have to wait. Operator: Our next question is from Jeff Jones from Oppenheimer. Jeffrey Jones: Congrats, Jared, and welcome, Terence. Question on the IRF5 program with KT-579. As you look at those results coming late this year, is there anything that will guide you towards or away from particular indications beyond lupus? Nello Mainolfi: Yes, great question. So we have this translational hypothesis around KT-579 around being this master regulator of 3 pathways when IRF5 is activated. So B-cell type 1 interferon and some of these inflammatory cytokines. I think if we don't see a profile that reflects our understanding of this biology, obviously, we will have to rethink what is our clinical strategy besides the translational one. I would be surprised if we are surprised by the data, but we'll see. I think we'll have to see what the biomarker data looks like. Operator: Our next question is from Biren Amin from Piper Sandler. Biren Amin: It's interesting in your slide deck, you mentioned that the BROADEN2 trial data could support trials in GI indications. So now, I wanted to kind of understand that. What data from BROADEN2 could support development in GI? And also, is the interest in GI due to STAT6 activation in ulcerative colitis? And since I'm talking about GI, would you potentially look at IRF5 and IBD given the expression of IRF5 in IBD. And I think there's some proof-of-concept data with anti-TNF reducing IRF5 in IBD. Nello Mainolfi: Biren wins. He asked 3 questions. So quickly, so what we mean -- so you caught an important point actually that requires a nuance on our slide. So first of all, when we talk about the GI, we talk about EoE, eosinophilic esophagitis, which actually should not even default the eosinophilic, but that's another point. So for that, the question is how is the Phase II study going to help us. So we believe the Phase III dose that we will get from the AD study should be applicable in all the other derm indications. Could be directly be applicable to EoE but maybe or maybe not. And actually, for EoE, we might have a slightly different plan, which we will be disclosing at some point after the Phase 2b data next year. So it will definitely be informed, but the development in EoE might not be the same as we might do for CSU and other derm indication. For IRF5, we're definitely interested in IBD. We have shown some really exciting preclinical data. So stay tuned as we share more information on that. Operator: Our next question is from Brian Abrahams from RBC Capital Markets. Unknown Analyst: This is Kevin on for Brian. So maybe another one on 579. Just as you think more about lupus, the heterogeneity of the disease and just maybe some of the challenges prior agents have had and novel ones, which could be approved in the next few years. Just what are your latest thoughts on sort of what the addressable opportunity could be in lupus? And would the ambition here also be to have biologic-like efficacy? Or is this paradigm sort of a little bit more complicated or more nuanced than what we typically think about with 621 in atopic derm? Nello Mainolfi: So maybe I'll start and given that Terence is a trained rheumatologist, maybe you can help me on this one. So the quick answer from me who I'm not a trained rheumatologist is that what we're seeing in lupus is what the patients need, which is our effective therapy that are acutely needed in this population. So I think we need different mechanisms. We need different options. The reality is there are no good right now oral options approved. There are some interesting ones in clinical development. So I think we believe that we can, again, continue to serve patients that want effective oral options. Terence, is anything you want to add on this space in general? Terence Rooney: Yes. Thanks, Nello, and thank you, Brian. I would just underscore that, yes, there remains tremendous unmet need in lupus, including for oral medicines with a favorable benefit risk profile. Brian, you flagged the challenges of lupus drug development. That's absolutely acknowledged. Key to that is going to be patient selection, site selection, careful trial design and careful oversight. So you can imagine that's exactly what we're working through at the moment. Operator: Our next question is from Mark Frahm from TD Cowen. Marc Frahm: Congrats, Jared, on a great career at Kymera and best wishes for the next step. This is mostly for Terence. The company kind of talked in broad strokes about being interested in combinations across the pipeline, but STAT6 and IRF5. But obviously, Terence at your prior job, that was a big push early on. So what do you think -- how do you view the optimal time to start those? What do you need to see from some of these earlier trials to really kind of start working on combinations? Terence Rooney: Thanks, Mark, and thanks for the welcome. I think you're right. There's tremendous opportunity combining established mechanisms in particular, in pursuit of greater efficacy. Now I had some remarks earlier on about the field there, and we're learning as we go. In some instances, we have combinations that have altered. And in recent instances, we've seen some encouragement. I think the learning, therefore, for an oral drug developer is which combinations in the future might be rational for somebody like ourselves to developing an asset against one proven target. And I'll probably leave it there in terms of when to decide to combine STAT6 with another oral asset, but safe to say that it's a topic we're looking at carefully. Marc Frahm: Does it need to be oral to be interesting? Or would you be interested in novel combinations that maybe aren't all oral? Nello Mainolfi: Maybe I can help there. I mean I think it depends on what we're trying to do, right? I think there is a biological understanding of synergies or additivity and then there is like market positioning. We continue to believe that advancing oral options for patients is where the future needs to go towards. Would there be a case where we try to understand the mechanism with an injectable biologic? That might happen. But I'm not sure that's our North Star right now. Operator: Next question is from Jeet Mukherjee from BTIG. Jeet Mukherjee: Just for the BROADEN data that's coming up by year-end, could you comment if there's a cap on the number of patients who are on prior biologics? And will you ultimately break out the data by patients who are on prior biologics versus those who are not? Nello Mainolfi: No cap on prior biologics. With regards to how we break out the data, we'll have to analyze the data. So let's wait on that. Operator: Our next question is from Mayank Mamtani from B. Riley Securities. Mayank Mamtani: Best wishes to Jared and look forward to working -- getting to know Terence. So on the BROADEN2 program, if you could comment on what proportion of patients come from maybe ex U.S. or specifically Eastern Europe sites. And sorry if I missed the screen failure rate. I don't know if you commented on that, Nello, and how that's maybe similar or different than recent biologic trials? And if your expectation as an oral pill would be for discontinuation rates to be actually better than the biologics, if you could comment on that. And then just on timing, just clarifying last patient in was before the end of 2Q. So can the 4-month efficacy data drop maybe ahead of the IRF5 program? Or they're both tracking in parallel? Or how do you plan to have that disclosure? Nello Mainolfi: Yes. Maybe I'll start with the last one. I think it's extremely likely that we'll have IRF5 data first, and then we'll have the BROADEN2 data. With regard to many of the other questions, I'm not going to -- all I can say our sites, as you know, you can look at it now on clinicaltrials.gov, there's a global presence. There is U.S., Canada, Australia, Japan, South Korea, Europe. So the majority of patients will obviously come from outside of the U.S. But we have a big -- obviously, expected big U.S. presence. I'm not going to be able to go into like a breakdown of patients at this point. I don't think we're not going to comment on screen failure rates. We might, when we release the data, be thoughtful to anybody, maybe our competitors. And then we'll talk about some of the other points you made about discontinuations, et cetera, when we release the data. Mayank Mamtani: Could you comment -- sorry, for one follow-up, if I may. Could you comment on when you plan to have an end of Phase II discussion focused on AD? And would that need to wait until the asthma data? Nello Mainolfi: No, we'll have an end of Phase II meeting with the FDA, obviously, as soon as we can after we have Phase 2b data in AD. So yes, no, we will not wait for the asthma data. Operator: Our next question is from David Hoang from Deutsche Bank. David Hoang: So I just want to ask, to what extent could we look at the ongoing launch of the oral IL-23, which is Icotyde in psoriasis as an analog for how commercialization of KT-621 in atopic derm might go. So what lessons can we learn there? And what reasons would that be or not be a good [ comp ] for KT-621? Nello Mainolfi: Yes. Obviously, we have Terence here that was obviously involved in that program. So he probably will have a lot to say that he can even say. But what I will say is that I think what is in common is the fact that from where I sit, IL-23 peptide is a validated mechanism with a novel way of dragging in that particular target or pathway with a molecule that I believe has actually behaved quite well in terms of efficacy and safety and is showing that even in a saturated market. I guess the difference is the market, right? Psoriasis is a -- I think from a point of view, a much more mature market with several drugs that have been approved over the years, several biologics, several orals. And even with all of that, you're seeing some really impressive adoption of that drug. I think in the first quarter, there are more than 100,000 patients on the drug, if I'm not wrong. So with KT-621, hopefully, right, I think that what we can match is the ability to drive efficacy and safety of an oral drug in a validated pathway. And I think what's different is that AD is a very early immature market with very low penetration overall. And I think our expectation is that we should be able to launch the drug and have even a superior success than Icotyde is seeing if we do a good job and if we obviously retain the profile that we want because there are so many patients that don't have any oral safe options, while for psoriasis, I think there are oral effective and safe drugs that maybe the Icotyde is slightly better, but still there are options there while in AD, there are no options. Operator: There are no more questions at this time. I'd now like to turn the call over to Nello for closing remarks. Nello Mainolfi: Well, I want to thank everybody for attending our call, all the analysts for attending and asking questions even in the -- we're in the middle of the summer. So we appreciate you taking time away from your vacation, if you are. And we continue to be super excited about where we're going. Please stay tuned. We're going to have some of the most interesting data set probably for the industry in the second half of the year, given these are both kind of first-in-class program in highly super relevant indications or population. So stay tuned and look forward to seeing many of you in our conference in September and then after that at our calls to disclose the data. Thank you. Before you buy stock in Kymera Therapeutics, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Kymera Therapeutics wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. 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As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool recommends Kymera Therapeutics. The Motley Fool has a disclosure policy. Kymera Therapeutics (KYMR) Q2 2026 Earnings Call Transcript was originally published by The Motley Fool

Kymera Therapeutics, Inc. KYMR reported a second-quarter 2026 loss of 62 cents per share, narrower than the Zacks Consensus Estimate of a loss of 64 cents. The company posted a loss of 95 cents in the year-ago period. Revenues surged to $65 million from $11.5 million in the year-ago quarter and surpassed the Zacks Consensus Estimate of $39 million. Year to date, shares of KYMR have surged 35.6% compared to the industry’s 2.6% gain. Image Source: Zacks Investment Research All second-quarter revenues came from collaboration agreements. Kymera recognized a $45 million option exercise fee related to Gilead Sciences, Inc.’s GILD exclusive license for KT-200, its oral CDK2 molecular glue degrader candidate. The company also recorded a $20 million milestone payment after Sanofi SNY initiated a phase I study of KT-485, an oral, potent and selective second generation IRAK4 degrader, in adult healthy volunteers and hidradenitis suppurativa patients. Management said all deferred revenues have now been recognized. Consequently, Kymera does not expect additional revenues in 2026. Future collaboration revenues will depend on milestones achieved under the Gilead or Sanofi agreements in 2027 and beyond. Research and development expenses increased 52.4% year over year to $119.48 million. The increase reflected higher investments in the STAT6 program, platform and discovery programs, along with continued expansion of the R&D organization. R&D expenses included $10.4 million of stock-based compensation. Excluding that noncash expense, adjusted cash R&D spending was $109.1 million. General and administrative expenses rose 19.7% to $21.13 million. The increase was driven by higher legal and professional service costs, personnel expenses and facility-related spending. Cash, cash equivalents and marketable securities totaled $1.50 billion as of June 30, 2026, compared with $1.62 billion at the end of 2025. Management maintained its expectation that available capital will fund operations into 2029. The runway is expected to support completion of KT-621’s phase IIb studies in atopic dermatitis and asthma, as well as KT-579’s planned lupus proof-of-concept program. Kymera also expects to fund the initial stages of a phase III asthma study and most of the planned phase III atopic dermatitis study for KT-621. KT-621, an investigational once-daily oral STAT6 degrader, is being developed for type II inflammatory diseases. Kymera completed enrollment in the BROADEN2 phase IIb study of KT-621 in moderate-to-severe atopic dermatitis (AD) nearly six months ahead of schedule. Top-line data are now expected by year-end 2026, six months earlier than the company’s previous target. Subject to regulatory discussions, phase III studies in atopic dermatitis are planned to begin by mid-2027. The trial is evaluating three doses of the once-daily oral STAT6 degrader against placebo. Its primary endpoint is the percentage change from baseline in the Eczema Area and Severity Index score at week 16. Enrollment is also underway in the BREADTH phase IIb study in patients with moderate-to-severe eosinophilic asthma. Kymera continues to expect top-line data in late 2027 and has initiated an open-label extension that permits eligible participants to receive KT-621 for up to 52 additional weeks. Beyond STAT6, Kymera is progressing KT-579, a first-in-class oral degrader of IRF5, a transcription factor positioned as a master regulator across autoimmune diseases. Enrollment is ongoing in the phase I study of KT-579 in healthy volunteers, with data expected in the fourth quarter of 2026. The study is assessing whether the oral IRF5 degrader can achieve more than 90% degradation in blood while maintaining a favorable safety profile. Kymera plans to initiate a proof-of-concept study in lupus patients soon after completing the healthy-volunteer trial. Sanofi initiated the first-in-human phase I study evaluating KT-485 (SAR447971) in adult healthy volunteers and hidradenitis suppurativa patients. KT-485 has the potential to offer a novel oral approach for a variety of chronic immuno-inflammatory diseases.  Under the agreement, Sanofi is responsible for the program's development, regulatory and commercialization activities. In April 2026, Gilead Sciences exercised its option to exclusively license KT-200, Kymera's first-in-class oral CDK2 molecular glue degrader, triggering a $45 million milestone payment. KT-200 is being developed for breast cancer and other solid tumors and has the potential to improve the current standard of care. Gilead plans to advance the candidate into IND-enabling studies, with an IND filing targeted for 2027. Kymera put up an impressive performance in the second quarter. The pipeline progress is encouraging. R&D expenses continue to increase as the company advances its pipeline. Kymera Therapeutics, Inc. price-consensus-eps-surprise-chart | Kymera Therapeutics, Inc. Quote The investment thesis centers on pipeline execution in targeted protein degradation, led by KT-621 in phase II for AD and asthma. Additional positive pipeline updates on KT-621 will be a boost for the stock. The pipeline offers additional opportunities beyond KT-621. Phase I data for the IRF5 degrader KT-579 is expected in the fourth quarter of 2026, followed by a planned proof-of-concept study in lupus. Partnered programs with GILD and SNY also reduce some development burden while generating milestone-based revenues. Kymera’s strong cash balance supports pipeline development and limits near-term financing pressure, although spending will increase as the company expands its clinical and commercial infrastructure. Kymera Therapeutics currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Kymera Therapeutics, Inc. (KYMR) : Free Stock Analysis Report Sanofi (SNY) : Free Stock Analysis Report Gilead Sciences, Inc. (GILD) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

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., Aug. 05, 2026 (GLOBE NEWSWIRE) -- 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 TherapeuticsKymera 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 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. Investor Contact: Justine [email protected] Media Contact: Matthew Henson [email protected] 857-285-5300

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Completed enrollment for the KT-621 Phase 2b atopic dermatitis (AD) trial approximately 6 months ahead of schedule, driven by high investigator enthusiasm for a once-daily oral option in a well-understood pathway. Management attributes the rapid enrollment to compelling Phase 1b data and the significant unmet need for oral therapies in a market where only a single-digit percentage of moderate-to-severe AD patients use advanced systemics. Strategic focus remains on delivering 'biologic-like' efficacy through targeted protein degradation of STAT6, which mimics the downstream blockade of IL-4 and IL-13 achieved by injectable biologics like dupilumab. The company is transitioning from a discovery-focused engine to a late-stage development and commercial organization, evidenced by the appointment of a new CMO with deep immunology commercialization experience. Maintained a strict focus on trial quality and patient severity criteria during the accelerated enrollment period to ensure data integrity for upcoming regulatory interactions. The IRF5 program (KT-579) is positioned as a first-in-class mechanism targeting a master regulator of innate immunity, aiming to address multiple autoimmune diseases where traditional small molecules have failed. Top-line Phase 2b data for KT-621 in AD is now expected by year-end 2026, with Phase III initiation pulled forward to mid-2027. Phase I healthy volunteer results for the IRF5 degrader (KT-579) are anticipated in Q4 2026, with a proof-of-concept study in lupus patients planned to follow shortly thereafter. Management is preparing the infrastructure to execute more than 10 Phase III studies over the next 2 to 3 years across the immunology portfolio. Cash runway is projected to extend into 2029, which is expected to fund the completion of Phase 2b trials and the majority of Phase III development for the lead AD program. The BREADTH Phase 2b trial in asthma remains on track for top-line data in late 2027, with an open-label extension study already initiated to collect long-term safety data. Recognized $65 million in collaboration revenue during Q2 2026, including a $45 million option exercise fee from Gilead and a $20 million milestone from Sanofi. Announced the retirement of CMO Jared Gollob, with Terence Rooney (formerly of J&J and Eli Lilly) stepping in to lead the transition to late-stage clinical development. Felix Baker assumed the role of Chairman of the Board, succeeding Bruce Booth, signaling a shift in board leadership as the company matures. Management noted that no additional collaboration revenue is expected for the remainder of 2026 as all deferred revenue has been recognized. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management prioritized quality over speed to ensure baseline severity matches recent Phase III biologic studies, despite the rapid enrollment pace. The strategic goal is to deliver efficacy in the 'ballpark' of dupilumab at week 16, while offering the safety and convenience of an oral pill. The study aims to demonstrate at least 90% IRF5 degradation in blood and a 50% to 80% reduction in key inflammatory biomarkers across TLR 7, 8, and 9 pathways. Success in these biomarkers would validate IRF5 as a master regulator and support expansion into lupus and potentially IBD. Management expressed confidence that degraders will outperform small molecule inhibitors by providing a more complete pathway blockade over a 24-hour period at lower doses. They view KT-621 as a potential first-line systemic therapy, positioning it ahead of more complex bispecific or trispecific injectables. Kymera is actively working to accelerate pediatric timelines, having already included adolescents (12+) in current trials. Further expansion into younger cohorts is dependent on regulatory discussions following the Phase 2b data readout.

Interested in Kymera Therapeutics, Inc.? Here are five stocks we like better. KT-621 atopic dermatitis trial enrollment is complete about six months ahead of schedule, with top-line Phase 2b data expected by the end of 2026 and potential Phase 3 initiation around mid-2027. The asthma Phase 2b trial is also enrolling, with results expected in late 2027. Kymera’s wholly owned KT-579 IRF5 degrader remains on track to report Phase 1 data in the fourth quarter of 2026 and enter a lupus proof-of-concept study shortly afterward, targeting significant unmet needs in autoimmune disease. The company ended June with approximately $1.5 billion in cash, cash equivalents and investments, providing a runway into 2029. Second-quarter collaboration revenue reached $65 million, including a $20 million Sanofi milestone and a $45 million Gilead-related option exercise fee. Insider Buying: Smart Money Just Spent +$100M on These 3 Stocks Kymera Therapeutics (NASDAQ:KYMR) said it completed enrollment in its Phase 2b atopic dermatitis trial of KT-621 about six months ahead of schedule, positioning the company to report top-line data by the end of 2026 and potentially begin Phase 3 development around mid-2027. Chief Executive Officer Nello Mainolfi said the accelerated enrollment reflected investigator and patient interest in a once-daily oral treatment, as well as the company’s clinical execution. The placebo-controlled BROADEN2 study is evaluating three doses of KT-621, a STAT6 degrader, in atopic dermatitis. The primary endpoint is the percentage change from baseline in EASI score at week 16, while secondary measures include EASI-50, EASI-75, Investigator’s Global Assessment, pruritus scores and safety. → SpaceX’s First Earnings Report Could Decide Whether Shorts or Bulls Have Control Analysts Can't Get Enough of These Little-Known Biopharma Stocks Mainolfi said the company sought to maintain trial quality and enroll patients with appropriate disease severity despite the faster-than-expected recruitment. He said Kymera expects its results to fall “in that ballpark” of prior dupilumab atopic dermatitis studies, while noting that differences in trial populations make direct comparisons difficult. Kymera is developing KT-621 as an oral therapy for Type 2 inflammatory diseases, including atopic dermatitis, asthma, eosinophilic esophagitis, chronic spontaneous urticaria and other conditions. Mainolfi said the company sees an opportunity for an oral medicine that combines clinical activity with tolerability, particularly among patients who are not well served by existing treatments. → 3 Drone Stocks That Should Soar After the Summer Slump The company said enrollment is also underway in the BREADTH Phase 2b trial of KT-621 in Type 2 asthma, with top-line data expected in late 2027. Kymera has initiated an open-label extension study that will allow patients completing BREADTH to continue receiving KT-621 for up to 52 additional weeks. Mainolfi said asthma recruitment is progressing well but is not expected to match the pace of enrollment in atopic dermatitis. The asthma study has more specific entry requirements, including criteria related to fractional exhaled nitric oxide and eosinophil levels, narrowing the eligible patient population and potentially increasing screen failures. → The Bitcoin Comeback May Already Be Underway—2 ETFs for Exposure During the question-and-answer session, Mainolfi said Kymera expects to hold an end-of-Phase 2 meeting with the FDA for atopic dermatitis as soon as possible after the Phase 2b data are available. The company does not intend to wait for the asthma study results before seeking that meeting. Kymera is also considering pediatric development. The atopic dermatitis study includes adolescents ages 12 and older, and Mainolfi said the company is preparing for studies in younger patients, subject to discussions with regulators. He said the company believes it is in a favorable position from a formulation perspective but did not provide further details. Kymera’s second wholly owned clinical program, KT-579, is an oral IRF5 degrader being studied in healthy volunteers. The company expects to report Phase 1 results in the fourth quarter of 2026 and plans to move into a lupus proof-of-concept study shortly afterward. Mainolfi described IRF5 as a genetically supported regulator of innate immune dysfunction that is implicated in lupus, inflammatory bowel disease and other autoimmune diseases. The Phase 1 trial is designed to assess single and multiple ascending doses, with an objective of achieving more than 90% degradation of IRF5 in blood at doses with a favorable safety profile. The study will also evaluate pharmacodynamic activity through ex vivo assays measuring the effects of IRF5 degradation on Type 1 interferons, inflammatory cytokines and gene transcripts associated with TLR7, TLR8 and TLR9 pathways. Mainolfi said Kymera expects to see a 50% to 80% reduction in these biomarkers if the program is effectively engaging the target. New Chief Medical Officer Terence Rooney, a rheumatologist who previously held immunology portfolio leadership roles at Johnson & Johnson, said lupus continues to have substantial unmet need, including for oral medicines with a favorable benefit-risk profile. He said patient selection, site selection, trial design and oversight will be central considerations in lupus development. Kymera said Sanofi recently started a Phase 1 study of KT-485, its second-generation IRAK4 degrader, triggering a $20 million milestone payment. The study is designed to evaluate the drug in healthy volunteers and patients with hidradenitis suppurativa. Meanwhile, KT-200, a CDK2 molecular glue partnered with Gilead Sciences, is advancing toward an expected investigational new drug application and clinical start in 2027, according to the company. The company also announced leadership changes. Jared Gollob retired as chief medical officer after eight years at Kymera and will remain an adviser through year-end to support the transition. Rooney has succeeded him as CMO. Kymera also named Felix Baker chairman, succeeding Bruce Booth, who will remain on the board as a director. Chief Financial Officer Bruce Jacobs reported second-quarter collaboration revenue of $65 million, consisting of a $45 million option exercise fee tied to Gilead and the $20 million Sanofi milestone. Kymera said it has recognized all deferred revenue and does not expect additional revenue in 2026 unless new collaboration milestones are achieved. Research and development expense was $119.5 million, including $10.4 million in non-cash stock-based compensation. Adjusted cash R&D expense was $109.1 million, up 22% from the first quarter, reflecting investment in the clinical portfolio. General and administrative expense was $21.1 million, including $8.6 million in stock-based compensation. Adjusted cash G&A expense was $12.5 million, down 4% sequentially. Cash, cash equivalents and investments totaled about $1.5 billion at the end of June. Jacobs said Kymera’s cash runway extends into 2029 and is expected to support completion of the ongoing KT-621 Phase 2b trials, progression of KT-579 through its planned lupus proof-of-concept study, and initial portions of Phase 3 development for KT-621 in asthma and atopic dermatitis. Kymera Therapeutics, Inc is a clinical‐stage biopharmaceutical company headquartered in Watertown, Massachusetts, focused on the discovery, development and commercialization of small‐molecule therapies that harness the body's natural protein homeostasis pathways. Since its founding in 2016, Kymera has pursued a targeted protein degradation platform designed to identify and selectively eliminate disease‐causing proteins. The company's proprietary Pegasus™ platform integrates insights from ubiquitin biology and medicinal chemistry to advance novel degrader candidates across a range of therapeutic areas. The company's pipeline emphasizes immunology and oncology. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Kymera Therapeutics Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

As you might know, Kymera Therapeutics, Inc. (NASDAQ:KYMR) just kicked off its latest first-quarter results with some very strong numbers. The results were impressive, with revenues of US$34m exceeding analyst forecasts by 318%, and statutory losses of US$0.71 were likewise much smaller than the analysts had forecast. Following the result, the analysts have updated their earnings model, and it would be good to know whether they think there's been a strong change in the company's prospects, or if it's business as usual. We've gathered the most recent statutory forecasts to see whether the analysts have changed their earnings models, following these results. We've found 21 US stocks that are forecast to pay a dividend yield of over 6% next year. See the full list for free. Taking into account the latest results, the most recent consensus for Kymera Therapeutics from 21 analysts is for revenues of US$77.7m in 2026. If met, it would imply a major 51% increase on its revenue over the past 12 months. Losses are forecast to narrow 9.9% to US$3.45 per share. Before this latest report, the consensus had been expecting revenues of US$39.6m and US$3.74 per share in losses. So there's been quite a change-up of views after the recent consensus updates, with the analysts making a sizeable increase to their revenue forecasts while also reducing the estimated loss as the business grows towards breakeven. View our latest analysis for Kymera Therapeutics There was no major change to the consensus price target of US$119, perhaps suggesting that the analysts remain concerned about ongoing losses despite the improved earnings and revenue outlook. Fixating on a single price target can be unwise though, since the consensus target is effectively the average of analyst price targets. As a result, some investors like to look at the range of estimates to see if there are any diverging opinions on the company's valuation. Currently, the most bullish analyst values Kymera Therapeutics at US$140 per share, while the most bearish prices it at US$91.00. As you can see, analysts are not all in agreement on the stock's future, but the range of estimates is still reasonably narrow, which could suggest that the outcome is not totally unpredictable. Looking at the bigger picture now, one of the ways we can make sense of these forecasts is to see how they measure up against both past performance and industry growth estimates. One thing stands out from these estimates, which is that Kymera Therapeutics is forecast to grow faster in the future than it has in the past, with revenues expected to display 73% annualised growth until the end of 2026. If achieved, this would be a much better result than the 2.7% annual decline over the past five years. Compare this against analyst estimates for the broader industry, which suggest that (in aggregate) industry revenues are expected to grow 21% annually. So it looks like Kymera Therapeutics is expected to grow faster than its competitors, at least for a while. The most obvious conclusion is that the analysts made no changes to their forecasts for a loss next year. Happily, they also upgraded their revenue estimates, and are forecasting them to grow faster than the wider industry. The consensus price target held steady at US$119, with the latest estimates not enough to have an impact on their price targets. With that in mind, we wouldn't be too quick to come to a conclusion on Kymera Therapeutics. Long-term earnings power is much more important than next year's profits. We have forecasts for Kymera Therapeutics going out to 2028, and you can see them free on our platform here. And what about risks? Every company has them, and we've spotted 4 warning signs for Kymera Therapeutics (of which 1 shouldn't be ignored!) you should know about. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Kymera Therapeutics, Inc. KYMR posted a first-quarter 2026 loss of 71 cents per share, narrower than the Zacks Consensus Estimate of a loss of 89 cents. In the year-ago quarter, the company reported a loss of 82 cents per share. The company primarily earns revenues from collaborations with bigwigs like Gilead Sciences, Inc. GILD and Sanofi SNY. Quarterly revenues totaled $34.37 million, which rose 55.5% year over year and surpassed the Zacks Consensus Estimate of $11 million. All collaboration revenues recognized in the first quarter of 2026 were derived from the company’s partnership with GILD. Year to date, shares of KYMR have gained 5.3% against the industry’s 1.1% decline. Image Source: Zacks Investment Research Operating expenses increased as Kymera raised investment in its clinical pipeline and discovery engine. Research and development expenses amounted to $98.2 million, up 22.3% year over year, reflecting higher spending on the STAT6 program, platform and discovery efforts, along with continued growth in the R&D organization. General and administrative expenses increased 25.1% to $20.4 million. This can be attributed to higher legal and professional service fees and increased personnel and facility-related costs to support growth as a public company. Kymera exited the quarter with $1.55 billion in cash, cash equivalents and investments, supporting operating runway into 2029. The quarter’s top-line strength reflected collaboration activity, with recognized revenues tied to Kymera’s partnership with Gilead Sciences. Management noted that the upfront payment received upon signing the licensing and option agreement last year has now been fully recognized, setting the stage for milestone-driven revenue variability going forward. A key post-quarter development was Gilead’s decision to exercise its option to exclusively license KT-200, a first-in-class oral CDK2 molecular glue degrader. The exercise triggers a $45 million milestone payment expected to be received in the second quarter, and the agreement includes eligibility for roughly $700 million of additional milestone payments. KT-621 remains Kymera’s lead wholly owned program, an investigational once-daily oral STAT6 degrader for type II inflammatory diseases. The company is running two parallel phase IIb trials to accelerate decision-making and gather dose-ranging data across dermatology and respiratory indications. In atopic dermatitis (AD), the BROADEN2 study is a global, randomized, double-blind, placebo-controlled, dose-ranging trial evaluating three doses in about 200 patients aged 12 to 75 over 16 weeks. The primary endpoint is the percent change from baseline in EASI at Week 16, with additional safety and quality-of-life measures as secondary endpoints. Enrollment is expected to be completed in 2026, with data anticipated by mid-2027. In asthma, Kymera’s BREADTH study is evaluating three doses in approximately 264 adult patients with moderate-to-severe eosinophilic asthma over 12 weeks. The primary endpoint is the change from baseline in pre-bronchodilator FEV1, with a broader set of secondary endpoints spanning safety, efficacy, and quality-of-life measures. The company expects data in late 2027. The FDA granted Fast Track designation to KT-621 for moderate-to-severe eosinophilic asthma, adding to a prior Fast Track designation in atopic dermatitis. Beyond STAT6, Kymera is progressing KT-579, a first-in-class oral degrader of IRF5, a transcription factor positioned as a master regulator across autoimmune diseases. After IND clearance, the company began dosing a first-in-human phase I study in healthy volunteers to evaluate safety, tolerability, pharmacokinetics and pharmacodynamics across single- and multiple-ascending dose cohorts. Management emphasized that the near-term goal is to demonstrate robust IRF5 degradation in blood at doses that remain safe and well tolerated. KT-485/SAR447971, a selective and potent oral IRAK4 degrader developed in partnership with Sanofi, is positioned as a novel oral therapy for a range of chronic immuno-inflammatory diseases. The program has completed IND-enabling studies and is expected to enter clinical trials in 2026. Kymera’s pipeline progress is impressive. R&D expenses continue to increase as the company advances its pipeline. The investment thesis centers on pipeline execution in targeted protein degradation, led by KT-621 in phase II for AD and asthma. Additional positive pipeline updates on KT-621 will be a boost for the stock. Kymera reiterated that its cash resources are expected to fund ongoing Phase IIb execution for KT-621, advance KT-579 into early proof-of-concept planning, and support continued pipeline expansion as the company prepares for later-stage development. Kymera Therapeutics currently carries a Zacks Rank #3 (Hold). A better-ranked biotech is Castle Biosciences CSTL, which currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here. Over the past 60 days, Castle Biosciences’ 2026 loss per share estimates have narrowed from $1.42 to $1.40. Castle Biosciences’ earnings beat estimates in three of the trailing four quarters and missed in the remaining one, with the average surprise being 34.69%. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Sanofi (SNY) : Free Stock Analysis Report Gilead Sciences, Inc. (GILD) : Free Stock Analysis Report Castle Biosciences, Inc. (CSTL) : Free Stock Analysis Report Kymera Therapeutics, Inc. (KYMR) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

KT-621 progress: Kymera is executing two Phase 2b trials—BROADEN II in atopic dermatitis (enrollment expected to finish this year, data by mid‑2027) and BREADTH in asthma (readout by end‑2027)—after Phase 1b showed a mean 49% body surface area reduction at four weeks, described as comparable to dupilumab. KT-579 advancing: The oral IRF5 degrader entered Phase 1 with healthy‑volunteer data expected in H2 2026, targeting >90% IRF5 degradation and planned proof‑of‑concept work likely in lupus following Phase 1. Partnerships and runway: Gilead exercised its KT‑200 option (triggering a $45M payment and up to ~$700M in milestones), Sanofi collaboration could yield nearly $1B in milestones, and Kymera holds $1.55B cash, funding operations into 2029. Interested in Kymera Therapeutics, Inc.? Here are five stocks we like better. Insider Buying: Smart Money Just Spent +$100M on These 3 Stocks Kymera Therapeutics (NASDAQ:KYMR) highlighted progress across its clinical-stage pipeline and provided a financial update during its first-quarter 2026 results call, with executives emphasizing execution of ongoing Phase 2b studies for KT-621 and upcoming clinical readouts for the IRF5 degrader KT-579. Founder, President and CEO Nello Mainolfi said the company’s “immediate priority” is execution of two Phase 2b trials for KT-621, an oral STAT6 degrader being developed for type 2 inflammatory diseases. In atopic dermatitis (AD), Kymera is running the BROADEN II study and remains “on track to complete enrollment this year,” with data expected by mid-2027. Mainolfi said the company continues to see strong engagement from sites and patients, adding that “the enthusiasm for the trial is high.” In asthma, the BREADTH study is expected to read out by the end of 2027. → Palantir Is Down 30%: Noise? Or a Signal to Accumulate? Analysts Can't Get Enough of These Little-Known Biopharma Stocks Mainolfi said Kymera plans to continue assessing a broader development strategy for KT-621 beyond AD and asthma, citing potential opportunities in “COPD, EoE, chronic rhinosinusitis, and others.” He later told Stephens that Kymera has “absolute confidence that the drug will work in all type 2 diseases,” but is waiting on the Phase 2b asthma study to inform Phase 3 dose selection that could be applied across indications. Chief Medical Officer Jared Gollob discussed the company’s recent presentation of KT-621 Phase 1b BroADen data at the American Academy of Dermatology (AAD) meeting. He said the AAD presentation included “the first detailed look” at body surface area (BSA) outcomes, with “an overall mean reduction in BSA of 49% at four weeks across the two dose groups.” Gollob said the results were consistent with other endpoints reported at four weeks, including EASI and pruritus, and he characterized the early efficacy as “in line with published data for dupilumab at week four.” → Corning Beats Q1 Estimates but Drops 9% on Guidance Miss On questions about apparent differences between dose groups in BSA reductions, Mainolfi emphasized that 100 mg and 200 mg “gave the same degradation,” and Gollob pointed to overlapping error bars and small sample size. “Differences… are really not significant differences, and it’s probably… a function of the small [n],” Gollob said, adding that across endpoints the company saw “comparable activity across both doses.” Mainolfi also addressed how Kymera is thinking about adoption and the potential market for KT-621. He argued that many patients remain “untreated or undertreated” because they and their prescribers are hesitant to move to advanced systemic injectable therapies, not primarily due to needle phobia but due to broader barriers to starting an injectable biologic for a chronic condition like AD. He cited “tens of millions” of diagnosed moderate-to-severe AD patients versus “less than 2 million” treated with advanced systemic therapies, referencing dupilumab, Adbry, and Rinvoq. → Did Qualcomm Just Put Apple in Check? Kymera’s other major internal focus is KT-579, an oral degrader designed to selectively degrade IRF5. Mainolfi said the company expects to report Phase 1 healthy volunteer data in the second half of 2026, with the goal of demonstrating safe, robust target degradation and human translation of the biology seen preclinically. Gollob described IRF5 as a “genetically and biologically validated transcription factor” that functions as a “master regulator and central amplifier” of immune responses in multiple autoimmune diseases, including lupus. He argued that because autoimmune diseases such as lupus involve broad immune dysregulation, IRF5 degradation could potentially impact multiple downstream inflammatory pathways simultaneously, compared with biologics that target single pathways. According to Gollob, the Phase 1 study is designed to evaluate single and multiple ascending oral doses, “with a focus on achieving greater than 90% IRF5 degradation in blood and a favorable safety profile.” Kymera also plans to assess pharmacodynamic activity using ex vivo whole-blood stimulation assays focused on TLR7, TLR8, and TLR9 pathways. Gollob said Kymera expects that effective engagement—paired with at least 90% target degradation—should produce “a 50%-80% reduction” in biomarkers across the three pathways assessed, though he noted the range is approximate and could differ in practice. Mainolfi told JPMorgan that preclinical models suggested that “as low as… 80% degradation is sufficient” to drive efficacy in mouse models, but said Kymera aims to show >90% degradation to provide flexibility for later dose-ranging. He also said the company has historically not observed differences in degradation between healthy volunteers and patients, describing these compounds as “catalytic molecules” whose activity depends on exposure thresholds more than target expression levels. The company expects what it sees in healthy volunteers to translate into patients, citing experience with KT-621 and an IRAK4 program. Kymera plans to present additional KT-579 preclinical data at Digestive Disease Week (DDW) next month, including new IBD model data, and at EULAR in June. Gollob also said Kymera is planning a proof-of-concept study “likely in lupus” following Phase 1, with more detail expected later this year. On safety, Gollob said IRF5 “is not essential for host defense against infectious pathogens,” citing IRF5 knockout mice and the company’s four-week GLP tox studies in non-human primates and rodents, where Kymera “did not observe any adverse findings.” Responding to RBC Capital Markets, Mainolfi said the company has not seen meaningful adverse events in animal studies and views infection risk as a key theoretical consideration, but added, “we don’t expect any particular adverse event here with this drug of note.” Mainolfi highlighted Kymera’s collaboration with Gilead, noting the company recently announced Gilead’s decision to advance KT-200, described as a CDK2 molecular glue program that could enter the clinic “as early as next year.” Mainolfi said Kymera pursued a molecular glue approach to achieve CDK2 selectivity, arguing that traditional approaches targeting the ATP binding pocket face challenges due to structural homology and cross-reactivity with CDK1. On the call, Mainolfi said Kymera had previously published work on an ATP-binding-site-based bifunctional degrader, but said selectivity “wasn’t good enough” and the company moved on. He described the KT-200 approach as “a protein-protein interaction-enabled molecular glue that is outside of the ATP binding pocket” to achieve “absolute CDK1 selectivity.” He also said investors should expect additional molecular glue programs over time, “in any therapeutic areas,” not limited to oncology. Chief Financial Officer Bruce Jacobs provided collaboration revenue details. Kymera reported first-quarter 2026 collaboration revenue of $34.4 million, which Jacobs said was “attributable fully” to the Gilead partnership. Jacobs also said Kymera had received a $40 million upfront payment when the agreement was signed last year, and that amount has “now been fully recognized” as revenue. Following Gilead’s exercise of its option on KT-200, Jacobs said Kymera is due to receive a $45 million investment from Gilead, which is expected to be recognized as revenue in the second quarter of 2026. He added that under the agreement Kymera is eligible for “approximately an additional $700 million in total milestone payments.” Jacobs also discussed Kymera’s partnering relationship with Sanofi. He said Kymera continues to expect Sanofi to advance KT-485 into Phase 1 testing this year, which would trigger a milestone payment upon dosing the first healthy volunteer. Under the structure of the Sanofi agreement, Jacobs said Kymera has the potential to realize “nearly $1 billion in total milestones.” On expenses, Jacobs reported first-quarter R&D expense of $98.2 million, including $8.6 million in non-cash stock-based compensation. He said adjusted cash R&D spend was $89.6 million, an 18% increase from the comparable amount in the fourth quarter of 2025. G&A expense was $20.4 million, including $7.4 million in non-cash stock-based compensation; adjusted cash G&A spend was $13 million, a 30% increase from the comparable amount in the fourth quarter of 2025. Jacobs said the quarter’s G&A growth was elevated due to timing of certain expenses and that Kymera expects G&A growth to “moderate in the coming quarters.” Kymera ended March with a cash balance of $1.55 billion, which Jacobs said provides runway into 2029. He said the cash position allows Kymera to complete both KT-621 Phase 2b trials in AD and asthma and “to fund a large part of the first phase III trial for KT-621 in AD.” Jacobs added that the runway also supports advancing KT-579 through initial proof-of-concept testing, progressing the research pipeline, and expanding capabilities ahead of later-stage development and commercialization. Kymera Therapeutics, Inc is a clinical‐stage biopharmaceutical company headquartered in Watertown, Massachusetts, focused on the discovery, development and commercialization of small‐molecule therapies that harness the body's natural protein homeostasis pathways. Since its founding in 2016, Kymera has pursued a targeted protein degradation platform designed to identify and selectively eliminate disease‐causing proteins. The company's proprietary Pegasus™ platform integrates insights from ubiquitin biology and medicinal chemistry to advance novel degrader candidates across a range of therapeutic areas. The company's pipeline emphasizes immunology and oncology. The article "Kymera Therapeutics Q1 Earnings Call Highlights" was originally published by MarketBeat.