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1. Company Snapshot

1.a. Company Description

Kymera Therapeutics, Inc., a biopharmaceutical company, focuses on discovering and developing novel small molecule therapeutics that selectively degrade disease-causing proteins by harnessing the body's own natural protein degradation system.It engages in developing IRAK4 program, which is in Phase I clinical trial for the treatment of immunology-inflammation diseases, including hidradenitis suppurativa, atopic dermatitis, macrophage activation syndrome, general pustular psoriasis, and rheumatoid arthritis; IRAKIMiD program to treat MYD88-mutated diffuse large B cell lymphoma; STAT3 program for the treatment of hematologic malignancies and solid tumors, as well as autoimmune diseases and fibrosis; and MDM2 program to treat hematological malignancies and solid tumors.The company was incorporated in 2015 and is headquartered in Watertown, Massachusetts.

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1.b. Last Insights on KYMR

Breaking News: Kymera Therapeutics Inc reported a Q4 loss of $0.97 per share missing estimates of $0.77 per share. This compares to a loss of $0.88 per share a year ago. The company recently held its Q4 2025 earnings call. Analysts have a consensus recommendation of "Buy" for the company with one sell rating, nineteen buy ratings and two strong buy ratings. Nineteen brokerages have given a positive outlook on the stock with a strong buy recommendation from two firms.

1.c. Company Highlights

2. Kymera Therapeutics' Q4 2025 Earnings: A Deeper Dive

Kymera Therapeutics reported a collaboration revenue of $2.9 million in Q4 2025, driven by their partnership with Gilead. The company's operating expenses for the quarter stood at $83.8 million, with $7.6 million attributed to non-cash stock-based compensation. The earnings per share (EPS) came in at -$1.03, missing estimates of -$0.77. The company's cash balance of $1.6 billion provides a runway into 2029, sufficient to complete both KT-621 Phase IIb trials in atopic dermatitis (AD) and asthma, and fund a significant part of the first Phase III trial for KT-621.

Publication Date: Feb -27

📋 Highlights
  • Strong Cash Position:: Raised $1 billion in 2025, ending with $1.6 billion cash, enabling development plans until 2029.
  • KT-621 Progress:: Phase I/IIb trials in AD and asthma showed robust STAT6 degradation, with 500-patient trials expected to generate data in 2026.
  • IRF5 Program Launch:: KT-579 initiated Phase I, targeting lupus/Sjogren’s, with 90%+ IRF5 knockdown and $1 billion potential from Sanofi partnership.
  • Partnership Milestones:: Gilead partnership offers $750 million in milestones, including $45 million if CDK2 option exercised.
  • Phase III Readiness:: $1.6 billion cash runway supports three parallel Phase III trials for KT-621 starting 2026, contingent on Phase IIb success.

Pipeline Progress and Future Milestones

The company's lead molecule, KT-621, demonstrated robust STAT6 degradation with excellent safety and tolerability in a Phase I healthy volunteer study and showed a highly encouraging impact on efficacy endpoints in a Phase Ib study in AD patients. Two Phase IIb studies, one in AD and the other in asthma, are ongoing, with data expected in 2027. Additionally, the company is advancing its IRF5 degrader program, KT-579, which has shown promising preclinical efficacy and safety data.

Valuation Metrics and What's Priced In

With a P/S Ratio of 193.94 and an EV/EBITDA of -20.97, the market seems to be pricing in significant growth expectations for Kymera Therapeutics. The company's ROE stands at -29.08%, and the ROIC is -20.88%, indicating that the company is currently not generating profits. The current valuation metrics suggest that the market is expecting a turnaround in the company's financial performance, likely driven by the progress of its pipeline assets.

KT-621 and IRF5 Degrader Program

The company's KT-621 program has shown robust activity in preclinical models, and clinical data has been encouraging, with a dupilumab-like profile observed in the BroADen Phase Ib study. The IRF5 degrader program, KT-579, is expected to show 90% or greater IRF5 knockdown in blood, which will be important for derisking subsequent patient studies. As Jared Gollob mentioned, "We're assessing the functional impact of IRF5 degradation on the induction of Type 1 interferons, pro-inflammatory cytokines, and inflammatory pathway gene transcripts by TLR7, 8, and 9 agonists using full blood ex vivo stimulation assays."

Financial Outlook and Analyst Estimates

Analysts estimate a revenue growth of -7.0% for the next year, indicating a decline in revenue. However, with the company's cash balance providing a significant runway, Kymera Therapeutics is well-positioned to advance its pipeline and achieve its development plans, potentially leading to a turnaround in financial performance.

3. NewsRoom

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Kymera Therapeutics: Well-Funded Pipeline Enters A Defining Clinical Phase

Mar -03

Source: seekingalpha.com

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Insider Selling: Kymera Therapeutics (NASDAQ:KYMR) CEO Sells $2,707,800.00 in Stock

Feb -28

Source: defenseworld.net

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Kymera Q4 Loss Wider Than Expected, Cash Boost Extends Runway

Feb -27

Source: zacks.com

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Kymera Therapeutics, Inc. (NASDAQ:KYMR) Given Consensus Recommendation of “Buy” by Brokerages

Feb -27

Source: defenseworld.net

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Kymera Therapeutics, Inc. (KYMR) Q4 2025 Earnings Call Transcript

Feb -26

Source: seekingalpha.com

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Kymera Therapeutics, Inc. (KYMR) Reports Q4 Loss, Misses Revenue Estimates

Feb -26

Source: zacks.com

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Kymera Stock Up 130% as $135 Million Buy Boosts Immunology Bet

Feb -23

Source: fool.com

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Kymera Therapeutics to Report Fourth Quarter and Full Year 2025 Financial Results on February 26, 2026

Feb -19

Source: globenewswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (9.27%)

6. Segments

Small Molecule Therapeutics

Expected Growth: 9.27%

Kymera Therapeutics' Small Molecule Therapeutics segment growth of 9.27% is driven by increasing demand for targeted protein degradation therapies, strategic partnerships, and a strong pipeline of novel E3 ubiquitin ligase-based molecules. Additionally, advancements in PROTAC technology and expanding research in oncology and immunology further fuel growth.

7. Detailed Products

KT-474

A novel, orally bioavailable, irreversible inhibitor of the ubiquitin ligase cereblon, for the treatment of multiple myeloma and other hematologic malignancies.

KT-333

A novel, orally bioavailable, irreversible inhibitor of the ubiquitin ligase IRAK4, for the treatment of immune-inflammatory diseases.

E3 ubiquitin ligase degraders

A novel class of targeted protein degraders that harness the body's natural protein degradation machinery to eliminate disease-causing proteins.

8. Kymera Therapeutics, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Kymera Therapeutics, Inc. operates in a niche market with limited substitutes, but the threat of substitutes is still present due to the ongoing research and development in the biotechnology industry.

Bargaining Power Of Customers

Kymera Therapeutics, Inc. has a diverse customer base, which reduces the bargaining power of individual customers. Additionally, the company's products are highly specialized, making it difficult for customers to switch to alternative suppliers.

Bargaining Power Of Suppliers

Kymera Therapeutics, Inc. relies on a few key suppliers for raw materials and services, which gives them some bargaining power. However, the company's strong relationships with its suppliers and its ability to negotiate contracts mitigate this risk.

Threat Of New Entrants

The biotechnology industry has high barriers to entry, including significant capital requirements, complex regulatory requirements, and the need for specialized expertise. This makes it difficult for new entrants to enter the market.

Intensity Of Rivalry

The biotechnology industry is highly competitive, with many established players and new entrants vying for market share. Kymera Therapeutics, Inc. faces intense competition from companies with similar products and technologies.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 17.65%
Debt Cost 3.95%
Equity Weight 82.35%
Equity Cost 15.51%
WACC 13.47%
Leverage 21.44%

11. Quality Control: Kymera Therapeutics, Inc. passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Dianthus Therapeutics

A-Score: 4.8/10

Value: 6.7

Growth: 6.0

Quality: 5.0

Yield: 0.0

Momentum: 9.5

Volatility: 1.7

1-Year Total Return ->

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Stock-Card
Kymera Therapeutics

A-Score: 4.1/10

Value: 6.2

Growth: 3.1

Quality: 5.1

Yield: 0.0

Momentum: 8.5

Volatility: 1.7

1-Year Total Return ->

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MannKind

A-Score: 4.0/10

Value: 2.5

Growth: 8.7

Quality: 7.1

Yield: 0.0

Momentum: 2.5

Volatility: 3.3

1-Year Total Return ->

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Syros Pharmaceuticals

A-Score: 3.2/10

Value: 8.0

Growth: 5.4

Quality: 5.6

Yield: 0.0

Momentum: 0.0

Volatility: 0.0

1-Year Total Return ->

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TScan Therapeutics

A-Score: 2.9/10

Value: 8.2

Growth: 4.2

Quality: 4.4

Yield: 0.0

Momentum: 0.0

Volatility: 0.7

1-Year Total Return ->

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Stock-Card
OmniAb

A-Score: 2.7/10

Value: 7.5

Growth: 1.6

Quality: 4.6

Yield: 0.0

Momentum: 0.0

Volatility: 2.7

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

86.0$

Current Price

86.0$

Potential

-0.00%

Expected Cash-Flows