Kymera Therapeutics (KYMR) investor relations material

Pipeline progress and clinical development

• STAT6 program advanced with successful Phase 1A and ongoing Phase 1B, showing >90% STAT6 degradation at low doses and strong biomarker impact, with Phase 2B in atopic dermatitis starting soon and data expected in Q4.

• IRF5 program on track for clinical entry in early 2026, targeting diseases like lupus, RA, and IBD, with compelling preclinical data and plans for rapid progression to Phase 2B.

• IRAK4 collaboration with Sanofi shifted to a second-generation degrader (KT-485), addressing prior safety concerns and aiming for Phase 1 in 2026, with milestone payments anticipated.

• Pipeline strategy includes launching at least one new program per year, with undisclosed programs expected to be announced in 2026.

• Cash runway extends into the second half of 2028, covering all disclosed and undisclosed programs, including Phase 3 startup costs.

Scientific rationale and trial design

• Oral degraders are positioned as superior to classical small molecule inhibitors due to catalytic mechanism, high selectivity, and ability to achieve sustained target suppression with once-daily dosing.

• STAT6 is a compelling target for TH2 diseases, offering the potential to replicate the efficacy of biologics like DUPIXENT by blocking IL-4/13 pathways intracellularly.

• Phase 1 studies validated the approach, achieving deep STAT6 knockdown and biomarker changes comparable to DUPIXENT, supporting dose selection for further trials.

• Phase 2B studies for both atopic dermatitis and asthma will use three dose levels plus placebo, aiming for robust dose range finding and benchmarking against historical DUPIXENT data.

• Placebo effect mitigation in Phase 2B will rely on stringent eligibility, investigator training, and oversight to ensure accurate patient selection and endpoint measurement.

Financials and partnerships

• Approximately $1 billion in cash as of July, with additional potential milestones from Sanofi and Gilead not included in the runway.

• Sanofi and Gilead partnerships provide significant milestone opportunities, with near-term payments expected upon clinical advancement of partnered programs.

• Financial planning includes all disclosed and undisclosed pipeline activities, with flexibility for future partnerships and capitalization decisions post-Phase 2B.