Kymera Therapeutics (KYMR) Q4 2024 earnings summary

Executive summary

• Advanced oral immunology pipeline with STAT6 (KT-621), TYK2 (KT-295), and IRAK4 (KT-474) programs, including KT-621 Phase 1 trial initiation and KT-295 IND-enabling studies.

• Declared KT-295 as lead TYK2 candidate and supported KT-474 Phase 2 expansion with Sanofi.

• Multiple clinical data readouts expected in 2025, including KT-621 Phase 1 and 1b, KT-295 Phase 1, and new immunology target announcement in May.

• Early immunology pipeline progressed, with a new target to be unveiled in May 2025.

• Leigh Morgan, director, will not stand for reelection at the upcoming annual meeting.

Financial highlights

• Q4 2024 collaboration revenue was $7.4M, all from Sanofi; FY 2024 revenue was $47.1M, down from $78.6M in 2023.

• R&D expenses for Q4 2024 were $71.8M, with $6.8M in non-cash stock-based compensation; FY 2024 R&D was $240.2M.

• G&A expenses for Q4 2024 were $16.3M, with $7M in non-cash stock-based compensation; FY 2024 G&A was $63.5M.

• Q4 2024 net loss was $70.8M; FY 2024 net loss was $223.9M, up from $147.0M in 2023.

• Year-end 2024 cash balance was $851M, providing runway into mid-2027.

Outlook and guidance

• KT-621 Phase 1 data in healthy volunteers expected June 2025; Phase 1b in AD to read out in Q4 2025.

• KT-295 to enter clinic in Q2 2025, with Phase 1 data expected by year-end.

• KT-474 Phase 2b trials in HS and AD to complete by mid-2026.

• New oral degrader program targeting an undrugged immunology target to be announced May 2025.

• Cash runway supports execution of multiple data readouts and phase II trials into mid-2027.