Kymera Therapeutics (KYMR) Q4 2025 earnings summary

Executive summary

• Achieved significant progress in 2025 with robust clinical results for KT-621 (oral STAT6 degrader), initiation of Phase 2b trials in atopic dermatitis and asthma, and advancement of KT-579 (oral IRF5 degrader) into Phase 1 trials, with dosing beginning in early 2026.

• Expanded pipeline through collaborations with Sanofi (IRAK4/KT-485) and Gilead (CDK2), with both programs advancing toward clinical stages.

• Ended 2025 with $1.6–$1.62 billion in cash, extending runway into 2029 and supporting broad development plans.

• Appointed Neil Graham as Chief Development Officer to strengthen leadership for upcoming growth.

Financial highlights

• Collaboration revenue for 2025 was $39.2 million, with Q4 revenue at $2.9 million, primarily from the Gilead partnership.

• Received $40 million upfront from Gilead, with up to $750 million in potential milestones.

• R&D expenses for Q4 were $83.8 million ($76.2 million adjusted), and for FY 2025 totaled $316.6 million, up from $240.2 million in 2024.

• G&A expenses were $16.9 million for Q4 and $68.2 million for FY 2025, with $10 million adjusted for Q4.

• Net loss widened to $311.4 million in 2025, with Q4 net loss at $87.0 million.

Outlook and guidance

• Cash runway expected to extend into 2029, supporting ongoing and planned clinical programs.

• KT-621 Phase 2b AD data expected by mid-2027 and asthma data by late 2027; KT-579 Phase 1 data anticipated in 2H26, with plans for lupus proof-of-concept studies.

• Sanofi to initiate KT-485 Phase 1 trial in 2026; Gilead CDK2 program to advance further.

• At least one new development candidate to advance toward IND in 2026.