Kymera Therapeutics (KYMR) Q3 2026 earnings summary

Executive summary

• KT-579 Phase 1 showed median IRF5 degradation of at least 90%, broad biomarker effects across immune pathways and placebo-like safety; a lupus Phase 1b study is planned for early 2027.

• KT-621 is in Phase 2b trials for atopic dermatitis and asthma; AD results are expected by year-end 2026 and asthma results in late 2027.

Financial highlights

• Q3 2026 collaboration revenue was $0, versus $2.764 million in Q3 2025; no additional collaboration revenue is expected in 2026.

• Q3 R&D expense was $128.509 million versus $74.094 million; G&A was $18.7 million versus $17.3 million.

• Q3 net loss was $131.999 million versus $82.175 million; nine-month net loss was $262.444 million versus $224.370 million.

• Nine-month collaboration revenue was $99.365 million versus $36.341 million, reflecting recognized Gilead and Sanofi milestones.

• Q3 adjusted cash G&A was $10.8 million, down 14% QoQ; R&D excluding non-cash stock-based compensation was $117.6 million, up 8% QoQ.

Outlook and guidance

• KT-621 BROADEN2 AD topline data are expected by year-end 2026; Phase 3 initiation is targeted by mid-2027, subject to supportive data and FDA alignment.

• KT-621 BREADTH asthma Phase 2b results are expected in late 2027; KT-579 LUMORA lupus Phase 1b is planned to start by early 2027.

• LUMORA is planned as a randomized, double-blind, placebo-controlled 16-week biomarker study in ~30 adults with SLE, allocated 2:1 to KT-579 or placebo.

• Gilead is conducting IND-enabling studies for KT-200, with an IND filing planned for 2027; Sanofi leads KT-485 development in Phase 1.

• Cash runway is expected to extend into 2029; R&D and G&A expenses are expected to rise as clinical development advances.