Kymera Therapeutics, Inc.

Second-quarter 2026 collaboration revenue was $65 million, including a $45 million Gilead option exercise fee and a $20 million Sanofi milestone tied to KT-485 starting Phase I. R&D expense was $119.5 million, including about $10.4 million of noncash stock-based compensation; adjusted cash R&D was $109.1 million, up 22% versus Q1 2026. G&A expense was $21.1 million, including about $8.6 million of stock-based compensation; adjusted cash G&A was $12.5 million, down 4% versus Q1 2026. Kymera ended June with approximately $1.5 billion in cash, cash equivalents and investments, and reiterated runway into 2029. Management said all deferred revenue has now been recognized, so it does not expect additional revenue this year; future revenue would come from milestones in 2027 and beyond. Guidance-wise, KT-621 AD top-line data is expected by year-end 2026 with Phase III around mid-2027, KT-621 asthma top-line data by late 2027, and KT-579 healthy-volunteer data in Q4 2026.

Nello Mainolfi framed the quarter as one of strong execution across the portfolio, emphasizing that KT-621 is advancing faster than planned because of rapid enrollment without sacrificing quality. He repeatedly stressed the company’s goal of translating targeted protein degradation into oral medicines that can change treatment paradigms in immunology and beyond. His tone was confident and expansive, with comments about KT-621 potentially becoming a first oral option across type 2 disease and KT-579 potentially opening a new mechanism in autoimmune disease.

Bruce Jacobs focused on the quarter’s financial contribution from partnerships and the company’s funding position. He cited $65 million of collaboration revenue, driven by the $45 million Gilead option exercise fee and $20 million Sanofi milestone, and noted no additional revenue is expected this year because deferred revenue has been fully recognized. He also detailed operating spend: $119.5 million of R&D, $109.1 million adjusted cash R&D, $21.1 million of G&A, and $12.5 million adjusted cash G&A. He said the $1.5 billion balance supports completion of KT-621 Phase 2b studies, progression of KT-579 through lupus proof-of-concept, and initiation of early KT-621 Phase III work while keeping runway into 2029.

Analysts pressed management on BROADEN-2/KT-621 enrollment quality, baseline severity, placebo-response assumptions, and whether the faster pace changes confidence in the study’s power. Nello said the team prioritized quality over speed, feels good about the baseline characteristics, and did not change powering assumptions despite higher placebo rates seen in the category. On KT-579, management said the Q4 healthy-volunteer readout is intended to prove robust and safe IRF5 degradation and biomarker modulation before moving into lupus and potentially other indications. Other questions focused on pediatric development, OLE rollover, and the competitive landscape in STAT6; management said pediatrics is being actively pursued but depends on regulatory discussions, and that it believes degraders have an advantage over small-molecule inhibitors because of complete pathway blockade at low doses.