Kymera Therapeutics, Inc. (KYMR): Results of Operations and Financial Condition
Kymera Therapeutics, Inc. (KYMR) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 Kymera Therapeutics Announces Second Quarter 2026 Financial Results and Provides a Business Update Enrollment completed in KT-621 (STAT6) BROADEN2 Phase 2b AD trial nearly six months ahead of anticipated timeline, with data expected by year-end 2026 KT-621 Phase 3 tr
How this was made
The 30-second read
Why it matters
The most decision-relevant update is the pull-forward of KT-621 BROADEN2 topline timing to year-end 2026 and an earlier-than-anticipated Phase 3 start, alongside cash runway disclosure and partnered-program milestone payments.
Market read
For KYMR, the filing updates the near-term clinical catalyst calendar (year-end 2026 topline for KT-621 BROADEN2) and reinforces balance-sheet runway (cash of $1.5B as of June 30, 2026).
What to watch
The filing emphasizes expected data windows (year-end 2026, late 2027, 4Q26) rather than results; traders should weigh the probability of schedule slippage and the absence of topline efficacy/safety numbers in this release.
Kymera Therapeutics Announces Second Quarter 2026 Financial Results and Provides a Business Update
Collaboration revenues were $65.0 million, net loss was $61.2 million, KT-621 BROADEN2 enrollment completed nearly six months ahead of the original timeline, and the Company reported $1.5 billion in cash, cash equivalents and investments with runway into 2029.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Collaboration revenuesother | $65.0 million | – | – |
| Gilead option exercise fee recognized as collaboration revenueother | $45 million | – | – |
| Sanofi milestone payment recognized as collaboration revenueother | $20 million | – | – |
| Research and development expensesother | $119.5 million | – | – |
| Stock based compensation expenses included in R&Dother | $10.4 million | – | – |
| General and administrative expensesother | $21.1 million | – | – |
| Stock based compensation expenses included in G&Aother | $8.6 million | – | – |
| Net lossother | $61.2 million | – | – |
| Cash, cash equivalents and investmentsother | $1.5 billion | – | – |
| Median STAT6 degradation at both dose levels in healthy Japanese adultsother | ≥98% | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Collaboration revenuesConsisted of a $45 million option exercise fee related to the Company’s collaboration with Gilead Sciences and a $20 million milestone payment related to the Company’s collaboration with Sanofi. | $65.0 million | – | – |
Future clinical milestones and cash runway outlook
- Notecash runway into 2029
- Notedata expected by year-end 2026
- Noteexpects to initiate Phase 3 trials in AD by mid-2027
- Noteexpects to report data in late 2027
- Notedata expected in the fourth quarter of 2026
- Noteplans to initiate a Phase 1b patient proof-of-concept trial in lupus soon after the completion of the healthy volunteer trial
- NoteGilead intends to progress the program into IND-enabling studies to support an IND filing in 2027
- Notegoal to deliver at least one new development candidate per year
What drove it
- Collaboration revenues recognized in the second quarter of 2026 consisted of a $45 million option exercise fee related to the Company’s collaboration with Gilead Sciences and a $20 million milestone payment related to the Company’s collaboration with Sanofi.
- Enrollment in the KT-621 BROADEN2 Phase 2b clinical trial in moderate to severe atopic dermatitis completed nearly six months ahead of its original timeline.
- The earlier completion of KT-621 BROADEN2 enrollment accelerated the expected topline data readout by six months to year-end 2026, earlier than prior guidance to share data by mid-2027.
- R&D expense increased primarily due to investment in the STAT6 program, platform and discovery programs, and continued growth in the research and development organization.
- Sanofi initiated the first-in-human Phase 1 clinical trial evaluating KT-485 (SAR447971) in adult healthy volunteers and hidradenitis suppurativa patients.
Concerns
- Research and development expenses were $119.5 million for the second quarter of 2026 compared to $78.4 million for the second quarter of 2025.
- General and administrative expenses were $21.1 million for the second quarter of 2026 compared to $17.6 million for the second quarter of 2025.
- Net loss was $61.2 million for the second quarter of 2026.
- Enrollment is ongoing in the KT-621 BREADTH Phase 2b clinical trial, with data expected in late 2027.
- KT-579 remains in a Phase 1 clinical trial in healthy volunteers, with data expected in the fourth quarter of 2026.
What to watch
- KT-621 BROADEN2 Phase 2b topline data expected by year-end 2026.
- Subject to discussions with regulators, initiation of KT-621 Phase 3 trials in AD by mid-2027.
- KT-579 Phase 1 healthy-volunteer data expected in the fourth quarter of 2026.
- KT-621 BREADTH Phase 2b asthma data expected in late 2027.
- A planned KT-579 Phase 1b patient proof-of-concept trial in lupus soon after completion of the healthy-volunteer trial.
- Gilead’s planned IND-enabling work for KT-200 to support an IND filing in 2027.
Balance sheet and cash flow
- As of June 30, 2026, Kymera had $1.5 billion in cash, cash equivalents and investments.
- The Company received the $45 million option exercise fee during the second quarter and received the $20 million milestone payment during the third quarter.
- Kymera expects that its cash balance will provide the Company with a cash runway into 2029 beyond multiple clinical inflection points in its pipeline.
Analysis
Kymera reported $65.0 million of collaboration revenues in the second quarter of 2026, compared with $11.5 million in the second quarter of 2025. The reported revenue consisted entirely of a $45 million Gilead option exercise fee and a $20 million Sanofi milestone payment, both earned and fully recognized during the quarter. The $45 million payment was received during the second quarter, while the $20 million payment was received during the third quarter.
The operating investment remains centered on advancing the clinical and discovery portfolio. Research and development expenses were $119.5 million, compared with $78.4 million in the second quarter of 2025, primarily reflecting STAT6, platform and discovery investment and R&D organizational growth. General and administrative expenses were $21.1 million, compared with $17.6 million, reflecting legal and professional fees and personnel, facility, occupancy and other public-company growth costs. Net loss was $61.2 million, compared with $76.6 million.
The key development update is the completion of enrollment in KT-621 BROADEN2 in moderate to severe atopic dermatitis nearly six months ahead of the original timeline. The Company moved its expected topline data readout forward by six months to year-end 2026, from prior guidance to share data by mid-2027, and expects to initiate Phase 3 AD trials by mid-2027 subject to regulator discussions. KT-621 BREADTH enrollment in eosinophilic asthma continues, with data expected in late 2027. In a Phase 1 study in healthy Japanese adults, KT-621 showed median STAT6 degradation of ≥98% at both dose levels.
The portfolio also added partner progress and near-term clinical catalysts. Sanofi began the Phase 1 trial for KT-485, triggering the $20 million milestone, while Gilead exercised its KT-200 option and paid the $45 million fee. KT-579 remains in Phase 1 healthy-volunteer testing, with data expected in the fourth quarter of 2026 and a lupus patient proof-of-concept study planned afterward. Kymera ended June 30, 2026 with $1.5 billion in cash, cash equivalents and investments and stated that this balance provides runway into 2029 beyond multiple clinical inflection points.
Management, verbatim
Kymera is delivering in a pivotal period of execution, with multiple clinical-stage programs advancing, important data catalysts ahead, and growing conviction in the potential of oral degrader medicines to transform the standard of care for chronic, debilitating immunological diseases.
Nello Mainolfi, PhD, Founder, President and CEO, Kymera Therapeutics
The rapid completion of enrollment in our KT-621 BROADEN2 Phase 2b trial in atopic dermatitis nearly six months ahead of our original timeline is a powerful example of the immense interest from clinicians and patients in a once-daily oral therapy and excellent execution from the Kymera team.
Nello Mainolfi, PhD, Founder, President and CEO, Kymera Therapeutics
Not in the filing
stated, not guessed- GAAP or non-GAAP basis labels for the reported financial results
- Total revenue separate from collaboration revenues
- Product revenue
- Gross profit and gross margin
- Operating income or loss
- Earnings or loss per share
- Weighted-average shares outstanding
- Prior-quarter comparisons for reported financial metrics
- Reported year-over-year or quarter-over-quarter percentage changes for financial metrics
- Operating cash flow
- Free cash flow
- Capital expenditures
- Debt balance
- Share repurchases
- Dividends
- Forward revenue guidance
- Forward gross-margin guidance
- Forward operating-expense guidance
- Forward tax-rate guidance
- Prior outlook section for formal comparison of actual results with prior guidance
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
This is Kymera Therapeutics’ SEC Form 8-K (Item 2.02) with Q2 2026 financial results and a business update on its immunology pipeline.
Ticker impact
Kymera’s 8-K reports Q2 2026 results plus pipeline updates, including accelerated enrollment completion for KT-621 BROADEN2 and a pulled-forward year-end 2026 topline readout.
Bias toward positive near-term sentiment as the year-end 2026 topline and mid-2027 Phase 3 initiation are pulled forward versus prior expectations.
The filing explicitly states enrollment completion nearly six months ahead and accelerates topline timing to year-end 2026, which can re-rate clinical catalysts and risk timing for a clinical-stage biotech.
Market effects
Supports sentiment for oral immunology degrader platforms and STAT6/IRF5 pathway programs, but impact is company-specific rather than a broad sector reset.
Limited, as the update is primarily US-listed company execution and global trial enrollment progress.
Moderate for global immunology investors due to Japan-specific KT-621 Phase 1 data and worldwide Type 2 disease framing, but no new regulatory or partnership expansion beyond milestones.
Counterpoint
Accelerated enrollment does not guarantee efficacy or safety outcomes; the market may overreact to timeline progress without new efficacy data.
Key entities
- companyKymera Therapeutics, Inc.
NASDAQ-listed clinical-stage biopharmaceutical company advancing oral small-molecule degrader programs.
- programKT-621 (STAT6)
Once-daily oral STAT6 degrader in Phase 2b for atopic dermatitis and asthma; BROADEN2 enrollment completed nearly six months ahead.
- programKT-579 (IRF5)
Oral IRF5 degrader in Phase 1 healthy volunteer testing with data expected in 4Q26.
- partnerSanofi
Partner leading development for KT-485 (IRAK4) under collaboration; first participant dosing triggered a $20 million milestone payment to Kymera.
- partnerGilead Sciences
Exercised an option to exclusively license KT-200, triggering a $45 million milestone payment to Kymera.
