third quarter 2026
Filed Oct 29, 2026Kymera Therapeutics announced positive KT-579 Phase 1 healthy-volunteer results, advanced KT-621 toward multiple clinical readouts, and reported a third-quarter net loss of $132.0 million with $1.6 billion in cash, cash equivalents and investments.
The filing reported positive KT-579 Phase 1 data and near-term KT-621 milestones, alongside no third-quarter collaboration revenue, higher research and development expense, and a larger net loss.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Collaboration revenue, three months ended September 30GAAP | $ — | – | – |
| Research and development expenses, three months ended September 30GAAP | $128.5M | – | – |
| Stock based compensation expenses included in R&D, three months ended September 30GAAP | $10.9M | – | – |
| General and administrative expenses, three months ended September 30GAAP | $18.7M | – | – |
| Stock based compensation expenses included in G&A, three months ended September 30GAAP | $7.9M | – | – |
| Impairment of long-lived assets, three months ended September 30GAAP | $ — | – | – |
| Total operating expenses, three months ended September 30GAAP | $147.2M | – | – |
| Loss from operations, three months ended September 30GAAP | −$147.2M | – | – |
| Interest and other income, three months ended September 30GAAP | $15.29M | – | – |
| Interest and other expense, three months ended September 30GAAP | −$62K | – | – |
| Total other income, three months ended September 30GAAP | $15.23M | – | – |
| Net loss attributable to common stockholders, three months ended September 30GAAP | $132M | – | – |
| Net loss per share attributable to common stockholders, basic and diluted, three months ended September 30GAAP | $ (1.32) | – | – |
| Weighted average common stocks outstanding, basic and diluted, three months ended September 30other | 100,097,242 | – | – |
| Collaboration revenue, nine months ended September 30GAAP | $99.36M | – | – |
| Research and development expenses, nine months ended September 30GAAP | $346.2M | – | – |
| General and administrative expenses, nine months ended September 30GAAP | $60.21M | – | – |
| Impairment of long-lived assets, nine months ended September 30GAAP | $ — | – | – |
| Total operating expenses, nine months ended September 30GAAP | $406.4M | – | – |
| Loss from operations, nine months ended September 30GAAP | −$307.0M | – | – |
| Interest and other income, nine months ended September 30GAAP | $44.75M | – | – |
| Interest and other expense, nine months ended September 30GAAP | −$203K | – | – |
| Total other income, nine months ended September 30GAAP | $44.55M | – | – |
| Net loss attributable to common stockholders, nine months ended September 30GAAP | −$262.4M | – | – |
| Net loss per share attributable to common stockholders, basic and diluted, nine months ended September 30GAAP | $ (2.66) | – | – |
| Weighted average common stocks outstanding, basic and diluted, nine months ended September 30other | 98,612,278 | – | – |
| Cash, cash equivalents and marketable securities, September 30, 2026GAAP | $1.65B | – | – |
| Property and equipment, net, September 30, 2026GAAP | $38.24M | – | – |
| Right-of-use assets, operating lease, September 30, 2026GAAP | $40.44M | – | – |
| Other assets, September 30, 2026GAAP | $42.7M | – | – |
| Total assets, September 30, 2026GAAP | $1.77B | – | – |
| Accrued expenses, September 30, 2026GAAP | $63.31M | – | – |
| Operating lease liabilities, September 30, 2026GAAP | $74.63M | – | – |
| Other liabilities, September 30, 2026GAAP | $14.80M | – | – |
| Total liabilities, September 30, 2026GAAP | $152.7M | – | – |
| Total stockholders’ equity, September 30, 2026GAAP | $1.61B | – | – |
| Total liabilities, preferred stock and stockholders’ equity, September 30, 2026GAAP | $1.77B | – | – |
Amounts quoted below without a unit are in thousands, as in the filing’s tables. Per-share figures are as printed.
2026-2029 outlook
- NoteThe Company plans to report KT-621 BROADEN2 Phase 2b topline data by year-end 2026.
- NoteSubject to discussions with regulators, the Company expects to initiate the first Phase 3 trial in AD by mid-2027.
- NoteKT-621 BREADTH Phase 2b asthma trial topline data are expected to be reported in late 2027.
- NoteThe KT-579 LUMORA Phase 1b trial in lupus patients is planned to start by early 2027.
- NoteGilead Sciences is advancing KT-200 in IND-enabling studies to support an IND filing in 2027.
- NoteThe Company does not expect to recognize additional collaboration revenue in 2026.
- NoteKymera expects that its cash balance will provide the Company with a cash runway into 2029 beyond multiple clinical inflection points in its pipeline.
What drove it
- There were no collaboration revenues for the third quarter of 2026; collaboration revenues recognized in the third quarter of 2025 were all attributable to the Company’s collaboration with Gilead.
- The increase in research and development expenses was primarily due to increased expenses related to investment in the Company’s STAT6 program, platform and discovery programs, as well as continued growth in the research and development organization.
- The increase in general and administrative expenses was primarily due to increased legal and professional service fees and increased personnel, facility, occupancy, and other expenses to support growth as a public company.
- KT-579 demonstrated ≥90% median IRF5 degradation across multiple dose levels in the multiple ascending dose portion of the Phase 1 trial.
- The inflammatory cytokine and IFN analysis using the median of all MAD dose cohorts showed inhibition of 88% of TNFα, 87% of IL-12/23p40, 94% of IL-1β, and 98% of IFNβ at Day 14.
Concerns
- The Company reported no collaboration revenues for the third quarter of 2026 and does not expect to recognize additional collaboration revenue in 2026.
- Research and development expenses were $128.5 million for the third quarter of 2026.
- Net loss was $132.0 million for the third quarter of 2026.
- KT-621 BROADEN2 topline data remain planned for by year-end 2026, while KT-621 BREADTH topline data are expected in late 2027.
- The filing states that preclinical and clinical data may not be predictive of, may be inconsistent with, or more favorable than, data generated from future or ongoing clinical trials.
What to watch
- KT-621 BROADEN2 Phase 2b atopic dermatitis topline data by year-end 2026.
- Initiation of the KT-579 LUMORA Phase 1b lupus trial by early 2027.
- Potential initiation of the first Phase 3 atopic dermatitis trial by mid-2027, subject to discussions with regulators.
- KT-621 BREADTH Phase 2b asthma topline data expected in late 2027.
- KT-200 IND filing support in 2027.
- Cash runway into 2029 beyond multiple clinical inflection points in the pipeline.
Balance sheet and cash flow
- As of September 30, 2026, Kymera had $1.6 billion in cash, cash equivalents and investments.
- Cash, cash equivalents and marketable securities were $ 1,645,883 (in thousands) as of September 30, 2026.
- Total assets were $ 1,767,269 (in thousands) as of September 30, 2026.
- Total liabilities were $ 152,742 (in thousands) as of September 30, 2026.
- Total stockholders’ equity was $ 1,614,527 (in thousands) as of September 30, 2026.
Analysis
Kymera’s third-quarter filing centers on clinical progress in its immunology portfolio. The company reported positive results from the completed KT-579 Phase 1 healthy-volunteer trial, including ≥90% median IRF5 degradation across multiple dose levels in the MAD portion and no serious or severe adverse events, no adverse events leading to discontinuation, and a safety profile comparable to placebo. The company plans to start the KT-579 LUMORA Phase 1b lupus trial by early 2027.
KT-621 is approaching an important data event. The last patient completed the week 16 visit in the BROADEN2 Phase 2b atopic dermatitis trial in October 2026, with topline data planned by year-end 2026. Enrollment remains ongoing in the BREADTH Phase 2b trial in moderate to severe eosinophilic asthma, for which topline data are expected in late 2027. Subject to discussions with regulators, Kymera expects to initiate its first Phase 3 atopic dermatitis trial by mid-2027.
The financial profile reflects continued investment in clinical programs and discovery. There were no collaboration revenues in the third quarter of 2026, compared with $2.8 million in the third quarter of 2025. Research and development expenses were $128.5 million, compared with $74.1 million, driven primarily by investment in the STAT6 program, platform and discovery programs, and growth in the research and development organization. General and administrative expenses were $18.7 million, compared with $17.3 million. Net loss was $132.0 million, compared with $82.2 million.
Kymera reported $1.6 billion in cash, cash equivalents and investments as of September 30, 2026, and expects its cash balance to provide runway into 2029 beyond multiple pipeline inflection points. The stated near-term financial limitation is the absence of third-quarter collaboration revenue and management’s expectation of no additional collaboration revenue in 2026. The key reported catalysts are BROADEN2 topline data by year-end 2026, LUMORA initiation by early 2027, potential Phase 3 atopic dermatitis initiation by mid-2027, and BREADTH topline data in late 2027.
Management, verbatim
The positive results from the Phase 1 healthy volunteer trial of KT-579, which we reported today, demonstrate strong translation of its preclinical pharmacology into humans and highlight its potential to modulate multiple core inflammatory pathways through a single oral mechanism.
Nello Mainolfi, PhD, Founder, President and CEO, Kymera Therapeutics
The last patient has now completed their week 16 visit in our KT-621 BROADEN2 Phase 2b atopic dermatitis trial, and we plan to report topline data by year-end 2026.
Nello Mainolfi, PhD, Founder, President and CEO, Kymera Therapeutics
Not in the filing
stated, not guessed- Total revenue line item separate from collaboration revenue
- Gross profit and gross margin
- Operating cash flow
- Free cash flow
- Capital expenditures
- Debt balance
- Income tax expense or tax rate
- Non-GAAP financial measures
- Share repurchases or dividends
- Prior-quarter comparisons for reported operating metrics
- Forward revenue guidance
- Forward gross-margin guidance
- Forward operating-expense guidance
- Forward tax-rate guidance
- Prior outlook for comparison
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.