Key Highlights

  • The USD 1.32 loss per share was wider than the consensus estimate of a USD 1.26 loss.
  • Research and development expense rose 73% to USD 128.5 million, led by USD 34.7 million more in STAT6 program costs.
  • No collaboration Revenue was recorded, against USD 2.8 million a year earlier, as net loss reached USD 132.0 million.
  • Cash, cash equivalents and marketable securities of USD 1.646 billion are projected to fund operations into 2029.

Kymera Therapeutics, Inc. (NASDAQ:KYMR) reported a third quarter 2026 net loss of USD 132.0 million, or USD 1.32 per basic and diluted share, wider than a consensus estimate of a USD 1.26 loss and the USD 0.94 loss per share a year earlier. The company recorded no collaboration revenue in the quarter versus USD 2.8 million in the prior year period, when the amount came from payments under the Gilead agreement. Nine month collaboration revenue was USD 99.4 million versus USD 36.3 million.

Research Spending Concentrates on STAT6

Research and development expense reached USD 128.5 million, up from USD 74.1 million. STAT6 external costs were USD 52.0 million versus USD 17.4 million, other external costs were USD 31.0 million, personnel costs were USD 30.3 million and overhead was USD 15.1 million. General and administrative expense rose 8% to USD 18.7 million, and loss from operations was USD 147.2 million versus USD 92.5 million. Interest and other income of USD 15.3 million partly offset the loss.

Nine month Research and Development expense was USD 346.2 million versus USD 232.7 million, and the nine month net loss was USD 262.4 million, or USD 2.66 per share, versus USD 224.4 million, or USD 2.71. The weighted share count of 100.1 million includes 15.8 million pre-funded warrants, up from 87.3 million shares a year earlier.

Pipeline Status and Funding

KT-621, the oral STAT6 degrader, is being evaluated in the BROADEN2 Phase 2b trial in moderate to severe atopic dermatitis and the BREADTH Phase 2b trial in moderate to severe asthma. KT-579, an IRF5 degrader, has finished a Phase 1 trial in healthy volunteers and is planned to move into a Phase 1b trial in lupus patients. KT-485, the IRAK4 degrader partnered with Sanofi, is in Phase 1, and KT-200, the CDK2 molecular glue partnered with Gilead, is in IND-enabling studies.

The company stated that cash, cash equivalents and marketable securities of USD 1.646 billion at September 30, 2026 fund operating and Capital needs into 2029, while noting that the assumption could prove wrong and that substantial additional funding is needed over time. Nine month financing inflows were USD 258.8 million, including USD 215.4 million of net at-the-market proceeds and USD 43.2 million from option exercises.

Items That Frame the Next Report

Four figures anchor the next report. STAT6 external costs of USD 52.0 million show the pace of the two Phase 2b trials. Accrued research and development expenses of USD 46.6 million, up from USD 21.4 million at year end, point to trial activity. The 2029 runway statement can be compared with nine month operating cash use of USD 220.8 million, up from USD 166.1 million, and the USD 15.3 million of quarterly interest income. Collaboration revenue, at zero in the quarter, depends on milestones under the Sanofi and Gilead agreements, and the accumulated Deficit stands at USD 1.328 billion.