Kymera Therapeutics, Inc. Q3 FY2024 earnings call

• Started Phase 1 study of KT-621, first-in-class oral STAT6 degrader, with preclinical data showing potent blocking of IL-4 and 13. Accelerated by focusing resources on immunology pipeline.
• KT-474, IRAK4 degrader: Partner Sanofi expanding Phase 2 studies to Phase 2b for dose ranging towards registrational Phase 3.
• TYK2 program: Lead candidate shifted from KT-294 to KT-295 due to better profile, maintaining development timelines.
• Strategic focus shift: Increased resources into immunology pipeline, will only advance certain oncology programs with partners.
• Jared Gollob discussed Phase 1 study of KT-621 focusing on STAT6 degradation, safety, and Th2 biomarkers. TYK2's KT-295 has better in vivo activity. Sanofi expanding KT-474 Phase 2 studies for dose selection.
• Bruce Jacobs mentioned revenue from Sanofi, R&D/SG&A spending, and cash runway.

In the third quarter, Kymera recognized $3.7 million of revenue attributable to Sanofi collaboration. Combined spending on R&D and SG&A, excluding noncash stock-based compensation, was $61 million, down ~2% sequentially. The company ended the quarter with $911 million in cash, providing a runway to mid-2027. No detailed financial performance by product segment in terms of absolute revenue and contribution % was provided.

• Plan to share next stage of KT-621 clinical development guidance next year.
• TYK2 program maintaining Phase 1 trial start in first half of 2025.
• Sanofi expanding KT-474 Phase 2 studies to accelerate path to registrational Phase 3.

• Forward-looking statements subject to risks detailed in SEC filings.
• Uncertainties in translating preclinical data to clinical efficacy.
• Competition in immunology and oncology spaces.

Q: Marc Frahm from TD Cowen asked about Th2 biomarkers and comping to dupi, and how reliable changes in IgE and TARC are.

A: Nello Mainolfi and Jared Gollob responded that the main goal is to demonstrate predictable PK and safety, with STAT6 protein levels as the proximal biomarker, and discussed variability in biomarker changes.

Q: Kalpit Patel from B. Riley asked about comparisons to dupi preclinically and dose translation to humans.

A: Nello Mainolfi responded on dose projection considering species differences and biomarker monitoring in models.

Q: Kripa Devarakonda from Truist Securities asked about STAT6 program comparisons to dupi and dose translation.

A: Nello Mainolfi discussed dose projection and biomarker monitoring in models.

Q: Brad Canino from Stifel asked about Th2 disease testing, duration, and clinical endpoints vs biomarkers.

A: Nello Mainolfi responded on demonstrating relevant biomarker signatures to accelerate development.

Q: Gospel Enyindah-Asonye on behalf of Vikram Purohit from Morgan Stanley asked about ideal partnership for KT-253 and KT-333.

A: Nello Mainolfi said a partner with franchise in relevant areas would create value.

Q: Kelly Shi from Jefferies asked about STAT6 differentiation from IL-4/13 and breadth of indications.

A: Nello Mainolfi and Jared Gollob discussed STAT6's role in Th2 biology and broader indications.

Q: Jeff Jones from Oppenheimer asked about differentiation of STAT6 degrader vs small molecule and Nurix's platform.

A: Nello Mainolfi discussed degrader's potency and pathway blockade advantage.

Q: Eric Joseph from JPMorgan asked about Phase 1 trial details and future I&I programs.

A: Jared Gollob discussed trial patient numbers and future I&I programs.

Q: Sam on behalf of Eli Merle from UBS asked about IRAK4 efficacy confidence and STAT6 patient entry timing.

A: Jared Gollob discussed confidence in IRAK4 efficacy and Nello Mainolfi on STAT6 patient entry timing.

Q: Michael Schmidt from Guggenheim asked about potential AEs and learnings from STAT6 knockout models.

A: Nello Mainolfi discussed safety and learnings from genetics.

Q: Faisal Khurshid from Leerink Partners asked about KT-621 partnership opportunities.

A: Nello Mainolfi discussed future partnership considerations.

Q: Unidentified participant on behalf of Andy Chen from Wolfe Research asked about IRAK4 trial dose changes.

A: Nello Mainolfi discussed reasons for expanding KT-474 Phase 2 studies