Kymera Therapeutics, Inc. Q2 FY2025 earnings call

Nello Mainolfi highlighted the company's progress, including the first-in-class STAT6 program KT-621. KT-621 completed a healthy volunteer trial with positive results exceeding expectations and had consistent Japanese study results. The Phase Ib broaden study in moderate-to-severe AD patients is on track to report results in Q4. A follow-on STAT6 degrader was selected and advanced. The oral IRF5 program is moving through IND-enabling studies. Partnerships with Gilead and Sanofi were updated: Gilead collaboration is eligible for up to $750 million in total payments plus royalties, and Sanofi collaboration for KT-485 is eligible for up to $975 million in milestones. The company has the resources to execute its development strategy and progress early-stage pipeline.

In the second quarter of 2025, revenue was $11.5 million, all attributable to the Sanofi collaboration. R&D expenses for the quarter were $78.4 million, with approximately $8 million being non-cash stock-based compensation. The adjusted cash R&D spend was $70.4 million, a 3% decrease from the first quarter of 2025. G&A spending was $17.6 million, with $7.4 million being non-cash stock-based compensation. The adjusted cash G&A spend was $10.2 million, a 6% increase from the prior quarter. Cash balance ended June at $963 million and reached approximately $1 billion by the end of July, providing a cash runway into the second half of 2028.

Cash runway extended into the second half of 2028. The collaboration with Gilead includes up to $750 million in total payments and potential royalties. The collaboration with Sanofi for KT-485 has potential for significant clinical, regulatory, and commercial milestones.

Q: Michael Schmidt from Guggenheim asked about dose levels in KT-621 Phase Ib study.

A: Nello Mainolfi explained that they explored additional doses to refine Phase IIb dose selection based on healthy volunteer data.

Q: Paul Jeng from Guggenheim asked about dose selection for Phase II studies and follow-on STAT6.

A: Nello Mainolfi discussed dose selection based on healthy volunteer data and the follow-on STAT6 molecule's potential for franchise support.

Q: Andrea R. Newkirk from Goldman asked about clinical efficacy expectations for KT-621 and safety risks.

A: Jared Gollob talked about biomarker expectations and safety from GLP toxicology studies.

Q: Faisal Ali Khurshid from Leerink asked about Phase Ib enrollment and dose response.

A: Nello Mainolfi mentioned enrollment progress and will share data on dose response later.

Q: Alexander Thompson from Stifel asked about next-gen STAT6 scaffold and indication splitting.

A: Nello Mainolfi discussed scaffold chemistry and indicated indication splitting would be a future decision.

Q: Tazeen Ahmad from Bank of America asked about itch data in KT-621 Phase Ib.

A: Nello Mainolfi said itch data would be shared as part of EASI and pruritus NRS measurements.

Q: Dingding Shi from Jefferies asked about STAT6 AE and PK curve.

A: Nello Mainolfi and Jared Gollob discussed AE expectations and the PK curve benefits of an oral drug.

Q: Judah C. Frommer from Morgan Stanley asked about enrollment progress and placebo arm.

A: Nello Mainolfi talked about enrollment success due to patients wanting an oral drug.

Q: Srikripa Devarakonda from Truist asked about CDK partnership with Gilead.

A: Nello Mainolfi discussed CDK2 degrader's differentiation and development strategy.

Q: Mayank Mamtani from B. Riley asked about EASI baseline, screen failure, and GLP tox.

A: Nello Mainolfi talked about EASI baseline criteria, screen failure, and GLP tox showing no adverse events.

Q: Suranjit Mukherjee from BTIG asked about payer willingness.

A: Nello Mainolfi discussed the value of an oral option in terms of quality of life and market adoption.

Q: Jeff Jones from Op Co. asked about IRAK4 474 vs 485.

A: Nello Mainolfi explained Sanofi's focus on KT-485 due to its superior profile.

Q: Gao Yi Chen from Wolfe Research asked about IRF5 translation and safety signals.

A: Nello Mainolfi said IRF5 was expected to translate well with no adverse events in toxicology studies.

Q: Eliana Rachel Merle from UBS asked about IRAK4 indications and CDK2 selectivity.

A: Nello Mainolfi discussed IRAK4 indications and CDK2 degrader's selectivity