Kymera Therapeutics, Inc. Q3 FY2025 earnings call

• Progress on KT-621: Completed healthy volunteer study ahead of schedule, Phase Ib trial in AD patients enrolled and dosing complete with data due in December, initiated first Phase IIb trial (BROADEN2) in AD and set to start Phase IIb asthma trial (BREADTH) in Q1 2026. Demonstrated robust STAT6 degradation in healthy volunteers at low doses, well-tolerated. • IRF5 program: Completed IND-enabling studies for KT-579, set to initiate Phase I healthy volunteer study in early 2026 with data expected in 2026. Preclinical data from ACR meeting showed KT-579 more efficacious than existing therapies in lupus and RA models. • Partnership with Gilead: Entered new partnership for CDK2 oncology molecular glue program, eligible for $85 million in upfront and option payments with half received as upfront in the last quarter. • Financials: Ended September with $978.7 million cash balance, providing runway into second half of 2028 to complete KT-621 trials and advance other programs.

Revenue in the third quarter of 2025 was $2.8 million, all attributable to the collaboration with Gilead. R&D expenses for the quarter were $74.1 million, with approximately $8.4 million in noncash stock-based compensation. G&A spending was $17.3 million, including $7.4 million in noncash stock-based compensation. Adjusted cash R&D spend was $65.7 million (a 7% decrease from the second quarter of 2025) and adjusted cash G&A spend was $9.9 million (a 3% decrease from the second quarter).

• Cash runway: Ending September with $978.7 million cash balance provides runway into second half of 2028. • KT-621: Set to complete Phase Ib data readout in December, initiate Phase IIb AD and asthma trials, with top line results from Phase IIb AD study expected mid-2027. • KT-579: Expect Phase I healthy volunteer data in 2026. • Partnerships: Look forward to continued progress of IRAK4 and CDK2 partnered programs.

• Clinical trial uncertainties: Variability in patient populations and potential skewed baselines relative to comparators in trials. • Adherence issues: Challenges with patient compliance in oral dosing, though degrader drug has potential cushion with complete pathway blockade if dosed as prescribed. • Placebo rates: Concerns about rising placebo responses in AD trials due to shifting patient populations, needing careful protocol design and site oversight to mitigate.

Q: When looking at upcoming data for KT-621, what are the key characteristics enabling potential differential efficacy vs dupilumab at early time points?

A: Nello stated KT-621 has shown comparable blocking of IL-4 and 13 signaling to upstream biologics like dupilumab in preclinical and early clinical studies, with no prior expectation of being better or worse, just comparable biology.

Q: On the Phase Ib trial, any comments on patients enrolled being skewed relative to historical DUPIXENT comparators?

A: Nello clarified discussion was around baseline TARC levels and EASI baselines, stating they would share data when ready and separating TARC baseline level points from EASI baseline considerations.

Q: How are you thinking about powering the Phase IIb AD study?

A: Jared mentioned the Phase IIb AD study is powered with ~200 patients in 4 arms (3 drug, 1 placebo) to ensure adequate power to show desired effect vs placebo and discern dose response.

Q: Detail on asthma BREADTH trial considerations?

A: Nello and Jared stated details would be shared closer to start-up, but the trial is part of advancing KT-621 in Th2 asthma with focus on early intervention in pediatric and adult patients.

Q: Importance of durability for AD and asthma patients' quality of life with KT-621?

A: Nello and Jared discussed KT-621's once-daily oral dosing allowing continuous steady-state blockade, with durable effects seen in healthy volunteers as evidenced by biomarker suppression during dosing and gradual recovery upon stopping.