Kymera Therapeutics, Inc. Q1 FY2026 earnings call

• Marked 10-year anniversary, stepping into new chapter with strong foundation. Built unique capabilities like heat-finding approach, target selection strategies, and early clinical studies. - Focused on wholly owned programs like KT621, KT579. KT621 on track for enrollment completion in atopic dermatitis Broaden2 study this year, data expected mid-2027; asthma breadth study readout end 2027. - KT579 phase one study in healthy volunteers to report data in second half 2026, aiming to demonstrate safe degradation and biology translation. - Gilead collaboration: Gilead advancing KT200, a CDK2 molecular glue, which could enter clinic next year. - STAT6 program: KT621 phase 1b broadened data presented at AAD, early data shows potential in AD, actively enrolling phase 2b studies in AD and asthma.

Collaboration revenue in the first quarter of 2026 was $34.4 million attributable to Gilead partnership. R\u0026D expense for the quarter was $98.2 million, with adjusted cash R\u0026D spend of $89.6 million (18% increase from Q4 2025). G\u0026A spending was $20.4 million, with adjusted cash G\u0026A spend of $13 million (30% increase from Q4 2025). Ended March with a cash balance of $1.55 billion.

• KT621: Expect to complete enrollment in atopic dermatitis Broaden2 study this year, data mid-2027; asthma breadth study readout end 2027. - KT579: Expect to report healthy volunteer data in second half 2026. - Gilead partnership: KT200 expected to enter clinic as early as next year. - Sanofi: Expect Sanofi to advance KT485 into Phase 1 testing this year with milestone upon dosing first healthy volunteer.

Q: Asked about IRF5 data on healthies and how biomarker pathway modulation translates clinically; A: Discussed based on preclinical data, expecting 50%-80% modulation, and translation to clinical benefit.

Q: Asked about IRF5 degradations needed in lupus patients and translation from healthy volunteers; A: Explained dose and exposure to achieve relevant degradation, expecting translation from healthy to patients.

Q: Asked about initial enrollment in Broaden 2 and baseline characteristics; A: Stated not to comment on baseline until study completion.

Q: Asked about technology advances for CDK2 and more pipeline molecules; A: Explained challenges with CDK2, use of molecular glues, and expectation of more pipeline molecules.

Q: Asked about BSA data at AAD and dose response; A: Stated error bars overlap, comparable activity across doses.

Q: Asked about Stat6 program and excitement for oral aspect; A: Explained degraders' differentiation from inhibitors, and focus on mobilizing patients not on advanced therapies.

Q: Asked about inclusion of adolescents in trial and criteria change; A: Explained inclusion of adolescents to study in younger population.

Q: Asked about enrollment progress in AD and asthma studies; A: Stated studies on track, will communicate when enrollment complete.

Q: Asked about contrast of KT621 with IL-23 space; A: Explained opportunity in AD being greater than in psoriasis.

Q: Asked about IRF5's mechanism in IBD and combination therapies; A: Explained IRF5's control of multiple pathways in IBD and potential for combination.

Q: Asked about population on sidelines for KT621; A: Explained large number of patients not on advanced systemic therapies.

Q: Asked about 621 program for asthma and go-no-go decisions; A: Stated waiting for phase three asthma data to determine doses for other indications.

Q: Asked about dose response range for 621; A: Stated thinking about dose selection for mechanistic and regulatory reasons.

Q: Asked about side effects for 579; A: Stated preclinical data shows no meaningful adverse events expected.

Q: Asked about efficacy needed for KT621 to mobilize patients; A: Stated less than biologic-like efficacy enough to mobilize patients