Kymera Accelerated Key Trial as Milestones Lifted Revenue
Collaboration revenue reached $65.0 million after payments from Gilead and Sanofi.
Kymera Therapeutics (KYMR), a targeted-protein-degradation biotechnology company, moved a key atopic-dermatitis readout forward by six months after completing trial enrollment ahead of schedule.
The company finished enrolling roughly 200 patients in the KT-621 BROADEN2 trial nearly six months early, compared with enrollment still underway in the first quarter. Kymera now expects topline results by year-end 2026, compared with its previous mid-2027 timetable, and plans to begin Phase 3 trials by mid-2027, subject to regulatory discussions.
Second-quarter collaboration revenue rose from $11.5 million a year earlier, driven by a $45 million Gilead option-exercise fee and a $20 million Sanofi milestone payment. Revenue increased 89% sequentially from an implied $34.4 million in the first quarter.
Higher collaboration payments more than offset rising costs, narrowing the operating loss to $75.6 million from $84.6 million a year earlier and an implied $84.2 million in the first quarter. The net loss narrowed 20% to $61.2 million from $76.6 million.
Research-and-development expense increased 52% to $119.5 million as Kymera invested more in its STAT6 platform and discovery programs and expanded its R&D organization. Spending rose 22% sequentially, while general-and-administrative expense increased 20% to $21.1 million on higher legal, personnel, and occupancy costs.
Elsewhere in the pipeline, Kymera expects healthy-volunteer data from the Phase 1 trial of KT-579 in the fourth quarter, narrowing its previous second-half timetable. Sanofi also advanced second-generation IRAK4 degrader KT-485 into a Phase 1 trial involving healthy volunteers and patients with hidradenitis suppurativa, triggering the $20 million milestone.
Cash, cash equivalents, and investments declined to $1.50 billion at June 30 from $1.55 billion at March 31 and $1.62 billion at year-end. The company reiterated that its funding runway extends into 2029.