Kymera Therapeutics, Inc. (KYMR)

Price$117.39Cached quoteAs of 2026-09-05 10:47 UTC

AI: Overvalued

Price checkThe market price already assumes Kymera’s lead drug becomes a major commercial success.

Kymera is valued at about $10 billion, while cash, cash equivalents and investments were about $1.5 billion in June. That leaves roughly $8.5 billion of value assigned to drugs that are not yet approved. Recent twelve-month collaboration revenue was about $105 million, making the valuation roughly 95 times that revenue before adjusting for cash. Because those payments are irregular milestones rather than product sales, even that comparison is generous. The price therefore requires substantial future commercial success, supporting an Overvalued verdict.

Big pictureKymera is funded for several years, but its business still consumes cash and lacks product sales.

Kymera lost $311 million in 2025, versus $224 million in 2024, as research spending rose to $317 million. Operating cash flow was negative $233 million in 2025 and another $143 million in the first half of 2026. Free cash flow, meaning cash left after running and investing in the business, is therefore still firmly negative. Revenue is driven by partner milestones, not recurring medicine sales, so results are milestone-driven rather than economically cyclical. Management nevertheless expects its $1.5 billion funding pool to last into 2029.

Business strengthA large cash reserve and encouraging clinical data reduce financing risk, not drug-development risk.

The balance sheet is a genuine strength: Kymera reported about $1.5 billion of cash and marketable securities, modest liabilities and no material traditional debt in the supplied financial history. However, that protection was bought partly through new equity. Shares outstanding rose from 55.6 million at 2023 year-end to 82.8 million by June 2026, about 49%, while 2024 and 2025 financing cash inflows totaled roughly $1.6 billion. The strongest operating evidence is KT-621’s encouraging early clinical activity, but its pivotal value remains unproven.

What could change the storyStrong late-stage trial results could justify the premium; disappointing data could erase much of it.

The main test is the KT-621 atopic dermatitis study expected around year-end 2026. The bull case strengthens if the larger controlled trial confirms meaningful skin and itch improvement with clean safety, supporting planned Phase 3 trials in 2027 and a commercially competitive oral alternative to injectable treatments. The bear case is that the earlier study involved only 22 patients and no control arm. KT-579 data and partner milestones add optional value, but today's roughly $8.5 billion pipeline valuation already assumes KT-621 succeeds far beyond early-stage proof.

AI: News

Trial timeline pulled forwardKymera finished a key eczema trial early, bringing its most important upcoming data closer.

On June 25, Kymera said enrollment in the KT-621 BROADEN2 Phase 2b atopic dermatitis trial finished nearly six months ahead of schedule, moving expected topline results from mid-2027 to around year-end 2026. Management also said Phase 3 studies could begin by mid-2027. The stock gained almost 30% over that five-trading-day week. The timing suggests investors welcomed the faster catalyst, although analyst target changes and other trading factors mean the move cannot be attributed solely to this announcement.

Partner milestones boost revenuePartner payments lifted quarterly revenue and strengthened confidence that Kymera can fund its pipeline.

On August 5, Kymera reported $65 million of quarterly collaboration revenue, consisting of a $45 million Gilead option payment and a $20 million Sanofi milestone. It also reported about $1.5 billion in cash and investments and reiterated funding into 2029. These payments validate outside interest in Kymera's technology and reduce near-term financing pressure, but they are not recurring product sales. The shares moved only modestly immediately after the report, so the market reaction appears less significant than the clinical-data events.

Early eczema data surpriseStrong early KT-621 results sharply raised expectations that an oral drug could compete in eczema.

On December 8, 2025, Kymera reported results from 22 moderate-to-severe atopic dermatitis patients. KT-621 produced median STAT6 protein reductions of 94% in skin and 98% in blood, alongside a mean 63% improvement in eczema severity and 40% reduction in peak itching after four weeks. No serious adverse events were reported. Shares rose more than 40% that day according to financial reporting, showing how strongly investors repriced the program. The study was small and uncontrolled, so confirmation remains essential.

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Revenue

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2020

2021

2022

2023

2024

2025

Net income

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2022

2023

2024

2025

Free cash flow

2019

2020

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Total cash / debt

CashTotal debt

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2025

Financial statements

	2025	2024	2023	2022	2021	2020	2019
Revenue	$39.2M	$47.1M	$78.6M	$46.8M	$72.8M	$34.0M	$2.9M
Gross profit	$0	$0	$0	$0	—	—	—
Gross margin	0.00%	0.00%	0.00%	0.00%	—	—	—
Research & development	$316.6M	$240.2M	$189.1M	$164.2M	$137.0M	$62.1M	$37.2M
Operating expenses	$388.6M	$308.7M	$244.1M	$208.1M	$173.4M	$80.3M	$45.1M
Operating income	−$349.4M	−$261.6M	−$165.5M	−$161.3M	−$100.5M	−$46.3M	−$42.2M
Operating margin	−891.07%	−555.82%	−210.62%	−344.37%	−138.03%	−136.05%	−1,438.48%
EBITDA	−$341.1M	−$254.3M	−$162.0M	−$158.3M	−$98.1M	−$44.5M	−$41.4M
EBITDA margin	−869.87%	−540.16%	−206.08%	−338.02%	−134.74%	−130.87%	−1,410.36%
Net income	−$311.4M	−$223.9M	−$147.0M	−$154.8M	−$100.2M	−$45.6M	−$41.2M
Net profit margin	−794.04%	−475.57%	−186.99%	−330.60%	−137.60%	−133.96%	−1,405.79%
Basic EPSper basic share	-$3.69	-$2.98	-$2.52	-$2.87	-$2.09	-$3.15	-$24.28
Diluted EPSper diluted share	-$3.69	-$2.98	-$2.52	-$2.87	-$2.09	-$3.15	-$24.28

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

14.92%of listed shares

FMR LLC12.35M shares · Jun 30, 2026

View holders

Top 20 reported holders of KYMR
Holder	% owned
FMR LLC	14.92%12.35M shares
BAKER BROS. ADVISORS LP	10.46%8.66M shares
Avoro Capital Advisors LLC	9.03%7.47M shares
PRICE T ROWE ASSOCIATES INC /MD/	8.59%7.11M shares
T. Rowe Price Investment Management, Inc.	7.56%6.26M shares
BlackRock, Inc.	6.69%5.54M shares
BVF INC/IL	4.68%3.87M shares
WELLINGTON MANAGEMENT GROUP LLP	4.44%3.68M shares
VANGUARD PORTFOLIO MANAGEMENT LLC	3.61%2.99M shares
Siren, L.L.C.	3.55%2.94M shares
VANGUARD CAPITAL MANAGEMENT LLC	3.54%2.93M shares
Booth Bruce	≈3.44%2.85M shares
Atlas Venture Life Science Advisors, LLC	3.44%2.85M shares
STATE STREET CORP	3.31%2.74M shares
GEODE CAPITAL MANAGEMENT, LLC	2.19%1.82M shares
Capital Research Global Investors	1.68%1.39M shares
GOLDMAN SACHS GROUP INC	1.43%1.19M shares
UBS Group AG	1.22%1.01M shares
ALLIANCEBERNSTEIN L.P.	1.19%981.52K shares
Driehaus Capital Management LLC	1.11%919.23K shares

Percentages use 82.79M shares of this listed class outstanding on Jun 30, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys14$364.45M disclosed value

Sells (SEC code S)280$471.50M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 29, 2026Form 4 · 10b5-1	Booth BruceDirector	SellCommon Stock · indirect	157	$111.20	$17.5K	461.8K
Jun 29, 2026Form 4 · 10b5-1	Booth BruceDirector	SellCommon Stock · indirect	1.2K	$110.67	$132.7K	462.0K
Jun 29, 2026Form 4 · 10b5-1	Booth BruceDirector	SellCommon Stock · indirect	1.2K	$109.75	$136.0K	463.1K
Jun 29, 2026Form 4 · 10b5-1	Booth BruceDirector	SellCommon Stock · indirect	1.7K	$108.28	$182.8K	464.4K
Jun 29, 2026Form 4 · 10b5-1	Booth BruceDirector	SellCommon Stock · indirect	907	$111.20	$100.9K	2.39M