Kymera Therapeutics (KYMR) AI Stock Analysis

• Market Cap: $6.50B
• Dividend Yield: N/A
• Average Volume (3M): 781.88K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.96
• Revenue Growth: -50.05%
• EPS Growth: -54.47%
• Country: US
• Employees: 208
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.97
• Shares Outstanding: 81,642,395
• 10 Day Avg. Volume: 655,087
• 30 Day Avg. Volume: 781,882
• PEG Ratio: -0.89
• Price to Book (P/B): 4.16
• Price to Sales (P/S): 167.51
• P/FCF Ratio: -28.02
• Enterprise Value/Market Cap: 0.96
• Enterprise Value/Revenue: 158.71
• Enterprise Value/Gross Profit: 158.71
• Enterprise Value/Ebitda: -20.58
• 1Y Price Target: $121.47
• Price Target Upside: 53.49% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 19
• EPS Forecast (FY): -3.63
• Revenue Forecast (FY): $40.09M

• Rating: 64 Neutral
• Price Target: $85.00 ▲(7.40% Upside)
• Action: Reiterated Date: 02/27/26
• Date: Action: Reiterated 02/27/26

The score is driven by strong pipeline momentum and funding/runway from the latest earnings call, plus a clear uptrend in the stock’s technical setup. Offsetting these positives are weak current financial performance (large losses and substantial free-cash-flow burn) and limited valuation support given the negative P/E and no dividend.

Positive Factors

Multi-year cash runway

A $1.6B year-end cash balance and near‑$1B 2025 raise provide multi‑year runway into 2029, enabling completion of pivotal Phase IIb programs and key translational studies without immediate financing. This materially reduces near‑term dilution risk and lets management focus on de‑risking assets.

Partner validation and non-dilutive funding

High‑profile collaborations with Gilead and Sanofi provide scientific validation and potential milestone/backstop funding. Partner deals offer non‑dilutive cash, development expertise and commercialization optionality, lowering execution risk on key programs and expanding strategic exit or co‑development paths.

Pipeline momentum with upcoming readouts

Concurrent Phase IIb programs in atopic dermatitis and eosinophilic asthma create multiple, near‑term clinical catalysts and robust patient exposure (~500 combined). Success would materially derisk the oral STAT6 approach and support accelerated registrational planning, improving long‑term commercial optionality.

Negative Factors

Persistent negative cash flow

Sustained large negative operating and free cash flow indicates the business consumes substantial capital to advance trials. Over time this elevates funding and dilution risk, forces prioritization among programs, and could constrain strategic flexibility if capital markets worsen or partner milestones underperform.

Low and irregular revenue base

Revenue is largely collaboration‑driven and lumpy, with minimal product sales. Dependence on contingent partner milestones reduces predictability of cash inflows and heightens execution risk: missed partner triggers would widen funding gaps and could force accelerated equity raises or program reprioritization.

Long timelines, translational & competitive risk

Multi‑year development timelines mean value realization is delayed and clinical or biomarker setbacks can be costly. IRF5 measurement and translational complexity raise uncertainty for KT‑579, while crowded AD/respiratory oral markets intensify commercial and trial execution risks over the medium term.

Kymera Therapeutics Business Overview & Revenue Model

Company Description

Kymera Therapeutics, Inc., a biopharmaceutical company, focuses on discovering and developing novel small molecule therapeutics that selectively degrade disease-causing proteins by harnessing the body's own natural protein degradation system. It engages in developing IRAK4 program, which is in Phase I clinical trial for the treatment of immunology-inflammation diseases, including hidradenitis suppurativa, atopic dermatitis, macrophage activation syndrome, general pustular psoriasis, and rheumatoid arthritis; IRAKIMiD program to treat MYD88-mutated diffuse large B cell lymphoma; STAT3 program for the treatment of hematologic malignancies and solid tumors, as well as autoimmune diseases and fibrosis; and MDM2 program to treat hematological malignancies and solid tumors. The company was incorporated in 2015 and is headquartered in Watertown, Massachusetts.

How the Company Makes Money

Kymera Therapeutics primarily generates revenue through collaboration and licensing arrangements typical of clinical-stage biotech companies, rather than from product sales (it has had no commercial products available for sale). Under these agreements, Kymera can earn upfront payments, research funding and reimbursements, milestone payments tied to development/regulatory/commercial achievements, and royalties on potential future net sales if partnered products reach the market. The company has disclosed major partnerships that have contributed to such collaboration revenue, including (i) a global collaboration with Sanofi to develop and commercialize targeted protein degraders in certain therapeutic areas, and (ii) an oncology-focused collaboration with Vertex Pharmaceuticals. In addition to collaboration revenue, Kymera finances operations through capital markets activities such as issuing equity and equity-linked securities; however, these financings are not reported as revenue under accounting rules. The timing and magnitude of Kymera’s reported revenue therefore tends to be irregular and driven by the structure and progress of partnered programs (e.g., receipt/recognition of upfront amounts, ongoing R&D services performance, and achievement of milestones).

Kymera Therapeutics Financial Statement Overview

Summary

Balance sheet strength (low leverage with ~$82.3M debt and sizable equity of ~$1.58B) is a clear positive, but it is outweighed by weak operating fundamentals: TTM revenue declined to $39.2M and losses remain very large (EBIT -$349.4M; net income -$311.4M) alongside heavy cash burn (TTM FCF -$234.3M), keeping financing/dilution risk elevated over time.

Income Statement

TTM (Trailing-Twelve-Months) revenue declined to $39.2M (down ~10%), and profitability remains deeply negative with net income of -$311.4M and very weak operating results (EBIT of -$349.4M). While gross profit equals revenue (typical for collaboration/other revenue in biotech), operating losses have widened versus 2023–2024, indicating rising expense intensity and limited near-term earnings visibility.

Balance Sheet

The balance sheet is a relative strength: equity is sizable at ~$1.58B on ~$1.74B of assets, and leverage is low with ~$82.3M of debt (debt-to-equity ~0.09 in TTM (Trailing-Twelve-Months)). The key weakness is ongoing losses translating into negative returns on equity, which could pressure the capital base over time if cash burn persists.

Cash Flow

Cash generation is weak: TTM (Trailing-Twelve-Months) operating cash flow was -$232.9M and free cash flow was -$234.3M, indicating substantial ongoing cash burn. Free cash flow has not shown consistent improvement year-to-year (mixed growth rates), and cash outflows remain directionally larger as losses deepen, raising funding/dilution risk despite the current low debt load.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	39.20M	47.07M	78.59M	46.83M	72.83M
Gross Profit	39.20M	47.07M	78.59M	46.83M	72.83M
EBITDA	-303.06M	-216.24M	-143.20M	-151.66M	-97.64M
Net Income	-311.40M	-223.86M	-146.96M	-154.81M	-100.22M
Balance Sheet
Total Assets	1.74B	978.03M	575.76M	603.13M	605.90M
Cash, Cash Equivalents and Short-Term Investments	848.28M	488.74M	374.88M	407.17M	442.42M
Total Debt	82.25M	87.76M	84.67M	17.34M	17.96M
Total Liabilities	163.15M	142.42M	180.79M	112.98M	146.27M
Stockholders Equity	1.58B	835.62M	394.97M	490.15M	459.64M
Cash Flow
Free Cash Flow	-234.34M	-207.34M	-137.31M	-155.92M	-130.54M
Operating Cash Flow	-232.89M	-194.50M	-102.83M	-153.09M	-128.95M
Investing Cash Flow	-521.06M	-404.08M	139.89M	20.52M	-99.83M
Financing Cash Flow	990.71M	608.85M	4.19M	153.00M	250.28M

Kymera Therapeutics Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 79.14
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For KYMR, the sentiment is Neutral. The current price of 79.14 is below the 20-day moving average (MA) of 85.38, below the 50-day MA of 79.53, and above the 200-day MA of 61.27, indicating a neutral trend. The MACD of -0.49 indicates Positive momentum. The RSI at 43.10 is Neutral, neither overbought nor oversold. The STOCH value of 30.49 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for KYMR.

Kymera Therapeutics Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
KYMR	64 Neutral	$6.50B	-21.09	-29.08%	―	-50.05%	-54.47%
PTGX	62 Neutral	$6.49B	-42.66	-19.89%	―	-35.39%	-72.97%
APLS	56 Neutral	$2.30B	141.40	8.20%	―	42.11%	―
CRNX	55 Neutral	$3.75B	-8.91	-41.46%	―	―	-21.96%
MLTX	55 Neutral	$1.20B	-3.74	-67.12%	―	―	-157.74%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%

Kymera Therapeutics Corporate Events

Kymera Therapeutics Establishes New $500 Million ATM Program

On February 26, 2026, Kymera Therapeutics entered into a new at-the-market equity offering program with TD Securities (USA) LLC, allowing the company to sell up to $500 million of common stock from time to time on Nasdaq at its discretion, with TD Cowen acting on a best-efforts basis for a commission of up to 3%. The move provides Kymera with flexible access to additional capital while replacing its prior open market sale agreement with Jefferies, which was terminated the same day.

Also on February 26, 2026, Kymera filed a resale prospectus supplement to register the potential resale by certain existing investors of up to 18.8 million common shares and 12.6 million shares underlying pre-funded warrants, without the company issuing new securities or receiving proceeds from any shareholder sales. The filing clarifies that any warrant exercises could generate only minimal cash for Kymera, underscoring that the registration chiefly enhances liquidity options for key shareholders rather than directly funding the company’s operations.

The most recent analyst rating on (KYMR) stock is a Buy with a $140.00 price target. To see the full list of analyst forecasts on Kymera Therapeutics stock, see the KYMR Stock Forecast page.

Kymera Therapeutics Sets 2026 Clinical Strategy and Milestones

On January 13, 2026, Kymera Therapeutics outlined its 2026 objectives and clinical strategy, highlighting progress and upcoming milestones across its oral immunology pipeline, including the STAT6 degrader KT-621 and the IRF5 degrader KT‑579. The company reported that in December 2025 KT-621 produced positive Phase 1b data in moderate to severe atopic dermatitis patients, showing deep STAT6 degradation, robust biomarker reductions and meaningful clinical improvements that were in line with or numerically exceeded four-week dupilumab data, and the asset received FDA Fast Track designation that same month. KT-621 is now in Phase 2b development, with the BROADEN2 trial in atopic dermatitis dosing since November 2025 and recently expanded to include adolescents, and the BREADTH Phase 2b trial in eosinophilic asthma initiated in January 2026, with both studies expected to deliver data in 2027. Kymera has completed IND-enabling studies for KT-579, which demonstrated strong efficacy and clean safety in preclinical lupus and rheumatoid arthritis models, and plans to start a first-in-human Phase 1 healthy volunteer trial in the first quarter of 2026 with data anticipated in the second half of 2026. Additional pipeline momentum comes from partnered programs such as the IRAK4 degrader KT-485/SAR447971 with Sanofi, expected to enter Phase 1 in 2026, and an oral CDK2 molecular glue oncology program under an exclusive option and license agreement with Gilead, while Kymera also plans to advance at least one new first-in-class oral immunology candidate toward IND this year, underscoring its ambition to reshape treatment standards and consolidate its position as a leading player in oral immunology therapeutics.

The most recent analyst rating on (KYMR) stock is a Buy with a $138.00 price target. To see the full list of analyst forecasts on Kymera Therapeutics stock, see the KYMR Stock Forecast page.