Kymera Therapeutics (KYMR)
NASDAQ:KYMR
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Kymera Therapeutics
(NASDAQ:KYMR)
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Rating:64Neutral
Price Target:
$86.00
▲(8.96% Upside)
Action:ReiteratedDate: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
Strong cash runway and low leverage
A multi-year cash runway into 2029 and low reported debt provide durable funding to complete planned Phase IIb programs and move select programs toward Phase III without immediate financing pressure, materially reducing near-term dilution risk and preserving strategic optionality.
Negative Factors
Sustained negative operating cash flow
Persistent multi-hundred-million dollar cash burn reflects heavy R&D investment; if burn rates remain elevated beyond planned budgets, the company could face increased financing needs, potential dilution or program prioritization, creating medium-term funding execution risk despite current cash levels.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash runway and low leverage
A multi-year cash runway into 2029 and low reported debt provide durable funding to complete planned Phase IIb programs and move select programs toward Phase III without immediate financing pressure, materially reducing near-term dilution risk and preserving strategic optionality.
Read all positive factors
Kymera Therapeutics (KYMR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$6.55B
Dividend YieldN/A
Average Volume (3M)739.93K
Price to Earnings (P/E)―
Beta (1Y)1.97
Revenue Growth-50.05%
EPS Growth-54.47%
CountryUS
Employees208
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-0.97
Shares Outstanding81,642,395
10 Day Avg. Volume624,865
30 Day Avg. Volume739,934
Financial Highlights & Ratios
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 Cap0.96
Enterprise Value/Revenue159.98
Enterprise Value/Gross Profit159.98
Enterprise Value/Ebitda-20.74
Forecast
1Y Price Target
$121.79Price Target Upside54.30% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering18
EPS Forecast (FY)-3.71
Revenue Forecast (FY)$40.09M
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 e...
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 agreem...
Kymera Therapeutics Earnings Call Summary
Earnings Call Date:Feb 26, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 30, 2026
Earnings Call Sentiment Positive
The call conveyed strong clinical momentum (notably KT-621 and KT-579), significant balance sheet strength (raised ~ $1B; $1.6B year-end cash) and multiple high-value collaborations, all supporting an ambitious development plan. Headwinds include elevated R&D spend (adjusted cash R&D +16% QoQ), limited current revenue, translational/measurement complexity for IRF5, and multi-year timelines to pivotal readouts and potential approvals. Overall, the positives—compelling early clinical data, IND/Phase I starts, partner validation and a multi-year cash runway—outweigh the noted operational and timing risks.Positive Updates
KT-621 (STAT6 Degrader) Strong Early Clinical Data
Phase I healthy volunteer and Phase Ib BroADen data showed robust STAT6 degradation, favorable safety/tolerability and meaningful reductions in Type 2 biomarkers (TARC, Eotaxin-3) and lung FeNO; clinical endpoints (EASI, Pruritus NRS, IGA, SCORAD, PROs) were in line with or numerically exceeded published dupilumab data at 4 weeks.
Negative Updates
High R&D Spend and Cash Burn
Q4 2025 R&D expense was $83.8 million (including $7.6 million noncash stock-based comp); adjusted cash R&D spend was $76.2 million, a 16% increase versus Q3 2025, indicating rising quarterly burn.
Read all updates
Q4-2025 Updates
Positive
Negative
KT-621 (STAT6 Degrader) Strong Early Clinical Data
Phase I healthy volunteer and Phase Ib BroADen data showed robust STAT6 degradation, favorable safety/tolerability and meaningful reductions in Type 2 biomarkers (TARC, Eotaxin-3) and lung FeNO; clinical endpoints (EASI, Pruritus NRS, IGA, SCORAD, PROs) were in line with or numerically exceeded published dupilumab data at 4 weeks.
Read all positive updates
Company Guidance
The company guided to an active 2026 development cadence: complete enrollment in the KT‑621 Phase IIb atopic dermatitis BROADEN2 trial (≈200 adults/adolescents; primary endpoint: % change in EASI at 16 weeks) this year with top‑line data by mid‑2027, and continue the BREADTH Phase IIb asthma trial (≈264 adults; primary endpoint: change in pre‑bronchodilator FEV1 at 12 weeks) after dosing the first patient in Feb 2026 and sharing data in late‑2027 — collectively generating data in roughly 500 patients next year and rolling AD patients into a 52‑week OLE; KT‑579 (IRF5 degrader) has initiated a SAD/MAD Phase I in healthy volunteers with data expected H2 2026 (target ~90% IRF5 knockdown and ~50–80% reductions in ex‑vivo TLR7/8/9 biomarkers) and a rapid move to lupus POC planned thereafter; partnered programs include Gilead (received $40M upfront; up to $750M milestones, including $45M on option) and Sanofi (KT‑485 HV Phase I expected this year; up to ~ $1B in milestones), while financials support these plans — 2025 fundraising near $1B, year‑end cash $1.6B (runway into 2029), Q4 collaboration revenue $2.9M, Q4 R&D $83.8M (noncash SBC $7.6M; adjusted cash R&D $76.2M, +16% vs prior quarter), and Q4 G&A $16.9M (noncash SBC $6.9M; adjusted cash G&A $10M, +1% vs prior quarter) — and the company expects to name at least one new program in H2 2026.Kymera Therapeutics Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
72
Positive
Cash Flow
26
Negative
| 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
Positive
78.93
Price Trends
79.94
Positive
76.21
Positive
62.24
Positive
Market Momentum
-1.30
Positive
48.66
Neutral
49.55
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For KYMR, the sentiment is Positive. The current price of 78.93 is below the 20-day moving average (MA) of 81.83, below the 50-day MA of 79.94, and above the 200-day MA of 62.24, indicating a neutral trend. The MACD of -1.30 indicates Positive momentum. The RSI at 48.66 is Neutral, neither overbought nor oversold. The STOCH value of 49.55 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for KYMR.
Kymera Therapeutics Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
64 Neutral | $6.55B | -21.09 | -29.08% | ― | -50.05% | -54.47% | |
62 Neutral | $6.52B | -42.66 | -19.89% | ― | -35.39% | -72.97% | |
56 Neutral | $2.25B | 141.40 | 8.20% | ― | 42.11% | ― | |
55 Neutral | $3.80B | -8.91 | -41.46% | ― | ― | -21.96% | |
55 Neutral | $1.27B | -3.74 | -67.12% | ― | ― | -157.74% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
* Healthcare Sector Average
KYMR
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Kymera Therapeutics Corporate Events
Private Placements and FinancingRegulatory Filings and Compliance
Kymera Therapeutics Establishes New $500 Million ATM Program
Neutral
Feb 26, 2026
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...
Business Operations and StrategyProduct-Related Announcements
Kymera Therapeutics Sets 2026 Clinical Strategy and Milestones
Positive
Jan 13, 2026
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....
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.