Kymera Therapeutics (KYMR) AI Stock Analysis

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Kymera Therapeutics

(NASDAQ:KYMR)

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Neutral 64 (OpenAI - 5.2)

Rating:64Neutral

Price Target:

$97.00

▲(7.66% 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

KT-621 clinical momentum & Fast Track

Robust Phase 1b biomarker and early efficacy signals plus FDA Fast Track materially reduces regulatory friction and supports expedited development paths. This strengthens the program's ability to reach mid‑stage readouts, aiding dose selection and de‑risking later registrational planning across Type 2 indications.

Strong balance sheet and runway

A large cash balance providing multi-year runway funds parallel Phase IIb programs and initial Phase III activities without immediate reliance on markets. This preserves execution optionality, reduces near-term dilution pressure, and allows sustained investment in multiple programs and partnerships.

High-value partnerships and validation

Strategic collaborations with Gilead and Sanofi supply non-dilutive funding, external validation of Kymera's TPD platform, and access to partner development/commercial capabilities. Milestone structures align incentives and can materially de-risk programs while enabling resource sharing for late‑stage development.

Negative Factors

Large cash burn and negative FCF

Sustained negative operating and free cash flow at scale demands ongoing financing if costs remain elevated. Even with current cash, persistent burn increases dilution risk and constrains the pace at which the company can advance multiple programs or fund larger Phase III commitments without partner contributions or new capital.

Limited current revenue; milestone dependency

Operating revenues are modest and irregular, tied to partner milestones and recognition rules. This creates cash‑flow volatility and reliance on contingent partner payments or financings to bridge development costs, increasing execution risk if anticipated milestones are delayed or not achieved.

Translational/measurement risk for IRF5 program

KT‑579 faces inherent translational challenges: surrogate ex‑vivo assays and low tissue expression in healthy volunteers complicate PD readouts. Such measurement hurdles can impede dose selection, lengthen timelines to patient proof‑of‑concept, and raise the risk that early biomarker signals fail to translate to clinical efficacy.

Kymera Therapeutics (KYMR) vs. SPDR S&P 500 ETF (SPY)

Market Cap

$7.36B

Dividend YieldN/A

Average Volume (3M)766.25K

Price to Earnings (P/E)―

Beta (1Y)1.93

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. Volume800,680

30 Day Avg. Volume766,253

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 Cap0.94

Enterprise Value/Revenue176.87

Enterprise Value/Gross Profit176.87

Enterprise Value/Ebitda-22.93

Forecast

1Y Price Target

$121.83

Price Target Upside35.22% Upside

Rating ConsensusStrong Buy

Number of Analyst Covering22

EPS Forecast (FY)-3.62

Revenue Forecast (FY)$42.00M

Kymera Therapeutics Business Overview & Revenue Model

Company DescriptionKymera 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 MoneyKymera Therapeutics generates revenue primarily through partnerships and collaborations with larger pharmaceutical companies, which provide funding for the development of its drug candidates. The company may receive upfront payments, research funding, and milestone payments as its products progress through various stages of development. Additionally, Kymera could earn royalties on future sales of any approved therapies stemming from these collaborations. The company's revenue model is heavily reliant on the successful advancement of its therapeutic candidates in clinical trials and the establishment of strategic alliances to enhance its research capabilities and market reach.

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.

Q4-2025 Updates

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.

KT-621 Late-Stage Progression and Trial Design

Two parallel Phase IIb dose-ranging, placebo-controlled trials launched: BROADEN2 (AD, ~200 adults/adolescents, primary endpoint % change in EASI at 16 weeks; enrollment expected complete by end-2026; topline mid-2027) and BREADTH (asthma, ~264 adults with eosinophilic asthma, primary endpoint change in pre-bronchodilator FEV1 at 12 weeks; data expected late-2027). Combined expectation: ~500 patients generating data next year.

KT-621 Toxicology and Long-Term Safety Plans

Completed 6–9 month GLP toxicology studies in rats and nonhuman primates for KT-621 with no adverse findings reported; long-term treatment data being collected via a 52-week open-label extension for AD patients.

KT-579 (IRF5 Degrader) IND Clearance and Phase I Start

KT-579 IND cleared and dosing initiated in a Phase I single/multiple ascending dose healthy volunteer study; primary translational objective is ~90% IRF5 reduction in blood and ex vivo assays expect 50%–80% reductions in TLR7/8/9-driven biomarkers; first-in-human data anticipated in H2 2026 and patient POC (lupus) planned thereafter.

Collaborations and Partner Validation

Gilead collaboration included a $40M upfront payment and up to $750M in milestones (including a $45M option payment); Sanofi partnership for KT-485 (IRAK4 degrader) can realize ~"nearly $1 billion" in milestones; Q4 2025 collaboration revenue was $2.9M attributable to Gilead.

Strong Balance Sheet and Runway

Raised almost $1.0 billion in 2025; year-end cash balance $1.6 billion, which management states provides runway into 2029 and funds completion of both KT-621 Phase IIb trials and a large part of first Phase III.

Leadership and Pipeline Expansion

Hired Neil Graham as Chief Development Officer (30+ years in drug development, including dupilumab leadership); continued internal pipeline advancement with plan to announce at least one new program annually and target a new development candidate in H2 2026.

Operational and Strategic Positioning

Clear regulatory and development strategy: use AD Phase IIb to support other dermatologic indications and asthma Phase IIb to support other respiratory indications; intent to move to registrational/Phase III studies after Phase II completion and FDA discussion.

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.

Limited Current Revenue and Dependency on Milestones

Q4 collaboration revenue was modest at $2.9 million; material near-term inflows depend on potential partner milestones (Gilead and Sanofi) that are not included in current cash guidance and are not guaranteed.

Lengthy Development Timeline to Pivotal Readouts

Phase IIb programs complete enrollment and topline data are expected mid- to late-2027, meaning several years before potential registrational filing and commercialization; Phase III initiation requires Phase II completion and FDA meetings.

Translational and Measurement Challenges for IRF5

IRF5 pathway not active in healthy volunteers, requiring ex vivo stimulation assays as surrogate PD readouts; IRF5 expression in skin and some tissues is low in healthy volunteers, complicating direct measurement and adding translational risk.

Competitive and Execution Risks in AD and Oral Landscape

Evolving competitive landscape with multiple next-gen oral agents in atopic dermatitis increases market and clinical risk; management noted inability to directly compare without head-to-head data and emphasized the need to protect trial integrity (e.g., placebo control), highlighting enrollment/endpoint risks.

Placebo and Enrollment Risks

Management highlighted the potential for placebo effects and the need for stringent site selection/eligibility and investigator training; enrollment timelines and regional dynamics (majority of sites ex-U.S.) may affect trial conduct and placebo rates.

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

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

Very Negative

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

Positive

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

Negative

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

Positive

Last Price90.10

Price Trends

50DMA

78.97

Positive

100DMA

72.30

Positive

200DMA

58.12

Positive

Market Momentum

MACD

4.32

Negative

RSI

63.57

Neutral

STOCH

73.97

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 90.1 is above the 20-day moving average (MA) of 84.18, above the 50-day MA of 78.97, and above the 200-day MA of 58.12, indicating a bullish trend. The MACD of 4.32 indicates Negative momentum. The RSI at 63.57 is Neutral, neither overbought nor oversold. The STOCH value of 73.97 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

Overall Rating

UnderperformOutperform

Sector (51)

Financial Indicators

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
KYMR	64 Neutral	$7.36B	-24.49	-25.78%	―	-50.05%	-54.47%
PTGX	62 Neutral	$6.01B	―	-20.18%	―	-35.39%	-72.97%
APLS	56 Neutral	$2.65B	167.61	7.48%	―	42.11%	―
CRNX	55 Neutral	$4.26B	-8.23	-40.17%	―	―	-21.96%
MLTX	55 Neutral	$1.25B	-5.01	-60.51%	―	―	-157.74%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%

* Healthcare Sector Average

Performance Comparison

KYMR

Kymera Therapeutics

90.10

59.93

198.64%

PTGX

Protagonist Therapeutics

94.24

55.74

144.78%

APLS

Apellis Pharmaceuticals

20.70

-3.36

-13.97%

CRNX

Crinetics Pharmaceuticals

40.68

6.54

19.16%

MLTX

MoonLake Immunotherapeutics

17.68

-22.03

-55.48%

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 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.

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. 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.

Business Operations and StrategyPrivate Placements and Financing

Kymera Therapeutics Announces Major Stock Offering

Positive

Dec 10, 2025

On December 9, 2025, Kymera Therapeutics announced an underwritten public offering of 7,000,000 shares of its common stock at $86.00 per share, expected to close on December 11, 2025. The company anticipates net proceeds of approximately $656.1 million, which will be used to advance its degrader programs and for general corporate purposes. The offering, managed by major financial institutions, includes an option for underwriters to purchase an additional 1,050,000 shares. This move is expected to support Kymera’s operations into 2029, enhancing its market position and stakeholder value.

The most recent analyst rating on (KYMR) stock is a Buy with a $125.00 price target. To see the full list of analyst forecasts on Kymera Therapeutics stock, see the KYMR Stock Forecast page.

Business Operations and StrategyProduct-Related Announcements

Kymera Therapeutics Unveils Promising Phase 1b Trial Results

Positive

Dec 8, 2025

On December 8, 2025, Kymera Therapeutics discussed the results of their Phase 1b trial for KT-621, an oral STAT6 degrader, in atopic dermatitis patients. The trial’s outcomes are significant as they highlight the potential of KT-621 to transform treatment options for atopic dermatitis and other Type 2 inflammatory diseases, positioning Kymera as a key player in the immunology market.

The most recent analyst rating on (KYMR) stock is a Buy with a $98.00 price target. To see the full list of analyst forecasts on Kymera Therapeutics stock, see the KYMR Stock Forecast page.

Product-Related Announcements

Kymera Therapeutics Announces Positive Phase 1b Trial Results

Positive

Dec 8, 2025

On December 8, 2025, Kymera Therapeutics announced positive results from their BroADen Phase 1b clinical trial of KT-621, an oral STAT6 degrader, in patients with moderate to severe atopic dermatitis. The trial demonstrated significant STAT6 degradation and reductions in Type 2 inflammatory biomarkers, with KT-621 showing promising clinical activity and safety profile. These results suggest KT-621’s potential as a first-in-class oral treatment for Type 2 inflammatory diseases, with ongoing and planned trials aiming to further its development.

The most recent analyst rating on (KYMR) stock is a Buy with a $98.00 price target. To see the full list of analyst forecasts on Kymera Therapeutics stock, see the KYMR Stock Forecast page.

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.Date of analysis: Feb 27, 2026