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Kymera Therapeutics
(NASDAQ:KYMR)
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Rating:59Neutral
Price Target:
$109.00
▼(-1.42% Downside)
Action:Reiterated
Date:08/05/26
Overall score reflects a company with strong financial flexibility and positive pipeline execution/guidance (accelerated trial timelines, upcoming data catalysts, and long cash runway), but still weighed down by large ongoing losses and substantial cash burn. Technicals add a mixed signal (longer-term strength but near-term softness), while valuation remains less supportive due to negative earnings and no dividend.
Positive Factors
Strong cash runway and balance sheet flexibility
A ~$1.5B liquidity cushion provides multi-year funding to advance multiple clinical programs and absorbe near-term setbacks. This durable financial flexibility supports planned Phase III starts, partner-enabled programs, and optionality on timing or additional asset investments without immediate dilution.
Negative Factors
High and worsening cash burn with negative cash flow
Sustained negative operating and free cash flow (TTM) reflects heavy R&D investment and accelerating spend. Even with current runway, continued burn at current or higher rates increases reliance on milestone receipts, partner funding, or financing events to sustain multi‑year development plans and potential commercial launches.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash runway and balance sheet flexibility
A ~$1.5B liquidity cushion provides multi-year funding to advance multiple clinical programs and absorbe near-term setbacks. This durable financial flexibility supports planned Phase III starts, partner-enabled programs, and optionality on timing or additional asset investments without immediate dilution.
Read all positive factors
Kymera Therapeutics (KYMR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$8.94B
Dividend YieldN/A
Average Volume (3M)1.05M
Price to Earnings (P/E)―
Beta (1Y)1.80
Revenue Growth134.84%
EPS Growth6.73%
CountryUS
Employees238
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-3.25
Shares Outstanding83,150,620
10 Day Avg. Volume575,796
30 Day Avg. Volume1,051,347
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda>-0.01
Forecast
1Y Price Target
$131.29Price Target Upside18.74% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering17
EPS Forecast (FY)-3.76
Revenue Forecast (FY)$106.33M
Kymera Therapeutics Business Overview & Revenue Model
Company Description
Kymera Therapeutics, Inc. is a biopharmaceutical company dedicated to discovering and developing pioneering small molecule therapeutics. These treatments operate by harnessing the body's inherent protein degradation system to selectively eliminate...
How the Company Makes Money
Kymera Therapeutics primarily makes money through collaboration and licensing arrangements with larger pharmaceutical partners, which can include upfront payments, research funding, and potential development, regulatory, and commercial milestone p...
Kymera Therapeutics Earnings Call Summary
Earnings Call Date:Aug 05, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 29, 2026
Earnings Call Sentiment Positive
The call emphasized substantial operational momentum: accelerated Phase 2b enrollment for KT-621, near-term KT-579 translational readout, partnership milestones that delivered $65M in Q2, and a strong balance sheet (~$1.5B) providing runway into 2029. At the same time, the company faces elevated near-term cash deployment (R&D up 22% QoQ), industry-wide challenges such as higher placebo responses in AD, a competitive STAT6 landscape, and limited near-term recurring revenue after recognition of deferred revenues. Overall, the positives — faster-than-expected enrollment, multiple upcoming data catalysts, partnership payments, and a solid cash position — meaningfully outweigh the risks and uncertainties discussed on the call.Positive Updates
Phase 2b AD Trial Enrollment Ahead of Schedule
Completed enrollment in the BROADEN-2 Phase 2b atopic dermatitis trial approximately 6 months ahead of schedule; top-line data expected by year-end 2026 and Phase III initiation targeted around mid-2027 (each ~6 months earlier than previously planned).
Negative Updates
Revenue Temporarily Concentrated and Non-Recurring
Q2 collaboration revenue of $65 million was driven by one-time items (a $45 million Gilead option fee and a $20 million Sanofi milestone); management noted all deferred revenue has been recognized and does not expect additional revenue in 2026 outside future milestones.
Read all updates
Q2-2026 Updates
Positive
Negative
Phase 2b AD Trial Enrollment Ahead of Schedule
Completed enrollment in the BROADEN-2 Phase 2b atopic dermatitis trial approximately 6 months ahead of schedule; top-line data expected by year-end 2026 and Phase III initiation targeted around mid-2027 (each ~6 months earlier than previously planned).
Read all positive updates
Company Guidance
Management guided that Kymera completed enrollment in the KT‑621 Phase 2b AD BROADEN‑2 study ~6 months ahead of plan and now expects topline data by year‑end 2026 and Phase III initiation around mid‑2027 (also ~6 months earlier); the BREADTH Phase 2b asthma study is enrolling with topline expected in late‑2027 and an open‑label extension allowing up to 52 additional weeks. They reiterated KT‑621 is a 3‑dose vs placebo study with a week‑16 primary endpoint (percent change in EASI) and key secondaries (EASI‑50/75, vIGA‑01, pruritus NRS); KT‑579 healthy‑volunteer Phase I results are expected in Q4‑2026 with an objective of >90% IRF5 degradation and an anticipated 50–80% reduction in TLR7/8/9‑linked biomarkers if engaged; KT‑485 (Sanofi) entered Phase I, triggering a $20M milestone, and KT‑200 (Gilead) is targeting IND/clinical start next year. Financially, Q2‑2026 collaboration revenue was $65M ($45M Gilead option fee + $20M Sanofi milestone); R&D expense was $119.5M (including ~$10.4M stock‑based comp; adjusted cash R&D $109.1M, +22% vs Q1), G&A was $21.1M (including ~$8.6M stock‑based comp; adjusted cash G&A $12.5M, −4% vs Q1), and cash, cash equivalents and investments were ~ $1.5B, providing runway into 2029 to support current programs and the company’s plan to potentially execute >10 Phase III studies over the next 2–3 years.Kymera Therapeutics Financial Statement Overview
Summary
Income Statement
22
Negative
Balance Sheet
68
Positive
Cash Flow
24
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 104.99M | 39.20M | 47.07M | 78.59M | 46.83M | 72.83M |
| Gross Profit | 107.07M | 39.20M | 47.07M | 78.59M | 46.83M | 72.83M |
| EBITDA | -292.76M | -303.06M | -216.24M | -143.20M | -151.66M | -97.64M |
| Net Income | -299.65M | -311.40M | -223.86M | -146.96M | -154.81M | -100.22M |
Balance Sheet | ||||||
| Total Assets | 1.65B | 1.74B | 978.03M | 575.76M | 603.13M | 605.90M |
| Cash, Cash Equivalents and Short-Term Investments | 690.99M | 848.28M | 488.74M | 374.88M | 407.17M | 442.42M |
| Total Debt | 82.22M | 82.25M | 87.76M | 84.67M | 17.34M | 17.96M |
| Total Liabilities | 139.85M | 163.15M | 142.42M | 180.79M | 112.98M | 146.27M |
| Stockholders Equity | 1.51B | 1.58B | 835.62M | 394.97M | 490.15M | 459.64M |
Cash Flow | ||||||
| Free Cash Flow | -237.96M | -234.34M | -207.34M | -137.31M | -155.92M | -130.54M |
| Operating Cash Flow | -236.76M | -232.89M | -194.50M | -102.83M | -153.09M | -128.95M |
| Investing Cash Flow | -752.49M | -521.06M | -404.08M | 139.89M | 20.52M | -99.83M |
| Financing Cash Flow | 777.92M | 990.71M | 608.85M | 4.19M | 153.00M | 250.28M |
Kymera Therapeutics Technical Analysis
Positive
110.57
Price Trends
100.49
Positive
91.89
Positive
83.28
Positive
Market Momentum
0.19
Positive
51.85
Neutral
55.22
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 110.57 is above the 20-day moving average (MA) of 108.90, above the 50-day MA of 100.49, and above the 200-day MA of 83.28, indicating a neutral trend. The MACD of 0.19 indicates Positive momentum. The RSI at 51.85 is Neutral, neither overbought nor oversold. The STOCH value of 55.22 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 |
|---|---|---|---|---|---|---|---|
70 Outperform | $9.44B | 119.75 | 12.03% | ― | 34.81% | 44.59% | |
59 Neutral | $8.94B | -33.08 | -21.50% | ― | 134.84% | 6.73% | |
59 Neutral | $8.92B | -16.65 | -44.22% | ― | 2928.45% | -22.68% | |
54 Neutral | $1.54B | -4.71 | -85.61% | ― | ― | -68.11% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
* Healthcare Sector Average
KYMR
Kymera Therapeutics
107.52
69.84
185.35%
PTGX
Protagonist Therapeutics
145.87
92.12
171.39%
CRNX
Crinetics Pharmaceuticals
84.08
56.70
207.09%
MLTX
MoonLake Immunotherapeutics
18.26
-35.12
-65.79%
Kymera Therapeutics Corporate Events
Business Operations and StrategyExecutive/Board Changes
Kymera Therapeutics Appoints New Chief Medical Officer
Positive
Jul 27, 2026
Kymera Therapeutics announced on July 27, 2026, that Terence Rooney, M.D., formerly an immunology portfolio and asset management leader at Johnson Johnson, has been appointed Chief Medical Officer. Rooney brings extensive experience across immuno...
Business Operations and StrategyProduct-Related Announcements
Kymera Completes Enrollment in KT-621 Atopic Dermatitis Trial
Positive
Jun 25, 2026
On June 25, 2026, Kymera Therapeutics reported that it had completed enrollment in its global BROADEN2 Phase 2b trial of KT-621, a first-in-class oral STAT6 degrader, in patients aged 12 to 75 with moderate to severe atopic dermatitis. The study, ...
Executive/Board ChangesShareholder Meetings
Kymera Shareholders Reelect Directors, Affirm Executive Pay, Auditor
Positive
Jun 24, 2026
At its June 24, 2026 annual meeting, Kymera Therapeutics shareholders elected Bruce Booth, Nello Mainolfi, John Maraganore and Elena Ridloff as Class III directors to new three-year terms ending in 2029, reinforcing continuity and experienced over...
Business Operations and StrategyExecutive/Board Changes
Kymera Therapeutics COO Resigns, Transition Plan Implemented
Neutral
Jun 8, 2026
Kymera Therapeutics announced that Chief Operating Officer Jeremy Chadwick submitted his resignation on June 5, 2026, citing personal reasons and confirming there was no disagreement with the company’s practices or policies. Chadwick will re...
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.