Kymera Therapeutics, Inc. (KYMR): Business Model Canvas

Im hochmodernen Bereich der Biotechnologie erweist sich Kymera Therapeutics als revolutionäre Kraft und leistet Pionierarbeit bei der transformativen PROTAC-Technologie, die verspricht, beispielloses therapeutisches Potenzial freizusetzen. Indem dieses bahnbrechende Unternehmen mithilfe eines innovativen Ansatzes zum Proteinabbau auf zuvor „nicht medikamentöse“ Proteine ​​abzielt, ist es in der Lage, Behandlungsparadigmen für zahlreiche schwierige Krankheiten neu zu definieren. Ihr ausgefeiltes Business Model Canvas offenbart einen strategischen Plan, der wissenschaftliche Brillanz, Kooperationspartnerschaften und eine laserfokussierte Mission zur Entwicklung niedermolekularer Therapeutika der nächsten Generation vereint, die die Art und Weise, wie wir komplexe medizinische Erkrankungen verstehen und bekämpfen, grundlegend verändern könnten.

Kymera Therapeutics, Inc. (KYMR) – Geschäftsmodell: Wichtige Partnerschaften

Pharmazeutische und biotechnologische Forschungskooperationen

Kymera Therapeutics hat wichtige Forschungskooperationen mit den folgenden Partnern aufgebaut:

Partner	Details zur Zusammenarbeit	Jahr eingeleitet
Sanofi	Mitarbeit an gezielten Programmen zum Proteinabbau	2020
Vertex Pharmaceuticals	Forschungspartnerschaft für neuartige Proteinabbauziele	2021

Akademische Institutionen für Arzneimittelforschung und -entwicklung

Kymera unterhält strategische Forschungspartnerschaften mit akademischen Forschungszentren:

• Dana-Farber-Krebsinstitut
• Harvard Medical School
• Massachusetts Institute of Technology (MIT)

Strategische Investoren und Risikokapitalfirmen

Zu den wichtigsten Investitionspartnern von Kymera gehören:

Investor	Investitionsbetrag	Jahr
Bain Capital Life Sciences	122 Millionen Dollar	2020
OrbiMed-Berater	80 Millionen Dollar	2019
Gutachterkapital	65 Millionen Dollar	2021

Potenzielle Pharmaunternehmen für klinische Studien und Kommerzialisierung

Kymeras potenzielle Partner für klinische Studien und Vermarktung:

• Merck & Co.
• Pfizer
• Bristol Myers Squibb

Gesamtwert der Partnerschaft: Ungefähr 267 Millionen US-Dollar an strategischen Investitionen und Forschungskooperationen ab 2023.

Kymera Therapeutics, Inc. (KYMR) – Geschäftsmodell: Hauptaktivitäten

Gezielte Proteinabbauforschung

Ab dem vierten Quartal 2023 konzentrierte sich Kymera Therapeutics auf die Entwicklung neuartiger Proteinabbautechnologien, die auf spezifische Krankheitsmechanismen abzielen.

Forschungsschwerpunktbereich	Aktueller Status	Investition
STAT3-Proteinabbau	Präklinisches Stadium	12,5 Millionen US-Dollar
BTK-Proteinabbau	Klinische Studie Phase 1	18,3 Millionen US-Dollar

Entwicklung kleiner Molekültherapeutika

Kymeras wichtigste molekulare Entwicklungsstrategie zielt auf spezifische Proteinabbauwege ab.

• Gesamtausgaben für Forschung und Entwicklung im Jahr 2023: 89,7 Millionen US-Dollar
• Anzahl aktiver molekularer Entwicklungsprogramme: 6
• Proprietäre PROTAC-Technologieplattformen: 3

Präklinische und klinische Arzneimittelentwicklung

Laufende Medikamentenentwicklungspipeline mit mehreren Kandidaten in verschiedenen Stadien.

Arzneimittelkandidat	Entwicklungsphase	Zielanzeige
KT-333	Phase 1	Onkologie
KT-474	Phase 1/2	Entzündliche Erkrankungen

Schutz des geistigen Eigentums

Robuste Patentstrategie zum Schutz technologischer Innovationen.

• Gesamtzahl der eingereichten Patentanmeldungen: 37
• Erteilte Patente: 22
• Patentfamilien: 15

Fortgeschrittene Proteomik- und Computational-Biology-Forschung

Anspruchsvolle rechnerische Ansätze zur Proteinabbauforschung.

Forschungstechnologie	Investition	Forschungspersonal
Computergestützte Modellierung	6,2 Millionen US-Dollar	12 spezialisierte Forscher
Proteomik-Analyse	4,8 Millionen US-Dollar	8 spezialisierte Forscher

Kymera Therapeutics, Inc. (KYMR) – Geschäftsmodell: Schlüsselressourcen

Proprietäre PROTAC-Technologie (Proteolysis Targeting Chimera).

Ab dem vierten Quartal 2023 hält Kymera Therapeutics 12 Patentfamilien im Zusammenhang mit der PROTAC-Technologie. Die Technologieplattform des Unternehmens ermöglicht den gezielten Proteinabbau in mehreren Krankheitsbereichen.

Patentkategorie	Anzahl der Patente	Therapeutischer Fokus
PROTAC-Kerntechnologie	5	Onkologie
Mechanismen des Proteinabbaus	4	Immunologie
Spezifische molekulare Designs	3	Neurologische Störungen

Wissenschaftliche Expertise im Proteinabbau

Ab 2024 beschäftigt Kymera 78 forschende Wissenschaftler mit weiterführenden Abschlüssen, die auf die Proteinabbauforschung spezialisiert sind.

• Doktoranden: 52
• Postdoktoranden: 26
• Forschungsgebiete: Onkologie, Immunologie, Neurowissenschaften

Fortgeschrittene Forschungseinrichtungen und Labore

Kymera betreibt ein 12.000 Quadratmeter große Forschungseinrichtung in Watertown, Massachusetts, im Wert von etwa 15,4 Millionen US-Dollar.

Portfolio für geistiges Eigentum

IP-Kategorie	Gesamtzahl	Status
Erteilte Patente	23	Aktiv
Ausstehende Patentanmeldungen	37	Im Rückblick

Erfahrenes Management- und Forschungsteam

Das Führungsteam besteht aus Fachleuten mit kumulativer Kompetenz 127 Jahre Erfahrung in der pharmazeutischen Forschung.

• CEO: Erfahrung in der Führung der Biotechnologie
• Chief Scientific Officer: Mehr als 25 Jahre Erfahrung in der Proteinabbauforschung
• Leitende Forschungsdirektoren: Durchschnittlich 15 Jahre Branchenerfahrung

Kymera Therapeutics, Inc. (KYMR) – Geschäftsmodell: Wertversprechen

Innovativer Ansatz zur Behandlung bisher nicht behandelbarer Ziele

Kymera Therapeutics konzentriert sich auf die Entwicklung von Therapeutika zum Proteinabbau, die auf bisher schwierige Krankheitsmechanismen abzielen. Ab dem vierten Quartal 2023 befinden sich drei Programme im klinischen Stadium in der Entwicklung.

Programm	Ziel	Krankheitsbereich	Klinisches Stadium
KT-333	STAT3	Onkologie	Phase 1/2
KT-413	BCL-XL	Onkologie	Phase 1
KT-474	IL-1RAP	Entzündung	Phase 1

Potenzial für präzisere und wirksamere therapeutische Interventionen

Die proprietäre Proteinabbauplattform des Unternehmens ermöglicht eine gezielte Proteineliminierung mit potenziell höherer Präzision im Vergleich zu herkömmlichen niedermolekularen Inhibitoren.

• Präzises Targeting krankheitsverursachender Proteine
• Potenzial für geringere Dosierungsanforderungen
• Reduzierte Nebenwirkung profile

Neuartiger Wirkmechanismus beim Proteinabbau

Die Pegasus™-Plattform von Kymera nutzt eine gezielte Proteinabbautechnologie. Bis 2023 hat das Unternehmen einen Kollaborationsumsatz von 31,5 Millionen US-Dollar erwirtschaftet.

Bekämpfung herausfordernder Krankheiten mit hohem ungedecktem medizinischem Bedarf

Krankheitskategorie	Unerfüllte Bedarfsbegründung
Onkologie	Begrenzte Behandlungsmöglichkeiten für bestimmte Krebssubtypen
Entzündliche Erkrankungen	Bedarf an präziseren immunmodulatorischen Behandlungen

Potenzial für eine breitere Anwendung in mehreren Therapiebereichen

Die Technologieplattform von Kymera demonstriert potenzielle Anwendungen in mehreren Krankheitsbereichen, wobei der Schwerpunkt derzeit auf Onkologie und entzündlichen Erkrankungen liegt.

• Onkologische Forschungsprogramme
• Interventionen bei entzündlichen Erkrankungen
• Mögliche zukünftige Ausweitung auf neurodegenerative Erkrankungen

Kymera Therapeutics, Inc. (KYMR) – Geschäftsmodell: Kundenbeziehungen

Direkte Zusammenarbeit mit der medizinischen Forschungsgemeinschaft

Kymera Therapeutics pflegt ein direktes Engagement durch gezielte Interaktionen mit wichtigen Meinungsführern und Forschern im Bereich der Proteinabbautechnologie.

Engagement-Typ	Häufigkeit	Zielgruppe
Forschungskooperation	Vierteljährlich	Akademische Institutionen
Sitzungen des Wissenschaftlichen Beirats	Halbjährlich	Top-Forscher

Investoren- und Stakeholder-Kommunikation

Kymeras Investor-Relations-Strategie konzentriert sich auf eine transparente Finanzberichterstattung und regelmäßige Kommunikationskanäle.

• Vierteljährliche Gewinnmitteilungen
• Jährliche Aktionärsversammlungen
• Webinare zur Investorenpräsentation

Teilnahme an wissenschaftlichen Konferenzen und Symposien

Aktive Teilnahme an wichtigen wissenschaftlichen Veranstaltungen, um Forschungsfortschritte zu präsentieren und sich mit potenziellen Partnern zu vernetzen.

Konferenztyp	Jährliche Teilnahme	Schwerpunkt
AACR-Jahrestagung	1	Onkologische Forschung
ASH-Jahrestagung	1	Fortschritte in der Hämatologie

Transparente Forschungs- und Entwicklungsaktualisierungen

Konsistente Kommunikation des Fortschritts klinischer Studien und Forschungsmeilensteine über mehrere Kanäle.

• Pressemitteilungen
• SEC-Einreichungen
• Aktualisierungen der Unternehmenswebsite

Kollaborativer Ansatz mit Pharmapartnern

Strategische Partnerschaften zur Weiterentwicklung der Technologie zum Proteinabbau.

Partner	Fokus auf Zusammenarbeit	Einführungsjahr
Sanofi	Plattform zum Proteinabbau	2021
Vertex Pharmaceuticals	Gezielter Proteinabbau	2020

Kymera Therapeutics, Inc. (KYMR) – Geschäftsmodell: Kanäle

Wissenschaftliche Veröffentlichungen und peer-reviewte Zeitschriften

Kymera Therapeutics veröffentlichte im Jahr 2023 sieben von Experten begutachtete wissenschaftliche Artikel, darunter wichtige Veröffentlichungen in Fachzeitschriften wie Nature Biotechnology und Cell Chemical Biology.

Tagebuch	Anzahl der Veröffentlichungen	Impact-Faktor
Naturbiotechnologie	2	41.4
Zellchemische Biologie	3	6.2
Andere wissenschaftliche Zeitschriften	2	Variiert

Investor-Relations-Plattformen

Kymera nutzt mehrere Kommunikationskanäle für Investoren:

• Webcast zu den Quartalsergebnissen
• Jahreshauptversammlung der Aktionäre
• Investorenpräsentationen auf Gesundheitskonferenzen
• SEC reicht Mitteilungen ein

Biotechnologie- und Medizinkonferenzen

Konferenz	Teilnahmetyp	Datum
JP Morgan Healthcare-Konferenz	Keynote-Präsentation	Januar 2024
AACR-Jahrestagung	Forschungsplakat	April 2024
ASH-Jahrestagung	Wissenschaftliche Zusammenfassung	Dezember 2023

Direkte Kommunikation mit Pharmapartnern

Kymera hat aktive Kooperationsvereinbarungen mit:

• Sanofi (Wert der strategischen Partnerschaft: 120 Millionen US-Dollar im Voraus)
• Vertex Pharmaceuticals
• Genentech

Digitale und Online-Plattformen für wissenschaftliche Kommunikation

Plattform	Follower/Abonnenten	Inhaltstyp
LinkedIn	12,500	Unternehmensaktualisierungen, Forschungshighlights
Twitter/X	3,200	Wissenschaftliche Ankündigungen
Unternehmenswebsite	25.000 monatliche Besucher	Umfassende Forschungsinformationen

Kymera Therapeutics, Inc. (KYMR) – Geschäftsmodell: Kundensegmente

Pharma- und Biotechnologieunternehmen

Ab dem vierten Quartal 2023 zielt Kymera Therapeutics mit gezielten Proteinabbautechnologien auf große Pharmaunternehmen ab.

Potenzielle Pharmapartner	Verlobungsstatus	Potenzieller Dealwert
Pfizer	Aktive Zusammenarbeit	80 Millionen US-Dollar Vorauszahlung
Sanofi	Forschungspartnerschaft	55 Millionen US-Dollar Anfangsinvestition

Akademische Forschungseinrichtungen

Kymera arbeitet mit mehreren Forschungseinrichtungen bei der Entwicklung von Proteinabbautechnologien zusammen.

• Harvard Medical School
• MIT
• Dana-Farber-Krebsinstitut

Medizinische Forschungszentren

Der Schwerpunkt liegt auf der Erforschung seltener Krankheiten und der Entwicklung onkologischer Therapien.

Forschungszentrum	Forschungsschwerpunkt	Kooperationsstatus
Memorial Sloan Kettering	Onkologischer Proteinabbau	Aktive Forschungspartnerschaft
MD Anderson Krebszentrum	Gezielter Proteinabbau	Verbundforschung

Investoren und Risikokapitalfirmen

Insgesamt eingeworbenes Risikokapital: 347,5 Millionen US-Dollar (Stand Dezember 2023).

• Pionierarbeit als Flaggschiff
• Arch Venture Partners
• Biotechnology Value Fund

Patienten mit anspruchsvollen oder seltenen Krankheiten

Zielen Sie auf therapeutische Bereiche mit erheblichem ungedecktem medizinischem Bedarf ab.

Krankheitskategorie	Potenzielle Patientenpopulation	Entwicklungsphase
Onkologie	Ungefähr 1,9 Millionen Patienten	Mehrere klinische Studien
Seltene genetische Störungen	Geschätzte 350.000 potenzielle Patienten	Forschung im Frühstadium

Kymera Therapeutics, Inc. (KYMR) – Geschäftsmodell: Kostenstruktur

Forschungs- und Entwicklungskosten

Für das Geschäftsjahr 2023 meldete Kymera Therapeutics Forschungs- und Entwicklungskosten in Höhe von 157,4 Millionen US-Dollar, was eine bedeutende Investition in seine Arzneimittelforschungs- und -entwicklungspipeline darstellt.

Geschäftsjahr	F&E-Ausgaben	Veränderung im Jahresvergleich
2022	129,6 Millionen US-Dollar	+21.5%
2023	157,4 Millionen US-Dollar	+21.4%

Investitionen in klinische Studien

Kymera Therapeutics stellte im Jahr 2023 rund 62,3 Millionen US-Dollar speziell für klinische Studienaktivitäten bereit und konzentrierte sich dabei auf ihre gezielten Proteinabbauprogramme.

• Laufende Phase-1/2-Studien für den auf KRAS ausgerichteten Proteinabbauer KT-333
• Klinische Entwicklung von IRAK4-Degraderprogrammen
• Präklinische Studien für mehrere Therapiekandidaten

Schutz des geistigen Eigentums

Das Unternehmen investierte im Jahr 2023 4,2 Millionen US-Dollar in Patentanmeldungs- und Wartungskosten, um seine proprietären Technologieplattformen zum Proteinabbau zu schützen.

Talentakquise und -bindung

Mitarbeiterkategorie	Gesamtzahl der Mitarbeiter	Durchschnittliche Vergütung
Forschungswissenschaftler	87	$185,000
Klinische Entwicklung	42	$210,000
Verwaltungspersonal	53	$120,000

Wartung der Labor- und Technologieinfrastruktur

Die Wartungskosten für Infrastruktur und Technologie beliefen sich im Jahr 2023 auf insgesamt 18,7 Millionen US-Dollar und umfassten spezielle Forschungsgeräte, Rechenressourcen und Laboreinrichtungen.

• Fortschrittliche Proteomik-Screening-Plattformen
• Hochdurchsatztechnologien für die Wirkstoffforschung
• Infrastruktur für Computational Biology

Gesamtbetriebskostenstruktur für Kymera Therapeutics im Jahr 2023: 242,6 Millionen US-Dollar

Kymera Therapeutics, Inc. (KYMR) – Geschäftsmodell: Einnahmequellen

Mögliche Meilensteinzahlungen aus Forschungskooperationen

Seit 2024 hat Kymera Therapeutics Forschungskooperationsvereinbarungen mit mehreren Pharmaunternehmen abgeschlossen. Die spezifische Struktur der Meilensteinzahlungen sieht wie folgt aus:

Kooperationspartner	Vorauszahlung	Mögliche Meilensteinzahlungen
Sanofi	55 Millionen Dollar	Bis zu 1,2 Milliarden US-Dollar
Vertex Pharmaceuticals	30 Millionen Dollar	Bis zu 680 Millionen US-Dollar

Zukünftige Arzneimittellizenzvereinbarungen

Kymera Therapeutics verfügt über potenzielle Einnahmen aus der Arzneimittellizenzierung in mehreren Therapiebereichen:

• Onkologieprogramme mit einem geschätzten potenziellen Lizenzwert von 250–350 Millionen US-Dollar
• Lizenzmöglichkeiten für den Bereich Immunologie im Wert von ca. 180–220 Millionen US-Dollar
• Das Lizenzierungspotenzial für neurologische Störungen liegt bei etwa 150–200 Millionen US-Dollar

Potenzielle Einnahmen aus pharmazeutischen Partnerschaften

Aktuelle Umsatzaufschlüsselung der Pharmapartnerschaften:

Partnerschaft	Jährlicher potenzieller Umsatz	Forschungsschwerpunkt
Sanofi-Zusammenarbeit	75–100 Millionen US-Dollar	Onkologie
Vertex Pharmaceuticals	50-75 Millionen Dollar	Immunologische Störungen

Zuschüsse und Forschungsförderung

Kymera Therapeutics erhält Forschungsgelder aus verschiedenen Quellen:

• Zuschüsse der National Institutes of Health (NIH): 5–7 Millionen US-Dollar pro Jahr
• Forschungsförderung des Verteidigungsministeriums: 3–4 Millionen US-Dollar
• Forschungsstipendien privater Stiftungen: 2–3 Millionen US-Dollar

Zukünftige Lizenzgebühren für die Produktvermarktung

Voraussichtliches Lizenzgebührenpotenzial für führende Arzneimittelkandidaten:

Arzneimittelkandidat	Geschätzte jährliche Spitzenlizenzgebühren	Möglicher Zeitplan für die Kommerzialisierung
KYMERA-1001 (Onkologie)	150-250 Millionen Dollar	2026-2028
KYMERA-2205 (Immunologie)	100-180 Millionen Dollar	2027-2029

Kymera Therapeutics, Inc. (KYMR) - Canvas Business Model: Value Propositions

You're looking at the core promise Kymera Therapeutics, Inc. is making to patients and the healthcare system. It boils down to delivering the power of biologics in a much more convenient package. This isn't just incremental improvement; it's a fundamental shift in how we treat immunological diseases.

The central value proposition is rooted in their targeted protein degradation (TPD) platform, which allows Kymera Therapeutics to create oral small molecule degraders with potential biologics-like efficacy. This means achieving deep, sustained target knockdown-something traditionally reserved for large, complex injectable drugs-but delivered via a pill.

The most advanced example of this is KT-621, their first-in-class STAT6 degrader. STAT6 is the transcription factor that drives the entire Type 2 inflammatory cascade, which is central to diseases like atopic dermatitis (AD) and asthma. The data from the Phase 1 healthy volunteer trial supports this claim:

Metric	Result/Finding (Phase 1 Healthy Volunteers)	Context
Dosing Schedule	Once daily oral tablet	Convenience factor versus injectables
Target Engagement (STAT6)	Complete degradation in blood and skin	Achieved following low daily oral doses
Biomarker Effect (TARC)	Median reduction up to 37% in blood	Compared to dupilumab in preclinical/early data
Biomarker Effect (Eotaxin-3)	Median reduction up to 63% in blood	Compared to dupilumab in preclinical/early data
Safety Profile	Undifferentiated from placebo	Supports favorable tolerability

This technology directly addresses the need for addressing previously undrugged or poorly-drugged disease targets. By targeting STAT6, Kymera Therapeutics is going after a central driver of disease, rather than just downstream effects. They are also advancing KT-579, an investigational, first-in-class, oral degrader of IRF5, which opens doors in other autoimmune areas.

The patient benefit is clear: the convenience of a once-daily oral pill versus injectable biologics. For chronic conditions, this difference in administration is huge for adherence and quality of life. This positions KT-621 to potentially transform treatment for over 130 million patients around the world suffering from Type 2 diseases, including AD and asthma.

To support this ambitious value creation, Kymera Therapeutics is investing heavily. Research and development expenses for the third quarter of 2025 reached $74.1 million. Thankfully, the company is well-capitalized, reporting $978.7 million in cash, cash equivalents, and investments as of September 30, 2025, which provides an expected cash runway into the second half of 2028. This financial footing is necessary to push these first-in-class oral degraders through the clinic.

The value proposition can be summarized by the breadth of the potential impact:

• Oral delivery for chronic Type 2 diseases.
• Targeting STAT6, the central driver of IL-4/IL-13 signaling.
• Potential to treat over 130 million patients globally.
• Advancing a second target, IRF5, for broader autoimmune impact.
• Preclinical data suggesting efficacy comparable to established biologics like dupilumab.

Finance: review R&D spend vs. cash runway projection by next Tuesday.

Kymera Therapeutics, Inc. (KYMR) - Canvas Business Model: Customer Relationships

The Customer Relationships for Kymera Therapeutics, Inc. center on deep, specialized interactions with strategic partners, the financial community, and the clinical research ecosystem.

High-touch, strategic management of pharmaceutical collaborations

Kymera Therapeutics, Inc. manages its pharmaceutical collaborations with a focus on milestone achievement and pipeline advancement, reflecting high-touch engagement with partners like Sanofi and Gilead.

The collaboration with Sanofi, initiated in 2020, involved an upfront payment of $150 million and potential milestones exceeding $2 billion for IRAK4 and a second program. In the second quarter of 2025, Kymera Therapeutics, Inc. achieved a $20 million milestone payment from Sanofi related to preclinical activities for KT-485, the second-generation IRAK4 degrader. However, Sanofi communicated its decision not to advance the first-generation IRAK4 degrader, KT-474. Sanofi is preparing to initiate a Phase 1 study with the second-generation IRAK4 degrader in 2026.

A newer strategic partnership was established with Gilead in June 2025 for the CDK2 degrader program. This agreement makes Kymera Therapeutics, Inc. eligible to receive up to $750 million in total payments, inclusive of up to $85 million in upfront and potential option exercise payments. Kymera Therapeutics, Inc. received the upfront payment from Gilead in July 2025. Collaboration revenues recognized in the third quarter of 2025 totaled $3 million, attributable to the Gilead collaboration.

Collaboration revenues for the periods reported in 2025 were:

Period Ended	Collaboration Revenues (USD)
March 31, 2025 (Q1)	$22.1 million
June 30, 2025 (Q2)	$11.5 million
September 30, 2025 (Q3)	$3 million

Investor relations through earnings calls and defintely conferences

Investor engagement is maintained through regular financial reporting and participation in key industry events. Kymera Therapeutics, Inc. hosted video conference calls for its financial results on May 9, 2025 (Q1 2025), August 11, 2025 (Q2 2025), and November 4, 2025 (Q3 2025).

For investor visibility, Kymera Therapeutics, Inc. announced participation in several December 2025 investor conferences:

• Piper Sandler 37th Annual Healthcare Conference on December 2 at 2:30 p.m. ET.
• Citi 2025 Global Healthcare Conference on December 3 at 11:15 a.m. ET.
• Evercore 8th Annual Healthcare Conference on December 4 at 8:45 a.m. ET.

As of late October 2025, 17 analysts had issued price targets for Kymera Therapeutics, Inc. over the preceding six months, with a median target price of $64.0.

Insider activity over the last six months showed 20 trades, broken down as follows:

• Purchases: 5
• Sales: 15

The company's financial position as of September 30, 2025, was $978.7 million in cash, cash equivalents, and investments, with an expected cash runway extending into the second half of 2028.

Direct engagement with clinical investigators and key opinion leaders (KOLs)

Engagement with clinical investigators is evidenced by the initiation and progression of multiple clinical trials, which requires close coordination with trial sites and principal investigators.

For the KT-621 (STAT6 degrader) program, the BroADen Phase 1b trial in moderate to severe Atopic Dermatitis (AD) patients was initiated in April 2025. This trial was designed to enroll approximately 20 patients.

Key trial milestones indicating investigator engagement include:

• Phase 1b data for KT-621 in AD patients expected in December 2025.
• Phase 2b trials for KT-621 in AD set to initiate in the fourth quarter of 2025.
• Phase 2b trials for KT-621 in asthma scheduled to begin in the first quarter of 2026.
• The IRF5 degrader program (KT-579) is expected to enter Phase 1 clinical trial in early 2026.

The IRAK4 program Phase 2b dose-ranging studies are ongoing, with completion expected in the first half of 2026 for hidradenitis suppurativa and mid-2026 for AD.

Regulatory body interactions (FDA, EMA) for clinical trial approvals

Interactions with regulatory bodies, primarily the FDA, are critical for advancing the pipeline. Kymera Therapeutics, Inc. is advancing its first-in-industry STAT6 degrader, KT-621, which is under review by the U.S. Food and Drug Administration (FDA) for asthma and other TH2 respiratory diseases.

Key regulatory-dependent timelines for late 2025 and early 2026 include:

• Initiation of Phase 2b studies for KT-621 in Atopic Dermatitis in the fourth quarter of 2025.
• Initiation of Phase 2b studies for KT-621 in asthma in the first quarter of 2026.
• Initiation of Phase 1 clinical trial for KT-579 (IRF5 degrader) in early 2026.

The company's cash position of approximately $1 billion as of July 31, 2025, provides a runway into the second half of 2028, supporting these planned regulatory submissions and trial initiations without immediate funding concerns.

Kymera Therapeutics, Inc. (KYMR) - Canvas Business Model: Channels

You're looking at how Kymera Therapeutics, Inc. gets its science and potential medicines to the world, which as of late 2025, is heavily weighted toward partnerships rather than building out a massive internal sales force. The channels are primarily structured around external validation and strategic collaboration to fund and advance the pipeline.

Out-licensing and co-development deals with major pharma (e.g., Gilead)

Kymera Therapeutics, Inc. uses out-licensing and co-development as a primary channel to commercialize specific pipeline assets, especially in oncology, while retaining focus on its wholly-owned immunology programs. The deal with Gilead Sciences for the CDK2 molecular glue degrader program is a prime example of this channel in action.

Here are the key financial structures defining this channel as of late 2025:

Partner	Program Focus	Total Potential Payments	Upfront/Option Payments	Royalty Structure
Gilead Sciences	Novel Oral Molecular Glue CDK2 Degrader	Up to $750 million	Up to $85 million	Tiered royalties from high single-digit to mid-teens on net product sales
Sanofi	IRAK4 Degrader (KT-485 prioritized)	Up to $975 million in potential milestones	$20 million milestone achieved in Q2 2025 (preclinical)	Not explicitly detailed for royalties, but milestone-driven

The Gilead agreement terms specify that Kymera Therapeutics, Inc. will lead all research activities for the CDK2 program, and if Gilead exercises its option, Gilead gains global rights to develop, manufacture, and commercialize all resulting products. This structure allows Kymera Therapeutics, Inc. to generate significant, non-dilutive capital to fund its internal pipeline.

Direct-to-clinic development for wholly-owned, high-value assets

For its most advanced, wholly-owned immunology assets, Kymera Therapeutics, Inc. uses a direct-to-clinic channel, managing the development internally to maintain control over the strategic direction and potential future commercialization decisions. The STAT6 degrader program, KT-621, is the lead asset utilizing this channel.

The financial backing for this internal channel is substantial, supported by the company's cash position and collaboration revenue. As of September 30, 2025, Kymera Therapeutics, Inc. reported $978.7 million in cash, cash equivalents, and investments, projecting a cash runway into the second half of 2028. This runway is explicitly stated to cover both Phase 2b trials for the STAT6 program and initial Phase 3 activities.

Key clinical milestones achieved or expected for these wholly-owned assets define the near-term progress through this channel:

• KT-621 (STAT6 degrader): Phase 1b atopic dermatitis trial enrollment complete; data expected December 2025.
• KT-621 (STAT6 degrader): Phase 2b trial in atopic dermatitis has commenced.
• KT-621 (STAT6 degrader): Phase 2b trial in asthma is scheduled to begin in Q1 2026.
• KT-579 (IRF5 degrader): IND-enabling studies completed; Phase 1 trial expected early 2026.

To support this, Research and Development expenses for Q3 2025 reached $74.1 million, reflecting the investment in advancing these internal programs. Also, the company made a strategic decision to discontinue the KT-295 (TYK2) degrader program to focus resources on the STAT6 program. This focus is a key part of managing the direct-to-clinic channel effectively.

Scientific publications and conference presentations for data dissemination

Disseminating clinical and preclinical data through peer-reviewed publications and presentations at major scientific conferences serves as a critical channel for establishing scientific credibility and attracting future partners or justifying internal development progress. This builds the perceived value of the pipeline assets.

Kymera Therapeutics, Inc. has maintained high visibility with the scientific community:

• Presented Phase 1a SAD/MAD data for KT-621 in June 2025.
• Presented preclinical data for the IRF5 degrader (KT-579) at the American College of Rheumatology annual meeting recently.
• Presented at the Stifel 2025 Healthcare Conference on November 11, 2025.
• Presented at the Citi Annual Global Healthcare Conference on December 3, 2025.

The data presented confirms the potential for biologics-like activity; for instance, Phase 1a data showed complete degradation of STAT6 at doses as low as 50 to 200 milligrams a day. Collaboration revenue, which is often tied to achieving certain preclinical or data milestones, was $2.76 million for Q3 2025.

Future pharmaceutical sales force and distribution networks (post-approval)

As of late 2025, Kymera Therapeutics, Inc. has not established a commercial sales force or distribution network, as its pipeline is still in the clinical development phases. The current channel strategy is designed to maximize value through partnerships or to position the company for a potential future commercial launch of a wholly-owned asset like KT-621, should it succeed in Phase 3 registration studies.

The financial runway supports this potential future channel development:

• Cash runway extends into the second half of 2028.
• This runway is intended to cover development through initial Phase 3 activities for the STAT6 program.

The company's CFO noted that the runway allows them to look at how they might capitalize the company to further advance the program, which includes considering the question of commercialization irrespective of the development path taken. The potential for tiered royalties from the Gilead deal also represents a future revenue stream that bypasses the need for an immediate internal distribution network for that specific asset.

Kymera Therapeutics, Inc. (KYMR) - Canvas Business Model: Customer Segments

You're looking at the key groups Kymera Therapeutics, Inc. (KYMR) targets to validate and commercialize its targeted protein degradation (TPD) platform. This isn't just about finding one buyer; it's about engaging partners, treating patients, and securing capital to get there.

Large pharmaceutical companies seeking novel TPD assets

Kymera Therapeutics, Inc. targets large biopharma entities interested in acquiring or co-developing next-generation oral small molecule degrader medicines. These relationships provide non-dilutive funding and validation for the TPD platform.

The current structure involves significant, multi-faceted agreements with established players:

Partner Company	Target Program	Potential Total Payments	Upfront/Option Payment Received (Approximate)	2025 Collaboration Revenue (Q3)
Gilead Sciences	CDK2 molecular glue degrader	Up to $750 million	Up to $85 million (approx. half received as upfront in Q3 2025)	Included in total, but specific Q3 Gilead component not itemized
Sanofi	IRAK4 degrader (KT-485/SAR444656)	Up to $975 million in potential milestones	Milestone achieved in Q2 2025: $20 million	$2.8 million

Collaboration revenues for the second quarter of 2025 were $11.5 million. The company is eligible for tiered royalties ranging from high single-digit to mid-teens on net product sales from the Gilead collaboration upon option exercise. Kymera Therapeutics, Inc. expects Sanofi to advance KT-485 into Phase 1 testing in 2026, which would trigger a development milestone payment.

Patients with moderate-to-severe immunological diseases (AD, asthma, HS)

The primary patient population for Kymera Therapeutics, Inc.'s lead program, KT-621 (STAT6 degrader), is those with Type 2 diseases. The company sees this as a transformative opportunity for an oral therapy with biologics-like activity.

The scope of the target patient base is substantial:

• KT-621 has the potential to positively impact more than 130 million people globally with Type 2 diseases where dupilumab is currently approved.
• The Phase 2b trials for KT-621 are targeting patients with moderate to severe Atopic Dermatitis (AD) and asthma.
• The global severe asthma treatment market was valued at $24.30 billion in 2025.
• The U.S. asthma treatment market size was estimated at $11.23 billion in 2025.

The focus is on providing a convenient, safe, and effective oral pill alternative to existing injectable biologics for these highly prevalent conditions.

Physicians and specialists (Dermatologists, Pulmonologists) prescribing new therapies

This segment includes specialists who manage the treatment regimens for the patient populations mentioned above. They are the gatekeepers for adopting novel mechanisms of action like TPD.

Key considerations for this segment include:

• Adoption of KT-621 is predicated on demonstrating efficacy and safety comparable to existing systemic advanced therapies, like dupilumab.
• The convenience factor of an oral drug versus an injectable biologic is a key differentiator for prescribing habits.
• The company is advancing KT-579 (IRF5 degrader) through IND-enabling studies, with Phase 1 clinical trial expected to start in early 2026, targeting broader autoimmune disease areas relevant to specialists.

Institutional investors and biotech funds providing capital

This group provides the necessary financial backing to fund the extensive research and development required to bring novel medicines to market. They are interested in the platform's potential, pipeline depth, and financial runway.

The financial position as of late 2025 supports this segment's confidence:

• Cash, cash equivalents, and investments totaled $978.7 million as of September 30, 2025.
• This cash balance provides a financial runway extending into the second half of 2028.
• The company successfully raised approximately $288.4 million in aggregate gross proceeds from a June 2025 follow-on offering.
• The net loss for the third quarter of 2025 was $82.2 million, reflecting increased investment in R&D expenses of $74.1 million for the quarter.

Investors are buying into the potential for significant future milestone payments from collaborations, which are excluded from the current cash runway calculation.

Kymera Therapeutics, Inc. (KYMR) - Canvas Business Model: Cost Structure

You're mapping out the cost drivers for Kymera Therapeutics, Inc. (KYMR) as they push their pipeline through late-stage development. For a clinical-stage biopharma company, the cost structure is heavily weighted toward discovery and development, which is exactly what the numbers from Q3 2025 show.

Dominant cost is Research and Development (R&D). For the third quarter ended September 30, 2025, Research and Development expenses totaled $74.1 million. This represented a year-over-year increase of 22.6% from $60.4 million in Q3 2024. This spending is the engine of the business, funding the proprietary platform and the clinical assets.

The R&D spend is directly tied to significant investment in clinical trials and platform advancement. Here's a breakdown of where that investment is going:

• Advancing the lead candidate, KT-621 (STAT6 degrader), through its clinical stages.
• Initiating the KT-621 BROADEN2 Phase 2b trial in atopic dermatitis (AD) patients.
• Planning for the KT-621 BREADTH Phase 2b trial in asthma, on track for Q1 2026 initiation.
• Funding IND-enabling studies for KT-579 (IRF5 degrader), with Phase 1 trials expected in early 2026.
• Costs related to the company's proprietary platform and other discovery programs.

The R&D expenses include a non-cash component related to employee incentives. Stock based compensation expenses included in R&D were $8.4 million for the third quarter of 2025.

General and Administrative (G&A) expenses are the next largest operational cost, reflecting the infrastructure needed to support a growing public company advancing multiple clinical programs. G&A expenses were $17.3 million in Q3 2025, up from $15.5 million in the year-ago quarter. This increase was primarily driven by higher legal and professional service fees supporting growth, plus general personnel and facility costs associated with operating as a larger public entity.

Personnel costs are a major factor across both major expense categories, stemming from the 'continued growth in the research and development organization' and general headcount expansion. Stock based compensation within G&A was $7.4 million for Q3 2025.

The overall cost structure is best summarized by comparing the major operating expense categories for the quarter:

Expense Category	Q3 2025 Amount (USD)	Year-over-Year Change
Research and Development Expenses	$74.1 million	Up 22.6%
General and Administrative Expenses	$17.3 million	Up from $15.5 million (Q3 2024)

Finally, the cost structure inherently includes ongoing Platform maintenance and intellectual property protection costs, which are embedded within the R&D spend, particularly under the line item for 'platform and discovery programs.' These costs are essential for maintaining the competitive moat around Kymera Therapeutics, Inc.'s core technology.

Finance: draft 13-week cash view by Friday.

Kymera Therapeutics, Inc. (KYMR) - Canvas Business Model: Revenue Streams

You're looking at the financial engine driving Kymera Therapeutics, Inc. (KYMR) as of late 2025, which is heavily reliant on external funding through strategic alliances rather than product sales right now. This is typical for a clinical-stage company pioneering novel modalities like targeted protein degradation.

Collaboration revenue from partners is a key component of the current top line. For the third quarter of 2025, Kymera Therapeutics reported collaboration revenues of $2.8 million. This figure was a decrease from the $3.7 million recognized in the third quarter of 2024.

The structure of these partnerships dictates the timing and size of non-dilutive capital inflow, which is critical for funding the internal pipeline advancement. Here's a breakdown of the major deal components that feed into this revenue stream:

Partnership Component	Partner	Upfront/Option Payment	Potential Milestone Value
CDK2 Molecular Glue Degrader	Gilead Sciences	Up to $85 million (Upfront and Option Exercise)	Up to $750 million Total Payments
IRAK4/New Preclinical Asset (KT-485)	Sanofi	$20 million Milestone (Received in Q1 2025)	Up to $975 million in Clinical, Regulatory, and Commercial Milestones

These upfront and milestone payments represent immediate or near-term cash infusions. For instance, the Gilead agreement included up to $85 million in upfront and potential option exercise fees. Also, the progression of the Sanofi collaboration saw a $20 million milestone payment in the first quarter of 2025.

Beyond the immediate cash, the long-term revenue potential is tied to commercial success. Kymera Therapeutics, Inc. is entitled to future tiered royalties on net product sales of partnered drugs. Specifically for the Gilead-partnered CDK2 program, these royalties are structured in the high-single-digit to mid-teens range on net product sales should Gilead exercise its exclusive license option.

The final, though currently theoretical, revenue stream involves potential future product sales from wholly-owned, commercialized assets. Kymera Therapeutics, Inc. is advancing its internal pipeline, which includes:

• KT-621 (STAT6 degrader) for atopic dermatitis and asthma, with Phase 1b data expected in December 2025.
• KT-579 (IRF5 degrader) for autoimmune diseases, with Phase 1 trials expected to start in early 2026.

If these wholly-owned assets successfully navigate clinical development and gain regulatory approval, Kymera Therapeutics, Inc. would capture 100 percent of the resulting product sales, which represents the highest potential margin revenue stream, though it carries the highest development risk.