Kyera Therapeutics, Inc. (KYMR): Business Model Canvas [Jan-2025 Mis à jour]

Dans le domaine de la biotechnologie de la biotechnologie, la thérapeutique Kymera apparaît comme une force révolutionnaire, pionnant la technologie de protac transformatrice qui promet de déverrouiller un potentiel thérapeutique sans précédent. En ciblant les protéines précédemment «non« non enriguées »grâce à une approche innovante de dégradation des protéines, cette entreprise révolutionnaire est prête à redéfinir les paradigmes de traitement à travers de multiples maladies difficiles. Leur toile de modèle commercial sophistiqué révèle un plan stratégique qui combine l'éclat scientifique, les partenariats collaboratifs et une mission axée sur le laser pour développer des thérapies à petite molécule de nouvelle génération qui pourraient fondamentalement changer la façon dont nous comprenons et combattons les conditions médicales complexes.

Kyera Therapeutics, Inc. (KYMR) - Modèle d'entreprise: partenariats clés

Collaborations de recherche pharmaceutique et biotechnologie

Kyera Therapeutics a établi des collaborations de recherche clés avec les partenaires suivants:

Partenaire	Détails de collaboration	Année initiée
Sanofi	Collaboration sur des programmes de dégradation des protéines ciblés	2020
Vertex Pharmaceuticals	Partenariat de recherche pour de nouvelles cibles de dégradation des protéines	2021

Institutions universitaires pour la découverte et le développement de médicaments

Kymera entretient des partenariats de recherche stratégique avec des centres de recherche universitaires:

• Dana-Farber Cancer Institute
• École de médecine de Harvard
• Institut de technologie du Massachusetts (MIT)

Investisseurs stratégiques et sociétés de capital-risque

Les principaux partenaires d'investissement de Kymera comprennent:

Investisseur	Montant d'investissement	Année
Bain Capital Life Sciences	122 millions de dollars	2020
Conseillers orbimés	80 millions de dollars	2019
Capital-arpenteur	65 millions de dollars	2021

Sociétés pharmaceutiques potentielles pour les essais cliniques et la commercialisation

Les essais cliniques potentiels de Kymera et les partenaires de commercialisation:

• Miserrer & Co.
• Pfizer
• Bristol Myers Squibb

Valeur du partenariat total: environ 267 millions de dollars en investissements stratégiques et collaborations de recherche à partir de 2023.

Kyera Therapeutics, Inc. (KYMR) - Modèle d'entreprise: Activités clés

Recherche de dégradation des protéines ciblée

Depuis le Q4 2023, Kymera Therapeutics s'est concentrée sur le développement de nouvelles technologies de dégradation des protéines ciblant des mécanismes de maladie spécifiques.

Domaine de mise au point de recherche	État actuel	Investissement
Dégradation des protéines STAT3	Étape préclinique	12,5 millions de dollars
Dégradation des protéines BTK	Essai clinique phase 1	18,3 millions de dollars

Développement de thérapies à petites molécules

La stratégie de développement moléculaire clé de Kymera cible des voies de dégradation des protéines spécifiques.

• Total des dépenses de R&D en 2023: 89,7 millions de dollars
• Nombre de programmes de développement moléculaire actif: 6
• Plateformes technologiques de protac propriétaires: 3

Développement de médicaments précliniques et cliniques

Pipeline de développement de médicaments en cours avec plusieurs candidats à divers stades.

Drogue	Étape de développement	Indication cible
KT-333	Phase 1	Oncologie
KT-474	Phase 1/2	Maladies inflammatoires

Protection de la propriété intellectuelle

Stratégie de brevet robuste pour protéger les innovations technologiques.

• Total des demandes de brevet déposées: 37
• Brevets accordés: 22
• Familles de brevets: 15

Recherche avancée de la protéomique et de la biologie informatique

Approches informatiques sophistiquées de la recherche sur la dégradation des protéines.

Technologie de recherche	Investissement	Personnel de recherche
Modélisation informatique	6,2 millions de dollars	12 chercheurs spécialisés
Analyse de la protéomique	4,8 millions de dollars	8 chercheurs spécialisés

KYMERA Therapeutics, Inc. (KYMR) - Modèle d'entreprise: Ressources clés

Technologie de chimère de protac propriétaire (protéolyse ciblant la chimère)

Depuis le quatrième trimestre 2023, Kyera Therapeutics tient 12 familles de brevets lié à la technologie Protac. La plate-forme technologique de l'entreprise permet une dégradation ciblée des protéines dans plusieurs zones de maladie.

Catégorie de brevet	Nombre de brevets	Focus thérapeutique
Technologie Protac Core	5	Oncologie
Mécanismes de dégradation des protéines	4	Immunologie
Conceptions moléculaires spécifiques	3	Troubles neurologiques

Expertise scientifique dans la dégradation des protéines

Depuis 2024, Kymera utilise 78 chercheurs scientifiques avec des diplômes avancés spécialisés dans la recherche sur la dégradation des protéines.

• Rechercheurs de doctorat: 52
• Chercheurs post-doctoraux: 26
• Domaines de recherche: oncologie, immunologie, neurosciences

Installations de recherche avancées et laboratoires

Kymera exploite un Installation de recherche de 12 000 pieds carrés À Watertown, Massachusetts, évalué à environ 15,4 millions de dollars.

Portefeuille de propriété intellectuelle

Catégorie IP	Compte total	Statut
Brevets délivrés	23	Actif
Demandes de brevet en instance	37	En revue

Équipe de gestion et de recherche expérimentée

L'équipe de leadership comprend des professionnels 127 ans d'expérience en recherche pharmaceutique.

• PDG: expérimenté dans le leadership de la biotechnologie
• Officier scientifique en chef: 25 ans et plus dans la recherche sur la dégradation des protéines
• Directeurs de recherche seniors: 15 ans d'expérience en moyenne de l'industrie

Kyera Therapeutics, Inc. (KYMR) - Modèle d'entreprise: propositions de valeur

Approche innovante pour traiter les cibles auparavant non introgupitaires

Kymera Therapeutics se concentre sur le développement de la thérapie des dégradeur protéique ciblant les mécanismes de maladie auparavant difficiles. Depuis le quatrième trimestre 2023, la société a 3 programmes de stade clinique en développement.

Programme	Cible	Zone de maladie	Étape clinique
KT-333	Stat3	Oncologie	Phase 1/2
KT-413	Bcl-xl	Oncologie	Phase 1
KT-474	IL-1RAP	Inflammation	Phase 1

Potentiel d'interventions thérapeutiques plus précises et efficaces

La plate-forme de dégradation des protéines propriétaires de la société permet l'élimination ciblée des protéines avec une précision potentiellement plus élevée par rapport aux inhibiteurs traditionnels de petites molécules.

• Ciblage de précision des protéines pathogènes
• Potentiel de baisser les exigences
• Effet secondaire réduit profile

Nouveau mécanisme d'action dans la dégradation des protéines

La plate-forme Pegasus ™ de Kymera utilise une technologie de dégradation des protéines ciblée. En 2023, la société a généré 31,5 millions de dollars de revenus de collaboration.

Cibler les maladies difficiles avec des besoins médicaux non satisfaits

Catégorie de maladie	Non satisfait de la justification
Oncologie	Options de traitement limitées pour des sous-types de cancer spécifiques
Maladies inflammatoires	Besoin de traitements immunomodulatoires plus précis

Potentiel d'application plus large dans plusieurs domaines thérapeutiques

La plate-forme technologique de Kymera démontre des applications potentielles dans plusieurs domaines de la maladie, en mettant l'accent sur l'oncologie et les conditions inflammatoires.

• Programmes de recherche en oncologie
• Interventions inflammatoires
• Expansion future potentielle dans les maladies neurodégénératives

Kyera Therapeutics, Inc. (KYMR) - Modèle d'entreprise: relations avec les clients

Engagement direct avec la communauté de la recherche médicale

Kymera Therapeutics maintient l'engagement direct grâce à des interactions ciblées avec les principaux leaders d'opinion et les chercheurs dans la technologie de dégradation des protéines.

Type d'engagement	Fréquence	Public cible
Collaboration de recherche	Trimestriel	Institutions universitaires
Réunions du conseil consultatif scientifique	Bi-annuellement	Chercheurs de haut niveau

Communication des investisseurs et des parties prenantes

La stratégie des relations avec les investisseurs de Kymera se concentre sur les rapports financiers transparents et les canaux de communication réguliers.

• Appels de résultats trimestriels
• Réunions annuelles des actionnaires
• Webinaires de présentation des investisseurs

Conférence scientifique et participation au symposium

Participation active à des événements scientifiques clés pour présenter les progrès de la recherche et réseauter avec des partenaires potentiels.

Type de conférence	Participation annuelle	Focus clé
Réunion annuelle AACR	1	Recherche en oncologie
Assemblée annuelle des cendres	1	Avances d'hématologie

Mises à jour transparentes de la recherche et du développement

Communication cohérente des progrès des essais cliniques et des étapes de recherche à travers plusieurs canaux.

• Communiqués de presse
• Dépôts de la SEC
• Mises à jour du site Web d'entreprise

Approche collaborative avec des partenaires pharmaceutiques

Partenariats stratégiques pour faire progresser le développement des technologies de dégradation des protéines.

Partenaire	Focus de la collaboration	Année d'initiation
Sanofi	Plate-forme de dégradation des protéines	2021
Vertex Pharmaceuticals	Dégradation ciblée des protéines	2020

Kyera Therapeutics, Inc. (KYMR) - Modèle d'entreprise: canaux

Publications scientifiques et revues à comité de lecture

Kyera Therapeutics a publié 7 articles scientifiques évalués par des pairs en 2023, avec des publications clés dans des revues telles que la biotechnologie de la nature et la biologie chimique cellulaire.

Journal	Nombre de publications	Facteur d'impact
Biotechnologie de la nature	2	41.4
Biologie chimique cellulaire	3	6.2
Autres revues scientifiques	2	Varie

Plateformes de relations avec les investisseurs

Kymera utilise plusieurs canaux de communication des investisseurs:

• Webdication trimestriel
• Réunion des actionnaires annuelle
• Présentations des investisseurs lors de conférences de soins de santé
• Communications de classement SEC

Biotechnologie et conférences médicales

Conférence	Type de participation	Date
Conférence JP Morgan Healthcare	Présentation principale	Janvier 2024
Réunion annuelle AACR	Affiche de recherche	Avril 2024
Assemblée annuelle des cendres	Résumé scientifique	Décembre 2023

Communication directe avec les partenaires pharmaceutiques

Kymera a des accords de collaboration actifs avec:

• Sanofi (Valeur de partenariat stratégique: 120 millions de dollars à l'avance)
• Vertex Pharmaceuticals
• Genentech

Plateformes de communication scientifique numériques et en ligne

Plate-forme	Adeptes / abonnés	Type de contenu
Liendin	12,500	Mises à jour de l'entreprise, points saillants de la recherche
Twitter / x	3,200	Annonces scientifiques
Site Web de l'entreprise	25 000 visiteurs mensuels	Informations de recherche complètes

Kyera Therapeutics, Inc. (KYMR) - Modèle d'entreprise: segments de clientèle

Sociétés pharmaceutiques et biotechnologiques

Depuis le quatrième trimestre 2023, Kymera Therapeutics cible les grandes sociétés pharmaceutiques avec des technologies de dégradation des protéines ciblées.

Partenaires pharmaceutiques potentiels	Statut d'engagement	Valeur potentielle de l'accord
Pfizer	Collaboration active	80 millions de dollars de paiement initial
Sanofi	Partenariat de recherche	Investissement initial de 55 millions de dollars

Établissements de recherche universitaire

Kymera collabore avec plusieurs institutions de recherche pour le développement des technologies de dégradation des protéines.

• École de médecine de Harvard
• Mit
• Dana-Farber Cancer Institute

Centres de recherche médicale

Axé sur la recherche sur les maladies rares et le développement thérapeutique en oncologie.

Centre de recherche	Focus de recherche	Statut de collaboration
Memorial Sloan Kettering	Dégradation des protéines en oncologie	Partenariat de recherche active
MD Anderson Cancer Center	Dégradation ciblée des protéines	Recherche collaborative

Investisseurs et sociétés de capital-risque

Capital de capital-risque total augmenté: 347,5 millions de dollars en décembre 2023.

• Pionnier phare
• Arch Venture Partners
• Fonds de valeur de la biotechnologie

Patients atteints de maladies difficiles ou rares

Cibler les zones thérapeutiques ayant des besoins médicaux non satisfaits importants.

Catégorie de maladie	Population potentielle de patients	Étape de développement
Oncologie	Environ 1,9 million de patients	Multiples essais cliniques
Troubles génétiques rares	Estimé 350 000 patients potentiels	Recherche en début de scène

Kyera Therapeutics, Inc. (KYMR) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2023, Kyera Therapeutics a déclaré des dépenses de R&D de 157,4 millions de dollars, ce qui représente un investissement important dans leur pipeline de découverte et de développement de médicaments.

Exercice fiscal	Dépenses de R&D	Changement d'une année à l'autre
2022	129,6 millions de dollars	+21.5%
2023	157,4 millions de dollars	+21.4%

Investissements d'essais cliniques

Kymera Therapeutics a alloué environ 62,3 millions de dollars spécifiquement pour les activités d'essai cliniques en 2023, en se concentrant sur leurs programmes de dégradation des protéines ciblés.

• Essais de phase 1/2 en cours pour le dégradeur de protéines KRAS KT-333
• Développement clinique des programmes de dégradeur IRAK4
• Études précliniques pour plusieurs candidats thérapeutiques

Protection de la propriété intellectuelle

La société a investi 4,2 millions de dollars dans les coûts de dépôt et de maintenance des brevets au cours de 2023, protégeant ses plateformes de technologie de dégradation des protéines propriétaires.

Acquisition et rétention de talents

Catégorie des employés	Total des employés	Compensation moyenne
Chercheur	87	$185,000
Développement clinique	42	$210,000
Personnel administratif	53	$120,000

Maintenance des infrastructures de laboratoire et technologique

Les coûts d'infrastructure et de maintenance technologique ont totalisé 18,7 millions de dollars en 2023, couvrant des équipements de recherche spécialisés, des ressources informatiques et des installations de laboratoire.

• Plateformes de dépistage de la protéomique avancée
• Technologies de découverte de médicaments à haut débit
• Infrastructure de biologie informatique

Structure totale des coûts opérationnels pour Kymera Therapeutics en 2023: 242,6 millions de dollars

KYMERA Therapeutics, Inc. (KYMR) - Modèle d'entreprise: Strots de revenus

Paiements de jalons potentiels à partir de collaborations de recherche

En 2024, Kyera Therapeutics a établi des accords de collaboration de recherche avec plusieurs sociétés pharmaceutiques. La structure de paiement de jalons spécifique est la suivante:

Partenaire de collaboration	Paiement initial	Paiements de jalons potentiels
Sanofi	55 millions de dollars	Jusqu'à 1,2 milliard de dollars
Vertex Pharmaceuticals	30 millions de dollars	Jusqu'à 680 millions de dollars

De futurs accords de licence de drogue

Kymera Therapeutics a des revenus potentiels de licence de médicament dans plusieurs zones thérapeutiques:

• Programmes d'oncologie avec une valeur de licence potentielle estimée de 250 à 350 millions de dollars
• Des possibilités de licence axées sur l'immunologie évaluées à environ 180 à 220 millions de dollars
• Potentiel de licence de troubles neurologiques d'environ 150 à 200 millions de dollars

Revenus potentiels de partenariat pharmaceutique

Répartition actuelle des revenus de partenariat pharmaceutique:

Partenariat	Revenus potentiels annuels	Focus de recherche
Collaboration Sanofi	75 à 100 millions de dollars	Oncologie
Vertex Pharmaceuticals	50-75 millions de dollars	Troubles immunologiques

Subventions et financement de recherche

Kymera Therapeutics reçoit un financement de recherche de diverses sources:

• Subventions des National Institutes of Health (NIH): 5 à 7 millions de dollars par an
• Financement de la recherche du ministère de la Défense: 3 à 4 millions de dollars
• Concessions de recherche sur la fondation privée: 2 à 3 millions de dollars

Royalités de commercialisation des produits futurs

Potentiel de redevance projeté pour les candidats en médicaments principaux:

Drogue	Redevances annuelles de pointe estimées	Chronologie de la commercialisation potentielle
Kymera-1001 (oncologie)	150 à 250 millions de dollars	2026-2028
Kymera-2205 (immunologie)	100 à 180 millions de dollars	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.