Kymera Therapeutics, Inc. (KYMR): Business Model Canvas [Dec-2025 Updated]

You're looking for the hard numbers behind Kymera Therapeutics, Inc. (KYMR)'s strategy, and from my perspective after two decades in this game, the story right now is all about the runway: they were sitting on $978.7 million in cash and equivalents as of Q3 2025. That significant war chest is directly funding their core mission-advancing their proprietary Targeted Protein Degradation platform, which aims to deliver biologics-like efficacy via an oral pill, while simultaneously managing major collaborations with partners like Sanofi and Gilead. With R&D costs hitting $74.1 million in that same quarter to push assets like KT-621 through Phase 2b trials, understanding exactly where every dollar is allocated across their nine building blocks is crucial for assessing near-term execution risk and long-term potential, so check out the full canvas breakdown below.

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

You're looking at how Kymera Therapeutics, Inc. structures its external relationships to drive development and commercialization, which is key to understanding its financial trajectory. These alliances de-risk the pipeline by bringing in big pharma capital and infrastructure.

The partnership with Sanofi centers on the development of the IRAK4 degrader program for immuno-inflammatory diseases. Kymera Therapeutics received a $20 million milestone payment in the second quarter of 2025, tied to preclinical activities for the second-generation candidate, KT-485 (SAR447971). Sanofi has prioritized KT-485 for advancement into clinical studies, which is expected next year. The total potential for this program is substantial, with up to $975 million available in potential clinical, regulatory, and commercial milestones for KT-485, plus an additional milestone upon the start of Phase 1 testing. Should Kymera Therapeutics exercise its option, it is eligible for a 50/50 profit split in the United States and double-digit tiered royalties in the Rest of World (ROW).

The collaboration with Gilead Sciences focuses on a novel molecular glue degrader program targeting CDK2 for oncology, marking Kymera Therapeutics' first disclosed molecular glue program. This deal provides immediate cash flow, as Kymera Therapeutics received an upfront payment that contributed to its $1 billion cash position as of July 31, 2025. For the third quarter of 2025, collaboration revenues were $2.8 million, sourced entirely from the Gilead agreement.

Here's a breakdown of the Gilead Sciences CDK2 deal structure:

Kymera Therapeutics retains leadership over all research activities for the CDK2 program, while Gilead Sciences holds the option for global development, manufacturing, and commercialization rights.

To execute global trial execution and site management, Kymera Therapeutics relies on external specialized vendors, which is standard practice for clinical-stage biotechs scaling trials internationally.

• Use of Clinical Research Organizations (CROs) for global trial execution.
• Engagement with Academic and medical institutions to serve as research and clinical sites.

The financial health of Kymera Therapeutics as of late 2025 is heavily influenced by these partnerships, as evidenced by the cash balance of $978.7 million as of September 30, 2025, which provides an expected cash runway into the second half of 2028.

The company remains eligible for significant future value realization from these existing partners:

• Potential for up to $975 million in further milestones from the Sanofi IRAK4 program.
• Potential for up to $750 million in total payments from the Gilead CDK2 program, contingent on option exercise and further milestones.
• Receipt of tiered royalties from both collaborations upon commercial product sales.

Finance: draft 13-week cash view by Friday.

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

You're looking at the core engine driving Kymera Therapeutics, Inc. right now-the actual work being done to turn their Targeted Protein Degradation (TPD) platform into approved medicines. It's all about execution on the pipeline and managing those big partnerships.

Targeted Protein Degradation (TPD) platform research and discovery

Kymera Therapeutics, Inc. is actively investing in its TPD platform to create oral small molecule degraders. This investment is reflected in the operating expenses. Research and Development Expenses were reported at $74.1 million for the third quarter of 2025, up from $60.4 million for the third quarter of 2024. For the first quarter of 2025, R&D expenses were $80.3 million, a significant increase from $48.8 million in the first quarter of 2024. The company made a strategic decision to halt the development of its TYK2 degrader, KT-295, despite completing IND-enabling activities. As of September 30, 2025, Kymera Therapeutics, Inc. held $978.7 million in cash, cash equivalents and investments, projecting a cash runway into the second half of 2028.

Advancing KT-621 (STAT6) Phase 2b trials in AD and asthma

The STAT6 degrader program, KT-621, is moving into later-stage clinical evaluation. The company completed dosing in the KT-621 BroADen Phase 1b trial in atopic dermatitis (AD) patients, with results anticipated in December 2025. The subsequent BROADEN2 Phase 2b trial in AD has been initiated, which is a randomized, double-blind, placebo-controlled, multicenter, dose-ranging trial evaluating three doses in approximately 200 patients with moderate to severe AD over 16 weeks. Data from the BROADEN2 trial is expected by mid-2027. Furthermore, Kymera Therapeutics, Inc. is on track to initiate the BREADTH Phase 2b trial in moderate to severe asthma patients in the first quarter of 2026.

Here are the key milestones for KT-621:

• Phase 1 healthy volunteer trial data released in June 2025.
• Phase 1b AD trial results expected in December 2025.
• Phase 2b AD (BROADEN2) trial initiated, data expected by mid-2027.
• Phase 2b asthma (BREADTH) trial planned to start in Q1 2026.

Executing IND-enabling studies for KT-579 (IRF5) for 2026 Phase 1 start

The IRF5 degrader program, KT-579, is poised for its first human trial. Kymera Therapeutics, Inc. has completed the IND-enabling studies for KT-579. The company intends to advance this program into Phase 1 testing in early 2026. Preclinical data was presented in October 2025 at the American College of Rheumatology (ACR) Annual Meeting.

Managing and progressing partnered programs (e.g., Sanofi's KT-485)

Managing the external collaborations is a major activity, generating non-dilutive funding milestones. Sanofi selected KT-485, an oral IRAK4 degrader, to advance into clinical studies, which resulted in Kymera Therapeutics, Inc. receiving a $20 million milestone payment in the second quarter of 2025. Sanofi plans to advance KT-485 into Phase 1 testing in 2026. For this program, Kymera is eligible to receive up to $975 million in potential clinical, regulatory, and commercial milestones, plus Kymera retains the option for a 50/50 development and profit share of KT-485 in the U.S. market. Collaboration revenues recognized in the third quarter of 2025 were $2.8 million, all attributable to the Gilead Sciences collaboration, compared to $3.7 million in Q3 2024, which was all from the Sanofi collaboration. The Gilead partnership for the CDK2 molecular glue program has Kymera eligible for a total of $85 million in upfront and option payments, with approximately half of that already received as an upfront payment in the last quarter.

Here is a look at the financial impact of these partnerships in Q3 2025:

Securing and defending intellectual property for novel degraders

Protecting the pipeline is supported by dedicated leadership. In September 2025, Kymera Therapeutics, Inc. appointed Brian Adams, JD, as Chief Legal Officer and Corporate Secretary to lead the intellectual property functions. The company is focused on building an industry-leading portfolio of oral immunology medicines.

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

You're looking at the core assets Kymera Therapeutics, Inc. (KYMR) relies on to drive its targeted protein degradation (TPD) platform forward. These aren't just line items; they are the fuel and the engine for their entire operation right now.

Financial Capital

The immediate, most concrete resource is the balance sheet strength. As of the end of the third quarter of 2025, Kymera Therapeutics, Inc. reported holding $978.7 million in cash, cash equivalents, and investments. This substantial war chest is explicitly stated to provide the Company with a cash runway extending into the second half of 2028. This runway is critical because it is designed to carry the company past several major clinical inflection points in its pipeline without immediate need for dilutive financing.

This financial position underpins the heavy investment in discovery and development. For context, Research and Development Expenses for the third quarter of 2025 reached $74.1 million, a notable increase from $60.4 million reported in the third quarter of 2024. Honestly, that R&D spend is the cost of turning platform science into clinical reality.

Platform and Scientific Expertise

The foundational resource is the proprietary technology itself. Kymera Therapeutics, Inc. is built around its proprietary TPD platform and deep degrader chemistry expertise. This allows them to access disease targets that conventional small molecules or biologics might miss, focusing on degrading, rather than just inhibiting, disease-causing proteins.

The tangible output of this platform is reflected in the pipeline progress, which is a key resource in itself:

• The lead asset, KT-621, a STAT6 degrader, is in clinical development for Type 2 diseases.
• Enrollment in the KT-621 BroADEN Phase 1b trial for atopic dermatitis was completed as of Q3 2025.
• The global Phase 2b trial for KT-621 in Atopic Dermatitis was initiated, with data expected by mid-2027.
• KT-579, an IRF5 degrader, has completed IND-enabling studies, with Phase 1 testing intended to start in early 2026.
• The company also has partnered programs, such as the CDK2 glue degrader collaboration with Gilead.

You can see the pipeline progression mapped out here:

Human Capital and Intellectual Property

The scientific and clinical execution relies on the team. As of October 2025, Kymera Therapeutics, Inc. has approximately 250 employees. This represents growth from 188 employees at the end of 2024. These are highly specialized scientific and clinical development personnel, essential for managing complex TPD programs and running global trials.

The final, crucial resource is the Intellectual Property portfolio. This portfolio legally protects the novel TPD molecules and the underlying platform technology, creating a barrier to entry for competitors seeking to use similar degradation modalities for these specific targets.

The team structure supporting this includes key leadership roles as of late 2025:

• Chief Financial Officer: B. J.
• Chief Medical Officer: J. G.
• Chief Operating Officer: J. C.

Finance: draft 13-week cash view by Friday.

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:

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:

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:

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:

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:

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:

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.