Kymera Therapeutics, Inc. (KYMR): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No domínio de ponta da biotecnologia, a Kymera Therapeutics surge como uma força revolucionária, pioneira na tecnologia transformadora do Protac que promete desbloquear potencial terapêutico sem precedentes. Ao direcionar as proteínas anteriormente 'indrujáveis' por meio de uma abordagem inovadora de degradação de proteínas, esta empresa inovadora está pronta para redefinir os paradigmas de tratamento em várias doenças desafiadoras. Seu sofisticado modelo de negócios Canvas revela um plano estratégico que combina brilho científico, parcerias colaborativas e uma missão focada em laser para desenvolver terapêuticas de pequenas moléculas de próxima geração que poderiam mudar fundamentalmente a maneira como entendemos e combate as condições médicas complexas.

Kymera Therapeutics, Inc. (KYMR) - Modelo de negócios: Parcerias -chave

Colaborações de pesquisa farmacêutica e biotecnologia

A Kymera Therapeutics estabeleceu as principais colaborações de pesquisa com os seguintes parceiros:

Parceiro	Detalhes da colaboração	Ano iniciado
Sanofi	Colaboração em programas de degradação de proteínas direcionados	2020
Pharmaceuticals de vértice	Parceria de pesquisa para novos alvos de degradação de proteínas	2021

Instituições acadêmicas para descoberta e desenvolvimento de medicamentos

Kymera mantém parcerias estratégicas de pesquisa com centros de pesquisa acadêmica:

• Instituto de Câncer Dana-Farber
• Escola de Medicina de Harvard
• Instituto de Tecnologia de Massachusetts (MIT)

Investidores estratégicos e empresas de capital de risco

Os principais parceiros de investimento da Kymera incluem:

Investidor	Valor do investimento	Ano
Ciências da Vida da Capital Bain	US $ 122 milhões	2020
Consultores orbimed	US $ 80 milhões	2019
Surveyor Capital	US $ 65 milhões	2021

Empresas farmacêuticas em potencial para ensaios clínicos e comercialização

Os potenciais parceiros de ensaios clínicos e comercialização da Kymera:

• Merck & Co.
• Pfizer
• Bristol Myers Squibb

Valor total da parceria: aproximadamente US $ 267 milhões em investimentos estratégicos e colaborações de pesquisa a partir de 2023.

Kymera Therapeutics, Inc. (KYMR) - Modelo de negócios: Atividades -chave

Pesquisa de degradação de proteínas direcionada

A partir do quarto trimestre 2023, a Kymera Therapeutics se concentrou no desenvolvimento de novas tecnologias de degradação de proteínas direcionadas aos mecanismos específicos de doenças.

Área de foco de pesquisa	Status atual	Investimento
Degradação da proteína STAT3	Estágio pré -clínico	US $ 12,5 milhões
Degradação da proteína BTK	Fase 1 do ensaio clínico 1	US $ 18,3 milhões

Desenvolvimento de pequenas moléculas terapêuticas

A estratégia de desenvolvimento molecular principal da Kymera tem como alvo vias específicas de degradação de proteínas.

• Despesas totais de P&D em 2023: US $ 89,7 milhões
• Número de programas de desenvolvimento molecular ativo: 6
• Plataformas proprietárias de tecnologia Protac: 3

Desenvolvimento pré -clínico e clínico

Pipeline de desenvolvimento de medicamentos em andamento com vários candidatos em vários estágios.

Candidato a drogas	Estágio de desenvolvimento	Indicação alvo
KT-333	Fase 1	Oncologia
KT-474	Fase 1/2	Doenças inflamatórias

Proteção à propriedade intelectual

Estratégia robusta de patentes para proteger as inovações tecnológicas.

• Total de pedidos de patente arquivados: 37
• Patentes concedidas: 22
• Famílias de patentes: 15

Pesquisa avançada de proteômica e biologia computacional

Abordagens computacionais sofisticadas para pesquisa de degradação de proteínas.

Tecnologia de pesquisa	Investimento	Pessoal de pesquisa
Modelagem Computacional	US $ 6,2 milhões	12 pesquisadores especializados
Análise Proteômica	US $ 4,8 milhões	8 pesquisadores especializados

Kymera Therapeutics, Inc. (KYMR) - Modelo de negócios: Recursos -chave

Protac proprietário (proteólise direcionada a quimera) Tecnologia

A partir do quarto trimestre 2023, a Kymera Therapeutics possui 12 famílias de patentes Relacionado à tecnologia Protac. A plataforma de tecnologia da empresa permite a degradação de proteínas direcionadas em várias áreas de doenças.

Categoria de patentes	Número de patentes	Foco terapêutico
Tecnologia Core Protac	5	Oncologia
Mecanismos de degradação de proteínas	4	Imunologia
Projetos moleculares específicos	3	Distúrbios neurológicos

Experiência científica em degradação de proteínas

A partir de 2024, Kymera emprega 78 cientistas de pesquisa com graus avançados especializados em pesquisa de degradação de proteínas.

• Pesquisadores de nível de doutorado: 52
• Pesquisadores de pós-doutorado: 26
• Áreas de pesquisa: oncologia, imunologia, neurociência

Instalações de pesquisa e laboratórios avançados

Kymera opera a Instalação de pesquisa de 12.000 pés quadrados Em Watertown, Massachusetts, avaliados em aproximadamente US $ 15,4 milhões.

Portfólio de propriedade intelectual

Categoria IP	Contagem total	Status
Patentes emitidas	23	Ativo
Aplicações de patentes pendentes	37	Em revisão

Equipe experiente de gerenciamento e pesquisa

A equipe de liderança inclui profissionais com cumulativo 127 anos de experiência em pesquisa farmacêutica.

• CEO: experiente em liderança de biotecnologia
• Diretor Científico: Mais de 25 anos em pesquisa de degradação de proteínas
• Diretores de Pesquisa Sênior: Média 15 anos de experiência no setor

Kymera Therapeutics, Inc. (KYMR) - Modelo de negócios: proposições de valor

Abordagem inovadora para tratar metas anteriormente indiscutíveis

A Kymera Therapeutics se concentra no desenvolvimento da terapêutica de degradantes de proteínas, direcionada aos mecanismos de doenças anteriormente desafiadores. A partir do quarto trimestre 2023, a empresa possui três programas de estágio clínico em desenvolvimento.

Programa	Alvo	Área da doença	Estágio clínico
KT-333	STAT3	Oncologia	Fase 1/2
KT-413	Bcl-xl	Oncologia	Fase 1
KT-474	IL-1RAP	Inflamação	Fase 1

Potencial para intervenções terapêuticas mais precisas e eficazes

A plataforma de degradação de proteínas proprietária da empresa permite a eliminação direcionada de proteínas com precisão potencialmente mais alta em comparação com os inibidores tradicionais de pequenas moléculas.

• Direcionamento de precisão de proteínas causadoras de doenças
• Potencial para requisitos de dosagem mais baixos
• Efeito colateral reduzido profile

Novo mecanismo de ação na degradação de proteínas

A plataforma Pegasus ™ da Kymera utiliza tecnologia de degradação de proteínas direcionada. A partir de 2023, a empresa gerou US $ 31,5 milhões em receita de colaboração.

Direcionando doenças desafiadoras com altas necessidades médicas não atendidas

Categoria de doença	Não atendido precisam de justificativa
Oncologia	Opções de tratamento limitadas para subtipos específicos de câncer
Doenças inflamatórias	Necessidade de tratamentos imunomoduladores mais precisos

Potencial para aplicação mais ampla em várias áreas terapêuticas

A plataforma tecnológica da Kymera demonstra aplicações em potencial em vários domínios de doenças, com foco atual em oncologia e condições inflamatórias.

• Programas de pesquisa de oncologia
• Intervenções inflamatórias de doenças
• Potencial expansão futura em doenças neurodegenerativas

Kymera Therapeutics, Inc. (KYMR) - Modelo de negócios: relacionamentos com o cliente

Engajamento direto com a comunidade de pesquisa médica

A Kymera Therapeutics mantém o engajamento direto por meio de interações direcionadas com líderes de opinião e pesquisadores da tecnologia de degradação de proteínas.

Tipo de engajamento	Freqüência	Público -alvo
Colaboração de pesquisa	Trimestral	Instituições acadêmicas
Reuniões do Conselho Consultivo Científico	Bi-semestralmente	Principais pesquisadores

Comunicação de investidores e partes interessadas

A estratégia de relações com investidores da Kymera se concentra em relatórios financeiros transparentes e canais regulares de comunicação.

• Chamadas de ganhos trimestrais
• Reuniões anuais de acionistas
• Webinars de apresentação de investidores

Conferência Científica e Participação do Simpósio

Participação ativa em eventos científicos importantes para mostrar o progresso da pesquisa e a rede com potenciais parceiros.

Tipo de conferência	Participação anual	Foco principal
Reunião Anual da AACR	1	Pesquisa de oncologia
Reunião Anual de Ash	1	Avanços de hematologia

Atualizações transparentes de pesquisa e desenvolvimento

Comunicação consistente do progresso do ensaio clínico e marcos da pesquisa através de vários canais.

• Comunicados de imprensa
• Registros da SEC
• Atualizações do site corporativo

Abordagem colaborativa com parceiros farmacêuticos

Parcerias estratégicas para avançar no desenvolvimento de tecnologia de degradação de proteínas.

Parceiro	Foco de colaboração	Ano de iniciação
Sanofi	Plataforma de degradação de proteínas	2021
Pharmaceuticals de vértice	Degradação de proteínas direcionadas	2020

Kymera Therapeutics, Inc. (KYMR) - Modelo de negócios: canais

Publicações científicas e revistas revisadas por pares

A Kymera Therapeutics publicou 7 artigos científicos revisados ​​por pares em 2023, com publicações-chave em periódicos como a biotecnologia da natureza e a biologia química celular.

Jornal	Número de publicações	Fator de impacto
Biotecnologia da natureza	2	41.4
Biologia química de células	3	6.2
Outros periódicos científicos	2	Varia

Plataformas de relações com investidores

Kymera utiliza vários canais de comunicação de investidores:

• Webcast trimestral de ganhos
• Reunião Anual dos Acionistas
• Apresentações de investidores em conferências de saúde
• Sec Comunicação de arquivamento

Biotecnologia e conferências médicas

Conferência	Tipo de participação	Data
Conferência de Saúde JP Morgan	Apresentação principal	Janeiro de 2024
Reunião Anual da AACR	Pôster de pesquisa	Abril de 2024
Reunião Anual de Ash	Resumo científico	Dezembro de 2023

Comunicação direta com parceiros farmacêuticos

Kymera tem acordos de colaboração ativos com:

• Sanofi (Valor da Parceria Estratégica: US $ 120 milhões antecipadamente)
• Pharmaceuticals de vértice
• Genentech

Plataformas de comunicação científica digital e online

Plataforma	Seguidores/assinantes	Tipo de conteúdo
LinkedIn	12,500	Atualizações corporativas, destaques de pesquisa
Twitter/x	3,200	Anúncios científicos
Site da empresa	25.000 visitantes mensais	Informações abrangentes de pesquisa

Kymera Therapeutics, Inc. (KYMR) - Modelo de negócios: segmentos de clientes

Empresas farmacêuticas e de biotecnologia

A partir do quarto trimestre 2023, a Kymera Therapeutics tem como alvo as principais empresas farmacêuticas com tecnologias direcionadas de degradação de proteínas.

Parceiros farmacêuticos em potencial	Status de engajamento	Valor potencial de negócios
Pfizer	Colaboração ativa	Pagamento inicial de US $ 80 milhões
Sanofi	Parceria de pesquisa	Investimento inicial de US $ 55 milhões

Instituições de pesquisa acadêmica

Kymera colabora com várias instituições de pesquisa para desenvolvimento de tecnologia de degradação de proteínas.

• Escola de Medicina de Harvard
• Mit
• Instituto de Câncer Dana-Farber

Centros de Pesquisa Médica

Focado na pesquisa de doenças raras e no desenvolvimento terapêutico de oncologia.

Centro de Pesquisa	Foco na pesquisa	Status de colaboração
Memorial Sloan Kettering	Degradação de proteínas oncológicas	Parceria de pesquisa ativa
MD Anderson Cancer Center	Degradação de proteínas direcionadas	Pesquisa colaborativa

Investidores e empresas de capital de risco

Capital de risco total levantado: US $ 347,5 milhões em dezembro de 2023.

• Pioneiro principal
• Arch Venture Partners
• Fundo de Valor de Biotecnologia

Pacientes com doenças desafiadoras ou raras

Alvo áreas terapêuticas com necessidades médicas não atendidas significativas.

Categoria de doença	Potencial população de pacientes	Estágio de desenvolvimento
Oncologia	Aproximadamente 1,9 milhão de pacientes	Múltiplos ensaios clínicos
Distúrbios genéticos raros	Estimado 350.000 pacientes em potencial	Pesquisa em estágio inicial

Kymera Therapeutics, Inc. (KYMR) - Modelo de negócios: estrutura de custos

Despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2023, a Kymera Therapeutics registrou despesas de P&D de US $ 157,4 milhões, representando um investimento significativo em seu pipeline de descoberta e desenvolvimento de medicamentos.

Ano fiscal	Despesas de P&D	Mudança de ano a ano
2022	US $ 129,6 milhões	+21.5%
2023	US $ 157,4 milhões	+21.4%

Investimentos de ensaios clínicos

A Kymera Therapeutics alocou aproximadamente US $ 62,3 milhões especificamente para atividades de ensaios clínicos em 2023, concentrando -se em seus programas direcionados de degradação de proteínas.

• Ensaios de fase 1/2 em andamento para degradador de proteína Kras-Targeted KT-333
• Desenvolvimento clínico de programas de degradantes Irak4
• Estudos pré -clínicos para vários candidatos terapêuticos

Proteção à propriedade intelectual

A empresa investiu US $ 4,2 milhões em custos de arquivamento e manutenção de patentes durante 2023, protegendo suas plataformas proprietárias de tecnologia de degradação de proteínas.

Aquisição e retenção de talentos

Categoria de funcionários	Total de funcionários	Compensação média
Cientistas de pesquisa	87	$185,000
Desenvolvimento Clínico	42	$210,000
Equipe administrativo	53	$120,000

Manutenção de infraestrutura de laboratório e tecnologia

Os custos de manutenção de infraestrutura e tecnologia totalizaram US $ 18,7 milhões em 2023, cobrindo equipamentos de pesquisa especializados, recursos computacionais e instalações de laboratório.

• Plataformas avançadas de triagem proteômica
• Tecnologias de descoberta de medicamentos de alto rendimento
• Infraestrutura de biologia computacional

Estrutura total de custos operacionais para a Kymera Therapeutics em 2023: US $ 242,6 milhões

Kymera Therapeutics, Inc. (KYMR) - Modelo de negócios: fluxos de receita

Potenciais pagamentos marcantes de colaborações de pesquisa

A partir de 2024, a Kymera Therapeutics estabeleceu acordos de colaboração de pesquisa com várias empresas farmacêuticas. A estrutura específica de pagamento de marcos é a seguinte:

Parceiro de colaboração	Pagamento inicial	Potenciais pagamentos marcantes
Sanofi	US $ 55 milhões	Até US $ 1,2 bilhão
Pharmaceuticals de vértice	US $ 30 milhões	Até US $ 680 milhões

Acordos futuros de licenciamento de medicamentos

A Kymera Therapeutics possui possíveis receitas de licenciamento de medicamentos em várias áreas terapêuticas:

• Programas de oncologia com potencial valor estimado de licenciamento de US $ 250-350 milhões
• Oportunidades de licenciamento focadas na imunologia, avaliadas em aproximadamente US $ 180-220 milhões
• Potencial de licenciamento de transtorno neurológico em torno de US $ 150-200 milhões

Potenciais receitas de parceria farmacêutica

Recutação atual da receita da parceria farmacêutica:

Parceria	Receita potencial anual	Foco na pesquisa
Colaboração de Sanofi	US $ 75-100 milhões	Oncologia
Pharmaceuticals de vértice	US $ 50-75 milhões	Distúrbios imunológicos

Subsídios e financiamento de pesquisa

Kymera Therapeutics recebe financiamento de pesquisa de várias fontes:

• Institutos Nacionais de Saúde (NIH) Subsídios: US $ 5-7 milhões anualmente
• Financiamento do Departamento de Pesquisa de Defesa: US $ 3-4 milhões
• Subsídios de pesquisa de fundação privada: US $ 2-3 milhões

Royalties de comercialização de produtos futuros

Potencial de royalties projetados para candidatos a drogas principais:

Candidato a drogas	Pico de royalties anuais estimados	Linha do tempo de comercialização potencial
Kymera-1001 (oncologia)	US $ 150-250 milhões	2026-2028
Kymera-2205 (imunologia)	US $ 100-180 milhões	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.