KYMRNasdaqBiological Products, (No Diagnostic Substances)US GAAP · USD

Kymera Therapeutics, Inc.

Kymera Therapeutics, Inc. is a clinical-stage biotechnology company focused on discovering and developing targeted protein degradation therapies. Its platform is designed to selectively eliminate disease-causing proteins, with programs spanning immunology and oncology and a business model centered on internal R&D plus collaborations such as its Sanofi partnership.

Kysy yhtiöstä
Liikevaihto39,2milj. USD
−16,7 %v/v
Liikevoitto (EBIT)−349milj. USD
−33,5 %v/v
EBIT-marginaali−891,1%
−335,3 %-yks.v/v
Nettotulos−311milj. USD
−39,1 %v/v
Vapaa kassavirta−234milj. USD
−13,0 %v/v

Tilikausi 2025 · muutos edellisvuodesta

Kehitys 2020–2025

−400−300−200−1000100milj. USD2020: 34 milj. USD2020: EBIT −46 milj. USD20202021: 73 milj. USD2021: EBIT −101 milj. USD20212022: 47 milj. USD2022: EBIT −161 milj. USD20222023: 79 milj. USD2023: EBIT −166 milj. USD20232024: 47 milj. USD2024: EBIT −262 milj. USD20242025: 39 milj. USD2025: EBIT −349 milj. USD202539−349
LiikevaihtoLiikevoitto (EBIT)

Liiketoiminta

Osuus liikevaihdosta
Targeted protein degradation platform0 %

Internal discovery engine used to identify degraders that remove disease-driving proteins.

Collaboration revenue100 %

Research and development services performed under partnered programs, including Sanofi.

Clinical-stage pipeline0 %

Drug candidates advancing through preclinical and clinical development in immunology and oncology.

Asiakkaat

Kymera does not sell approved drugs today; its current customers are collaboration partners that fund research and development work, most notably Sanofi. If its pipeline succeeds and products are approved, future customers would be physicians, hospitals, and payors in the U.S. and abroad. The company’s near-term business is therefore driven by partner demand for R&D output, while its long-term commercial opportunity depends on regulatory approval and reimbursement.

Pharmaceutical collaboration partners

Partners such as Sanofi fund research services and joint development programs to access Kymera's platform and pipeline.

Future prescribers and treatment centers

Physicians, hospitals, and specialty clinics would use approved therapies if the pipeline reaches commercialization.

Third-party payors

Government and private insurers would reimburse approved products and strongly influence adoption and pricing.

Strategia

Kymera’s strategy is to expand its targeted protein degradation platform, advance its pipeline, and secure regulatory approvals for candidates that complete clinical development. It also aims to protect intellectual property, maintain outsourced manufacturing and clinical capabilities, and use collaborations or capital raises to fund development until product revenue exists. The company’s recent Sanofi collaboration and cash runway into the second half of 2028 support this multi-inflection-point development strategy.

Advance lead programs and broaden the pipelineLyhyt aikaväli

Clinical and preclinical progress is the main value driver for a clinical-stage biotech.

Leverage collaborations to fund developmentLyhyt aikaväli

Partnerships provide non-dilutive capital and external validation while reducing funding pressure.

Maintain capital runway and optionalityKeskipitkä aikaväli

The company must finance long development timelines before product sales begin.

Build commercialization readiness selectivelyKeskipitkä aikaväli

If a candidate is approved, Kymera may need sales, marketing, reimbursement and supply capabilities.

Maantiede

Kymera is headquartered in Watertown, Massachusetts, and its core research and administrative operations are based in the United States. The company currently outsources substantially all clinical trial work and certain drug manufacturing to third parties, so its geographic footprint is shaped more by partner and vendor locations than by owned manufacturing assets. No country-level revenue disclosure was provided in the excerpts, but collaboration revenue is currently U.S.-centric and tied to global development programs.

Riskit

Kymera is a clinical-stage biotech with no product sales, so its value depends on successful development, regulatory approval, and eventual reimbursement. The company also faces intense competition in targeted protein degradation and in each target area, plus execution risk from outsourced trials, manufacturing, and future commercialization build-out. Funding risk remains important because the business will need substantial capital before it can generate meaningful product revenue.

Järjestetty vakavuuden mukaan
MatalaKohtalainenKorkeaMatalaKohtalainenKorkeaVaikutus →Todennäköisyys →Clinical development failure1Regulatory approval risk2Capital dilution and financing risk3Competitive pressure4Outsourcing and supply chain dependence5
Vaikutus on riskin vakavuus ja todennäköisyys sen toteutumisen todennäköisyys lähivuosina, molemmat arvioitu yhtiön raporttien perusteella. Numerot vastaavat listaa.
  1. Clinical development failureVaikutus: KriittinenTodennäköisyys: Kohtalainen

    Pipeline value depends on safety, tolerability, and efficacy in trials.

    Kohdistuu: Lead programs and future candidates

  2. Regulatory approval riskVaikutus: KorkeaTodennäköisyys: Kohtalainen

    The company cannot generate product sales without FDA or foreign approvals.

    Kohdistuu: All product candidates

  3. Capital dilution and financing riskVaikutus: KorkeaTodennäköisyys: Kohtalainen

    Operations require substantial funding before commercialization.

    KohdistuuEquity raisesDebtCollaborations
  4. Competitive pressureVaikutus: KorkeaTodennäköisyys: Kohtalainen

    Large pharma and biotech peers are pursuing similar degrader and target programs.

    KohdistuuTargeted protein degradationSTAT6Related programs
  5. Outsourcing and supply chain dependenceVaikutus: KeskitasoTodennäköisyys: Kohtalainen

    Clinical trials and manufacturing are largely performed by third parties.

    Kohdistuu: CROs and contract manufacturers

Kirjanpito

Harkinnanvaraiset erät
Collaboration revenue recognition

Revenue depends on performance obligations and timing under partner contracts.

Vaikutus: Affects quarterly collaboration revenue, especially Sanofi-related revenue

Research and development expense timing

Clinical trial and manufacturing spend is outsourced and can vary with program activity.

Vaikutus: Drives operating loss volatility

Lease accounting

The company leases significant office and laboratory space in Watertown.

Vaikutus: Affects right-of-use assets, lease liabilities, and occupancy expense

Impairment of long-lived assets

Unused leased space and changing facility needs can trigger impairment considerations.

Vaikutus: Potential non-cash charges to earnings

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Päivitetty: 24.9.2026