Why did Kymera's operating expenses surge in Q4 2024?

Kymera's operating expenses surged in Q4 2024 due to several key factors:

1. **Increased Research and Development Expenses**: The most significant increase was in research and development (R&D) expenses, which amounted to $60.4 million. This was a 25.5% year-over-year increase, primarily driven by the investment in the company's STAT6 degrader program, platform, and discovery programs. Additionally, there was a rise in occupancy and related costs due to the continued growth in the R&D organization.
2. **General and Administrative Expenses Growth**: General and administrative (G&A) expenses also contributed to the overall increase in operating expenses. These costs totaled $15.5 million, marking a 9.4% year-over-year rise. The main reasons for this increase were legal and professional service fees.

In summary, Kymera's operating expenses surged in Q4 2024 due to significant increases in both R&D and G&A expenses, reflecting the company's ongoing investments in its pipeline and infrastructure.