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- **KT-621 Milestone Progress**: Phase Ib AD trial fully enrolled; Phase IIb AD and asthma trials initiated. 
- **Financial Strength**: $978M cash runway, with $2.8M Q3 revenue from Gilead. 
- **Pipeline Expansion**: IRF5 program advancing to clinic; oncology partnership with Gilead for CDK2 program. 
- **Efficacy Expectations**: KT-621 targeting dupilumab-like TARC reduction (70-80%) in AD, with Phase Ib data due in December.

**【CEO Summary Section】**
- Kymera achieved significant progress in 2025, including advancing KT-621 (STAT6 degrader) into Phase Ib trials for atopic dermatitis (AD) and initiating Phase IIb trials in AD and asthma. 
- KT-621 demonstrated robust STAT6 degradation in healthy volunteers, with potential for biologics-like efficacy in oral form. 
- Expanded pipeline includes IRF5 degrader (KT-579) with preclinical data showing efficacy in lupus and rheumatoid arthritis, and a new oncology partnership with Gilead for CDK2 program.

**【CFO Financial Commentary】**
- Q3 2025 revenue: $2.8 million from Gilead collaboration. 
- R&D expenses: $74.1 million (cash-adjusted: $57 million), down 7% sequentially. 
- G&A expenses: $17.3 million (cash-adjusted: $9.9 million), down 3% sequentially. 
- Cash balance: $978.7 million, providing runway into H2 2028. 
- Milestone potential: $85 million from Gilead collaboration, with $42.5 million received to date.

**【Q&A Highlights】**
- **KT-621 Efficacy**: CEO emphasized dupilumab-like TARC reduction (70-80%) in AD patients, with Phase Ib data expected in December. 
- **Trial Design**: Phase IIb AD trial (BROADEN2) will evaluate 3 doses, powered for EASI-50 and Pruritus NRS endpoints. 
- **Competitive Landscape**: KT-621's oral, once-daily dosing differentiates from biologics; no direct competitors in STAT6 degrader space. 
- **Pipeline Expansion**: IRF5 program (KT-579) IND-enabling studies complete, with Phase I healthy volunteer study planned for early 2026. 
- **Capital Allocation**: CEO prioritizes KT-621 development while maintaining balance with pipeline expansion, driven by data success.

Kymera Therapeutics, Inc. (KYMR) Q3 2025 Earnings Call Transcript

Collaboration

KYMR

KYMR fundamentals

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