Kymera Therapeutics Reports $22.1M Collaboration Revenue and $65.6M Net Loss in Q1 2025

Kymera Therapeutics, Inc. reported its financial results for the first quarter of 2025, revealing a collaboration revenue of $22.1 million, a significant increase from $10.3 million in the same period last year. This growth is attributed to ongoing collaboration agreements, particularly with Sanofi, which has been instrumental in advancing the company's drug candidates targeting IRAK4 and other biological targets. Despite the increase in revenue, the company reported a net loss of $65.6 million for the quarter, compared to a loss of $48.6 million in the first quarter of 2024, reflecting a rise in operating expenses.

Total operating expenses for the first quarter of 2025 reached $96.5 million, up from $68.1 million in the prior year. The increase was primarily driven by a $31.4 million rise in research and development expenses, which totaled $80.3 million, reflecting heightened investment in the company's clinical programs, particularly those related to STAT6 and TYK2. General and administrative expenses also increased to $16.3 million from $14.4 million, largely due to higher legal and professional service fees.

Kymera's balance sheet as of March 31, 2025, showed total assets of $918.3 million, a decrease from $978.0 million at the end of 2024. The decline was primarily due to a reduction in cash and cash equivalents, which fell to $90.0 million from $120.3 million. The company reported an accumulated deficit of $820.2 million, up from $754.6 million at the end of the previous fiscal year. The decrease in cash was attributed to cash used in operating activities, which amounted to $79.2 million for the quarter.

In terms of strategic developments, Kymera has made significant progress in its clinical pipeline, with five programs currently in development. The company is focusing on high-value targets in immunology and has recently decided not to advance its TYK2 degrader, KT-295, into clinical development to allocate resources more effectively to other programs. The company believes that its existing cash, cash equivalents, and marketable securities of $775.5 million will be sufficient to fund operations into the first half of 2028, allowing it to navigate multiple clinical inflection points.

Looking ahead, Kymera anticipates continued investment in its research and development activities, with plans to initiate and complete preclinical studies and clinical trials for its product candidates. The company remains focused on securing additional funding through equity offerings, collaborations, and other strategic transactions to support its growth strategy and operational needs.