Kymera Therapeutics Reports Q2 2025 Financial Results, Collaboration Revenue Declines

Kymera Therapeutics, Inc. reported its financial results for the second quarter of 2025, revealing a collaboration revenue of $11.5 million, a decrease from $25.7 million in the same period last year. For the first half of 2025, total collaboration revenue was $33.6 million, down from $35.9 million in the first half of 2024. The decline in revenue is attributed to reduced activity under existing collaboration agreements, particularly with Sanofi. The company incurred a net loss of $76.6 million for the quarter, compared to a loss of $42.1 million in the prior year, and a net loss of $142.2 million for the six months ended June 30, 2025, up from $90.6 million in the same period of 2024.

Operating expenses for the second quarter increased to $96.0 million, up from $76.6 million a year earlier, driven primarily by a significant rise in research and development costs, which reached $78.4 million compared to $59.2 million in the previous year. This increase reflects Kymera's ongoing investment in its clinical programs, particularly in the STAT6 program, which saw costs rise by $10.5 million. General and administrative expenses remained relatively stable, increasing slightly to $17.6 million from $17.4 million.

Kymera's total assets as of June 30, 2025, amounted to $1.13 billion, a notable increase from $978.0 million at the end of 2024. This growth was primarily driven by a substantial rise in cash and cash equivalents, which reached $335.8 million, up from $120.3 million at the end of the previous fiscal year. The company also reported an accumulated deficit of $896.8 million, reflecting its ongoing investment in research and development without yet generating product revenue.

In terms of strategic developments, Kymera entered into a collaboration agreement with Gilead Sciences in June 2025, which includes an upfront payment of $40 million and potential milestone payments totaling up to $665 million. This agreement is part of Kymera's strategy to expand its pipeline and leverage its expertise in targeted protein degradation. The company also announced plans to focus on high-value targets in immunology, with ongoing clinical trials for its lead candidates.

Looking ahead, Kymera anticipates that its existing cash, cash equivalents, and marketable securities will be sufficient to fund operations into the second half of 2028. However, the company acknowledges the need for additional funding to support its clinical development and commercialization efforts. As it continues to navigate the complexities of drug development, Kymera remains focused on advancing its pipeline and achieving key clinical milestones.