Kymera Therapeutics, Inc. (KYMR) Earnings
Kymera Therapeutics, Inc. is expected to report next earnings on November 3, 2026 (in NaN days), with a consensus EPS estimate of $-1.25. KYMR has beaten EPS estimates in 7 of its last 12 reported quarters (average surprise -6.9% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 5, 2026 | $-0.71 | $-0.62 | +13.0% | $65M | +98.3% |
| Apr 30, 2026 | $-0.89 | $-0.71 | +20.2% | $34M | +315.7% |
| Feb 26, 2026 | $-0.77 | $-1.03 | -33.9% | $3M | -80.7% |
| Nov 4, 2025 | $-0.71 | $-0.90 | -26.8% | $3M | -80.9% |
| May 9, 2025 | $-0.92 | $-0.82 | +10.9% | $22M | +78.5% |
| Feb 27, 2025 | $-0.76 | $-0.88 | -15.8% | $7M | -55.7% |
| Oct 31, 2024 | $-0.83 | $-0.82 | +1.2% | $4M | -75.4% |
| May 2, 2024 | $-0.73 | $-0.69 | +5.5% | $10M | -25.1% |
| Feb 22, 2024 | $-0.44 | $-0.25 | +43.2% | $48M | +14.1% |
| Nov 2, 2023 | $-0.73 | $-0.90 | -23.3% | $5M | -70.4% |
| Aug 3, 2023 | $-0.70 | $-0.67 | +4.3% | $17M | +17.4% |
| May 4, 2023 | $-0.69 | $-0.70 | -1.4% | $9M | -33.1% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q2 FY2026 · August 5, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
### Leadership Updates - Founding CMO Jared Gollub will retire at the end of 2026, remaining as an advisor through year-end to support a smooth transition; Terence Rooney has joined as the new CMO, with deep experience across immunology clinical development and commercialization from prior roles at Johnson & Johnson and Lilly. - Felix Baker assumed the role of Board Chairman, succeeding Bruce Booth, who remains on the board as a director. - Penny Carson joined to lead global development operations, and Liz Laws joined as global program lead for KT621, bringing extensive relevant experience in late-stage immunology clinical development. ### Pipeline Progress - Lead program KT621, an oral STAT6 degrader for type 2 inflammatory diseases: Completed enrollment in the Phase IIb BROADEN II trial for atopic dermatitis (AD) approximately 6 months ahead of schedule. Top-line data is expected by the end of 2026, with Phase III initiation planned for mid-2027, also 6 months earlier than originally guided. Enrollment is ongoing in the Phase IIb BREATH trial for asthma, with top-line data expected in late 2027; an open-label extension study for asthma patients has been initiated to collect 52 additional weeks of long-term data. - KT579, an oral IRF5 degrader for autoimmune diseases: Phase 1 single and multiple ascending dose study in healthy volunteers is ongoing, with top-line data expected in Q4 2026. The program will advance to a proof-of-concept study in lupus patients shortly after Phase 1 data readout. - Partnered programs: Second-generation IREC4 degrader KT485, partnered with Sanofi, recently entered Phase 1 development, triggering a $20 million milestone. CDK2 molecular glue KT200, partnered with Gilead, remains on track for an IND submission and clinical start in 2027. ### Strategic Priorities - The company is building internal clinical and commercial capabilities to support up to 10+ Phase III studies over the next 2-3 years, with a long-term goal of becoming a global leader in oral immunology medicines. The company maintains a focus on developing oral therapies for unmet need, leveraging targeted protein degradation to address type 2 inflammatory and autoimmune diseases.
Guidance
- Clinical development timelines for KT621 AD have been pulled forward by 6 months, with top-line Phase IIb data expected by end-2026 and Phase III initiation expected around mid-2027. - KT579 Phase 1 healthy volunteer top-line data is expected in Q4 2026, with transition to a lupus proof-of-concept study shortly after data readout. - Cash, cash equivalents, and investments of $1.5 billion provide a cash runway extending into 2029, which remains unchanged despite the acceleration of KT621 development timelines. The runway is sufficient to complete KT621 Phase IIb trials in AD and asthma, fully progress KT579 through its lupus proof-of-concept study, fund the start of KT621 Phase III trials, and cover most of the AD Phase III study. - The company targets at least one new degrader molecule entering clinical development per year, with the next candidate expected to enter the clinic in 2027. The vast majority of preclinical pipeline candidates are focused on immunology indications, targeting well-validated targets with no existing oral treatment options. - KT621 asthma Phase IIb top-line data remains on track for late 2027, with no timeline changes expected until enrollment is completed.
Segment performance
Chimera Therapeutics is a clinical-stage biotech focused on targeted protein degradation therapies, and does not report segmented product revenue from commercial sales as of Q2 2026. Total collaboration revenue for Q2 2026 was $65 million, consisting of a $45 million option exercise fee from the Gilead Sciences collaboration and a $20 million milestone payment from the Sanofi collaboration for KT485 entering Phase 1 development. All deferred revenue has been recognized in Q2 2026, so no additional collaboration revenue is expected in 2026; any future revenue will come from future milestones in the Gilead and Sanofi partnerships in 2027 or later. Total R&D expenses for Q2 2026 were $119.5 million, including $10.4 million in non-cash stock-based compensation; adjusted cash R&D expense was $109.1 million. The company ended Q2 2026 with $1.5 billion in cash, cash equivalents, and investments.
Risks & headwinds
- High placebo response rates in AD clinical trials are a known industry challenge; the company accounted for elevated placebo rates when powering the BROADEN II trial, but cannot plan for extreme outlier placebo rates that could impact study outcome. - Lupus drug development has well-documented historical challenges due to disease heterogeneity, requiring careful patient selection, site selection, and trial design to succeed. - Competitive risk: Multiple other companies are pursuing STAT6-targeting programs and novel mechanisms (including bispecific/trispecific antibodies) in the type 2 inflammatory disease space, which could impact KT621's commercial opportunity if competitors advance successfully ahead of Chimera. - Clinical development success is not guaranteed: All investigational programs carry risk of failing to meet efficacy or safety endpoints, even after successful preclinical and early-stage clinical testing. - Pediatric development timelines are partially dependent on regulatory agency feedback, which creates uncertainty around the timing of pediatric trial initiation.
Analyst Q&A
Q: What are your observations on the competitive landscape for STAT6 degraders and other mechanisms in AD, and what is your positioning relative to competitors? /
A: Multiple companies are pursuing STAT6 targeting, with Pfizer in Phase II, though their program has reported enrollment pauses and a study completion timeline of early 2028. Chimera believes small molecule STAT6 inhibitors are not competitive with degraders, as degraders can fully block the pathway at low, sustained doses. Bispecific and trispecific mechanisms are likely to be positioned as later-line therapies for patients who fail single-mechanism treatments, while KT621 is positioned as a first-line systemic option for the large population of patients who do not respond well to topical therapies. Chimera is also open to exploring combinations of KT621 with other mechanisms in the future.
Q: How is enrollment progressing in the KT621 asthma Phase IIb trial, and could it see the same acceleration seen in the AD trial? /
A: There is similar investigator and site excitement for the asthma program, driven by the well-understood STAT6 pathway and strong unmet need for an oral therapy. However, the asthma trial has more specific entry criteria focused on type 2/eosinophilic asthma, which creates a smaller eligible patient pool and higher screen failure rates compared to the AD trial. While enrollment is proceeding well, it is not expected to match the fast enrollment speed seen in AD. The current timeline of top-line data in late 2027 remains in place, with no changes to guidance until enrollment is completed.
Q: What is Chimera's plan for accelerating pediatric AD development for KT621, and are there any gating factors to a pediatric sprinkle formulation? /
A: Chimera has already incorporated adolescent patients (12 years and older) into the ongoing Phase IIb AD trial. The company is heavily focused on accelerating pediatric development for younger age groups, and is already well advanced on formulation work for younger patients. The timing of initiating younger pediatric trials depends on regulatory discussions, which will proceed after Phase IIb data is available, and Chimera will be ready to initiate trials as soon as regulatory alignment is secured. There is strong unmet need for an oral pediatric therapy, as children currently face the burden of chronic injectable treatment.
Q: What does cash runway look like after the acceleration of KT621 development, and has the timeline changed? /
A: The cash runway guidance extending into 2029 remains fully intact, even with the accelerated KT621 timelines. There was already a built-in cushion in the prior cash projection, and the acceleration of development does not meaningfully change the total expected spend to reach current milestones. The runway covers all ongoing Phase II trials, full development of KT579 through proof-of-concept, and initiation of KT621 Phase III trials, coming close to completing the AD Phase III within the current runway. The company will provide an update if needed after 2026 year-end data is available and development plans are finalized.