Kymera Therapeutics, Inc. Q4 FY2024 earnings call

• Moved to video format to enhance transparency and communication. - 2024 achievements: STAT6 completed IND-enabling studies, filed IND, initiated Phase I healthy volunteer study; TYK2 progressing with KT-295; supported Sanofi in IRAK4 Phase IIb studies; early immunology pipeline advanced. - 2025 plans: STAT6 to report Phase I data in June and Phase Ib in Q4 2025, initiate Phase 2b studies in AD later 2025 and asthma early 2026; TYK2 to advance KT-295 into clinic next quarter with Phase 1 data by year-end; unveil new immunology target in May; goal to have at least one new IND per year. - Drug development focus: Innovative oral small molecule therapies for immunology, aiming for biologics-like efficacy with oral convenience.

In the fourth quarter of 2024, revenue was $7.4 million, all attributable to the Sanofi collaboration. Operating expenses for R&D were $71.8 million (approximately $6.8 million non-cash stock-based compensation) and for G&A were $16.3 million (approximately $7 million non-cash stock-based compensation). Adjusted cash R&D spend was $65 million (up 23% sequentially from Q3) and adjusted cash G&A spend was $9.3 million (up 13% sequentially). Cash balance at the end of 2024 was $851 million, providing a runway into mid-2027.

• STAT6: On track to report Phase I data in June, Phase Ib in Q4 2025, initiate Phase 2b studies in AD later 2025 and asthma early 2026. - TYK2: Advance KT-295 into clinic next quarter, Phase 1 data by year-end. - Plan to continue developing at least one new IND annually to drive consistent new developments.

Forward-looking statements are subject to risks and uncertainties detailed in Kymera's most recent 10-K filed with the SEC, which may cause actual results to differ materially from projected outcomes.

Q: What supports your view that 28 dosing in the atopic derm Phase Ib is enough time to show robust biomarker activity?

A: Jared Gollob mentioned prior dupilumab trials showed impact on Th2 biomarkers and clinical endpoints in 4 weeks, confident 28 days with optimal dose from Phase Ia will show impact on Th2 biomarkers.

Q: What supports your view on the inclusion/exclusion criteria for the Phase Ib?

A: Jared Gollob stated stringent criteria to ensure patients have moderate to severe AD and no other con meds, with rigorous site selection and compliance monitoring.

Q: What do we know about the potential bioavailability of KT-621 in tissues?

A: Nello Mainolfi said preclinical data shows KT-621 is orally bioavailable, distributes evenly across tissues of interest in species like non-human primates, and expects translation to human.

Q: How do you think about dose selection for TYK2 program?

A: Jared Gollob said focus is on fully degrading TYK2 95%+ and keeping degradation 24/7, with Phase 1 study looking at impact on TYK2 levels and biomarkers, then Phase 2 for proof-of-concept in psoriasis and other indications.

Q: How does dose selection for Phase 2bs in AD and asthma relate to Phase 3?

A: Nello Mainolfi said development plan is based on prior pathway agents, expecting Phase 2bs to inform Phase 3 selection for multiple indications, prioritizing AD, asthma, COPD initially.