Kymera Therapeutics Reports Q1 2024 Financial Results and Business Update

Kymera Therapeutics, Inc., a clinical-stage biopharmaceutical company based in Watertown, Massachusetts, reported their financial outcomes for the first quarter ending on March 31, 2024. The company, known for advancing small molecule medicines through targeted protein degradation (TPD), also provided updates on their various clinical trials and business operations.

Dr. Nello Mainolfi, Kymera's Founder, President, and CEO, highlighted the company’s focus on expanding its clinical pipeline, particularly in immunology. The company is concentrating on the development of oral STAT6 and TYK2 degrader programs aimed to offer biologics-like efficacy with the convenience of daily pills.

Kymera's current key developments include:

KT-474/SAR444656 (IRAK4) Degrader:
Two Phase 2 clinical trials are in progress for KT-474, targeting the treatment of hidradenitis suppurativa (HS) and atopic dermatitis (AD). These trials are being conducted by Sanofi, with topline data anticipated in the first half of 2025.

KT-621 (STAT6) Degrader:
Introduced in January 2024, KT-621 is a pioneering oral STAT6 degrader. It aims to replicate the efficacy of dupilumab in diseases such as atopic dermatitis, asthma, and COPD. A Phase 1 clinical trial is expected to commence in the second half of 2024, with results projected for the first half of 2025. Preclinical studies presented at the American Academy of Dermatology (AAD) Annual Meeting indicated that KT-621 is highly selective for STAT6 and effective at inhibiting IL-4/IL-13 functions, promising for conditions like atopic dermatitis.

KT-294 (TYK2) Degrader:
Also introduced in January 2024, KT-294 is aimed at treating conditions such as inflammatory bowel disease, psoriasis, psoriatic arthritis, and lupus. The company plans to start a Phase 1 clinical trial in the first half of 2025 and expects results by the year's second half. Preclinical data showcased its ability to inhibit pathways involving IL-23, IL-12, and Type I IFN, and demonstrated the potential for a best-in-class TYK2 profile.

KT-253 (MDM2) Degrader:
The Phase 1a clinical trial for KT-253, targeting both liquid and solid tumors, is ongoing. Clinical data updates are expected to be shared at the upcoming American Society of Clinical Oncology (ASCO) meeting. Full data from the Phase 1a study is anticipated later in 2024. Kymera is also developing a biomarker-based patient selection strategy for further study phases.

KT-333 (STAT3) Degrader:
New preclinical data for KT-333, a STAT3 degrader, was presented at the American Association for Cancer Research (AACR) Annual Meeting in April 2024. This data revealed the mechanisms behind KT-333’s anti-tumor activity. Ongoing Phase 1a clinical trials focus on liquid and solid tumors, with updates expected at the European Hematology Association (EHA) meeting in June 2024 and full data later in the year.

Corporate Updates:
In January 2024, Kymera closed an upsized equity offering, netting approximately $301 million, extending their cash runway into the first half of 2027. The company also relocated to new headquarters in Watertown, MA, and continued to expand its team and research capabilities. Key company presentations were made at the SLAS Annual Meeting and the AACR Annual Meeting, highlighting Kymera’s research and strategic initiatives.

Financial Results:
Kymera’s first-quarter 2024 collaboration revenues were $10.3 million, up from $9.5 million in the same period in 2023. Research and development expenses rose to $48.8 million from $42.2 million, reflecting increased investment in the company’s platform and discovery programs. General and administrative expenses increased to $14.4 million from $12.6 million. The net loss for the quarter was $48.6 million, compared to $40.9 million in the first quarter of 2023. As of March 31, 2024, Kymera had $745 million in cash, cash equivalents, and investments. This financial position is expected to support the company until the first half of 2027, covering key clinical milestones and data readouts for various programs.

Kymera Therapeutics continues to innovate in the field of TPD, targeting diseases that have been difficult to treat with conventional methods, and progressing toward the development of new, effective therapies for patients worldwide.

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