KT-413

First patient dosed in KT-474/SAR444656 (IRAK4) Phase 2 HS clinical trial, generating a $40 million milestone payment from partner Sanofi; dosing of first patient in Phase 2 AD trial expected in the fourth quarter of 2023 ASH abstract to be released today highlights KT-333 (STAT3) safety, PK/PD and initial anti-tumor activity in Phase 1 clinical trial KT-253 (MDM2) degrader achieved clinical proof-of-mechanism in Phase 1 clinical trial and demonstrated anti-tumor activity in first solid tumor cohort without dose-limiting toxicities or hematologic adverse events KT-413 (IRAKIMiD) development to be discontinued for strategic reasons despite reaching expected degradation levels and lack of dose-limiting toxicities Kymera to focus resources on its growing immunology pipeline targeting large opportunities with oral degrader mechanisms, to be disclosed at a virtual Immunology R&D Day on January 4, 2024 Cash balance of $435 million, representing an extended runway to the first half of 2026 Company to hold call and webcast today at 8:00 a.m. ET WATERTOWN, Mass., Nov. 02, 2023 (GLOBE NEWSWIRE) -- Kymera Therapeutics, Inc. (NASDAQ: KYMR), a clinical-stage biopharmaceutical company advancing a new class of small molecule medicines using targeted protein degradation (TPD), today reported financial results for the third quarter ended September 30, 2023, and provided business updates on its pipeline of protein degraders. “This was an important quarter for Kymera, with our clinical programs demonstrating encouraging progress and reinforcing the promise of protein degradation to change the way we treat disease,” said Nello Mainolfi, Ph.D., Founder, President and CEO, Kymera Therapeutics. “Our partner Sanofi has begun Phase 2 studies of KT-474, and our oncology programs KT-333 and KT-253 have both shown signs of anti-tumor activity in liquid and solid tumor types, providing a critical foundation for how we intend to build even more value for patients, physicians and shareholders.” “In addition, with increased focus on the transformative opportunity we have in immunology, our discovery engine has produced several promising programs that we believe can have a significant impact on the way these complex diseases are managed. We intend to share more details on our strategy and these emerging programs, including the path to clinical data, in early January at our Immunology R&D Day,” added Dr. Mainolfi. “With the promise of our growing pipeline, and in the context of the changing diffuse large B-cell lymphoma treatment landscape, we have decided to discontinue the development of KT-413, despite the program having achieved desired target degradation levels without dose-limiting toxicities. This decision, which reflects financial discipline around program prioritization, will allow us to focus resources on programs that have the potential to address large patient populations with significant need and clear commercial opportunity. Importantly, we have extended our runway into the first half of 2026, which now reaches well beyond key readouts for our clinical programs.” Business Highlights, Recent Developments and Upcoming Milestones KT-474/SAR444656 IRAK4 Degrader Sanofi initiated two randomized, placebo-controlled Phase 2 trials evaluating KT-474 for the treatment of hidradenitis suppurativa (HS) and atopic dermatitis (AD), and the first patient was dosed in the HS trial in October 2023. Under the terms of the Sanofi/Kymera collaboration, the dosing of the first patient in the HS trial generated a milestone payment of $40 million. KT-333 STAT3 Degrader An abstract to be released by the American Society of Hematology (ASH) today, November 2, 2023, reports data from the KT-333 Phase 1 clinical trial through a July 10, 2023 cut-off. Of the 21 patients enrolled through dose level (DL) 5, 12 were evaluable for disease assessment, including 1 with cutaneous T-cell lymphoma (CTCL) and 1 with peripheral T-cell lymphoma (PTCL) at DL2, and 10 with solid tumors at DL1-4. One partial response was reported after 2 cycles in the CTCL patient at DL2, and stable disease was reported after 2 cycles in 3 solid tumor patients treated at DL3 and DL4. Safety and PD were consistent with previous updates. Additional details will be available at 9:00 a.m. today when the ASH abstracts are released. In the third quarter of 2023, the U.S. Food and Drug Administration granted Fast Track designation to KT-333 for the treatment of both relapsed/refractory CTCL and relapsed/refractory PTCL. KT-253 MDM2 Degrader The Company announced that the KT-253 Phase 1 trial has completed enrollment to the first 2 dose levels of Arm A (solid tumors and lymphomas) with enrollment to DL3 ongoing, achieving clinical proof-of-mechanism and initial anti-tumor activity. Enrollment to Arm B (high grade myeloid malignancies, including AML) has recently commenced, and Kymera intends to present data from the KT-253 Phase 1 clinical trial at a medical meeting in 2024. In Arm A as of the October 20, 2023 data cut-off date: A total of 9 solid tumor patients enrolled across DL1 (n=3), DL2 (n=4) and DL3 (n=2) have received a mean of 2.3 cycles (range 1-6), with initial PD available for both DL1 and DL2 while clinical response data are available only for DL1. Dose-responsive target engagement demonstrated in DL1 and DL2 through upregulation of GDF15, a downstream plasma biomarker of p53 activation. A patient in DL1 with relapsed/refractory Merkel cell carcinoma had a confirmed partial response (PR) after 4 cycles with treatment continuing after 6 cycles; a second patient in DL1 with fibromyxoid sarcoma had confirmed stable disease (SD) after 4 cycles and then came off study after 6 cycles; a third patient in DL1 with uveal melanoma progressed after 1 cycle of therapy. No dose-limiting toxicities across DL1-3, with Grade 1/2 nausea and Grade 1 diarrhea being the most common drug-related adverse events observed in 2 or more patients. One patient at DL1 had a serious adverse event of Grade 3 hypotension during Cycle 4 that was due to diminished oral intake. Treatment for the hypotension included IV fluids and the patient was able to continue on study without a dose reduction or recurrence of this adverse event. There were no neutropenia or thrombocytopenia adverse events, even in patients who had received up to 6 cycles of therapy. The Company expects to present comprehensive preclinical and clinical translational data across liquid and solid tumors that will inform a patient stratification strategy for KT-253 in ongoing and future clinical studies at a medical meeting in 2024. The Company presented preclinical data at the 10th International MDM2 Workshop on its KT-253 MDM2 degrader program, demonstrating durable tumor regressions in Acute Myeloid Leukemia (AML) models as a monotherapy and in combination with the standard of care agent venetoclax. At the AACR-NCI-EORTC International Conference on Molecular Targets and Cancer Therapeutics, preclinical data from the Company’s collaborator at Dana-Farber Cancer Institute was shared demonstrating in vitro efficacy of an MDM2 degrader against Merkel cell carcinoma cell lines and patient-derived cell lines that was achieved with brief exposures and was superior to an MDM2 inhibitor, supporting MDM2 degradation as a promising therapeutic approach in Merkel cell carcinoma. KT-413 IRAKiMID Degrader While data continue to be encouraging with respect to target knockdown in blood and tolerability, Kymera will discontinue development of KT-413 for strategic reasons and focus resources to support its growing immunology pipeline. Corporate Updates Kymera plans to hold a virtual Immunology R&D Day on January 4, 2024. The R&D Day will focus on its emerging pipeline of high-value immunology programs which target proven biologic pathways, including new target disclosures, supporting preclinical data and timing to clinical studies initiation. Program Background Information For more information on Kymera’s pipeline visit our website: . Conference Call Kymera will host a conference call and webcast today, November 2, 2023, at 8:00 a.m. ET. To access the conference call via phone, please dial +1 (833) 630-2127 or +1 (412) 317-1846 (International) and ask to join the Kymera Therapeutics call. A live webcast of the event will be available under Events and Presentations in the Investors section of the Company’s website at . A replay of the webcast will be archived and available following the event. Third Quarter 2023 Financial Results Collaboration Revenues: Collaboration revenues were $4.7 million for the third quarter of 2023 compared to $9.6 million for the third quarter of 2022. Collaboration revenues in the third quarter of 2023 include revenue from the Company’s Sanofi collaboration, but does not include Phase 2 milestone payments which Kymera expects to begin to recognize as revenue in the fourth quarter of 2023. Research and Development Expenses: Research and development expenses were $48.1 million for the third quarter of 2023 compared to $43.9 million for the third quarter of 2022. This increase was primarily due to increased expenses related to the investment in the Company’s oncology clinical programs, platform and discovery programs, as well as an increase in occupancy and related costs due to continued growth in the research and development organization. Stock based compensation expenses included in research and development were $5.8 million for the third quarter of 2023 compared to $4.9 million for the third quarter of 2022. General and Administrative Expenses: General and administrative expenses were $14.1 million for the third quarter of 2023 compared to $10.6 million for the third quarter of 2022. The increase was primarily due to an increase in legal and professional service fees in support of the Company’s growth and an increase in personnel, facility, occupancy, and other expenses from an increase in headcount to support growth as a public company. Stock based compensation expenses included in general and administrative expenses were $5.9 million for the third quarter of 2023 compared to $4.2 million for the third quarter of 2022. Net Loss: Net loss was $52.9 million for the third quarter of 2023 compared to a net loss of $43.0 million for the third quarter of 2022. Cash and Cash Equivalents: As of September 30, 2023, Kymera had $435 million in cash, cash equivalents, and investments. Kymera expects that its cash and cash equivalents will provide the company with an anticipated cash runway into the first half of 2026. Its existing cash is expected to take the Company beyond the Phase 2 data for KT-474, as well as additional proof-of-concept data for KT-253 and KT-333, while Kymera continues to identify opportunities to accelerate growth and expand its pipeline, technologies and clinical indications. About Kymera Therapeutics Kymera is a biopharmaceutical company pioneering the field of targeted protein degradation, a transformative approach to address disease targets and pathways inaccessible with conventional therapeutics. Kymera’s Pegasus platform is a powerful drug discovery engine, advancing novel small molecule programs designed to harness the body’s innate protein recycling machinery to degrade dysregulated, disease-causing proteins. With a focus on undrugged nodes in validated pathways, Kymera is advancing a pipeline of novel therapeutic candidates designed to address the most promising targets and provide patients with more effective treatments. Kymera’s initial programs target IRAK4 and STAT3 within the IL-1R/TLR or JAK/STAT pathways, and the MDM2 oncoprotein, providing the opportunity to treat patients with a broad range of immune-inflammatory diseases, hematologic malignancies, and solid tumors. Founded in 2016, Kymera is headquartered in Watertown, Mass. Kymera has been named a “Fierce 15” company by Fierce Biotech and has been recognized by both the Boston Globe and the Boston Business Journal as one of Boston’s top workplaces. For more information about our people, science and pipeline, please visit or follow us on X (previously Twitter) or LinkedIn. About Kymera’s Pegasus™ Platform Kymera’s Pegasus platform is a powerful drug discovery engine that enables the discovery of novel small molecule protein degrader medicines designed to target and disrupt specific protein complexes and full signaling cascades in disease, placing once elusive disease targets within reach. The key components of the platform combine Kymera’s broad understanding of the localization and expression levels of the hundreds of E3 ligases in the human body with the Company’s proprietary E3 Ligase Binders Toolbox, and advanced chemistry, biology, and computational capabilities to develop protein degraders that address significant, unmet medical needs. Cautionary Note Regarding Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including, without limitation, implied and express statements by Kymera Therapeutics regarding its: strategy, business plans and objectives for our clinical stage degrader programs; plans and timelines for the preclinical and clinical development of its product candidates, including the therapeutic potential, clinical benefits and safety thereof; expectations regarding timing, success and data announcements of current ongoing preclinical and clinical trials; the ability to initiate new clinical programs; and Kymera’s financial condition and expected cash runway into the first half of 2026. The words "may," “might,” "will," "could," "would," "should," "expect," "plan," "anticipate," "intend," "believe," “expect,” "estimate," “seek,” "predict," “future,” "project," "potential," "continue," "target" and similar words or expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Any forward-looking statements in this press release are based on management's current expectations and beliefs and are subject to a number of risks, uncertainties and important factors that may cause actual events or results to differ materially from those expressed or implied by any forward-looking statements contained in this press release, including, without limitation, risks associated with: the timing and anticipated results of our current and future preclinical studies and clinical trials, supply chain, strategy and future operations; the delay of any current and future preclinical studies or clinical trials or the development of Kymera Therapeutics' drug candidates, including those for KT-474, KT-333, KT-413 and KT-253; the risk that the results of current preclinical studies and clinical trials may not be predictive of future results in connection with current or future preclinical and clinical trials; Kymera Therapeutics' ability to successfully demonstrate the safety and efficacy of its drug candidates; the timing and outcome of the Kymera Therapeutics' planned interactions with regulatory authorities; obtaining, maintaining and protecting its intellectual property; the risks associated with pandemics or epidemics; and Kymera Therapeutics' relationships with its existing and future collaboration partners. These and other risks and uncertainties are described in greater detail in the section entitled "Risk Factors" in the Annual Report on Form 10-K for the period ended December 31, 2022, and most recent Quarterly Report on Form 10-Q, as well as discussions of potential risks, uncertainties, and other important factors in Kymera Therapeutics' subsequent filings with the Securities and Exchange Commission. In addition, any forward-looking statements represent Kymera Therapeutics' views only as of today and should not be relied upon as representing its views as of any subsequent date. Kymera Therapeutics explicitly disclaims any obligation to update any forward-looking statements. No representations or warranties (expressed or implied) are made about the accuracy of any such forward-looking statements. KYMERA THERAPEUTICS, INC. Consolidated Balance Sheets (In thousands, except share and per share amounts) (Unaudited) September 30, 2023 December 31, 2022 Assets Cash, cash equivalents and marketable securities $ 434,813 $ 559,494 Property and equipment, net 36,145 13,334 Right-of-use assets, operating lease 54,955 8,909 Other assets 26,465 21,397 Total assets $ 552,378 $ 603,134 Liabilities and Stockholders’ Equity Deferred revenue $ 43,773 $ 63,260 Operating lease liabilities 79,190 14,681 Other liabilities 33,880 35,042 Total liabilities 156,843 112,983 Total stockholders’ equity 395,535 490,151 Total liabilities and stockholders’ equity $ 552,378 $ 603,134 KYMERA THERAPEUTICS, INC. Consolidated Statements of Operations and Comprehensive Loss (In thousands, except share and per share amounts) (Unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Collaboration Revenue—from related parties $ 4,728 $ 9,551 $ 30,707 $ 30,687 Operating expenses: Research and development $ 48,117 $ 43,877 $ 136,111 $ 121,115 General and administrative 14,120 10,556 40,814 32,198 Total operating expenses 62,237 54,433 176,925 153,313 Loss from operations (57,509 ) (44,882 ) (146,218 ) (122,626 ) Other income (expense): Interest and other income 4,683 1,916 13,768 2,800 Interest and other expense (41 ) (36 ) (144 ) (117 ) Total other income 4,642 1,880 13,624 2,683 Net loss attributable to common stockholders $ (52,867 ) $ (43,002 ) $ (132,594 ) $ (119,943 ) Net loss per share attributable to common stockholders, basic and diluted $ (0.90 ) $ (0.79 ) $ (2.27 ) $ (2.28 ) Weighted average common stocks outstanding, basic and diluted 58,421,859 54,535,514 58,312,813 52,600,103 Investor Contact: Justine Koenigsberg Vice President, Investor Relations investors@kymeratx.com 857-285-5300 Media Contact: Todd Cooper Senior Vice President, Corporate Affairs media@kymeratx.com 857-285-5300

KT-474/SAR444656 (IRAK4) Phase 2 trials for both hidradenitis suppurativa (HS) and atopic dermatitis (AD) planned to start in 4Q23 by partner Sanofi Phase 1 oncology trials for KT-253 (MDM2), KT-333 (STAT3), and KT-413 (IRAKIMiD) degraders ongoing,with clinical updates planned for later in 2023 June 30, 2023 cash balance approximately $472 million, with cash runway into second half of 2025 Company to hold quarterly results call and webcast at 8:30 a.m. ET WATERTOWN, Mass., Aug. 03, 2023 (GLOBE NEWSWIRE) -- Kymera Therapeutics, Inc. (NASDAQ: KYMR), a clinical-stage biopharmaceutical company advancing targeted protein degradation (TPD) to deliver novel small molecule protein degrader medicines, today reported business highlights and financial results for the second quarter ended June 30, 2023. “Kymera has made strong progress with our three proprietary clinical programs over the last quarter, including dosing our first patient in the KT-253 Phase 1 study and sharing data that both KT-333 and KT-413 reached degradation levels that were associated with anti-tumor activity in preclinical models. We believe these findings reinforce Kymera’s ability to translate our preclinical pharmacokinetic, pharmacodynamic and safety models to patients and provide a strong foundation as we expand our pipeline with potentially best-in-class, high-value programs. We expect to share updates on these programs later this year,” said Nello Mainolfi, Founder, President and CEO, Kymera Therapeutics. “Additionally, our partner Sanofi expects to initiate the first two Phase 2 clinical trials for KT-474 in the fourth quarter, moving us forward on our mission of building a fully-integrated global medicines company.” Business Highlights and Recent Developments The Company presented clinical data from the KT-474 Phase 1 trial at the European Academy of Dermatology and Venereology (EADV) Symposium, sharing these data for the first time at a scientific meeting.The Company announced the first patient was dosed in the Phase 1 clinical trial evaluating its investigational MDM2 degrader, KT-253.The U.S. Food and Drug Administration (FDA) granted orphan drug designation to KT-253 for the treatment of Acute Myeloid Leukemia (AML).At the European Hematology Association (EHA) Congress, the Company presented data demonstrating superior efficacy of MDM2 degrader KT-253 compared to small molecule inhibitors in preclinical leukemia models. In conjunction with the International Conference on Malignant Lymphoma (ICML), Kymera provided clinical trial updates for its KT-333 and KT-413 oncology programs focused on pharmacokinetic/pharmacodynamic (PK/PD) and safety from additional patient cohorts showing target knockdown at or near levels that were associated with efficacy in preclinical tumor models. The KT-333 clinical data was presented in a poster at ICML.At the American Society for Mass Spectrometry (ASMS) Annual Meeting, Kymera presented two posters focused on Kymera’s powerful drug discovery engine and the advanced proteomics technologies utilized to provide deep insights into degrader selectivity and mechanism-of-action in physiologically relevant cellular settings at high resolution and dimensionality.In collaboration with the Raymond Birge laboratory at the Department of Microbiology, Biochemistry and Molecular Genetics, and Center for Cell Signaling at Rutgers University, Kymera published a paper in Frontiers in Immunology (link) demonstrating degraders can be designed to selectively degrade multiple tumor-associated macrophage (TAM) receptors and modulate receptor expression in vitro and in vivo. While not currently in the active pipeline, this work demonstrates the utility of proteome editing enabled by degraders toward therapeutically relevant pathway biology in preclinical models and shows the technology could serve as a viable therapeutic strategy for targeting MERTK and other TAM receptors that are expressed across a range of liquid and solid tumors.The Company announced the appointment of Jeremy Chadwick, Ph.D., as Chief Operating Officer. Dr. Chadwick joined Kymera with extensive experience overseeing global development operations, regulatory and program management at a range of biopharmaceutical companies. As a member of the Company’s senior management team, Dr. Chadwick will develop and execute near-term and long-range strategies to maximize the impact of Kymera’s expanding pipeline.In July, Justine Koenigsberg joined Kymera as Vice President and Head of Investor Relations. Ms. Koenigsberg has more than 25 years of investor relations and corporate communications experience within the biotechnology industry. She most recently served as Senior Vice President, Corporate Communications and Investor Relations at Concert Pharmaceuticals, Inc. Prior to joining Concert, she held senior communication roles at ViaCell, Inc. and Transkaryotic Therapies, Inc. (TKT) where she developed and implemented a variety of communication strategies and managed their investor relations programs. Before TKT, she held communications positions at Vertex Pharmaceuticals, Inc. Ms. Koenigsberg is a member of the National Investors Relations Institute and served on the Board of Directors and as a Past-President of its Boston Chapter. She holds a B.S. in Business Administration from Northeastern University. Anticipated Upcoming Milestones Kymera’s partner Sanofi plans to initiate Phase 2 clinical trials of IRAK4 degrader KT-474 (SAR444656) in both HS and AD in the fourth quarter of 2023. Kymera plans to share updates on its clinical-stage oncology programs later this year, including data evaluating anti-tumor activity in the target patient populations for KT-333 and KT-413 and initial safety and proof-of-mechanism data from the KT-253 Phase 1 clinical trial. Program Background Information For more information on Kymera’s pipeline visit our website: https://www.kymeratx.com/pipeline/. Conference Call To access the conference call via phone, please dial +1 (800) 715-9871 (US) or +1 (646) 307-1963 (International) and ask to join the Kymera Therapeutics call or provide Conference ID 7353312. A live webcast of the event will be available under Events and Presentations in the Investors section of the Company’s website at www.kymeratx.com. A replay of the webcast will be archived and available following the event. Second Quarter 2023 Financial Results Collaboration Revenues: Collaboration revenues were $16.5 million for the second quarter of 2023 compared to $11.5 million for the second quarter of 2022. Collaboration revenues include revenue from the Company’s Sanofi and Vertex collaborations. Research and Development Expenses: Research and development expenses were $45.8 million for the second quarter of 2023 compared to $41.3 million for the second quarter of 2022. This increase was primarily due to increased expenses related to the investment in our STAT3, IRAKIMiD, and MDM2 clinical stage programs, platform and discovery programs, as well as an increase in occupancy and related costs due to continued growth in the research and development organization. Stock based compensation expenses included in R&D were $5.7 million for the second quarter of 2023 compared to $4.8 million for the second quarter of 2022. General and Administrative Expenses: General and administrative expenses were $14.1 million for the second quarter of 2023 compared to $11.0 million for the second quarter of 2022. The increase was primarily due to an increase in legal and professional service fees in support of the Company’s growth and an increase in personnel, facility, occupancy, and other expenses from an increase in headcount to support growth as a public company. Stock based compensation expenses included in general and administrative expenses were $5.5 million for the second quarter of 2023 compared to $4.9 million for the second quarter of 2022. Net Loss: Net loss was $38.8 million for the second quarter of 2023 compared to a net loss of $40.3 million for the second quarter of 2022. Cash and Cash Equivalents: As of June 30, 2023, Kymera had approximately $472 million in cash, cash equivalents, and investments. Kymera expects that its cash and cash equivalents will provide the company with an anticipated cash runway into the second half of 2025. Its existing cash is expected to take the company past the proof-of-concept Phase 2 data for KT-474, as well as early proof-of-concept data for KT-253, KT-333 and KT-413, while Kymera continues to identify opportunities to accelerate growth and expand its pipeline, technologies and clinical indications. About Kymera TherapeuticsKymera is a biopharmaceutical company pioneering the field of targeted protein degradation, a transformative approach to address disease targets and pathways inaccessible with conventional therapeutics. Kymera’s Pegasus platform is a powerful drug discovery engine, advancing novel small molecule programs designed to harness the body’s innate protein recycling machinery to degrade dysregulated, disease-causing proteins. With a focus on undrugged nodes in validated pathways, Kymera is advancing a pipeline of novel therapeutic candidates designed to address the most promising targets and provide patients with more effective treatments. Kymera’s initial programs target IRAK4, IRAKIMiD, and STAT3 within the IL-1R/TLR or JAK/STAT pathways, and the MDM2 oncoprotein, providing the opportunity to treat patients with a broad range of immune-inflammatory diseases, hematologic malignancies, and solid tumors. Founded in 2016, Kymera is headquartered in Watertown, Mass. Kymera has been named a “Fierce 15” company by Fierce Biotech and has been recognized by both the Boston Globe and the Boston Business Journal as one of Boston’s top workplaces. For more information about our people, science and pipeline, please visit www.kymeratx.com or follow us on Twitter or LinkedIn. About Kymera’s Pegasus™ PlatformKymera’s Pegasus platform is a powerful drug discovery engine that enables the discovery of novel small molecule protein degrader medicines designed to target and disrupt specific protein complexes and full signaling cascades in disease, placing once elusive disease targets within reach. The key components of the platform combine Kymera’s broad understanding of the localization and expression levels of the hundreds of E3 ligases in the human body with the Company’s proprietary E3 Ligase Binders Toolbox, and advanced chemistry, biology, and computational capabilities to develop protein degraders that address significant, unmet medical needs. Cautionary Note Regarding Forward-Looking StatementsThis press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including, without limitation, implied and express statements by Kymera Therapeutics regarding its: strategy, business plans and objectives for the IRAK4, IRAKIMiD, STAT3, and MDM2 degrader programs; plans and timelines for the preclinical and clinical development of its product candidates, including the therapeutic potential, clinical benefits and safety thereof; expectations regarding timing, success and data announcements of current ongoing preclinical and clinical trials; the ability to initiate new clinical programs; and Kymera’s financial condition and expected cash runway into the second half of 2025. The words "may," “might,” "will," "could," "would," "should," "expect," "plan," "anticipate," "intend," "believe," “expect,” "estimate," “seek,” "predict," “future,” "project," "potential," "continue," "target" and similar words or expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Any forward-looking statements in this press release are based on management's current expectations and beliefs and are subject to a number of risks, uncertainties and important factors that may cause actual events or results to differ materially from those expressed or implied by any forward-looking statements contained in this press release, including, without limitation, risks associated with: the impact of COVID-19 or other pandemics or epidemics on countries or regions in which we have operations or do business, as well as on the timing and anticipated results of our current and future preclinical studies and clinical trials, supply chain, strategy and future operations; the delay of any current and future preclinical studies or clinical trials or the development of Kymera Therapeutics' drug candidates; the risk that the results of current preclinical studies and clinical trials may not be predictive of future results in connection with current or future preclinical and clinical trials, including those for KT-474, KT-333, KT-413 and KT-253; Kymera Therapeutics' ability to successfully demonstrate the safety and efficacy of its drug candidates; the timing and outcome of the Kymera Therapeutics' planned interactions with regulatory authorities; obtaining, maintaining and protecting its intellectual property; and Kymera Therapeutics' relationships with its existing and future collaboration partners. These and other risks and uncertainties are described in greater detail in the section entitled "Risk Factors" in the Annual Report on Form 10-K for the period ended December 31, 2022 and most recent Quarterly Report on Form 10-Q, as well as discussions of potential risks, uncertainties, and other important factors in Kymera Therapeutics' subsequent filings with the Securities and Exchange Commission. In addition, any forward-looking statements represent Kymera Therapeutics' views only as of today and should not be relied upon as representing its views as of any subsequent date. Kymera Therapeutics explicitly disclaims any obligation to update any forward-looking statements. No representations or warranties (expressed or implied) are made about the accuracy of any such forward-looking statements. KYMERA THERAPEUTICS, INC.Consolidated Balance Sheets(In thousands, except share and per share amounts)(Unaudited) June 30, 2023 December 31, 2022Assets Cash, cash equivalents and marketable securities $472,333 $559,494Property and equipment, net 27,494 13,334Right-of-use assets, operating lease 55,687 8,909Other assets 26,431 21,397Total assets $581,945 $603,134Liabilities and Stockholders’ Equity Deferred revenue $44,723 $63,260Operating lease liabilities 73,068 14,681Other liabilities 28,726 35,042Total liabilities 146,517 112,983Total stockholders’ equity 435,428 490,151Total liabilities and stockholders’ equity $581,945 $603,134 KYMERA THERAPEUTICS, INC.Consolidated Statements of Operations and Comprehensive Loss(In thousands, except share and per share amounts)(Unaudited) Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Collaboration Revenue—from related parties$16,513 $11,514 $25,979 $21,136 Operating expenses: Research and development$45,767 $41,293 $87,994 $77,238 General and administrative 14,129 11,031 26,694 21,642 Total operating expenses 59,896 52,324 114,688 98,880 Loss from operations (43,383) (40,810) (88,709) (77,744)Other income (expense): Interest and other income 4,632 594 9,085 884 Interest and other expense (48) (41) (103) (81)Total other income 4,584 553 8,982 803 Net loss attributable to common stockholders$(38,799) $(40,257) $(79,727) $(76,941)Net loss per share attributable to common stockholders, basic and diluted$(0.67) $(0.78) $(1.37) $(1.49)Weighted average common stocks outstanding, basic and diluted 58,326,963 51,772,440 58,257,387 51,712,081 Investor Contacts: Bruce Jacobs Chief Financial Officer investors@kymeratx.com 857-285-5300 Justine KoenigsbergVice President, Investor Relationsinvestors@kymeratx.com857-285-5300Media Contact:Todd Cooper Senior Vice President, Corporate Affairs media@kymeratx.com 857-285-5300