Kymera Therapeutics Reports Financial Results, Increases Marketable Securities and Cash Reserves

Kymera Therapeutics, Inc. reported significant financial developments in its quarterly filing for the period ending September 30, 2024. The company’s total current assets increased to $568.7 million from $405.3 million at the end of 2023, driven by a substantial rise in marketable securities, which grew from $264.9 million to $439.3 million for current securities and from $61.4 million to $361.0 million for non-current securities. Total assets surged to $1.03 billion, up from $575.8 million at the end of the previous fiscal year.

The company’s collaboration revenue for the third quarter of 2024 was $3.7 million, a decrease from $4.7 million in the same quarter of 2023. However, for the nine months ended September 30, 2024, collaboration revenue rose to $39.7 million, compared to $30.7 million in the prior year. This increase was primarily attributed to the collaboration agreement with Sanofi, which has been a significant source of revenue.

Operating expenses for the third quarter of 2024 totaled $75.9 million, up from $62.2 million in the same period last year. Research and development expenses accounted for $60.4 million, reflecting a $12.3 million increase from the previous year, largely due to higher internal costs and increased spending on specific programs. General and administrative expenses also rose to $15.5 million from $14.1 million, driven by higher legal and professional service fees.

The net loss for the third quarter of 2024 was $62.5 million, compared to a loss of $52.9 million in the same quarter of 2023. For the nine-month period, the net loss increased to $153.1 million from $132.6 million in the prior year. The company’s accumulated deficit reached $683.9 million as of September 30, 2024.

Kymera's cash, cash equivalents, and marketable securities totaled $911.0 million, which is expected to fund operations into mid-2027. The company has raised significant capital through various stock offerings, totaling $1.71 billion since its inception. Recent financing activities included a follow-on offering in August 2024, which generated approximately $258.7 million.

Strategically, Kymera has decided to discontinue the clinical development of certain product candidates, including KT-333 and KT-253, to focus on its immunology portfolio. The company continues to advance its lead candidate, KT-474, in collaboration with Sanofi, which has entered Phase 2 trials. The company’s future revenue generation remains contingent on successful product development and commercialization, with no current product sales expected.