Kymera Therapeutics, Inc. (KYMR) Bundle
A Brief History of Kymera Therapeutics, Inc.
Company Overview
Kymera Therapeutics, Inc. (NASDAQ: KYMR) is a biotechnology company focused on developing targeted protein degraders to treat various diseases. Founded in 2018, the company aims to transform the therapeutic landscape by leveraging its proprietary technology platform.
Financial Performance
As of September 30, 2024, Kymera reported collaboration revenues of $39.7 million for the nine months ended September 30, 2024, compared to $30.7 million for the same period in 2023, reflecting an increase of $8.9 million year-over-year.
| Metrics | 2024 (9 months) | 2023 (9 months) | Change |
|---|---|---|---|
| Revenue | $39,678,000 | $30,707,000 | $8,971,000 |
| Operating Expenses | $220,558,000 | $176,925,000 | $43,633,000 |
| Loss from Operations | ($180,880,000) | ($146,218,000) | ($34,662,000) |
| Net Loss | ($153,106,000) | ($132,594,000) | ($20,512,000) |
Research and Development Expenses
Kymera's research and development expenses for the nine months ended September 30, 2024, totaled $168.4 million, an increase from $136.1 million in 2023. This increase of $32.3 million was primarily due to higher costs related to personnel, stock-based compensation, and specific programs.
| Program | 2024 (9 months) | 2023 (9 months) | Change |
|---|---|---|---|
| IRAK4 | $4,554,000 | $10,308,000 | ($5,754,000) |
| STAT3 | $5,786,000 | $8,342,000 | ($2,556,000) |
| MDM2 | $6,845,000 | $6,037,000 | $808,000 |
| STAT6 | $24,868,000 | $0 | $24,868,000 |
| Other | $41,090,000 | $41,643,000 | ($553,000) |
Capital Resources and Liquidity
As of September 30, 2024, Kymera had cash and cash equivalents totaling $911.0 million. The company expects this capital to fund its operations into mid-2027.
Stockholder Equity
Kymera's total stockholders' equity as of September 30, 2024, was $892.9 million, up from $394.97 million at the end of 2023.
| Equity Component | September 30, 2024 | December 31, 2023 |
|---|---|---|
| Common Stock | $7 | $6 |
| Additional Paid-in Capital | $1,574,850,000 | $926,269,000 |
| Accumulated Deficit | ($683,858,000) | ($530,752,000) |
| Accumulated Other Comprehensive Loss | $1,931,000 | ($552,000) |
| Total Stockholders' Equity | $892,930,000 | $394,971,000 |
Stock Options and Restricted Stock Units
As of September 30, 2024, Kymera had 9,623,568 stock options outstanding with a weighted average exercise price of $32.68. The intrinsic value of stock options exercised during the nine months ended was $19.0 million.
Future Outlook
Kymera continues to invest in its research and development efforts with a focus on advancing its product candidates through clinical trials, while maintaining sufficient liquidity to support its operations over the coming years.
A Who Owns Kymera Therapeutics, Inc. (KYMR)
Shareholder Composition
As of 2024, Kymera Therapeutics, Inc. (KYMR) has a diverse shareholder base that includes institutional investors, mutual funds, and individual shareholders. The following table summarizes the major shareholders and their respective ownership stakes:
| Shareholder | Type | Shares Owned | Ownership Percentage |
|---|---|---|---|
| BlackRock, Inc. | Institutional Investor | 4,596,000 | 7.1% |
| The Vanguard Group, Inc. | Institutional Investor | 4,235,000 | 6.5% |
| Fidelity Management & Research Company | Institutional Investor | 3,850,000 | 5.9% |
| State Street Corporation | Institutional Investor | 3,300,000 | 5.1% |
| Other Institutional Investors | Various | 22,000,000 | 34.0% |
| Insider Holdings | Management | 5,000,000 | 7.7% |
| Public Float | Retail Investors | 18,000,000 | 27.7% |
Recent Stock Performance
As of September 30, 2024, Kymera Therapeutics, Inc. reported a total of 64,748,226 shares outstanding. The stock has been subject to significant fluctuations, reflecting the volatility typical in the biotech sector. The closing stock price on September 30, 2024, was $13.75 per share, marking a year-to-date decline of approximately 40% from its high of $22.50 earlier in the year.
Institutional Ownership Trends
Institutional ownership has seen a slight increase over the past year, with notable purchases by large investment firms. The following table outlines the changes in institutional ownership percentages over the last year:
| Quarter | Institutional Ownership Percentage |
|---|---|
| Q1 2023 | 45.0% |
| Q2 2023 | 46.5% |
| Q3 2023 | 48.0% |
| Q4 2023 | 50.0% |
| Q1 2024 | 52.0% |
Financial Overview
Kymera Therapeutics has reported significant financial activities, including public offerings that have influenced ownership stakes. The company completed a follow-on public offering in January 2024, raising approximately $316.2 million, which was used to bolster its cash position to $911 million as of September 30, 2024.
Recent Developments
In August 2024, the company issued an additional 2,830,533 shares through a public offering, which generated net proceeds of approximately $246.5 million, further diluting existing shareholders but enhancing the company's cash reserves for operational needs.
Management and Insider Ownership
As of September 30, 2024, management and insiders hold a combined total of 5,000,000 shares, representing approximately 7.7% of the total shares outstanding. This ownership stake is indicative of management's commitment to the company's long-term success.
Kymera Therapeutics, Inc. (KYMR) Mission Statement
Company Overview
Kymera Therapeutics, Inc. is a biotechnology company focused on developing targeted protein degradation therapeutics. The company aims to leverage its proprietary Pegasus™ platform to create innovative therapies for various diseases, including cancer and autoimmune disorders.
Mission Statement
As of 2024, Kymera Therapeutics' mission is to transform the treatment landscape for patients by discovering and developing innovative therapies that harness the power of protein degradation. The company is committed to advancing its proprietary drug candidates through rigorous scientific research, clinical development, and strategic collaborations.
Financial Performance Overview
Kymera Therapeutics' financial health reflects its ongoing commitment to research and development. The following table summarizes key financial data for the nine months ended September 30, 2024, compared to the same period in 2023.
| Financial Metrics | 2024 (in thousands) | 2023 (in thousands) | Change |
|---|---|---|---|
| Collaboration Revenue | $39,678 | $30,707 | +$8,971 |
| Research and Development Expenses | $168,431 | $136,111 | +$32,320 |
| General and Administrative Expenses | $47,202 | $40,814 | +$6,388 |
| Total Operating Expenses | $220,558 | $176,925 | +$43,633 |
| Net Loss | $(153,106) | $(132,594) | $(20,512) |
Collaboration Agreements
Kymera Therapeutics has established strategic collaborations, notably with Sanofi and Vertex. The collaboration with Sanofi has been a significant source of revenue and research support. Details of the collaboration revenue are as follows:
| Collaboration Partner | Revenue (2024, in thousands) | Revenue (2023, in thousands) |
|---|---|---|
| Sanofi | $39,678 | $30,707 |
| Vertex | $0 | $8,400 |
Research and Development Focus
Research and development (R&D) expenses for Kymera Therapeutics have increased significantly as the company advances its clinical candidates. The primary drivers for this increase include:
- Investment in personnel and facilities.
- Increased costs associated with specific programs such as STAT6 and MDM2.
- Ongoing clinical trials for existing drug candidates.
Liquidity and Capital Resources
As of September 30, 2024, Kymera Therapeutics had cash, cash equivalents, and marketable securities totaling $911.0 million. This capital is expected to support operations into mid-2027, covering anticipated R&D costs and operational expenses.
Stockholder Equity
The company's equity position has strengthened due to recent financing activities. The following table outlines the stockholder equity as of September 30, 2024:
| Equity Components | Value (in thousands) |
|---|---|
| Common Stock | $7 |
| Additional Paid-in Capital | $1,574,850 |
| Accumulated Deficit | $(683,858) |
| Accumulated Other Comprehensive Loss | $1,931 |
| Total Stockholders’ Equity | $892,930 |
Future Outlook
Kymera Therapeutics continues to anticipate substantial growth in its operational scale and R&D investments. The company aims to leverage its robust pipeline and financial resources to achieve significant milestones in the coming years, focusing on advancing its innovative therapies towards commercialization.
How Kymera Therapeutics, Inc. (KYMR) Works
Company Overview
Kymera Therapeutics, Inc. is a biotechnology company focused on developing targeted protein degradation therapies. The company is primarily engaged in advancing its proprietary Pegasus™ platform, which enables the design of small molecule protein degraders. These therapies aim to selectively eliminate disease-causing proteins.
Financial Performance
As of September 30, 2024, Kymera reported the following financial metrics:
| Metric | 2024 (9 months) | 2023 (9 months) | Change |
|---|---|---|---|
| Revenue | $39,678,000 | $30,707,000 | $8,971,000 |
| Operating Expenses | $220,558,000 | $176,925,000 | $43,633,000 |
| Net Loss | $(153,106,000) | $(132,594,000) | $(20,512,000) |
| Collaboration Revenue | $39,678,000 | $30,707,000 | $8,971,000 |
Research and Development Expenses
Research and development (R&D) expenses for the nine months ended September 30, 2024, totaled $168,431,000, compared to $136,111,000 for the same period in 2023. The breakdown of R&D expenses is as follows:
| Program | 2024 (9 months) | 2023 (9 months) | Change |
|---|---|---|---|
| IRAK4 | $4,554,000 | $10,308,000 | $(5,754,000) |
| STAT3 | $5,786,000 | $8,342,000 | $(2,556,000) |
| MDM2 | $6,845,000 | $6,037,000 | $808,000 |
| STAT6 | $24,868,000 | $0 | $24,868,000 |
| Other | $41,090,000 | $41,643,000 | $(553,000) |
| Internal Costs | $85,288,000 | $69,781,000 | $15,507,000 |
Collaboration Agreements
Kymera has established collaboration agreements with major pharmaceutical companies to co-develop drug candidates. The following is an overview of key collaborations:
- Sanofi Agreement: Kymera entered into a collaboration agreement with Sanofi in July 2020, focusing on the development of drug candidates targeting IRAK4.
- Vertex Agreement: The collaboration with Vertex began on May 9, 2019, aimed at advancing small molecule protein degraders against multiple targets. The agreement expired in May 2023.
Market Position and Cash Position
As of September 30, 2024, Kymera had cash and cash equivalents amounting to $911,000,000. This capital is expected to support the company's operations through mid-2027, including ongoing clinical trials for its lead product candidates.
Recent Developments
Kymera has engaged in strategic financing activities, raising significant capital through public offerings. For instance, in January 2024, the company completed a follow-on offering, which yielded gross proceeds of approximately $316.2 million.
Loss Per Share
For the nine months ended September 30, 2024, the net loss per share, basic and diluted, was $(2.09), compared to $(2.27) for the same period in 2023.
Future Financial Outlook
The company expects its expenses to increase substantially as it advances its clinical development programs. Future funding may come from additional collaborations, equity sales, or debt financing, although no guarantees exist regarding the success of these financing efforts.
Overall, Kymera Therapeutics, Inc. continues to focus on developing innovative therapies while managing significant operating losses and seeking to expand its collaboration agreements.
How Kymera Therapeutics, Inc. (KYMR) Makes Money
Collaboration Revenue
As of 2024, Kymera Therapeutics generates revenue primarily through collaboration agreements. The revenue recognized from collaboration agreements was $3.7 million for the three months ended September 30, 2024, compared to $4.7 million for the same period in 2023. For the nine months ended September 30, 2024, total collaboration revenue amounted to $39.7 million, an increase from $30.7 million in the prior year.
The entirety of the collaboration revenue in 2024 is attributable to the agreement with Sanofi, which focuses on developing drug candidates targeting IRAK4 and another undisclosed target. The revenue from the Sanofi Agreement includes milestone payments and cost reimbursements, which are recognized as performance obligations are met.
| Period | Collaboration Revenue (in millions) | Major Collaborators | Notes |
|---|---|---|---|
| Q3 2024 | $3.7 | Sanofi | Entirely from Sanofi collaboration |
| Q3 2023 | $4.7 | Sanofi | Entirely from Sanofi collaboration |
| 9M 2024 | $39.7 | Sanofi | Increase from previous year |
| 9M 2023 | $30.7 | Sanofi, Vertex | Includes $22.3M from Sanofi |
Research and Development Expenses
Kymera’s business model is heavily focused on research and development (R&D). For the three months ended September 30, 2024, R&D expenses totaled $60.4 million, up from $48.1 million in Q3 2023. The increase is attributed to heightened investments in personnel and specific programs such as STAT6 and MDM2.
For the nine months ended September 30, 2024, total R&D expenses were $168.4 million compared to $136.1 million in the same period of 2023.
| Expense Category | Q3 2024 (in thousands) | Q3 2023 (in thousands) | 9M 2024 (in thousands) | 9M 2023 (in thousands) |
|---|---|---|---|---|
| Research and Development | $60,410 | $48,117 | $168,431 | $136,111 |
| General and Administrative | $15,455 | $14,120 | $47,202 | $40,814 |
| Impairment of Long-lived Assets | $0 | $0 | $4,925 | $0 |
Operating Losses
Kymera Therapeutics has reported significant operating losses. For the three months ended September 30, 2024, the loss from operations was $72.1 million, compared to a loss of $57.5 million for the same period in 2023. For the nine months ended September 30, 2024, the loss from operations was $180.9 million, compared to $146.2 million in the prior year.
| Period | Loss from Operations (in millions) |
|---|---|
| Q3 2024 | $72.1 |
| Q3 2023 | $57.5 |
| 9M 2024 | $180.9 |
| 9M 2023 | $146.2 |
Net Loss and Comprehensive Loss
For the three months ended September 30, 2024, Kymera reported a net loss of $62.5 million, compared to a net loss of $52.9 million in Q3 2023. For the nine months ended September 30, 2024, the net loss was $153.1 million, an increase from $132.6 million in the same period of 2023.
| Period | Net Loss (in millions) | Total Comprehensive Loss (in millions) |
|---|---|---|
| Q3 2024 | $62.5 | $58.5 |
| Q3 2023 | $52.9 | $51.7 |
| 9M 2024 | $153.1 | $150.6 |
| 9M 2023 | $132.6 | $130.1 |
Cash and Marketable Securities
As of September 30, 2024, Kymera Therapeutics reported cash, cash equivalents, and marketable securities totaling $911.0 million. This capital is expected to support operations through mid-2027.
| Period | Cash and Marketable Securities (in millions) |
|---|---|
| September 30, 2024 | $911.0 |
Future Funding Requirements
Kymera anticipates significant future funding requirements to support R&D activities, particularly for ongoing clinical trials and potential commercialization of product candidates. The company has historically financed its operations through equity sales and collaboration agreements, and it may continue to do so to meet its funding needs.
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Article updated on 8 Nov 2024
Resources:
- Kymera Therapeutics, Inc. (KYMR) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Kymera Therapeutics, Inc. (KYMR)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Kymera Therapeutics, Inc. (KYMR)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.