Kymera Therapeutics, Inc. reported its financial results for the third quarter ended September 30, 2024, on October 31, 2024. The company announced collaboration revenues of $3.7 million, a decrease from $4.7 million in the same period of 2023. Research and development expenses increased to $60.4 million from $48.1 million in Q3 2023, driven by investment in the STAT6 degrader program and platform development.
The net loss for the third quarter of 2024 was $62.5 million, compared to a net loss of $52.9 million for the same period in 2023. As of September 30, 2024, Kymera held $911 million in cash, cash equivalents, and investments, providing an anticipated cash runway into mid-2027. This capital is expected to fund operations beyond Phase 2 data for KT-474 and several clinical inflection points for its STAT6 and TYK2 programs.
In a significant strategic update, Kymera announced a shift in focus and resources towards its expanding immunology pipeline. As a result, the company will only advance its clinical-stage oncology programs, KT-333 (STAT3) and KT-253 (MDM2), beyond Phase 1 in the context of a partnership. KT-295, a new TYK2 degrader, was selected as a development candidate to advance into a Phase 1 clinical trial in the first half of 2025. Partner Sanofi is expanding KT-474 (IRAK4) Phase 2 clinical trials in HS and AD into dose-ranging Phase 2b studies, with completion expected by mid-2026.
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