Kymera Therapeutics, Inc. (NASDAQ: KYMR) completed an upsized underwritten public offering that raised $602 million by selling 8,050,000 shares of common stock at $86.00 per share. The offering was led by Morgan Stanley, J.P. Morgan, Jefferies, Stifel, Guggenheim and Wells Fargo, and the gross proceeds before underwriting discounts and commissions totaled approximately $692.3 million.
Prior to the offering, Kymera reported a net loss of $82.2 million in Q3 2025 and held $978.7 million in cash. The new capital infusion extends the company’s cash runway into the second half of 2028, providing a buffer that supports the progression of its STAT6 and IRF5 pipelines and other research and development activities.
The proceeds will be directed toward advancing KT‑621, the STAT6 degrader, through its Phase 1b trial and potentially into Phase 2b, and toward advancing KT‑579, the IRF5 degrader, through IND‑enabling studies toward a Phase 1 clinical trial. The company also plans to continue its partnership programs, including the IRAK4 degrader with Sanofi and the CDK2 degrader with Gilead, which rely on the same technology platform.
The issuance of 8,050,000 new shares increases the total share count and dilutes existing shareholders, but Kymera’s balance sheet remains robust. The company’s cash position, now bolstered by the offering, remains strong relative to its operating expenses, and the dilution is offset by the expected future value creation from the accelerated development of its pipeline.
Investor demand for the offering was strong, as evidenced by the upsizing and the company’s recent positive clinical data. KT‑621 received FDA Fast Track designation on December 11, and the company’s atopic dermatitis trial results were announced on December 8. These developments, combined with the company’s momentum—up nearly 32% in the past week and 93% over the last year—contributed to the robust demand for the new shares.
CEO Nello Mainolfi said the company is “well‑capitalized and positioned to advance our first‑in‑class pipeline toward key inflection points.” He noted that the cash balance now supports a runway into the second half of 2028, “beyond multiple clinical inflection points in our pipeline.”
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.