Kymera Therapeutics, Inc. reported its financial results for the second quarter ended June 30, 2025, on August 11, 2025. Collaboration revenues were $11.5 million, a decrease from $25.7 million in the second quarter of 2024. Research and development expenses increased to $78.4 million from $59.2 million in Q2 2024, primarily due to increased investment in the STAT6 program and discovery efforts.
The net loss for the second quarter of 2025 was $76.6 million, compared to a net loss of $42.1 million for the same period in 2024. As of June 30, 2025, Kymera held $963.1 million in cash, cash equivalents, and investments. By July 31, 2025, this figure reached approximately $1 billion, inclusive of net proceeds from the June 2025 follow-on offering and the upfront payment from the Gilead collaboration.
This strengthened financial position extends Kymera's cash runway into the second half of 2028, well beyond multiple clinical inflection points. The company reported positive KT-621 (STAT6) Phase 1 healthy volunteer data, which surpassed its target product profile. The KT-621 BroADen Phase 1b trial in atopic dermatitis patients remains on track to report data in the fourth quarter of 2025, with doses selected for Phase 2b trials in AD and asthma expected to initiate in Q4 2025 and Q1 2026, respectively.
Further pipeline updates include ongoing IND-enabling studies for KT-579 (IRF5), with a Phase 1 clinical trial expected to start in early 2026. Kymera also highlighted its new strategic partnership with Gilead Sciences to develop novel oral molecular glue CDK2 degraders, with potential payments up to $750 million. Additionally, partner Sanofi is advancing the second-generation IRAK4 degrader, KT-485, into clinical studies, following the discontinuation of KT-474.
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