Kymera Therapeutics reported its third‑quarter 2025 earnings on November 4, 2025, posting a net loss of $82.2 million and earnings per share of $‑0.94. Revenue for the quarter was $2.8 million, well below consensus estimates of roughly $18–23 million.
The company’s cash and cash equivalents stood at $978.7 million as of September 30, 2025, giving it a runway that extends into the second half of 2028.
Comparing to prior periods, Q3 2024 revenue was $3.7 million, with a net loss of $62.5 million and EPS of $‑0.82. In Q2 2025, revenue was $11.5 million, the net loss was $76.6 million, and EPS was $‑0.95.
Research and development expenses rose to $74.1 million in Q3 2025, up from $60.4 million in Q3 2024. The increase was driven largely by the STAT6 program and other discovery initiatives. General and administrative expenses increased to $17.3 million from $15.5 million, largely due to higher legal and professional fees.
The revenue miss was largely attributable to collaboration income. In Q3 2025, the company earned $2.8 million from a collaboration with Gilead Sciences, compared with $3.7 million from a Sanofi collaboration in Q3 2024. No product sales contributed to revenue.
Kymera’s clinical pipeline continues to advance. Enrollment and dosing for the KT‑621 BroADen Phase 1b trial in atopic dermatitis were completed, with data expected in December 2025. The company has also initiated Phase 2b trials for KT‑621 BROADEN2 in atopic dermatitis and KT‑621 BREADTH in asthma, slated to begin in Q1 2026. IND‑enabling studies for the IRF5 degrader KT‑579 were completed, with a Phase 1 trial expected to start early 2026.
Management emphasized that the company is maintaining a heavy investment focus on its immunology pipeline and is shifting resources away from oncology. No forward guidance was provided in the earnings release.
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