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WATERTOWN, Mass. - Kymera Therapeutics, Inc. (NASDAQ:KYMR), a clinical-stage biopharmaceutical company developing protein degrader medicines, reported fourth quarter 2024 financial results that fell short of analyst expectations. The company’s shares slipped 1.5% following the announcement.
Kymera posted a fourth quarter loss of $0.88 per share, wider than the $0.77 loss per share analysts had forecast. Revenue came in at $7.39 million, significantly below the consensus estimate of $14.71 million.
The company’s collaboration revenues declined sharply YoY to $7.4 million in Q4 2024, compared to $47.9 million in the same period of 2023. Kymera attributed all of the Q4 2024 collaboration revenue to its partnership with Sanofi (NASDAQ:SNY).
Research and development expenses rose to $71.8 million in the fourth quarter, up from $53.0 million a year earlier, as the company increased investment in its STAT6 and TYK2 degrader programs.
"With our unique capabilities and rigorous execution, we are developing an industry leading oral immunology pipeline," said Nello Mainolfi, Ph.D., Founder, President and CEO of Kymera Therapeutics. "I couldn’t be more excited about what is ahead for us in 2025, including healthy volunteer data for our first-in-industry STAT6 degrader, KT-621, followed by Phase 1b AD patient data."
Kymera ended 2024 with $851 million in cash, cash equivalents and investments. The company expects this will fund operations into mid-2027, beyond several clinical milestones.
Looking ahead, Kymera plans to report complete Phase 1 data for its STAT6 degrader KT-621 in June 2025 and initiate a Phase 1b trial in atopic dermatitis patients in Q2 2025. The company also aims to start a Phase 1 trial of its TYK2 degrader KT-295 in Q2 2025.
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