The accelerated KT-621 Phase 2b readout to year-end 2026 is the primary catalyst. Traders should monitor the data release closely; positive results could drive a re-rating given the large TAM in Type 2 inflammation. Partnership milestones provide near-term cash but pipeline data is the key value driver. Watch for KT-579 Phase 1 data in Q4 2026.
Price Chart
Executive Summary
Kymera Therapeutics reported Q2 2026 collaboration revenue of $65.0M (well above $32.8M consensus) and EPS of -$0.62 (beating -$0.74 consensus). The key catalyst is the completion of enrollment in the KT-621 Phase 2b AD trial nearly six months ahead of schedule, pulling forward topline data to year-end 2026, along with $65M in milestone payments from Gilead and Sanofi. The company ended the quarter with $1.5B cash, providing runway into 2029.
Key Financial Metrics
Key Facts
- Collaboration revenue $65.0M vs consensus $32.8M (beat), driven by $45M Gilead option and $20M Sanofi milestone
- EPS -$0.62 vs consensus -$0.74 (16.0% beat)
- KT-621 BROADEN2 Phase 2b AD trial enrollment completed ~6 months ahead of schedule; data readout accelerated to year-end 2026
- KT-621 Phase 3 trials in AD planned to initiate by mid-2027
- KT-579 (IRF5) Phase 1 data expected in Q4 2026; Phase 1b lupus trial planned
- Sanofi initiated Phase 1 for KT-485 (IRAK4), triggering a $20M milestone
- Cash position: $1.5B as of June 30, 2026, providing runway into 2029
- Net loss improved to $61.2M (from $76.6M in Q2 2025)
- New CMO appointed (Terence Rooney) and new Chairman (Felix J. Baker)
Financial Impact
Significant revenue beat driven by $65M in non-recurring milestones; net loss improved 20% YoY; cash slightly down but ample runway
Risk Factors
- KT-621 Phase 2b data may fail to meet efficacy or safety endpoints, resetting timelines
- Non-recurring milestone revenue creates lumpy financials; operating expenses continue to rise (R&D +52% YoY)
- Execution risk on Phase 3 initiation and multiple parallel trials
- Competition from approved biologics and other oral agents in development
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-333834 |
| Document: kymr-20260805.htm | 0001193125-26-333834 |
| Document: 0001193125-26-333834-index-headers.html | 0001193125-26-333834 |
| Document: 0001193125-26-333834-index.html | 0001193125-26-333834 |
| Document: 0001193125-26-333834.txt | 0001193125-26-333834 |
| 8-K Data (Synthetic) | 0001193125-26-333834 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 5, 2026 8w ago | 8-K | $105.48 $118.63 | ▲ +12.47% | ▲ +13.07% | $107.39 (+1.81%) |
Jul 8, 2026 12w ago | Insider Cluster | $114.16 $105.48 | ▲ +7.60% | ▲ +10.88% | $107.39 (+5.93%) |
Jul 2, 2026 13w ago | Insider Cluster | $113.51 $107.01 | ▲ +5.73% | ▲ +5.31% | $107.39 (+5.39%) |
Jul 2, 2026 13w ago | Insider Cluster | $113.51 $107.01 | ▲ +5.73% | ▲ +5.31% | $107.39 (+5.39%) |
Jun 30, 2026 13w ago | 144 | $114.20 $105.25 | ▲ +7.84% | ▲ +5.65% | $107.39 (+5.96%) |
Jun 29, 2026 13w ago | 144 | $114.67 $110.05 | ▼ −4.03% | ▼ −3.00% | $107.39 (−6.35%) |
Jun 26, 2026 13w ago | Insider Cluster | $109.32 $110.57 | ▼ −1.14% | ▼ −1.42% | $107.39 (+1.77%) |
Jun 26, 2026 13w ago | 144 | $109.32 $110.57 | ▼ −1.14% | ▼ −1.42% | $107.39 (+1.77%) |
Jun 26, 2026 14w ago | 144 | $109.32 $110.57 | ▼ −1.14% | ▼ −1.42% | $107.39 (+1.77%) |
Jun 24, 2026 14w ago | 144 | $116.46 $110.38 | ▼ −5.22% | ▼ −5.75% | $107.39 (−7.79%) |
US Market Status
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