$KYMR · Kymera Therapeutics, Inc.
Kymera Therapeutics filed its 10-Q for the quarter ended September 30, 2026. Q3 collaboration revenue was $0 (vs $2.8M in Q3 2025), while nine-month revenue reached $99.4M (+173.4% YoY) from Gilead and Sanofi partnerships. R&D expenses jumped 73.4% YoY to $128.5M, dominated by the STAT6 degrader program at $52.0M. Net loss widened to $132.0M ($1.32/share) from $82.2M ($0.94/share). The company held $1.65B in cash, equivalents, and marketable securities at quarter-end.
- Q3 FY2026 collaboration revenue was $0 vs $2.8M in Q3 FY2025, all prior-year revenue from Gilead.
- Nine-month collaboration revenue hit $99.4M (+173.4% YoY), driven by Gilead and Sanofi agreements.
- R&D expenses surged to $128.5M in Q3 (+73.4% YoY), with STAT6 program alone consuming $52.0M.
- Net loss widened to $132.0M in Q3 ($1.32/share) from $82.2M ($0.94/share) a year ago.
- Cash, equivalents, and marketable securities totaled $1.65B at September 30, 2026, providing multi-year runway.
Extended-hours trading shows KYMR at $123.83, +1.08% vs the regular close of $122.51. The market appears to be absorbing the steep R&D ramp and $0 Q3 collaboration revenue without alarm, likely anchored by the $1.65B cash position and the 173% nine-month revenue growth narrative.
Kymera's STAT6 program is the highest-conviction asset in targeted protein degradation; the 2x R&D ramp signals pivotal data is approaching, but the $0 quarterly revenue exposes lumpy collaboration economics.
Kymera's STAT6 degrader is one of the most closely watched programs in targeted protein degradation, a space where large pharma partnerships (Gilead, Sanofi) validate the platform but clinical data remains the key unlock.
R&D expenses are ballooning — STAT6 alone cost $52.0M in Q3 vs $17.4M a year ago — with no Q3 collaboration revenue to offset. The company warns it will need substantial additional funding and faces binary clinical risk across early-stage programs.