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Kymera Therapeutics has reported a higher quarterly and full-year loss for 2025, missing earnings and revenue expectations while also filing a US$500 million at-the-market follow-on equity offering and a US$392.14 million shelf registration tied to employee stock plans.
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Alongside these financing moves, Kymera appointed experienced drug developer Dr. Neil Graham as Chief Development Officer, underscoring its commitment to advancing its emerging oral immunology pipeline despite widening losses.
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We’ll now examine how Kymera’s larger losses, fresh equity plans, and CDO hire reshape its investment narrative and risk profile.
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To own Kymera today, you have to believe its oral protein degraders, especially STAT6 and IRF5, can translate into successful late stage trials and eventual commercial products despite ongoing heavy losses. The latest results increase near term financial risk, but do not materially change the key near term catalyst: clinical progress and data from KT 621 and KT 579. The biggest current risk is continued operating losses and potential dilution as Kymera funds its pipeline.
The new US$500 million at the market equity program and US$392.14 million shelf tied to employee stock plans are the most relevant updates here, because they sit directly against Kymera’s already high R&D spend and widening net losses. These filings give the company more flexibility to raise cash if needed, but they also sharpen the trade off investors face between funding future clinical milestones and tolerating further dilution on the path to any commercial revenue.
Yet beneath the enthusiasm for Kymera’s oral degraders, one risk investors should be aware of is the growing tension between rising R&D costs and …
Read the full narrative on Kymera Therapeutics (it’s free!)
Kymera Therapeutics’ narrative projects $82.2 million revenue and $13.0 million earnings by 2028. This requires 20.4% yearly revenue growth and a $236.9 million earnings increase from $-223.9 million today.
Uncover how Kymera Therapeutics’ forecasts yield a $116.71 fair value, a 28% upside to its current price.
Before this earnings miss and new equity plans, the most optimistic analysts were modeling roughly 27.7 percent annual revenue growth and a swing to about US$14.6 million in earnings by 2028, which is a far more bullish path than the base case and assumes trial success without major setbacks in KT 621 or the broader oral immunology franchise; after this update, you should expect those views, and the risks around them, to be revisited.