Short answer
Kymera Therapeutics, Inc. (KYMR) filed its fiscal 2025 10-K annual report with the SEC on Feb 26, 2026. It reported revenue of $39M (−16.7% year over year) and net income of −$311M.
- Top risk flagged: Regulatory risk: FDA approval timing and success uncertainty for STAT6, IRF5, and IRAK4 programs affecting clinical development and commercialization
FY2025 key financial metrics · XBRL
- Revenue
- $39M
- −16.7% YoY
- Net income
- −$311M
- −39.1% YoY
- Operating margin
- -891.1%
- −335.3 pp YoY
- EPS (diluted)
- −$3.69
- −23.8% YoY
- ROE
- -19.7%
- +7.1 pp YoY
- Operating cash flow
- −$233M
- −19.7% YoY
Source: XBRL data from the Kymera Therapeutics, Inc. (KYMR) FY2025 10-K on SEC EDGAR. USD.
Kymera Therapeutics, Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Clinical-stage biopharma specializing in targeted protein degradation (TPD) oral small molecules for immunology and serious diseases
- New products: Initiated Phase 2b trials for KT-621 (oral STAT6 degrader) in atopic dermatitis and asthma; Phase 1 trial started for KT-579 (oral IRF5 degrader)
- Strategic shifts: Expanded collaborations with Sanofi for IRAK4 degrader advancing to clinical testing in 2026 and new agreement with Gilead for molecular glue degraders targeting CDK2
- Quantitative highlight: KT-621 Phase 1b trial showed 98% median STAT6 degradation in blood, 62-74% reduction in Type 2 biomarkers, and up to 63% improvement in EASI scores by Day 29
- Noteworthy fact: First demonstration of IL-31 and FeNO reductions in AD patients with oral STAT6 degradation therapy, potentially matching injectable biologics' efficacy
Management Discussion & Analysis
- No capital allocation information (buybacks, dividends, capex) included
- No forward-looking guidance or management outlook mentioned
Risk Factors
- Regulatory risk: FDA approval timing and success uncertainty for STAT6, IRF5, and IRAK4 programs affecting clinical development and commercialization
- Macroeconomic risk: Potential capital exhaustion before 2029 despite $1.62B cash, risking delays in R&D and clinical trials
- Operational risk: Dependency on third-party manufacturers and CROs for supply of clinical trial materials and manufacturing
- Competitive risk: Collaboration with Sanofi and Gilead required to advance programs, risk if partners prioritize other pipeline assets
- Financial risk: Net losses of $311.4M in 2025 with accumulated deficit $1.07B, requiring substantial future financings to sustain operations
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