Kymera Therapeutics Inc (KYMR) Announces Q3 2023 Financial Results
Kymera Therapeutics Inc (NASDAQ:KYMR) reported a net loss of $52.9 million for Q3 2023, compared to a net loss of $43.0 million for Q3 2022.
The company's cash balance stands at $435 million, providing a runway to the first half of 2026.
Collaboration revenues were $4.7 million for Q3 2023, compared to $9.6 million for Q3 2022.
Research and development expenses increased to $48.1 million for Q3 2023, compared to $43.9 million for Q3 2022.
On November 2, 2023, Kymera Therapeutics Inc (NASDAQ:KYMR), a clinical-stage biopharmaceutical company, announced its financial results for the third quarter ended September 30, 2023. The company reported a net loss of $52.9 million for the quarter, compared to a net loss of $43.0 million for the same period in 2022. Despite the net loss, the company maintains a strong cash balance of $435 million, which is expected to provide a runway to the first half of 2026.
Financial Highlights
Kymera Therapeutics Inc (NASDAQ:KYMR)'s collaboration revenues for Q3 2023 were $4.7 million, a decrease from $9.6 million in Q3 2022. The company attributes this to the inclusion of revenue from its Sanofi collaboration, but not Phase 2 milestone payments, which are expected to be recognized as revenue in Q4 2023.
Research and development expenses increased to $48.1 million for Q3 2023, up from $43.9 million for Q3 2022. This increase is primarily due to increased expenses related to the company's oncology clinical programs, platform, and discovery programs, as well as an increase in occupancy and related costs due to continued growth in the research and development organization.
General and administrative expenses were $14.1 million for Q3 2023, compared to $10.6 million for Q3 2022. The increase was primarily due to an increase in legal and professional service fees in support of the company's growth and an increase in personnel, facility, occupancy, and other expenses from an increase in headcount to support growth as a public company.
Business Update
Kymera Therapeutics Inc (NASDAQ:KYMR) also provided updates on its pipeline of protein degraders. The company's partner Sanofi has begun Phase 2 studies of KT-474, and its oncology programs KT-333 and KT-253 have both shown signs of anti-tumor activity in liquid and solid tumor types. The company has decided to discontinue the development of KT-413, despite the program having achieved desired target degradation levels without dose-limiting toxicities. This decision allows the company to focus resources on programs that have the potential to address large patient populations with significant need and clear commercial opportunity.
Looking Ahead
With a strong cash balance and a promising pipeline, Kymera Therapeutics Inc (NASDAQ:KYMR) is well-positioned for future growth. The company's existing cash is expected to take the company beyond the Phase 2 data for KT-474, as well as additional proof-of-concept data for KT-253 and KT-333, while Kymera continues to identify opportunities to accelerate growth and expand its pipeline, technologies, and clinical indications.
Explore the complete 8-K earnings release (here) from Kymera Therapeutics Inc for further details.
This article first appeared on GuruFocus.
