Revenue: As of FY2026 Q2, the actual value is USD 65 M, beating the estimate of USD 32.78 M.

EPS: As of FY2026 Q2, the actual value is USD -0.62, beating the estimate of USD -0.7379.

EBIT: As of FY2026 Q2, the actual value is USD -61.21 M.

Collaboration Revenues

Kymera Therapeutics, Inc. reported collaboration revenues of $65.0 million for the second quarter of 2026, an increase from $11.5 million for the second quarter of 2025. For the six months ended June 30, 2026, collaboration revenues were $99.4 million, compared to $33.6 million for the same period in 2025. The Q2 2026 collaboration revenues included a $45 million option exercise fee from Gilead Sciences and a $20 million milestone payment from Sanofi.

Research and Development Expenses

Research and development expenses for the second quarter of 2026 were $119.5 million, up from $78.4 million for the second quarter of 2025, primarily due to increased investment in the company’s STAT6 program, platform, and discovery programs, as well as growth in the R&D organization. Stock-based compensation expenses within R&D were $10.4 million in Q2 2026, compared to $8.0 million in Q2 2025. For the six months ended June 30, 2026, R&D expenses totaled $217.6 million, versus $158.6 million for the prior year period.

General and Administrative Expenses

General and administrative expenses were $21.1 million for the second quarter of 2026, an increase from $17.6 million for the second quarter of 2025, mainly attributed to increased legal and professional service fees and higher personnel, facility, and occupancy costs. Stock-based compensation expenses in G&A were $8.6 million in Q2 2026, compared to $7.4 million in Q2 2025. For the six months ended June 30, 2026, G&A expenses were $41.5 million, up from $33.9 million for the same period in 2025.

Total Operating Expenses

Total operating expenses were $140.6 million for the second quarter of 2026, compared to $96.0 million for the second quarter of 2025. For the six months ended June 30, 2026, total operating expenses were $259.1 million, compared to $192.6 million for the prior year period.

Loss from Operations

Loss from operations was - $75.6 million for the second quarter of 2026, an improvement from - $84.6 million for the second quarter of 2025. For the six months ended June 30, 2026, loss from operations was - $159.8 million, compared to - $159.0 million for the prior year period.

Other Income (Expense)

Interest and other income was $14.5 million for Q2 2026, up from $8.1 million for Q2 2025. Interest and other expense was - $0.1 million for Q2 2026, compared to - $0.1 million for Q2 2025. Total other income was $14.4 million for Q2 2026, versus $7.9 million for Q2 2025. For the six months ended June 30, 2026, total other income was $29.3 million, compared to $16.8 million for the prior year period.

Net Loss

Net loss was - $61.2 million for the second quarter of 2026, an improvement from - $76.6 million for the second quarter of 2025. For the six months ended June 30, 2026, net loss was - $130.4 million, compared to - $142.2 million for the prior year period.

Cash and Cash Equivalents

As of June 30, 2026, Kymera Therapeutics, Inc. held $1.5 billion in cash, cash equivalents, and investments. This cash balance is expected to provide a cash runway into 2029.

Operational Metrics and Milestones

In June 2026, Sanofi initiated a Phase 1 clinical trial for KT-485 (SAR447971), resulting in a $20 million milestone payment to Kymera Therapeutics, Inc. In April 2026, Gilead Sciences exercised its option to license KT-200, leading to a $45 million milestone payment to Kymera Therapeutics, Inc.

Outlook / Guidance

Kymera Therapeutics, Inc. expects to report topline data for the KT-621 BROADEN2 Phase 2b AD trial by year-end 2026, with Phase 3 trials anticipated to start by mid-2027. Data from the KT-621 BREADTH Phase 2b asthma trial is expected in late 2027, and KT-579 Phase 1 healthy volunteer trial data is projected for the fourth quarter of 2026. The company forecasts its current cash balance to provide a runway into 2029, extending beyond multiple clinical inflection points.