It has been about a month since the last earnings report for Kymera Therapeutics, Inc. (KYMR Quick QuoteKYMR - Free Report) . Shares have added about 10.2% in that time frame, outperforming the S&P 500.

Will the recent positive trend continue leading up to its next earnings release, or is Kymera Therapeutics due for a pullback? Well, first let's take a quick look at its most recent earnings report in order to get a better handle on the recent catalysts for Kymera Therapeutics, Inc. before we dive into how investors and analysts have reacted as of late.

KYMR Q2 Earnings and Revenues Top Estimates on Gilead, Sanofi Payments

Kymera Therapeutics reported a second-quarter 2026 loss of 62 cents per share, narrower than the Zacks Consensus Estimate of a loss of 64 cents. The company posted a loss of 95 cents per share in the year-ago period.

Revenues surged to $65 million from $11.5 million in the year-ago quarter and surpassed the Zacks Consensus Estimate of $39 million.

KYMR's Collaboration Revenues Drive Top-Line Growth

All second-quarter revenues came from collaboration agreements. Kymera recognized a $45 million option exercise fee related to Gilead Sciences, Inc.’s exclusive license for KT-200, its oral CDK2 molecular glue degrader candidate.

The company also recorded a $20 million milestone payment after Sanofi initiated a phase I study of KT-485, an oral, potent and selective second generation IRAK4 degrader, in adult healthy volunteers and hidradenitis suppurativa patients.

Management said all deferred revenues have now been recognized. Consequently, Kymera does not expect additional revenues in 2026. Future collaboration revenues will depend on milestones achieved under the Gilead or Sanofi agreements in 2027 and beyond.

Kymera's R&D Spending Rises With Clinical Activity

Research and development expenses increased 52.4% year over year to $119.48 million. The increase reflected higher investments in the STAT6 program, platform and discovery programs, along with continued expansion of the R&D organization.

R&D expenses included $10.4 million of stock-based compensation. Excluding that noncash expense, adjusted cash R&D spending was $109.1 million.

General and administrative expenses rose 19.7% to $21.13 million. The increase was driven by higher legal and professional service costs, personnel expenses and facility-related spending.

Kymera Maintains Cash Runway Into 2029

Cash, cash equivalents and marketable securities totaled $1.50 billion as of June 30, 2026, compared with $1.62 billion at the end of 2025. Management maintained its expectation that available capital will be sufficient to fund operations through 2029.

The runway is expected to support completion of KT-621’s phase IIb studies in atopic dermatitis and asthma, as well as KT-579’s planned lupus proof-of-concept program. Kymera also expects to fund the initial stages of a phase III asthma study and most of the planned phase III atopic dermatitis study for KT-621.

Kymera Accelerates KT-621 Development Timeline

KT-621, an investigational once-daily oral STAT6 degrader, is being developed for type II inflammatory diseases.

Kymera completed enrollment in the BROADEN2 phase IIb study of KT-621 in moderate-to-severe atopic dermatitis (AD) nearly six months ahead of schedule. Top-line data are now expected by year-end 2026, six months earlier than the company’s previous target. Subject to regulatory discussions, phase III studies in atopic dermatitis are planned to begin by mid-2027.

The trial is evaluating three doses of the once-daily oral STAT6 degrader against placebo. Its primary endpoint is the percentage change from baseline in the Eczema Area and Severity Index score at week 16.

Enrollment is also underway in the BREADTH phase IIb study in patients with moderate-to-severe eosinophilic asthma. Kymera continues to expect top-line data in late 2027 and has initiated an open-label extension that permits eligible participants to receive KT-621 for up to 52 additional weeks.

KYMR Advances IRF5 and Partnered Programs

Beyond STAT6, Kymera is progressing KT-579, a first-in-class oral degrader of IRF5, a transcription factor positioned as a master regulator across autoimmune diseases.

Enrollment is ongoing in the phase I study of KT-579 in healthy volunteers, with data expected in the fourth quarter of 2026.

The study is assessing whether the oral IRF5 degrader can achieve more than 90% degradation in blood while maintaining a favorable safety profile.

Kymera plans to initiate a proof-of-concept study in lupus patients soon after completing the healthy-volunteer trial.

Update on KYMR’s Partnered Programs

Sanofi initiated the first-in-human phase I study evaluating KT-485 (SAR447971) in adult healthy volunteers and hidradenitis suppurativa patients. KT-485 has the potential to offer a novel oral approach for a variety of chronic immuno-inflammatory diseases.  Under the agreement, Sanofi is responsible for the program's development, regulatory and commercialization activities.

In April 2026, Gilead Sciences exercised its option to exclusively license KT-200, Kymera's first-in-class oral CDK2 molecular glue degrader, triggering a $45 million milestone payment. KT-200 is being developed for breast cancer and other solid tumors and has the potential to improve the current standard of care. Gilead plans to advance the candidate into IND-enabling studies, with an IND filing targeted for 2027.


 

How Have Estimates Been Moving Since Then?

It turns out, estimates revision have trended downward during the past month.

The consensus estimate has shifted -24.69% due to these changes.

VGM Scores

At this time, Kymera Therapeutics has a poor Growth Score of F, a grade with the same score on the momentum front. Following the exact same course, the stock has a score of F on the value side, putting it in the lowest quintile for value investors.

Overall, the stock has an aggregate VGM Score of F. If you aren't focused on one strategy, this score is the one you should be interested in.

Outlook

Estimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Interestingly, Kymera Therapeutics has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

Performance of an Industry Player

Kymera Therapeutics belongs to the Zacks Medical - Biomedical and Genetics industry. Another stock from the same industry, TG Therapeutics (TGTX Quick QuoteTGTX - Free Report) , has gained 14.5% over the past month. More than a month has passed since the company reported results for the quarter ended June 2026.

TG Therapeutics reported revenues of $240.34 million in the last reported quarter, representing a year-over-year change of +70.3%. EPS of $0.05 for the same period compares with $0.17 a year ago.

TG Therapeutics is expected to post earnings of $0.36 per share for the current quarter, representing a year-over-year change of -85.2%. Over the last 30 days, the Zacks Consensus Estimate has changed +9.9%.

The overall direction and magnitude of estimate revisions translate into a Zacks Rank #3 (Hold) for TG Therapeutics. Also, the stock has a VGM Score of F.