KYMR earnings analysis
What we found in KYMR's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Kymera’s Q2 results improved meaningfully, with collaboration revenue rising to $65.0 million and net loss per share narrowing to $0.62 from $0.95 a year earlier and $0.71 sequentially. The improvement was driven by $45.0 million from Gilead and a $20.0 million Sanofi milestone, while rising STAT6 investment lifted Q2 R&D expense to $119.5 million. The company retains $1.505 billion in liquidity and projects runway into 2029, but remains a pre-product-sales, cash-consuming clinical-stage company with milestone-dependent revenue and increasing development expense.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Collaboration revenue nearly doubled sequentially
- Q2 collaboration revenue was $65.0 million, up $31.0 million, or 91.2%, from $34.0 million in Q1 2026 and up $53.5 million from $11.5 million in Q2 2025. Revenue was entirely collaboration-related, including a $45.0 million Gilead option-exercise payment and a $20.0 million Sanofi milestone.
- Loss per share improved QoQ and YoY
- Net loss narrowed to $61.2 million, or $0.62 per share, from $76.6 million, or $0.95 per share, in Q2 2025. The $0.62 loss also improved from a $0.71 per-share loss in Q1 2026.
- Operating leverage improved materially
- Operating margin improved to negative 116.3% of revenue from negative 245.1% in Q1 2026 and negative 736.8% in Q2 2025, aided by the $65.0 million milestone-led revenue increase. Gross margin remained 100.0% because reported revenue was collaboration revenue.
- STAT6 investment accelerated
- The STAT6 program was the principal spending driver: external STAT6 expense increased $23.5 million year over year to $45.7 million, contributing to a $41.1 million increase in total Q2 R&D expense to $119.5 million.
- Cash runway projected into 2029
- Liquidity remained substantial at $1.505 billion of cash, cash equivalents and marketable securities as of June 30, 2026. Management states this capital is sufficient into 2029; no debt balance, inventory balance, or receivables balance was disclosed in the provided filing text.
- Operating burn modestly higher; capex remains low
- Six-month operating cash use was $142.9 million versus $139.0 million a year earlier, while property-and-equipment purchases were only $0.9 million. This implies low capex intensity; standalone quarterly free cash flow was not disclosed.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Revenue remains nonrecurring and partner-dependent
- The revenue surge is milestone-driven rather than product sales: the company reported $65.0 million of Q2 collaboration revenue but explicitly states it has not generated product-sale revenue. The $45.0 million Gilead option payment and $20.0 million Sanofi milestone may not recur at the same level.
- Clinical spending is rising sharply
- R&D expense increased 52.4% year over year to $119.5 million in Q2, led by a $23.5 million increase in STAT6 costs. Management expects expenses and capital requirements to increase substantially as clinical programs advance.
- New policy and sole-source supply-chain exposure
- The risk-factor disclosure adds or expands supply-chain and policy exposure around the BIOSECURE Act, enacted December 18, 2025, and potential tariffs. The company relies on a limited number of suppliers, including some sole-source suppliers, creating potential cost and timeline risk.
- AI and data-regulation risks broadened
- The filing highlights a new and evolving AI/data risk framework: the EU AI Act becomes broadly effective in August 2026, while GDPR penalties can reach €20 million or 4% of preceding-year global revenue. AI use and third-party systems could add compliance, IP, and cybersecurity costs.
- Continued losses and cash burn remain material
- Although cash totaled $1.505 billion, the company used $142.9 million in operating cash during the first six months of 2026 and recorded an accumulated deficit of $1.196 billion at June 30, 2026. Management cautions that its runway-to-2029 estimate depends on assumptions that could prove wrong.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.62
- Gross margin
- 100.0%
- Operating margin
- -116.3%
- Segment
- Collaboration revenue: $65.0 million, comprising Gilead and Sanofi collaboration payments; the filing does not report operating segments.
What they said about what is next.
No numeric revenue or EPS guidance was provided in the 10-Q. Management expects its $1.505 billion of cash, cash equivalents and marketable securities at June 30, 2026 to fund operations into 2029, beyond multiple clinical inflection points.
The filing reads better than the one before it.
What came before.
- 10-Q · April 30, 2026
- Kymera Therapeutics reported Q1 2026 results with revenue of $34.4 million, significantly exceeding estimates of $8.79 million, and EPS at -$0.71, outperforming the expected -$0.86. Management remains optimistic about…
- 10-K · February 26, 2026
- Kymera is a clinical-stage TPD-focused biopharma advancing multiple immunology programs into mid-stage trials while maintaining strategic collaborations (Sanofi, Gilead). The 10-K highlights strong early clinical…
- 10-Q · November 4, 2025
- Kymera reported Q3 collaboration revenue of $2.764M (down from $3.741M in Q3 2024) and a wider GAAP net loss of $82.175M ($0.94 loss per share) versus a $62.487M loss ($0.82) a year ago. Operating expenses rose to…
- 10-Q · August 11, 2025
- Kymera reported Q2 collaboration revenue of $11.476M (down from $25.65M in Q2 2024) and a GAAP net loss per share of $(0.95). R&D spending accelerated to $78.388M (up from $59.202M) and loss from operations widened to…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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