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…
Earnings analysis · 10-Q
KYMR earnings analysis
Filed August 5, 2026 · Our reading of the company's report
The latest report
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…
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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.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.62
- Segment
- Collaboration revenue: $65.0 million, comprising Gilead and Sanofi collaboration payments; the filing does not report operating segments.
What stood out
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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.
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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.
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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.
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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.
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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.
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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.
What to watch
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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.
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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.
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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.
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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.
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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.
Management's outlook
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.
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.