Kymera Therapeutics reported a net loss of $82.2 million for the fourth quarter of 2025, translating to a loss of $0.97 per share. The loss exceeded analysts’ consensus estimate of $0.82 per share, a miss of $0.15. Revenue for the quarter was $2.87 million, far below the $14.80 million consensus estimate, a shortfall of $11.93 million.
The revenue miss was driven by a sharp decline in collaboration revenue, while research and development expenses rose sharply as the company continued to invest in its STAT6 and IRF5 programs. Compared with the same period a year earlier, revenue fell from $7.39 million to $2.87 million, and the net loss widened from $70.8 million to $82.2 million, underscoring the impact of the lower partnership income and higher R&D outlays.
Despite the quarterly loss, Kymera’s balance sheet remains robust. The company reported $1.6 billion in cash and cash equivalents as of December 31 2025, providing a projected runway into 2029. The strong liquidity position mitigates short‑term cash burn concerns and supports continued investment in its pipeline.
Kymera’s clinical‑stage pipeline remains the focus of its strategy. The company is advancing oral small‑molecule degrader candidates targeting STAT6 (KT‑621) and IRF5 (KT‑579). While the earnings miss highlights challenges in generating partnership revenue, the company’s ongoing progress in these programs signals a long‑term growth trajectory.
The earnings miss and revenue shortfall emphasize the need for Kymera to strengthen its collaboration revenue streams and manage R&D spending while maintaining momentum in its key therapeutic areas. Investors will likely monitor how the company balances short‑term financial performance with its long‑term pipeline development.
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