Kymera Therapeutics Inc at Citi Biopharma Back to School Conference Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Geoff Meacham - Citi - Analyst : So let's, I guess, talk about the platform. So for TPD has been a hot area for quite a while. There have been some companies that have had some success, more differentiation than others. You guys have had a lot of success with respect to a couple of assets moving forward, good partnerships. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 03, 2025 / 2:30PM, KYMR.OQ - Kymera Therapeutics Inc at Citi Biopharma Back to School Conference Maybe talk a little bit about how the platform, your platform has kind of evolved since you started Kymera and maybe what types of attributes you're looking for, for assets to come out versus when you -- again, when you first started?

Question: Geoff Meacham - Citi - Analyst : Look, I guess last platform question before we get into the pipeline. Has the body of knowledge on the degradation pathways afforded you meaningfully more opportunities? Have you guys deployed things like AI, machine learning to kind of open up new avenues of the pathways? Essentially, it's about the universe of druggable targets, right?

Question: Geoff Meacham - Citi - Analyst : Okay. Makes sense. Well, so for 621, you're transitioning from Phase 1 to Phase 2 in atopic derm. Give us some maybe context for what are the considerations as you move? Like is there a biomarker kind of threshold of efficacy you're looking for? Give us some perspective on maybe the potential for higher doses, higher efficacy? How are you thinking about that in the context of maybe maximizing your Phase 2b effect size?

Question: Geoff Meacham - Citi - Analyst : And you feel pretty comfortable on the healthy volunteer study that you can get to precise points in terms of STAT6 degradation. You feel like you can get to almost 100% like --

Question: Geoff Meacham - Citi - Analyst : Just a quick follow-up. I guess, is there a correlation between when you intervene in STAT6 or any degrader for that matter and when you see a clinical effect? I guess I'm trying to figure out like you have the potential for a pretty rapid onset of action. Is that something to expect? Or is there sort of a delayed just given the pathway and the mechanism is there likely to be a cumulative delayed effect and then you see clinical factor. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 03, 2025 / 2:30PM, KYMR.OQ - Kymera Therapeutics Inc at Citi Biopharma Back to School Conference

Question: Geoff Meacham - Citi - Analyst : And along those lines, is there a way to -- I know in clinical development, you can add novel biomarkers, but are there any that you'd want to elevate to maybe being more like clinically meaningful in the eyes of the FDA? In other words, can you, in these studies, also engineer an atopic derm or whatever the indication, a newer biomarker that's maybe Kymera specific that could help you commercially?

Question: Geoff Meacham - Citi - Analyst : I want to put the cart before the horse and ask you about commercial strategy. But when you look at atopic derm, are there patients today that are maybe underserved or unmet with some of the many therapies that you can correlate maybe STAT6 to or breakthrough or something like that. I wasn't sure if there's a lot of science behind non-responsive patients, refractory patients.

Question: Geoff Meacham - Citi - Analyst : With that same, I guess, related question on IRAK4, so there is a broader body of work on that. Not to get too much in the weeds of the competitors, but where do you see the most points of potential clinical differentiation for your asset? I know [Sanofi] is obviously running the --

Question: Geoff Meacham - Citi - Analyst : From a mechanism standpoint, do you think IRAK4 versus STAT6 has the applicability across different disease areas similar or --

Question: Geoff Meacham - Citi - Analyst : And then when you think about the -- as you scale up from -- in both programs from Phase 2 to Phase 3 down the road, is there any nuance with respect to manufacturing capability or unique attributes that you'd have to invest in today?

Question: Geoff Meacham - Citi - Analyst : And I know you guys are obviously squarely in the oral development stage. Is there any -- do you guys have an active dialogue with the administration on this spill penalty? I kind of hear back and forth, but it feels like beginning of the year, it was very likely to be removed. It just depends on the day, it seems like in terms of its priority.

Question: Geoff Meacham - Citi - Analyst : Yeah, for sure. And last question on IRAK5, the next-gen sort of degrader. Maybe just put that mechanism that in context with IRAK4 and STAT6?