Kymera Therapeutics Inc at Citi Global Healthcare Conference Transcript

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

Question: Geoffrey Meacham - Citi Investment Research (US) - Analyst : Awesome. Yes. Thanks, Bruce. Yes. So let's talk about pipeline first, so we can get into strategy and kind of the longer-term outlook. So the 621 data, atopic derm coming up, there's obviously a category where there's a lot of innovation. There's a lot of competition, but you guys LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 03, 2025 / 4:15PM, KYMR.OQ - Kymera Therapeutics Inc at Citi Global Healthcare Conference have a really unique platform technology and the potential to have really a very exquisite potency. So talk a little bit about the what maybe a win looks like there in terms of differentiation, how you're thinking about this data set as you look to mid- to late-stage trials?

Question: Geoffrey Meacham - Citi Investment Research (US) - Analyst : That's super helpful, Jared. Yes, when you think about the 28 days for dupi, I guess, the comps, how would you think about further differentiation? Is it sort of depth of response? Is it speed of response? Or what are the opportunities, I think, to really separate from this study for 621?

Question: Geoffrey Meacham - Citi Investment Research (US) - Analyst : Okay. And then looking broader at biomarkers, you mentioned the TARC Jared, but also the eotaxin. Maybe talk about predictive biomarkers that maybe aren't as FDA or regulatory validated, but are a very good indicator of your mechanism and deployment. What are the potential learnings from that as you look to Phase 2b?

Question: Geoffrey Meacham - Citi Investment Research (US) - Analyst : Yes. And I guess the one question is if you look at the -- you have a lot of dupi prior data that can kind of give you a sense for the transcriptomics, the profile. But when you look to larger studies, are there -- is there less evidence when dupi -- refractory dupi patients are nonresponsive? Or how do these biomarkers trend? And would you guys be looking to study that in the larger studies, more mature clinical trials like some of the more special populations in atopic derm.

Question: Geoffrey Meacham - Citi Investment Research (US) - Analyst : Yes. I guess, Bruce, as a follow-up to that or Jared as well, but when you look at the investments you're making in 621 in just atopic derm, how are you thinking about maximizing the commercial opportunity? Is it really to have more of a commercial partner, perhaps like in Europe? Is it to grow eventually the indication base that you're studying from atopic derm to respiratory IBD? How do you see this playing out from a maybe a mechanism, but also from a commercial.

Question: Geoffrey Meacham - Citi Investment Research (US) - Analyst : And just a follow-up to that, Bruce. So I think one of the capital with respect to growing the indications that are in development is probably pretty reasonable that you guys have access to that. But when you think about the down the road commercial investments on a global basis, geographic basis, don't get the impression that's a big priority now, but maybe we'll have to see based on data, right? Is that right?

Question: Geoffrey Meacham - Citi Investment Research (US) - Analyst : Yes. And Jared, you're right. We said that -- I mean, the penetration rate of dupi in the atopic derm is very, very low. But from a mechanism standpoint, when you guys run the analysis of all the biomarkers and maybe outside of atopic derm, is there an indication that maybe stands out that you feel like you could really separate versus dupi on some of the more like a respiratory biomarker or a biomarker that's more prevalent in IBD? I'm just trying to think of like maybe a nonintuitive kind of next step in terms of indication?

Question: Geoffrey Meacham - Citi Investment Research (US) - Analyst : Yes. No, that makes sense. So looking to the Phase 2b study, you guys have talked about a super pharmacologic dose based on all your PK/PD analysis. Just give us the background and the context for that and why that gives you kind of confidence.

Question: Geoffrey Meacham - Citi Investment Research (US) - Analyst : That's helpful. Yes. So we had -- yesterday, we had a chat with Marty Makary who was talking about novel technologies, novel approaches and the opportunity for certain diseases to be fast tracked or certain drugs.

Question: Geoffrey Meacham - Citi Investment Research (US) - Analyst : I was working it. So talk about the -- your accelerated development plan. Is there an opportunity in your view to maybe help speed up even more? I know you move pretty quickly, right, from Phase 1a to Phase 2b, but there's a further opportunity to kind of put this on a bit of a faster.

Question: Geoffrey Meacham - Citi Investment Research (US) - Analyst : That's one thing that Marty kept on bringing up is idle time, right, trying to minimize that from a review perspective. But when you look at the body of data from a pure safety tolerability to do the two Phase 2bs, is there is there an end or an exposure or maybe even preclinically, LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 03, 2025 / 4:15PM, KYMR.OQ - Kymera Therapeutics Inc at Citi Global Healthcare Conference is there something that the FDA wanted to have a sort of a foundational safety -- sorry, safety, tolerability kind of like database that before you can pursue multiple Phase 2bs?

Question: Geoffrey Meacham - Citi Investment Research (US) - Analyst : Yes. To what degree are you guys using AI or using any sort of language model to maybe help with the -- accelerate the database or maybe translate your biomarkers to checking the box more profoundly on the safety tolerability --

Question: Geoffrey Meacham - Citi Investment Research (US) - Analyst : No, it was just such a big part of the conversation yesterday, right, with Marty about using more technology and early in development.

Question: Geoffrey Meacham - Citi Investment Research (US) - Analyst : Yes. Yes. So let's switch gears to the IRAK4 IRF5 program. So this could be maybe even broader beyond just I&I into maybe more autoimmune. Give us kind of the framing of the -- how you guys position this. And obviously, it's a high priority. But what would you say is the kind of first bit of kind of derisking that we'll see that gives you confidence to grow this indication base pretty broadly.

Question: Geoffrey Meacham - Citi Investment Research (US) - Analyst : Are there lessons from 621 sort of early development and kind of derisking going into an IND that you could deploy for IRF5? Or is it -- you just look at them as separate platforms within the TBD kind of --

Question: Geoffrey Meacham - Citi Investment Research (US) - Analyst : Yes. I think when you look at the, say, atopic derm, the probability in the known mechanism, probability of success and the market is there, there's not really a track record. There's a pretty successful track record of assets that have moved from Phase 1 to 2 to 3. But in lupus, obviously, it's been a bit of a scour earth kind of approach. So how do you consider, I guess, risk in terms of the indications that you could pick for IRF?

Question: Geoffrey Meacham - Citi Investment Research (US) - Analyst : Yes. And that begs the broader question, Bruce. I mean when you look at the TPD as a mechanism, pharma has always talked about it, and they're very interested in it, but it doesn't seem like they want to build it from the ground up. So are you -- as there's more interest in TPD and E3 ligases, et cetera, how do you view your competitive moats? Are they sort of widening? Do you look at your body of knowledge is probably deeper than anybody's. But there is many more companies that are going after this as a mechanism.

Question: Geoffrey Meacham - Citi Investment Research (US) - Analyst : Okay. Awesome. Okay, guys. Thank you very much.