Kymera Therapeutics Inc at Morgan Stanley Global Healthcare Conference Transcript

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

Question: Vikram Purohit - Morgan Stanley - Analyst : <_ALACRA_META_ABSTRACT>With that, let's dive into it. Nello, good to have you here, both of you. Quite a lot to talk about in the pipeline and with your different therapeutic area focuses in I&I versus oncology. But maybe the best place to start is just kind of at a high level, some opening remarks from you on, where you've been focused for the business? What you think are some of the key milestones have been for the year? And Where you think people should be focused when they think about Kymera kind of over the next 12 months or so? Nello Mainolfi - Kymera Therapeutics Inc - President, Chief Executive Officer, Co-Founder, Director Yes. So I mean, let me start just by reminding everybody, so Kymera was founded with the vision to building a fully integrated biotech company that will use a technology like targeted product degradation to develop a new generation of medicines to address targets and diseases that have not been addressed by other technologies. And so we have been totally focused in the past eight years to identify the type of problem -- clinical problem, the type of targets that we believe is perfectly suited to use the -- to use targeted product degradation for and deliver really groundbreaking medicines and not just the incremental improvements over existing therapies. So maybe just to remind briefly to everybody, targeted product degradation allows you to use small molecules to degrade disease-causing proteins. And by degrading, I mean, eliminating disease-causing proteins from their cellular localization in a completely specific and selective manner. So it's really groundbreaking opportunities to go after proteins that are not addressable by, let's say, monoclonal antibodies because they're in the cell or by small molecule inhibitors because they don't have a catalytic site than a small molecule inhibitor can get to. 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 05, 2024 / 7:20PM, KYMR.OQ - Kymera Therapeutics Inc at Morgan Stanley Global Healthcare Conference So I think it's a -- I know this is probably more common knowledge these days, but I feel it's important to remind everybody that we have a unique opportunity to choose to use this technology to go after really difficult-to-drug or undrugged targets to unlock new space in terms of clinical and commercial opportunities. So what have we done in the space? We've been using, to be honest, target selection as our North Star. Our North Star has been working in pathways that have been validated, where there is human pharmacology, where ideally, there is human genetics, but going after, again, nodes in those pathways that have not been drugged or drugged well with other modality, where protein degradation is the unique technical solution and especially in the past few years, focused on areas with broad potential, both clinical and commercial. What we're most proud of in the past few years has been our ability to translate our preclinical profiles into the clinic. We've taken four programs into the clinic across oncology and immunology, and we've shown exceptional translation of PK -- with fidelity of PK, PD, safety and early efficacy. One thing that we're also proud of because not only is something that we've done first, but actually has opened up our path into immunology, has been taking the first program in the clinic in immunology. So we've learned what it takes to build immunology drugs, what is the regulatory path to derisk their development, what are the features and the work that we have to do for those molecules to be selective active and broadly active against different cell types. So with IRAK4, we've shown, for example, we [integrate] in the blood and skin, have impact in biomarkers and then finally have impact on disease states in both HS and AD. So going in the next 12 months, what we shared early in the year is our increased commitment to immunology. We've unveiled 2 new programs, the STAT6 [degrade] that we like to call dupilumab (inaudible). We've also disclosed our TYK2 degrader, which we believe has the potential to have biologics-like activity. And we said that this is the area where we're going to spend most of our time and money in the next few years. So we are just about to enter the clinic with our STAT6 degrader. And so next year, we'll have Phase 1 [volunteer] data and potentially data in patients as well, we'll address that as we get closer. With our TYK2 degrader, we should be in the clinic in the first half of the year with healthy volunteer data in the second half of the year. We have recently disclosed that Sanofi has expanded and extended our current Phase 2 studies in order to accelerate overall development timelines in both HS and AD. So in the next few weeks, we'll be able to add more color on timing and size of trials, et cetera. We have upcoming data results in oncologies. And one thing that I also want to say -- and I'm sorry, I'm taking way too long. Luckily, we have 40 minutes. 35, all right. I got that wrong, too. I think one thing that I also want to make sure it's well understood, is our commitment to continue innovation. And our commitment to build a company that can deliver innovation over and over again will continue to be there and will be viewed as we continue to disclose new programs that are going in the clinic in the next few years. One probably starting from next year already.

Question: Vikram Purohit - Morgan Stanley - Analyst : Understood. And there's also a little bit of congregation around similar targets across certain pipelines, right? What do you think drives that?

Question: Vikram Purohit - Morgan Stanley - Analyst : Fair enough. Fair enough. Okay.

Question: Vikram Purohit - Morgan Stanley - Analyst : No, it's completely fine. Also a good segue into my next question around the stronger focus you placed for Kymera on I&I starting, I think, this past January through your R&D Day. I guess, how is that pivot progressing? And taking a step back, what prompted that shift to --?

Question: Vikram Purohit - Morgan Stanley - Analyst : Understood. Great. I guess let's just kind of build on the I&I theme then. 474, you mentioned that there was recently a decision by your partner, Sanofi, to expand the Phase 2 program. Could you unpack for us kind of what drove that decision? What data you've seen from the program so far? What data they sought to inform that decision? And how the scope of the Phase 2 could change based on that?

Question: Vikram Purohit - Morgan Stanley - Analyst : Got it. Got it. Okay. I recall that you previously outlined a pretty big indication set where 474 could go within the I&I space. What do you and Sanofi need to see to make a decision on where else to go besides HS and AD? Is it necessarily dependent on data, like the next kind of data from these two indications? Or are these discussions kind of ongoing right now?

Question: Vikram Purohit - Morgan Stanley - Analyst : Fair enough. You also have an opt-in on this molecule, right, and opt-in that you can exercise at some point. Talk us through kind of how exactly that opt-in works and when might be a good time for you to make a decision around that.

Question: Vikram Purohit - Morgan Stanley - Analyst : Got it. So that would be -- you'd be opting in for all the indications that have been nominated to that point?

Question: Vikram Purohit - Morgan Stanley - Analyst : Got it. Okay. Great. That's helpful. Can we pivot to 621 and 294 then? 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 05, 2024 / 7:20PM, KYMR.OQ - Kymera Therapeutics Inc at Morgan Stanley Global Healthcare Conference

Question: Vikram Purohit - Morgan Stanley - Analyst : I think everyone might appreciate kind of your guidance on how best to interpret the initial Phase 1 readouts for those molecules coming next year. And maybe also a bit of color on kind of what you've seen preclinically to give you conviction that this was the right direction to go in.

Question: Vikram Purohit - Morgan Stanley - Analyst : Got it. Got it. At what point do you start thinking about the right indications to move into? And what helps kind of guide you on that decision process? Is it purely just what you're seeing in the Phase 1 readouts next year? Is it also kind of a consideration of commercial opportunity? Kind of what -- how is that going to unfold?

Question: Vikram Purohit - Morgan Stanley - Analyst : Got it. So is this -- is it fair to say that indication selection, at least for the first round of indications for both molecules, it sounds like it could be a 2025 decision, at least internally for you?

Question: Vikram Purohit - Morgan Stanley - Analyst : Got it. So I'll reframe the question then. So I guess is the public disclosure of the indications actually next year?

Question: Vikram Purohit - Morgan Stanley - Analyst : Fair. Fair. Okay. Great. I guess final question then on these two programs, and then we'll move on to other items in the pipeline. Given you mentioned some of these indications could be sizable, therefore, some of these studies could be sizable, do you feel the need to involve a large biopharma partner for either or both of these programs anytime in the near future?

Question: Vikram Purohit - Morgan Stanley - Analyst : Understood.

Question: Vikram Purohit - Morgan Stanley - Analyst : Got it. Got it. Okay. So given this emphasis on -- stronger emphasis in recent times on I&I, what is your internal threshold now for investing more dollars into oncology, either new programs or the existing programs for STAT3 and MDM2?

Question: Vikram Purohit - Morgan Stanley - Analyst : Got it. Got it. I guess on the point of broader R&D productivity, what should people look for in terms of the cadence with which you will nominate new pipeline programs, whether that's I&I, oncology or something else?

Question: Vikram Purohit - Morgan Stanley - Analyst : Understood. Okay. In the last couple of minutes left, maybe we should talk a little bit about the catalyst path for the oncology part of the pipeline. So maybe we'll start with 333. Jared, over to you. I guess, what's the most, I guess, recent data cut you've seen there? And what are some of the next steps? And what should people look for in the balance of the year?

Question: Vikram Purohit - Morgan Stanley - Analyst : Got it. And a similar question for MDM2. Kind of where do you see that program going? What's the right patient population to think about there?

Question: Vikram Purohit - Morgan Stanley - Analyst : Got it. Got it. Great. I guess a final kind of catch-up question for you. You mentioned different disease verticals where the platform could be used. And I know you're not providing specific guidance now, but what are some other logical areas where the Kymera platform could be useful, whether that's cardiovascular neurology? Just what's the natural steps (multiple speakers) have been designed.

Question: Vikram Purohit - Morgan Stanley - Analyst : Got it. No helpful context. Final housekeeping question for you. Maybe one for Bruce. You mentioned $900 million in cash that was your most recently reported cash balance. In terms of runway that provides, the level of pipeline development that contemplates, kind of where does that get you? And where do you get the programs?

Question: Vikram Purohit - Morgan Stanley - Analyst : Got it. Great. With that, we'll close out. Nello and Jared, thank you very much for joining us.