Kymera Therapeutics Inc at Morgan Stanley Global Healthcare Conference Transcript

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

Question: Judah Frommer - Morgan Stanley - Analyst : <_ALACRA_META_ABSTRACT>Maybe for those, newer or less familiar with the story, can you spend a couple of minutes on a high level overview of your protein degrader platform and the technology that your products have been built on. Nello Mainolfi - Kymera Therapeutics Inc - President, Chief Executive Officer, Co-Founder, Director Yeah, for the very few that are not familiar with Kymera, so really the story behind the company is to use targeted protein degradation to develop a whole new generation of medicines and where is the opportunity? The opportunity is the technology allows us to go after targets that have never been drugged before or have been drugged poorly because we use a small molecule modality so we can get into the cell where 80% of targets remain on drugs or fully drugged, and unlike small molecule inhibitors, we don't need to have a function with these molecules. We only need to elicit a binding event. A binding event to the hydro bifunctional nature allows us to present a disease causing protein to the proteosome that is the natural cellular machinery for protein recycling. So we present a disease causing protein for degradation and in doing so we listed a very strong pharmacological effect. So now what we've focused on for the past nine years is to marry, as I like to say, the technology with the right problem. And so we focused really on drug targets, fully drug targets in pathways that have a high degree of validation, targets that have strong human genetics and targets that lead to broad potential impact. We're talking about millions of patients instead of thousands of patients. We have started, the techno technology diagnostics, so our initial oncology and immunology. As we continue to advance our pipeline, we actually saw a unique opportunity in the overall landscape, the opportunities to develop oral drugs with biologic-like activity. 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 09, 2025 / 4:20PM, KYMR.OQ - Kymera Therapeutics Inc at Morgan Stanley Global Healthcare Conference And this is exceptionally unique in immunology. We have several mega blockbuster drugs, amazing mechanisms. You can think about the TNF, DL-17, DL-23, DL-413. These are validated biological pathways and in doing so they've helped millions of patients, but the challenge is there's still these drugs are generally low penetration and there are millions of patients that are not accessing these highly effective advanced therapies. So with oral drugs that can mimic the path to blockade of these biologics, we can change treatment landscape. So we've focused wholly on pipeline on pack with that, again as I mentioned, validated, but there are key drugs, especially key targets, especially transcription factors that have not been drugged before. So STAT6, for example, is the key transcription factor for IELT4 and 13 and so our KT61 is the first in class oral STAT 6 degrader for 100 million patients potential impact or more. IRF5 is another transcription factor in the Type 1 interferon, inflammatory cytokine, IgG pathways that also has been pursued for many years unsuccessfully so far, and we have the first in class or a molecule and we have many others that we haven't disclosed. So that's the high level view orals with biologic activity through protein degradation.

Question: Judah Frommer - Morgan Stanley - Analyst : How would you characterize unmet need given the existence of dupilumab in the space? And maybe has that framework for unmet need changed since people have seen the data?

Question: Judah Frommer - Morgan Stanley - Analyst : Okay. And maybe just one more on the healthy data. I guess safety versus efficacy profile that's been demonstrated thus far. Did one surprise you more than the other or the molecule behave kind of as designed.

Question: Judah Frommer - Morgan Stanley - Analyst : Okay. Great. Moving into the Phase 1b in AD patients. You did recently announced you'll be adding a second dose. Could you walk us through study design there, the rationale behind that decision and particularly in the context I believe, already having selected your Phase 2b doses. What's it helping you do?

Question: Judah Frommer - Morgan Stanley - Analyst : Okay. Great. And we feel the question, and I'm sure you've got it as well, kind of the idea of splitting 20 patients into two cohorts and effectively testing two doses and half the number of patients. But I think the study protocol does allow you to dose more than 20 patients. So how are you thinking about, I guess, kind of final and what's in those.

Question: Judah Frommer - Morgan Stanley - Analyst : Okay. Maybe for both the Phase 1b and the 2b, can you give us a sense of enrollment conversations, how those go with investigators and patients, I guess, sort of supporting the demand for (inaudible) product?

Question: Judah Frommer - Morgan Stanley - Analyst : Okay. And just following up on the Phase 2b doses. Have you said whether you'll communicate those with the Phase 1b readout and should investors be assuming that the Phase 1b doses are encompassed within the Phase 2b doses.

Question: Judah Frommer - Morgan Stanley - Analyst : Okay. Helpful. And then how are you or how should we be thinking about dose effects, whether that's in the 1b or the 2b, how important is that aspect of the degeneration here?

Question: Judah Frommer - Morgan Stanley - Analyst : Weather, we'll see more of the benefit in higher dose

Question: Judah Frommer - Morgan Stanley - Analyst : Yes. That makes sense. And then just in terms of the sequencing of that data communication that you pointed to in reporting out the 1b data versus starting the.

Question: Judah Frommer - Morgan Stanley - Analyst : Okay. And have you said kind of the where and how you'll communicate the 1b would just be.

Question: Judah Frommer - Morgan Stanley - Analyst : Okay helpful. And then maybe just backing up sort of high-level question on the space, I guess, how would you characterize Big Pharma's current interest in static degradation? How do you think about potentially partnering opportunities if there's a right time for that? Or are you committed to doing this on your own?

Question: Judah Frommer - Morgan Stanley - Analyst : Okay. Maybe another way to ask the competition question. Is there a competing asset you see out there that makes you nervous? Or is the

Question: Judah Frommer - Morgan Stanley - Analyst : Okay. Great. And I did promise we touched the other programs. So maybe if we just touch on IRF5, could you help us with an update on that program, kind of key elements of the therapeutic potential for that program and any development time lines you'd highlight?

Question: Judah Frommer - Morgan Stanley - Analyst : Okay. Great. And then just touching on iRF4, there was an update there with your partner moving to a new molecule, KT-485. Do you see any implications for the overall probability of success or time lines for that program and that mechanism

Question: Judah Frommer - Morgan Stanley - Analyst : Okay. That makes sense. And then maybe you could just help us with cash runway and which activities are contemplated within that runway.

Question: Judah Frommer - Morgan Stanley - Analyst : Okay. That's great. Before I move into kind of our many survey questions, if there are any questions in the room, feel free to raise your hand. We do have some mics that are available to folks. I got into the mini survey, I guess, anything within the story that we didn't highlight that you'd want to point out to folks that maybe people are missing?

Question: Judah Frommer - Morgan Stanley - Analyst : Okay. Great. So the next little portion here is, like I said, a server we're asking all of our biotech teams to try to get a sense of some thematic issues across the space. Biotech seems to be more exposed to external and macro factors of late. So we're asking, like I said, all management teams these three questions. The first topic is China and the rise in biotech innovation there. How are you thinking about your competitive position here will new rise in China biotech influence R&D or business development strategy in any way?

Question: Judah Frommer - Morgan Stanley - Analyst : Next topic is AI. How are you kind of are leveraging AI or thinking about AI's future disruption potential, both on the positive and negative side of what's going on in the company.

Question: Judah Frommer - Morgan Stanley - Analyst : Makes sense. Last one is a little bit broader, but from the regulatory side of things, some of the topics that have been listed that are impacting businesses in the space, changes at FDA, pricing debates, tariff for you guys, the toll penalty has come up as an area of focus. Anything on the regulatory side, you'd highlight that is.

Question: Judah Frommer - Morgan Stanley - Analyst : Great. There are no questions in the room. I think we'll stop there. Thank you (inaudible) here for being here.