Kymera Therapeutics Inc at TD Cowen Immunology & Inflammation Summit (Virtual) Transcript

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

Question: Marc Frahm - Cowen and Company LLC - Analyst : Great. Thanks for that. As you touched on, we're in the midst of the Phase 1 trial for 621, where you have reported the healthy volunteer data, but now you're starting to transition into patients with actual ongoing inflammation and disease. Any biological reason that we should think of that the degradation percent that you were able to show in the healthy volunteers may not translate completely linearly to these patients as you move into AD, particularly when we think about in the tissues where the action really is happening. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. NOVEMBER 13, 2025 / 3:30PM, KYMR.OQ - Kymera Therapeutics Inc at TD Cowen Immunology & Inflammation Summit (Virtual)

Question: Marc Frahm - Cowen and Company LLC - Analyst : And when you think about that timeline of degradation that you were able to translate in the healthy volunteers, and what that means for how quickly you're able to turn off this pathway with a degrader, how does that compare in your mind to what is achieved when you use an antibody? There are IL-4, dupi, but also the IL-13s. Is this a little bit faster of a mechanism to turn off the pathway, kind of similar timeline, a little bit slower?

Question: Marc Frahm - Cowen and Company LLC - Analyst : You started moving to TARC, which is exactly where I was going next. Just remind us where you guys view the bar as to -- at four weeks of suppressing this pathway, what that means for TARC as a PD marker and how much it should go down. But also, how robust is that number, particularly when we think about dupi's Phase 1/2 trials being run a decade ago and assays do change over time? How do you think through that?

Question: Marc Frahm - Cowen and Company LLC - Analyst : Okay, so I guess with that, is percent the right way to look at it, percent reduction the right way to look at it, or is it getting to kind of an absolute -- getting to some sort of lower threshold?

Question: Marc Frahm - Cowen and Company LLC - Analyst : Okay. And we'll get to EASI scores a bit more formally later, but on your call the other day, you were highlighting that maybe dupi SOLO trials were run in a world where there was no extremely effective AD drug. So you got a ton of very severe disease patients who had just been suffering for years versus more modern trials of other agents are, of course, in a dupi world where the most severe patients have been treated and at least knocked down the disease some. Given that, is TARC correlated to kind of baseline EASI score, baseline disease severity, and we should expect a somewhat lower TARC baseline in any of the patients you enroll, or is it not as kind of correlated with baseline disease severity?

Question: Marc Frahm - Cowen and Company LLC - Analyst : Okay, but would that also, that potential that the baseline numbers have kind of drifted down a bit, would that also impact -- not that you can show the drug is active, but the exact percent EASI reduction that you would expect? Should it also be a bit lower?

Question: Marc Frahm - Cowen and Company LLC - Analyst : Of course, in later-stage trials, I think people get very focused on, including regulators, on the EASI thresholds, like EASI-75. Are those thresholds -- do you view them as terribly relevant in this? We're only talking 20 patients. Or should we almost entirely focus on kind of the average change in EASI and kind of ignore the thresholds for now?

Question: Marc Frahm - Cowen and Company LLC - Analyst : And I think in the SOLO 1 and 2 trials at the four-week end time point, the average EASI reduction was like 50%, 55%. Is that the relevant benchmark, or there's some nuance there? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. NOVEMBER 13, 2025 / 3:30PM, KYMR.OQ - Kymera Therapeutics Inc at TD Cowen Immunology & Inflammation Summit (Virtual)

Question: Marc Frahm - Cowen and Company LLC - Analyst : We will move on from the 1B that you're about to show. You're also currently opening the 2B. I want to speak to why you've been comfortable opening that, selecting, formalizing the exact doses in there ahead of the confirmation and new information that you're going to get out of the 1B.

Question: Marc Frahm - Cowen and Company LLC - Analyst : And how should we think -- I know you're not disclosing the exact dose levels of either the 1b or the 2b at this point, but the -- how should we think of the relative doses in the Phase 2 versus the Phase 1? Are these the three doses in Phase 2 kind of bracketing and just broadening out on either side a little bit relative to the Phase 1? Is it this is kind of testing the higher end of the therapeutic range relative to the 1B lower end?

Question: Marc Frahm - Cowen and Company LLC - Analyst : Of course, you're going to do the same dose range finding in asthma as well with a trial starting early next year. Dupi obviously does have a different dosing regimen in asthma and other lung diseases versus skin diseases. Do you expect to also end up with one because that's the nature of the biology of this pathway, or do you think that's more to do with the distribution of an antibody and maybe a small molecule it doesn't apply to?

Question: Marc Frahm - Cowen and Company LLC - Analyst : And I would say, broadly speaking, a theme we see in I&I is some movement towards combinations, most prominently in IBD and some of those diseases, but also some work going on in AD and some of the other TH2 diseases. Is that of interest to Kymera? If so, what targets make sense to put with, in your mind, to put with a STAT6 degrader? And when is the appropriate time to start that work?

Question: Marc Frahm - Cowen and Company LLC - Analyst : Okay, but do you think you need to kind of get well down the path of Phase 3s, if not approvals, before you would want to start that? Or is that once you get the Phase 2b and select your dose, you're going to start it right then?

Question: Marc Frahm - Cowen and Company LLC - Analyst : Yes, okay. And then one last question just that I have been getting from investors is over the last week, because I think many people were taken a little bit by surprise by Pfizer disclosing that they actually have a STAT6 inhibitor that is moving into Phase 2B also. Just looking through patents and other presentations that you guys have been able to find from competitive intelligence, what can you tell about that program and how do you kind of think of it relative to your program?

Question: Marc Frahm - Cowen and Company LLC - Analyst : With that, unfortunately, we're going to have to cut it off here. But thanks so much for joining, Jared, as well as all the investors on the line.