The following is excerpted from the question-and-answer section of the transcript.
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Question: David Dai - UBS AG - Analyst
: Excellent. That's a great overview. Thank you so much. So let's start with the LEAP program (inaudible) , which is the STAT6 degrader. Maybe just
starting off, can you review why that's STAT3 degrader, it should be more effective than inhibitor?
Question: David Dai - UBS AG - Analyst
: Got it. And then just on that front, I mean, you recently just provided some healthy volunteer data. Could you maybe just throw a quick overview
of the data? And what were the most important key takeaways from the initial clinical data?
Question: David Dai - UBS AG - Analyst
: Got it. And then, of course, you're going to be moving two doses for the Phase Ib trial right now. Could you maybe just -- just help us understand
what are the expectations for the data readout in atopic dermatitis for -- in December (inaudible) expectation around what should we be looking
for in the data set?
Question: David Dai - UBS AG - Analyst
: Got it. And along those two doses, what sort of static target aggregation should we be expecting on those two doses. What we should be looking
to for?
Question: David Dai - UBS AG - Analyst
: Got it. And then just going to the specifics around the endpoints. I know we should be looking at biomarker data like (inaudible) reduction. So
could you help us understand what level of target reduction we consider meaningful in your opinion?
Question: David Dai - UBS AG - Analyst
: Got it. And besides (inaudible), of course, you're going to be potentially showing some clinical endpoints like (inaudible) also pruritus. Maybe just
help us understand some of the expectations for what kind of data readout should be expecting in terms of (inaudible) consider clearly meaningful?
Question: David Dai - UBS AG - Analyst
: Got it. Okay. And so then for that Phase IIb trial, you're planning to start in the fourth quarter (inaudible) just showed us over a quick overview of
the clinical trial design?
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NOVEMBER 10, 2025 / 4:45PM, KYMR.OQ - Kymera Therapeutics Inc at UBS Global Healthcare Conference
Question: David Dai - UBS AG - Analyst
: Got it. Got it. And how should we think about translation from the AD study into other term or indications such as PoE, BP, and SCU?
Question: David Dai - UBS AG - Analyst
: Got it. Can you just remind us how big is the AD market overall?
Question: David Dai - UBS AG - Analyst
: Got it. Great. Now let's switch gears and talk about the -- your second program, which is the IRF 5, the KT Fund (inaudible). We saw some encouraging
preclinical data at ARC recently. Could you share a quick overview of the mechanism and biology of RF and how do you think you could complement
the astatic program?
Question: David Dai - UBS AG - Analyst
: Yes. This seems like this is very wide in terms of applicability. So I'm curious in terms of your thoughts around what would be some of the leading
indications you were thinking of?
Question: David Dai - UBS AG - Analyst
: Yes. So then help us understand some of the expectation from healthy volunteer data, what are you looking for to actually to determine that you're
-- that you want to move into certain indication?
Question: David Dai - UBS AG - Analyst
: Got it. That's helpful. Great. And then moving on to your IRAK4 degrader, KT-485. So when you look at the -- of the program is being partnered
with Sanofi.
And Sanofi has -- has prioritized next-generation RF degrader to 485 over the first-generation degrader 474 due to subclinical QTC issues. So I'm
just curious, could you share some detail around what have you seen that caused the QTC polongation?
Question: David Dai - UBS AG - Analyst
: Yes. And just to kind of follow on that. What kind of learning have you -- were you able to gather out of that 485 (inaudible) that you can apply to
other integrators not only for our existing programs, but also go down the road?
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NOVEMBER 10, 2025 / 4:45PM, KYMR.OQ - Kymera Therapeutics Inc at UBS Global Healthcare Conference
Question: David Dai - UBS AG - Analyst
: Got it. Great. Okay. I think we're almost out of time. So maybe just one last question, Jared, what's like the next catalysts over the next 12 to 18
months that we should watch for?
Question: David Dai - UBS AG - Analyst
: Great. Okay. Well, I think with that, I think (inaudible) here. Thank you, everyone, for joining, and thanks for -- Jared for your time coming to UBS
conference.
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