Kymera Therapeutics Inc Q2 2025 Earnings Call Transcript

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

Question: Paul Jeng, Ph.D. - Guggenheim Securities LLC - Analyst : It's Paul on for Michael. I had one on the dose levels that you're exploring for '621. Maybe first, could you provide some color on that decision to add the second dose in the Phase Ib study, I think it's probably safe to assume that both the doses fall within the broad range that achieved complete STAT6 degradation, but just wondering how you're thinking about exploring both the high and the low dose, which is perhaps two doses in the higher range?

Question: Paul Jeng, Ph.D. - Guggenheim Securities LLC - Analyst : Great. And if I kind of a quick follow-up on that point. And mostly on just what back into the dose selection for the Phase II studies? Was it predominantly the healthy volunteer data you presented? Was there anything emerging from the Japanese studies or GLP tox? Can you say if there's a different range of doses being explored between the AD and the asthma studies.

Question: Derek Archila - Wells Fargo Securities LLC - Analyst : Congrats on the progress here. So just one and a follow-up. So basically, I just want to understand maybe following up on this line of questioning just in terms of what you would expect to see at these additional doses that you're looking at in the Phase IIb? Ultimately, like we saw very good degradation and pretty quick. So I guess how do you think some of the doses will differentiate? And then just a follow-up to that, what do you actually expect to see with the follow-on STAT6 that you're developing? And what sort of optionality are you really looking for with that molecule?

Question: Andrea Newkirk - Goldman Sachs Group Inc - Analyst : Two for me as well. Maybe the first, recognizing the primary objective of the Phase Ib data, is to show a dupi-like profile here on biomarkers, but I was hoping you might be willing to frame your expectations on what you'd like to see on the clinical efficacy measures, particularly EASI-75 as well as NRS. And then secondly, just noting the completion of the GLP tox studies that you mentioned. And obviously, your Phase I healthy volunteer also looked really clean, but if you could just speak to the potential safety risk of degrading STAT6 completely, what type of signals are you most looking for in the Phase Ib to really feel comfortable here with the safety profile as you move forward?

Question: Faisal Khurshid - Leerink Partners LLC - Analyst : Just wanted to ask on the doses for the Phase Ib and the Phase IIb. Are you able to confirm if the dose that you added to the Phase Ib is higher or lower than the dose that you originally went in with. And could you also confirm if like either or both of these doses are part of like the three that you've selected for Phase IIb?

Question: Faisal Khurshid - Leerink Partners LLC - Analyst : Got it. Makes sense. And then could you confirm if it's still 20 patients for the Phase Ib? And then also like between the two doses, would you like to or do you have to see a dose response between those two doses? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. AUGUST 11, 2025 / 12:30PM, KYMR.OQ - Q2 2025 Kymera Therapeutics Inc Earnings Call

Question: Tazeen Ahmad - Bofa Merrill Lynch Asset Holdings Inc - Analyst : Going back to the data that you're going to have by year-end, I just wanted to ask, you talked about your expectations for what data you're going to show. Should we assume that you're also going to be able to show some level of itch data? I ask because some doctors have indicated that in addition to, let's say, EASI scores, that is something that they feel is important when they're going to make a decision in a real-world setting about what potential options they might choose.

Question: Tazeen Ahmad - Bofa Merrill Lynch Asset Holdings Inc - Analyst : And will that be for all the patients that you're going to show or it'll be a subset?

Question: Judah Frommer - Morgan Stanley - Analyst : Just one for us. I guess can you comment a little bit further on enrollment progress and the success you're having there and maybe what feedback is from investigators. Is the oral administration of the drug resonating? I'm curious if you think you'd have similar success if there were a placebo arm in the trial?

Question: Srikripa Devarakonda - Truist Securities, Inc. - Analyst : Congrats on the progress through the quarter. So I'll ask one non-STAT6 question. So congrats on your CDK partnership with Gilead. I know this diversifies your pipeline into oncology, where you've been focused a little bit more on I&I in the recent past. But given the data we've seen so far with CDK2 inhibitors, can you talk a little bit about how you think the degrader could be differentiated based on the data that you have? And what the strategy of development is? And then I have a follow-up. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. AUGUST 11, 2025 / 12:30PM, KYMR.OQ - Q2 2025 Kymera Therapeutics Inc Earnings Call

Question: Srikripa Devarakonda - Truist Securities, Inc. - Analyst : Okay. And just following up on Tazeen's question about itch relief, and this is something that we've heard from KOLs too that it's really important to see rapid itch relief. Will we get a sense of that when we see the data, the rapidity of response in the fourth quarter?

Question: Mayank Mamtani - B. Riley Securities Holdings Inc - Analyst : Congrats on the progress team. Any color you're able to provide on the baseline EASI scores of the patients you're enrolling or have enrolled? And I wonder always about the screen failure rate for atopic derm trial sites. And maybe just remind us how you're measuring degradation in skin tissue. There's obviously a couple of ways to do that. And lastly, anything you've learned on the degradation from the four-months GLP tox studies you completed? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. AUGUST 11, 2025 / 12:30PM, KYMR.OQ - Q2 2025 Kymera Therapeutics Inc Earnings Call

Question: Mayank Mamtani - B. Riley Securities Holdings Inc - Analyst : I will not ask a follow up. I promise no follow up.

Question: Mayank Mamtani - B. Riley Securities Holdings Inc - Analyst : Anything you learned from the GLP tox study on degradation?

Question: Jeff Jones - Oppenheimer & Co Inc - Analyst : One question from us on IRAK4. Can you provide any additional detail behind what drove the exchange of '474 for the '485 candidate, given the specificity differences, was there something that was being seen with '474 that was concerning?

Question: Andy Chen - Wolfe Research LLC - Analyst : On IRF5, is there a reason for degradation in cytokine reduction and all that would not translate into humans? It looks like your STAT6 degrader has more than translated? Wouldn't all of that read through to IRF5? Or is there still something special about that molecule that makes you think that you're still maybe semi-concerned and maybe the de-risking steps are still ahead of you? And also what are the top two-, three safety signals that you'll be watching for in humans?