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what it is
Kymera makes drugs that tell diseased proteins to get broken down inside cells, using 3 lead programs.
how it gets paid
Last year Kymera Therapeutics made $39M in revenue. IRAK4 collaboration was the main engine at $16M, or 41% of sales.
why growth slowed
Revenue fell 16.7% last year. The $36M quarter mattered more than the 1215% growth rate because Kymera still posted a -$2.71 EPS.
what just happened
Revenue hit $36M, but EPS was still -$2.71.
At a glance
B+ balance sheet — decent shape, but not bulletproof
60/100 earnings predictability — reasonably predictable
-$2.98 fy2024 eps est
$47M fy2024 rev est
n/a operating margin
xvary composite: 59/100 — below average
What they do
Kymera makes drugs that tell diseased proteins to get broken down inside cells, using 3 lead programs.
Targeted protein degradation → cell cleanup for bad proteins → so what: Kymera can chase targets ordinary drugs miss. You get 3 lead programs from one 208-person shop. That is a thin team for a $6B stock.
How they make money
$39M
annual revenue · their business grew -16.7% last year
IRAK4 collaboration
$16M
IRAKIMiD collaboration
$12M
STAT3 collaboration
$7M
Platform and other
$4M
The products that matter
lead clinical asset
KT-621
$6B valuation backdrop
this is the program the risk section keeps circling. when a $6B company produces $47M of revenue, one dataset can outweigh the income statement.
lead bet
partner-funded revenue stream
Collaboration revenue
$39M · roughly 83% of revenue
it's $39M of a $47M revenue base and it fell 16.7% from last year. that keeps the lights on, but it is not proof of a commercial franchise.
current funding
discovery engine
Targeted protein degradation platform
$47M business today
this is the argument that Kymera can become more than one asset. right now you still have to take some of that on faith because this page shows no product sales and no mature commercial base.
future claim
Key numbers
$39M
annual revenue
A $39M top line versus a $6B market cap means the stock is priced on science, not sales.
$6B
market cap
You are paying $6B for 3 lead programs and no approved product yet.
208
employees
A 208-person company is trying to build a drug platform and a business at the same time.
$70M
long-term debt
Debt is only 1% of capital, so the balance sheet is cleaner than the revenue line.
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 2 — safer than 80% of stocks
- price stability 5 / 100
- long-term debt $70M (1% of capital)
B+ — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for KYMR right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Revenue hit $36M, but EPS was still -$2.71.
Revenue was up 1215% versus a tiny prior base. The company is still losing money, which is normal for a clinical-stage biotech and expensive for your portfolio.
$36M
revenue
$2.71
eps
1215%
revenue Vs. last year
revenue jump
The $36M quarter mattered more than the 1215% growth rate because Kymera still posted a -$2.71 EPS.
source: company earnings report
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What could go wrong
the biggest risk is KT-621 failing to validate the valuation. a $6B company with $47M of revenue does not have much current business to fall back on.
med
KT-621 disappoints
If the lead dataset misses, the market has to reprice the stock against what exists today instead of what investors hoped would exist next.
impact: the bull case is carrying a lot of weight on one program.
med
collaboration revenue keeps shrinking
Collaboration revenue is $39M of a $47M base and it fell 16.7% from last year. If partner payments slow again, reported revenue gets even thinner.
impact: that would make the income statement look smaller just as investors ask for more proof.
med
the financing clock starts mattering more
Losses are still part of the model, with EPS estimated at -$2.98. Low debt helps, but low debt is not the same thing as a self-funding business.
impact: if clinical progress slips, investors stop rewarding patience and start asking about funding.
The combined risk picture is simple: $47M of revenue, no profits, and a $6B valuation leave very little room for a clinical setback or a longer wait for proof.
source: institutional data · regulatory filings · risk analysis
Pay attention to
calendar
next earnings update
Use the next update to see whether revenue is still being carried by collaboration payments and whether management sounds closer to data or farther from it.
risk
KT-621 read-through
This is still the stock-moving line item. If the lead program advances cleanly, the $6B valuation has a case. If it stumbles, the narrative gets shorter fast.
trend
revenue dependence on partners
$39M of $47M revenue comes from collaboration revenue. If that mix shifts, the business is getting less dependent on outside checks. If it does not, the story is still pre-commercial.
metric
volatility, not just valuation
Track beta at 1.95 and price stability at 5 / 100. Those numbers tell you what kind of stock you own before the next headline reminds you.
Analyst rankings
short-term outlook
mixed
target data is thin here. in human-speak, the street does not have a clean consensus to lean on.
risk profile
volatile
1.95 beta and 5 / 100 price stability translate to one thing: you should expect larger swings than a steady healthcare name.
chart momentum
catalyst-driven
this trades more on trial readouts and funding confidence than on a smooth operating trend.
earnings predictability
60/100
that score is middling because milestone and collaboration revenue are not the same thing as repeatable product demand.
source: institutional data
Institutional activity
institutional ownership data for KYMR is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$79
current price
n/a
target midpoint · n/a from current
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