Kymera Therapeutics, Inc. Common Stock Citigroup’s Biopharma Back to School Summit 2026

Hi, Geoff. Thanks for having us.

Okay, good. Starting good with Geoff. All right. The long story is we started Kymera 10 years ago, so I am going to go year by year now.

Yeah. The idea was high level, really simple.

There is tons of targets that have not been drugged. There is tons of genetics information we have, but we have lacked the technology to go after these targets effectively, selectively, and potently. We thought that targeted protein degradation, which is a small molecule modality that can remove disease-causing protein, was going to be that unlocking technology. We spent the past 10 years, we put actually, I think by now, seven molecules in the clinic. We have shown that you can degrade, specifically, potently, selectively, and with patient impact, proteins that have historically been undrugged. In the past, let us say five, six years, we have decided to focus almost completely in immunology for a couple of simple reasons.

One of the biggest markets, dominated by biologics, with tons of opportunities to change the treatment paradigm and impact millions of people around the world. We have developed, I think, one of the most exciting immunology pipeline in industry with STAT6, which is obviously downstream of IL-4 receptor alpha, and we believe one of the most exciting drugs, if not the most exciting drug, for type 2 inflammation, which is tens of millions of patients. We have an IRF5 program, which is targeting this incredible axis where several pathways signal through a B-cell, type I interferon and downstream, and other inflammatory cytokines. We have other programs that we have not disclosed, and we have partnership with Sanofi and Gilead. This is a big year. We have big readouts for both IRF5 and for STAT6, so I will pause here.

Yeah. We can go from there.

Yeah. So, great question. Taking a step back, there are 9 indications in which Dupixent has been approved. If you look at worldwide, we're talking about more than 100 million patients. When you think about STAT6 and KT-621, we need to remember, this is one of the few mechanisms, the other one is IL-4 receptor alpha, which is Dupixent, that have potential to address several comorbidities of patients with type 2 inflammations. Many patients, even north of 50% in some cases, have comorbidities. I would start there, just an important description of the opportunity. Then if we just take one of those indications, and let's say AD, atopic dermatitis.

If we do the math, in the U.S., there is about, depending on the literature you use, between 6.5 and 9.5 million patients with moderate to severe AD, 12 and up. Let's use 7 million as the number. There's only been about 400,000 patients that have been dosed with an advanced systemic therapy, and this is DUPIXENT, RINVOQ, and others. So roughly about 5% penetration in the moderate to severe atopic dermatitis patients. Why such a small penetration? Because most patients, and this is work that we've done, so this is not me speaking, this is market analysis that we've done. I'm still speaking, but it's coming from others. Why such a small penetration?

Because most patients and most prescribers feel that, "I'm not severe enough to be on an injectable biologic or on a drug that has black box warning." What are they looking for? Safe, effective oral drug. It actually goes, Geoff, exactly to your question. Safe, effective oral will transform this space. It's not about dupilumab or not. It's about safety, efficacy, and we have millions of patients that are untreated or poorly treated with messy topical. This has the potential to be the first in line drug for millions of patients that right now are undertreated or untreated. If you look at, sorry, other comps, I'll actually get to your question eventually. If you look at other comps in the space, look at psoriasis, SOTYKTU, great launch. Psoriasis, much more mature market, still one of the best launches in the space. Why? Because it's a safe and effective oral.

Not because it's actually the same efficacy of biologic. It hasn't. If you ask me, though, scientifically where do you expect KT-621 to land in terms of impact on signs and symptoms of AD? I will say that will likely be in the dupilumab ballpark, because that's what we've shown for the past five years. But I will say we don't need to have a successful drug.