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Kymera (KYMR) Q2 Loss Narrower Than Expected, Pipeline in Focus
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Kymera Therapeutics, Inc. (KYMR - Free Report) reported a loss of 58 cents per share in the second quarter of 2024, narrower than the Zacks Consensus Estimate of a loss of 69 cents. In the year-ago quarter, Kymera reported a loss of 67 cents per share.
Loss narrowed in the quarter due to higher revenues.
Collaboration revenues totaled $25.6 million, which beat the Zacks Consensus Estimate of $12 million. The reported figure increased 55.3% from the year-ago quarter’s level.
Collaboration revenues in the second quarter were mostly earned due to the company’s association with bigwig Sanofi (SNY - Free Report) .
Shares of KYMR have surged 58.3% year to date against the industry’s decline of 4.4%.
Image Source: Zacks Investment Research
Quarter in Detail
Research and development expenses amounted to $59.2 million, up 29.3% year over year. This was due to increased expenses related to the investment in the company’s proprietary targeted protein degradation platform and discovery programs, as well as a rise in occupancy and related costs due to continued growth in the research and development organization.
General and administrative expenses totaled $17.4 million, up 22.9% year over year due to an increase in legal and professional service fees.
As of Jun 30, 2024, Kymera had $702.4 million in cash, cash equivalents and investments. The company expects its cash and cash equivalents to provide a runway into the first half of 2027. Management expects the cash balance to provide the company with sufficient leeway beyond the phase II data for KT-474, as well as additional proof-of-concept data for KT-253 and KT-333, and several clinical inflection points for its STAT6 and TYK2 programs.
Kymera Therapeutics, Inc. Price, Consensus and EPS Surprise
In July, Sanofi informed Kymera about its intention to rapidly expand the ongoing mid-stage studies on KT-474 (SAR444656) toward pivotal studies. KT-474 (SAR444656) is a first-in-class IRAK4 degrader in development for the treatment of immune-inflammatory diseases with significant patient needs, such as hidradenitis suppurativa (HS) and atopic dermatitis (AD).
Sanofi informed Kymera about the decision to expand the studies after a review of preliminary safety and efficacy data in these studies by an Independent Data Review Committee.
Sanofi collaborated with Kymera on the development of KT-474 outside of the oncology and immuno-oncology fields.
Kymera intends to initiate a phase I study on KT-621 in the second half of 2024 and expects data from the phase I study to be reported in the first half of 2025. Kymera’s first-in-class oral STAT6 degrader, KT-621, is a once-daily oral STAT6 degrader with the potential to deliver dupilumab-like activity in multiple diseases, including atopic dermatitis, asthma and chronic obstructive pulmonary disorder, among others.
The company has already completed IND-enabling studies on the candidate. No adverse safety finding was detected in any dose of the GLP toxicology studies.
In June, Kymera shared new clinical data from its ongoing phase I study KT-253. Data showed strong proof of mechanism as well as antitumor activity in multiple tumor types shown to be sensitive in preclinical models. Responses were observed in one of two evaluable patients with merkel cell carcinoma and two of two patients with post-myeloproliferative neoplasm acute myeloid leukemia (post-MPN AML) without the hematological toxicity typically seen with traditional small molecule inhibitors.
Dose escalation in the phase Ia study is ongoing in both Arm A (solid tumors and lymphomas) and Arm B (high grade myeloid malignancies). KYMR expects to complete enrollment in the second half of 2024.
Kymera announced new data from its ongoing phase I study on KT-333, a first-in-class, potent, highly selective and heterobifunctional small molecule degrader of STAT3.
The candidate demonstrated antitumor responses in hematological malignancies, including relapsed/refractory classic Hodgkin’s lymphoma (cHL), cutaneous T-cell lymphoma and NK-cell lymphoma, at doses that were well-tolerated. Complete responses in two patients with cHL were observed.
The phase Ia study is ongoing with enrollment focused on Hodgkin’s lymphoma based on encouraging clinical responses. KYMR is evaluating opportunities for future expansion into solid tumors, in combination with immune checkpoint inhibitors and other targeted therapies. The company expects to complete enrollment of the phase Ia trial and share data in the second half of 2024.
In the past 60 days, estimates for Entrada Therapeutics’ 2024 loss per share have narrowed from 14 cents to 13 cents, and the same for 2025 have narrowed from $3.44 to $3.21.
In the past 60 days, the Zacks Consensus Estimate for Anixa Biosciences’ 2024 loss per share has narrowed from 44 cents to 43 cents, and the same for 2025 loss per share has remained constant at 45 cents.
ANIX’s earnings beat estimates in three of the trailing four quarters and missed the mark once, delivering an average surprise of 2.27%.
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Kymera (KYMR) Q2 Loss Narrower Than Expected, Pipeline in Focus
Kymera Therapeutics, Inc. (KYMR - Free Report) reported a loss of 58 cents per share in the second quarter of 2024, narrower than the Zacks Consensus Estimate of a loss of 69 cents. In the year-ago quarter, Kymera reported a loss of 67 cents per share.
Loss narrowed in the quarter due to higher revenues.
Collaboration revenues totaled $25.6 million, which beat the Zacks Consensus Estimate of $12 million. The reported figure increased 55.3% from the year-ago quarter’s level.
Collaboration revenues in the second quarter were mostly earned due to the company’s association with bigwig Sanofi (SNY - Free Report) .
Shares of KYMR have surged 58.3% year to date against the industry’s decline of 4.4%.
Image Source: Zacks Investment Research
Quarter in Detail
Research and development expenses amounted to $59.2 million, up 29.3% year over year. This was due to increased expenses related to the investment in the company’s proprietary targeted protein degradation platform and discovery programs, as well as a rise in occupancy and related costs due to continued growth in the research and development organization.
General and administrative expenses totaled $17.4 million, up 22.9% year over year due to an increase in legal and professional service fees.
As of Jun 30, 2024, Kymera had $702.4 million in cash, cash equivalents and investments. The company expects its cash and cash equivalents to provide a runway into the first half of 2027. Management expects the cash balance to provide the company with sufficient leeway beyond the phase II data for KT-474, as well as additional proof-of-concept data for KT-253 and KT-333, and several clinical inflection points for its STAT6 and TYK2 programs.
Kymera Therapeutics, Inc. Price, Consensus and EPS Surprise
Kymera Therapeutics, Inc. price-consensus-eps-surprise-chart | Kymera Therapeutics, Inc. Quote
Key Pipeline Updates
In July, Sanofi informed Kymera about its intention to rapidly expand the ongoing mid-stage studies on KT-474 (SAR444656) toward pivotal studies. KT-474 (SAR444656) is a first-in-class IRAK4 degrader in development for the treatment of immune-inflammatory diseases with significant patient needs, such as hidradenitis suppurativa (HS) and atopic dermatitis (AD).
Sanofi informed Kymera about the decision to expand the studies after a review of preliminary safety and efficacy data in these studies by an Independent Data Review Committee.
Sanofi collaborated with Kymera on the development of KT-474 outside of the oncology and immuno-oncology fields.
Kymera intends to initiate a phase I study on KT-621 in the second half of 2024 and expects data from the phase I study to be reported in the first half of 2025. Kymera’s first-in-class oral STAT6 degrader, KT-621, is a once-daily oral STAT6 degrader with the potential to deliver dupilumab-like activity in multiple diseases, including atopic dermatitis, asthma and chronic obstructive pulmonary disorder, among others.
The company has already completed IND-enabling studies on the candidate. No adverse safety finding was detected in any dose of the GLP toxicology studies.
In June, Kymera shared new clinical data from its ongoing phase I study KT-253. Data showed strong proof of mechanism as well as antitumor activity in multiple tumor types shown to be sensitive in preclinical models. Responses were observed in one of two evaluable patients with merkel cell carcinoma and two of two patients with post-myeloproliferative neoplasm acute myeloid leukemia (post-MPN AML) without the hematological toxicity typically seen with traditional small molecule inhibitors.
Dose escalation in the phase Ia study is ongoing in both Arm A (solid tumors and lymphomas) and Arm B (high grade myeloid malignancies). KYMR expects to complete enrollment in the second half of 2024.
Kymera announced new data from its ongoing phase I study on KT-333, a first-in-class, potent, highly selective and heterobifunctional small molecule degrader of STAT3.
The candidate demonstrated antitumor responses in hematological malignancies, including relapsed/refractory classic Hodgkin’s lymphoma (cHL), cutaneous T-cell lymphoma and NK-cell lymphoma, at doses that were well-tolerated. Complete responses in two patients with cHL were observed.
The phase Ia study is ongoing with enrollment focused on Hodgkin’s lymphoma based on encouraging clinical responses. KYMR is evaluating opportunities for future expansion into solid tumors, in combination with immune checkpoint inhibitors and other targeted therapies. The company expects to complete enrollment of the phase Ia trial and share data in the second half of 2024.
Zacks Rank and Stocks to Consider
Kymera currently carries a Zacks Rank #3 (Hold).
A couple of better-ranked stocks in the biotech sector are Entrada Therapeutics (TRDA - Free Report) and Anixa Biosciences (ANIX - Free Report) . While TRDA sports a Zacks Rank #1 (Strong Buy), ANIX carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
In the past 60 days, estimates for Entrada Therapeutics’ 2024 loss per share have narrowed from 14 cents to 13 cents, and the same for 2025 have narrowed from $3.44 to $3.21.
In the past 60 days, the Zacks Consensus Estimate for Anixa Biosciences’ 2024 loss per share has narrowed from 44 cents to 43 cents, and the same for 2025 loss per share has remained constant at 45 cents.
ANIX’s earnings beat estimates in three of the trailing four quarters and missed the mark once, delivering an average surprise of 2.27%.