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Kymera (KYMR) to Raise $225 Million Through Offering of Shares
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Kymera Therapeutics, Inc. (KYMR - Free Report) announced the pricing of its underwritten public offering of $225 million of shares of its common stock.
The company is selling approximately 2 million shares of common stock at a public offering price of $40.75 per share. In addition, it is selling pre-funded warrants to purchase 3.5 million shares in the offering in lieu of common stock to certain investors.
The pre-funded warrants are being sold at a public offering price of $40.7499 per pre-funded warrant. This offering price represents the per share public offering price of each share of common stock minus the exercise price of $0.0001 per share for each pre-funded warrant.
The gross proceeds from the offering are expected to be approximately $225 million, which will be used by Kymera to advance its pipeline of preclinical and clinical degrader programs. It will also be utilized for working capital and other general corporate purposes. Kymera may also use a portion of the net proceeds to in-license, acquire or invest in complementary businesses or technologies to continue to build its pipeline, research and development capabilities, and intellectual property position.
The offering is expected to be closed on Aug 21, 2024.
Shares of this clinical-stage biotechnology company are down in pre-market trading as issuance of additional shares dilutes the worth of existing shareholders.
Shares of KYMR have surged 75% year to date compared with the industry’s gain of 0.2%.
Image Source: Zacks Investment Research
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.
Kymera is using targeted protein degradation to develop medicines that address critical health problems and have the potential to dramatically improve patients’ lives.
Earlier in the month, the company reported results for the second quarter. Loss per share narrowed to 58 cents per share, 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.
The company earned collaboration revenues of $25.6 million from partner Sanofi (SNY - Free Report) . The reported figure increased 55.3% from the year-ago quarter’s level.
Sanofi collaborated with Kymera on the development of KT-474 outside the oncology and immuno-oncology fields.
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 its decision to expand the studies after a review of preliminary safety and efficacy data in these studies by an Independent Data Review Committee.
Zacks Rank & Stocks to Consider
KYMR currently carries a Zacks Rank #3 (Hold). A couple of better-ranked stocks in the biotech sector are Krystal Biotech (KRYS - Free Report) and Bristol Myers Squibb (BMY - Free Report) . While KRYS sports a Zacks Rank #1 (Strong Buy), BMY carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Krystal Biotech’s earnings per share (EPS) estimate for 2024 has decreased to $2.09 from $2.38 in the past 30 days. Shares of KRYS have surged 60.2% year to date.
BMY’s EPS estimate for 2024 has increased 22 cents to 77 cents in the past 30 days, and the same for 2025 has increased 4 cents to $7.10 in the past 30 days.
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Kymera (KYMR) to Raise $225 Million Through Offering of Shares
Kymera Therapeutics, Inc. (KYMR - Free Report) announced the pricing of its underwritten public offering of $225 million of shares of its common stock.
The company is selling approximately 2 million shares of common stock at a public offering price of $40.75 per share. In addition, it is selling pre-funded warrants to purchase 3.5 million shares in the offering in lieu of common stock to certain investors.
The pre-funded warrants are being sold at a public offering price of $40.7499 per pre-funded warrant. This offering price represents the per share public offering price of each share of common stock minus the exercise price of $0.0001 per share for each pre-funded warrant.
The gross proceeds from the offering are expected to be approximately $225 million, which will be used by Kymera to advance its pipeline of preclinical and clinical degrader programs. It will also be utilized for working capital and other general corporate purposes. Kymera may also use a portion of the net proceeds to in-license, acquire or invest in complementary businesses or technologies to continue to build its pipeline, research and development capabilities, and intellectual property position.
The offering is expected to be closed on Aug 21, 2024.
Shares of this clinical-stage biotechnology company are down in pre-market trading as issuance of additional shares dilutes the worth of existing shareholders.
Shares of KYMR have surged 75% year to date compared with the industry’s gain of 0.2%.
Image Source: Zacks Investment Research
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.
Kymera is using targeted protein degradation to develop medicines that address critical health problems and have the potential to dramatically improve patients’ lives.
Earlier in the month, the company reported results for the second quarter. Loss per share narrowed to 58 cents per share, 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.
The company earned collaboration revenues of $25.6 million from partner Sanofi (SNY - Free Report) . The reported figure increased 55.3% from the year-ago quarter’s level.
Sanofi collaborated with Kymera on the development of KT-474 outside the oncology and immuno-oncology fields.
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 its decision to expand the studies after a review of preliminary safety and efficacy data in these studies by an Independent Data Review Committee.
Zacks Rank & Stocks to Consider
KYMR currently carries a Zacks Rank #3 (Hold). A couple of better-ranked stocks in the biotech sector are Krystal Biotech (KRYS - Free Report) and Bristol Myers Squibb (BMY - Free Report) . While KRYS sports a Zacks Rank #1 (Strong Buy), BMY carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Krystal Biotech’s earnings per share (EPS) estimate for 2024 has decreased to $2.09 from $2.38 in the past 30 days. Shares of KRYS have surged 60.2% year to date.
BMY’s EPS estimate for 2024 has increased 22 cents to 77 cents in the past 30 days, and the same for 2025 has increased 4 cents to $7.10 in the past 30 days.