IMMUNOLOGY R&D DAY

KYMERA THERAPEUTICS, INC. PAGE 1

Welcome Justine Koenigsberg Vice President, Investor Relations

Forward Looking Statements This presentation contains forward-looking

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objectives for our programs; plans and timelines for the preclinical and clinical development of our product candidates, including the therapeutic potential, clinical benefits and safety profiles of such product candidates; expectations regarding

timing, success and data announcements of ongoing preclinical studies and clinical trials; our ability to initiate new clinical programs, including plans to submit investigational new drug (IND) applications; the initiation, timing, progress and

results of our current and future preclinical studies and clinical trials of our current and prospective product candidates; our plans to develop and commercialize our current and any future product candidates and the implementation of our business

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disclosed herein. Any forward-looking statements are based on management's current expectations and beliefs and are subject to a number of risks, uncertainties and important factors that may cause actual events or results to differ materially from

those expressed or implied by any forward-looking statements including, without limitation, risks associated with: the timing and anticipated results of our current and future preclinical studies and clinical trials, supply chain, strategy and

future operations; the delay of any current and future preclinical studies or clinical trials or the development of our drug candidates; the risk that the results of prior preclinical studies and clinical trials may not be predictive of future

results in connection with current or future preclinical studies and clinical trials, including those for KT-474, KT-333, KT-253, KT-621, and KT-294; our ability to successfully demonstrate the safety and efficacy of our drug candidates; the timing

and outcome of any interactions with regulatory authorities; obtaining, maintaining and protecting our intellectual property; our relationships with existing and future collaboration partners; the impacts of current macroeconomic and geopolitical

events. In addition, any forward-looking statements represent Kymera's views only as of today and should not be relied upon as representing its views as of any subsequent date. Kymera explicitly disclaims any obligation to update any

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our filings with the SEC, actual results could vary significantly from those anticipated in this presentation, and our financial condition and results of operations could be materially adversely affected. Certain information contained in this

presentation and statements made orally during this presentation relate to or is based on studies, publications, surveys and other data obtained from third-party sources and the Company's own internal estimates and research. While the Company

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information obtained from third-party sources. In addition, no independent sources have evaluated the reasonableness or accuracy of the Company's internal estimates or research, and no reliance should be made on any information or statements

made in this presentation relating to or based on such internal estimates and research. This presentation contains trademarks, trade names and service marks of other companies, which are the property of their respective owners. 3

Agenda Welcome 10:00 - 10:05 Justine Koenigsberg, Vice President,

Investor Relations Revolutionizing Immunology with Small Molecule Oral Degraders 10:05 - 10:25 Nello Mainolfi, Ph.D., Founder, President and CEO Paving the Way: KT-474, a First-in-Class Oral IRAK4 Degrader 10:25 - 10:35 Jared Gollob, M.D., Chief

Medical Officer Dupilumab-like Activity in a Pill: KT-621, a First-in-Class Oral STAT6 Degrader 10:35 - 10:55 Amy Wang, Ph.D., Senior Director and Program Lead, Immunology Degrading a Proven Target: KT-294, a First-in-Class Oral TYK2 Degrader 10:55

- 11:15 Juliet Williams, Ph.D., Head of Research Closing Remarks: Solving Big Problems with Small Molecules 11:15 - 11:20 Nello Mainolfi, Ph.D., Founder, President and CEO Q&A 11:20 - 12:00 4

Revolutionizing Immunology with Small Molecule Oral Degraders Nello

Mainolfi, Ph.D., Founder, President and CEO 5

Mission Build a global medicines company that harnesses novel modalities

to revolutionize healthcare

What I Will Cover Targeted Protein Degradation: Harnessing a

Game-Changing Novel Modality Demonstrating Reproducible and Scalable Clinical Innovation Our Target Selection Strategy Why Oral Degraders in Immunology Our Two New Programs 7

Harnessing a Game-Changing, Novel Modality Kymera, a Leader in Targeted

Protein Degradation D E G R A D E R Focused on unlocking high value, undrugged targets using TPD Highly productive and reproducible platform for discovery of D I S E A S E - innovative medicines E3 C A U S I N G L I G A S E P R O T E

I N Leading platform and pipeline IP, developed internally Well-capitalized, enabling expansion into areas with large clinical and commercial opportunities Industry Leading Execution Since founding Kymera in 2016:

Advanced four first-in-class programs to the clinic Demonstrated clinical translation of degradation and safety Achieved early clinical POC in I&I and oncology programs Extensive validation of target selection and

molecular design Successful track record delivering multiple new drug mechanisms in U B I Q U I T I N P R O T E A S O M E clinic, expecting up to 10 novel INDs within first 10 years S Y S T E M 8

Target Selection Strategy Focus on First- or Best-in-Class Opportunities

Undrugged or Inadequately Strong Genetic/Pathway Clear Path to Early Clinical Large Clinical/Commercial Drugged targets Validation Differentiation Opportunities Small Molecule Inhibitor Degrader T R A N S C R I P T I O N A R E A S O F A P P R O V E

D D R U G S I N S U P E R I O R I T Y V S F A C T O R S & S I G N I F I C A N T V A L U E S A M E P A T H W A Y P A T H W A Y D R U G S S C A F F O L D I N G P R O T E I N S C R E A T I O N 9

Demonstrating Reproducible and Scalable Clinical Innovation IRAK4

Degradation leads to Early POC STAT3 Degradation Leads to Major Response I R A K 4 S T A T 3 KT - 474 in HS and AD in cHL Patient KT - 333 STAT3 Levels 700 Bone Lesion Size Reduction in cHL Patient Reduction of AN Counts in HS Patients IRAK4 Levels

0 600 -10 500 -19.9 -20 400 -27.4 -31.6 -30 300 -40.6 -40 200 -46.1 -45.4 100 -50 -49.6 -50.7 0 -60 0 7 14 21 28 35 42 Screening Cycle 5 Day 1 Day Degradation of IRAK4 and Ikaros/Aiolos MDM2 Degradation Leads to I R A K I M I D M D M 2 in Humans was

Well Tolerated Major Response in MCC Patient with no Heme-tox KT - 413 KT - 253 GDF15 Levels Lesion Size Reduction in MCC Patient IRAK4 Ikaros Aiolos 10 Mean % Change (+/- S.E. of Mean)

Building a Global Medicines Company Pioneering a Demonstrating

Delivering a new generation new modality early POC of medicines 2016-2020 2021-2023 2024-2028 0 -10 -19.9 -20 -45.4 -27.4 -31.6 -30 -40.6 -40 -46.1 -50 -49.6 -50.7 -60 0 7 14 21 28 35 42 Day Focused on undrugged targets within Advanced four drug

candidates into Focus on large clinical/commercial clinically validated pathways clinic demonstrating clinical activity in opportunities with oral degraders oncology and immunology Forged multiple strategic partnerships to Increase investments in

I&I forward integrate (>$3B total value) Initiated two Phase 2 studies in Complete multiple POC studies in large significant immunology indications with Developed industry leading capabilities in indications and launch several Sanofi TPD and

novel E3s registrational studies Demonstrated biological and clinical Build towards a fully integrated global superiority of degrader vs. SMIs biotech 11 Mean % Change (+/- S.E. of Mean)

The Opportunity in Immunology Immune- Orals inflammation is a $250B WW

Oncology 1 market spanning multiple $171B therapeutic areas. $250B Other $81B Immune- Immunology $156B inflammation $40B Infectious Injectables $72B Disease $131B dominate, comprising >75% of CNS Cardio- the established Metabolic market.

Immune-inflammatory mechanisms = outside of traditional immunology 12

Why Small Molecule Oral Degraders in Immunology Key pathways/cytokines

Oral Degraders Can Offer validated as drivers of many Biologic-like Efficacy in a Pill diseases in I&I Biologics blocking these pathways/cytokines have Patients on Biologics that 1 Would Switch to Orals revolutionized treatment Biologics are

injected, can be 75% inconvenient for patients and costly to manufacture Degraders can provide comparable 2 IL-23 Biologics vs TYK2 SMI pathway inhibition to biologics, PASI 75 in PsO 100 Traditional small molecule 80 convenience of oral dosing,

ease of 60 inhibitors insufficiently block manufacturing and potentially 91% 40 these pathways, limiting efficacy 56% access broader populations 20 0 Guselkumab Deucravacitinib (IL-23 Ab) (TYK2 SMI) 13 PASI 75 (%)* @ Wk 10 - 16

Revolutionizing Immunology with Oral Degraders Our IRAK4 Example B E S

T -IN - P A T H W A Y M E C H A N I S M I R A K 4 S C A F F O L D I N G K I N A S E Clinical pathway validation IL-1, IL-18, IL-33, IL-36 biologics IL-1R/TLR Pathway > Cytokines TLR IL-1, IL-18, Agonists IL-33, IL-36 Human genetics IRAK4 null

adults: healthy > TLRs IL-1R Undrugged/inadequately Scaffolding kinase, only TPD can > Cytoplasm drugged by other technologies address MyD88 Best-in-pathway profile Superior to single cytokine IRAK4 KT-474 Myddosome IRAK1/2 > opportunity

upstream blockers: IL-1/18/33/36 TRAF6 Catalytic Scaffolding Clear path to early clinical Superiority in Phase 1/2 Th1/Th2/Th17 > de-risking Inflammation IRAK4 is master regulator of Access large clinical and HS, AD, RA, Asthma, COPD, IBD, innate

immunity with 1 > commercial opportunities others scaffolding and kinase functions 14

Revolutionizing Immunology with Oral Degraders W H A T W E H A V E L E

A R N E D F R O M K T -474 Strong Early Signs PK/PD of Clinical Correlation Activity Differentiated Safety vs. SMI I R A K 4 S C A F F O L D I N G K I N A S E 15

KT-474: Fidelity of Translation from Preclinical to Clinical Profile

Human PBMC After Oral Dosing QD 0 -20 -40 -60 -80 -92% DC = 3 ng/mL -95% -98% 85 -96% -100 Placebo 25 mg 50 mg 100 mg 200 mg (n = 9) (n = 9) (n = 9) (n = 12) (n = 9) Plasma KT-474 C (ng/mL)

trough C (ng/mL) 16.7 4.4 7.8 11.2 trough PK/PD modeling of observed data predicts comparable DC (~3 ng/mL) in dog and human 85 showing excellent preclinical to clinical translation and predictability of IRAK4 degradation 16 Predicted % IRAK4

Reduction from Baseline Percent IRAK4 Change from Baseline in PBMC + on Day 14 (mean ( s.e.))

Revolutionizing Immunology with Small Molecule Oral Degraders Our Two

New Programs S P E C I F I C I L - 4 / 1 3 S P E C I F I C I L - 2 3 / I F N T R A N S C R I P T I O N F A C T O R S C A F F O L D I N G K I N A S E S T A T 6 T Y K 2 17

STAT6 Degrader: Dupilumab-like Activity in a Pill S T A T 6 B E S T -IN

- P A T H W A Y M E C H A N I S M T R A N S C R I P T I O N F A C T O R IL-4/13 Pathway Clinical pathway validation Dupilumab > Type I IL-4 Type II IL-4 Receptor Receptor IL-4 IL-4 IL-13 Gain of function variants cause Human genetics severe

allergic diseases; IL-4R c IL-4R IL-13R 1 > KO phenotype (mouse) normal Undrugged/inadequately Transcription factor, TPD can fully > Cytoplasm drugged by other technologies block target/pathway STAT6 STAT6

Best-in-pathway profile Dupilumab-like activity with oral KT-621 > opportunity small molecule profile Allergic Th2 Inflammation Clear path to early clinical Phase 1/2 efficacy > de-risking STAT6 is the only specific transcription factor

responsible Dupilumab indications (AD, Asthma, for IL-4/13 signaling Access large clinical and COPD, CRSwNP, EoE, PN, others), > commercial opportunities mega-blockbuster potential 18

STAT6: Significant Potential Across Multiple I&I Indications 1

Dupixent (dupilumab) Global Sales, M A R K E T USD Billions O P P O R T U N I T Y 25,000 2 Total IL-4/IL-13 biologics sales expected $19.8 20,000 to double by 2029 >$10B in 2023 >$23B by 2029 15,000 +12.4% CAGR Currently

approved indications of IL-4/IL- 10,000 13 agents are dominated by biologics $8.7 Oral STAT6 degrader has potential for 5,000 dupilumab-like activity with convenience of an oral pill 0 Oral STAT6 degrader could have broader 2022 2029 Year access

beyond biologics-eligible patients Represents ~12% (adult AD) and ~23% (adult and impact much larger populations 3 asthma) advanced therapy penetration 19 Sales Value

TYK2 Degrader: Degrading a Proven Target for a Best-in-Class Profile T

Y K 2 B E S T -IN - P A T H W A Y M E C H A N I S M S C A F F O L D I N G K I N A S E IL-23 biologics (ustekinumab), IL-12/23/IFN Pathways Clinical pathway validation TYK2 inhibitor (deucravacitinib) > approved, others Type I IL-23 IL-12

interferons LOF variant is protective in Human genetics immunological diseases and > generally normal TYK2 JAK1 TYK2 JAK2 TYK2 JAK2 Undrugged/inadequately drugged Scaffolding kinase, SMIs do not > by other technologies fully block pathway

Scaffolding Scaffolding Scaffolding KT-294 TYK2 degrader recapitulates LOF Best-in-pathway profile phenotype: biologic-like activity Type I IFN & IL-23 inflammation > opportunity and convenience of oral pill Clear path to early clinical TYK2

is a JAK family scaffolding Phase 1 differentiation > de-risking kinase required for Type I IFN, IL- 12 and IL-23 cytokine signaling Access large clinical and IL-23, IFN indications, beyond: > commercial opportunities IBD, PsO, PsA, Lupus,

TYK2: Significant Potential Across Multiple I&I Indications M A R K

E T IL-23 and Type I IFN Annual Market O P P O R T U N I T Y USD Billions 30,000 $26.9 Total IL-23 and Type I IFN 1 biologics sales expected to grow 25,000 >6% by over $9B by 2029 CAGR ~$18B in 2022 20,000 $17.7 ~$27B by 2029

15,000 Currently approved indications dominated by biologics, with oral options challenged by efficacy 10,000 and/or safety 5,000 TYK2 degrader has potential for biologic-like efficacy with 0 convenience of oral pill 2022 2029 Year 21 Sales

Kymera Immunology Oral Degrader Portfolio Complementary, First-in-class

Mechanisms I R A K 4 S T A T 6 T Y K 2 S C A F F O L D I N G T R A N S C R I P T I O N S C A F F O L D I N G K I N A S E F A C T O R K I N A S E IL-1R/TLR Pathway IL-4/13 Pathway IL-12/23/IFN Pathways Cytokines Type I IL-4 Type II IL-4 Type I TLR

IL-1, IL-18, Receptor Receptor interferons: Agonists IL-23 IL-12 IL-33, IL-36 IL-4 IL-4 IL-13 IFN and IFN IL-4R c IL-4R IL-13R 1 TLRs IL-1R Cytoplasm JAK1 JAK2 JAK2 TYK2 TYK2 TYK2 MyD88 Scaffolding Scaffolding

Scaffolding IRAK4 STAT6 STAT6 KT-474 KT-621 Myddosome IRAK1/2 KT-294 TRAF6 Catalytic Scaffolding Type I IFN & IL-23 inflammation Allergic Th2 Inflammation Th1/Th2/Th17 Inflammation IRAK4 is master regulator of STAT6 is the only specific TYK2 is

a JAK family scaffolding innate immunity with transcription factor responsible kinase required for Type I IFN, IL- 12 and IL-23 cytokine signaling scaffolding and kinase functions for IL-4/13 signaling 22

Industry-leading Oral Immunology Pipeline Three Fundamental

Immune-inflammatory Pathways with Large Market Potential High value undrugged/ Next generation oral Building the industry- inadequately drugged drugs with potential leading oral targets best-in-class profiles immunology portfolio I R A K 4 ( K T

-474) S T A T 6 ( K T -621) T Y K 2 ( K T -294) S C A F F O L D I N G K I N A S E T R A N S C R I P T I O N F A C T O R S C A F F O L D I N G K I N A S E Potential AD, Asthma, COPD, IBD, PsO, PsA, Lupus, HS, AD, RA, Asthma,

COPD, 1 CRSwNP, EoE, PN, others Indications others IBD, others Biologic-like activity in Dupilumab-like activity First-in-class broad anti- Opportunity a pill in a pill inflammatory oral degrader Commercial Wholly

owned Wholly owned Up to 50% US with Sanofi, 2 Rights tiered royalties in ROW 23