Kymera Therapeutics Announces First Quarter 2025 Financial Results and Provides a Business Update Completed KT-621 (STAT6) SAD/MAD Phase 1 healthy volunteer trial with data to be reported in June 2025 First patient dosed

Kymera Therapeutics Announces First Quarter 2025 Financial Results and

Provides a Business Update

Completed KT-621 (STAT6) SAD/MAD Phase 1 healthy volunteer trial with data to be reported in June

First patient dosed in KT-621 (STAT6) BroADen Phase 1b trial in moderate to severe

atopic dermatitis (AD)

with data expected in 4Q25

KT-579 (IRF5) new oral immunology degrader program, with broad clinical potential in rheumatic and

other autoimmune diseases, expected to enter Phase 1 clinical trial in early 2026

KT-474/SAR444656 (IRAK4) Phase 2b trials in HS and AD ongoing, led by partner Sanofi; Kymera achieved

a $20 million milestone payment as part of the IRAK4 collaboration in April 2025

Strategic decision made not to advance KT-295 (TYK2) into further clinical development to focus our

and incremental financial resources on the rapidly progressing STAT6 program

Well-capitalized with $775 million in cash as of March 31, 2025, now providing an extended runway into

the first half of 2028

Company to hold video conference call and webcast today at 10:00 a.m. ET

Watertown, Mass. (May 9, 2025) Kymera Therapeutics, Inc. (NASDAQ: KYMR), a clinical-stage biopharmaceutical company advancing a new class of

oral small molecule degrader medicines for immunological diseases, today reported financial results for the first quarter ended March 31, 2025, and provided business highlights and updates on its pipeline.

The Kymera team continues to advance our first-in-class pipeline on the

path to revolutionizing the treatment of complex immuno-inflammatory diseases, said Nello Mainolfi, PhD, Founder, President and CEO, Kymera Therapeutics. We are making tremendous progress across our programs and approaching key near term

inflection points. In June, we will be sharing the KT-621 healthy volunteer data for our STAT6 program, an important milestone in the development of this franchise. Additionally, we recently initiated, well

ahead of schedule, patient dosing in the KT-621 BroADen Phase 1b study, with data in the fourth quarter of this year. This is another important inflection point as we rapidly progress KT-621 toward later-stage studies.

Dr. Mainolfi continued, Additionally, we are excited to introduce KT-579, our oral IRF5 degrader program. IRF5 is a genetically validated and historically undrugged transcription factor with broad clinical promise in areas of high unmet need, and we plan to progress the program

into the clinic early next year. The unique pharmacology of IRF5 that is cell type and disease specific perfectly complements Kymera s industry-leading portfolio of oral immunology medicines and further positions the company to transform the

treatment of immunological diseases for millions of patients with best-in-class oral drugs.

Finally, we recently made the strategic decision not to advance our TYK2 degrader, KT-295, into clinical development. Although we completed IND-enabling activities with no adverse findings in any of our studies, we have decided to reprioritize these

investments. This decision will allow us to dedicate more human and capital resources to our STAT6 franchise, one of the largest immunology opportunities in the industry that is rapidly advancing, as well as to our new IRF5 program. This strategic

prioritization also extends our runway from mid-2027 into the first half of 2028, well beyond multiple important catalysts across our pipeline.

Business Highlights, Recent Developments and Upcoming Milestones

STAT6 Degrader Program

KT-621 is an investigational,

first-in-class, once daily, oral degrader of STAT6, the specific transcription factor responsible for

IL-4/IL-13 signaling and the central driver of Th2 inflammation. In preclinical studies, KT-621 demonstrated dupilumab-like

activity in several in vitro and in vivo models and was safe and well tolerated. KT-621, the first STAT6 directed medicine to enter clinical evaluation, has the potential to transform treatment

paradigms for more than 130 million patients around the world, including children and adults, suffering from Th2 diseases such as AD, asthma, chronic obstructive pulmonary disease (COPD), chronic rhinosinusitis with nasal polyps (CRSwNP),

eosinophilic esophagitis (EoE), chronic spontaneous urticaria (CSU), and prurigo nodularis (PN), among others.

IRF5 Degrader Program

KT-579 is an investigational,

first-in-class, oral degrader of IRF5, a genetically validated transcription factor and a master regulator of immunity. KT-579

has the potential to selectively block inflammation and restore immune regulation by inhibiting pro-inflammatory cytokines, Type I IFN, and autoantibody production while sparing normal cell function. In

preclinical studies, KT-579 degraded IRF5 across multiple preclinical species and in all disease-relevant tissues. In preclinical models of lupus and rheumatoid arthritis (RA),

KT-579 was equally or more efficacious than clinically active or marketed small molecule inhibitors and biologics. In preclinical safety studies, KT-579 did not show any

adverse effects at concentrations up to 200-fold of the projected human efficacious levels. KT-579 has the potential to be the first novel mechanism with broad utility

in diseases where effective and well tolerated oral therapies are needed, such as lupus, Sj gren s, inflammatory bowel disease (IBD), RA and others.

IRAK4 Degrader Program

KT-474 (SAR444656) is an investigational,

first-in-class, once daily, oral degrader of IRAK4, a key protein involved in

TLR/IL-1R-driven inflammation. Given IRAK4 s ability to block IL-1 family cytokine and TLR signaling, KT-474 holds promise to deliver the combined activity of upstream biologics in an oral drug for multiple diseases such as hidradenitis suppurativa (HS), AD, RA, asthma, IBD and others.

Collaboration Revenues: Collaboration revenues were $22.1 million for the first quarter of 2025 compared to $10.3 million for the first

quarter of 2024. Collaboration revenues were all attributable to the Company s Sanofi collaboration. The recently achieved $20 million milestone was recorded in the first quarter of 2025 with the majority recognized as collaboration

Research and Development Expenses: Research and development expenses were $80.3 million for the first quarter of 2025 compared to

$48.8 million for the first quarter of 2024. This increase was primarily due to increased expenses related to the investment in the Company s STAT6 and TYK2 degrader programs, platform and discovery programs, as well as an increase in

occupancy and related costs due to continued growth in the research and development organization. Stock based compensation expenses included in R&D were $7.5 million and $6.1 million for the first quarters of 2025 and 2024,

General and Administrative Expenses: General and administrative expenses were $16.3 million for the first quarter of 2025

compared to $14.4 million for the first quarter of 2024. The increase was primarily due to an increase in legal and professional service fees in support of the Company s growth and an increase in personnel, facility, occupancy, and other

expenses to support growth as a public company. Stock based compensation expenses included in G&A were $6.7 million and $5.9 million for the first quarters of 2025 and 2024, respectively.

Net Loss: Net loss was $65.6 million for the first quarter of 2025 compared to $48.6 million for the first quarter of 2024.

Cash and Cash Equivalents: As of March 31, 2025, Kymera had $775 million in cash, cash equivalents and investments. Kymera expects that its

cash and cash equivalents will provide the Company with a cash runway into the first half of 2028, beyond multiple clinical inflection points in our pipeline.

Kymera will host a video conference

call today, May 9, 2025, at 10:00 a.m. ET. To join the video call or view the livestreamed webcast please register via this link or visit News and Events in the Investors section of the Company s website at

www.kymeratx.com. A replay of the webcast and the presentation will be available following the event.

About Kymera Therapeutics

Kymera is a clinical-stage biotechnology company pioneering the field of targeted protein degradation (TPD) to develop medicines that address critical health

problems and have the potential to dramatically improve patients lives. Kymera is deploying TPD to address disease targets and pathways inaccessible with conventional therapeutics. Having advanced the first degrader into the clinic for

immunological diseases, Kymera is focused on building an industry-leading pipeline of oral small molecule degraders to provide a new generation of convenient, highly effective therapies for patients with these conditions. Founded in 2016, Kymera has

Availability of Other Information About Kymera Therapeutics

For more information, please visit the Kymera website at https://www.kymeratx.com/ or follow Kymera on X (@KymeraTx) and LinkedIn (Kymera Therapeutics).

Investors and others should note that Kymera communicates with its investors and the public using the Company website, including, but not limited to, corporate disclosures, investor presentations, FAQs, Securities and Exchange Commission (SEC)

filings, and press releases, as well as on X and LinkedIn. The information that Kymera posts on its website or on X or LinkedIn could be deemed to be material information. As a result, the Company encourages investors, the media and others

interested to review the information that Kymera posts there on a regular basis. The contents of Kymera s website or social media shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including,

without limitation, implied and express statements about our expectations regarding strategy, business plans and objectives on the development of our clinical and preclinical pipeline, including the therapeutic potential, clinical benefits and

safety thereof, Sanofi s completion of the Phase 2 clinical trials of KT-474/SAR444656 in 2026, the Phase 1 data readout of KT-621 in June 2025, the Phase 1b data

readout of KT-621 in AD patients in the fourth quarter of 2025, the initiation of Phase 2b studies of KT-621 in patients with AD and asthma in the fourth quarter of 2025

and first quarter of 2026, respectively, the effect of initial parallel development of Phase 2b studies in AD and asthma patients on acceleration of late parallel development across multiple indications, the advancement of KT-579 into Phase 1 clinical testing in early 2026, and Kymera s financial condition and expected cash runway into the first half of 2028. The words may, might, will,

could, would, should, expect, plan, anticipate, intend, believe, expect, estimate, seek, predict,

future, project, potential, continue, target, upcoming and similar words or expressions are intended to identify forward-looking statements, although not all forward-looking

statements contain these identifying words. Any forward-looking statements in this press release 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 any forward-looking statements contained in this press release, including, without limitation, risks associated with: uncertainties inherent in the initiation, timing and design of future clinical

trials, the availability and timing of data from ongoing and future clinical trials and the results of such trials, whether preliminary results of early clinical trials will be indicative of the results of later clinical trials, the ability to

successfully demonstrate the safety and efficacy of drug candidates, the timing and outcome of planned interactions with and submissions to regulatory authorities, the availability of funding sufficient for our operating expenses and capital

expenditure requirements and other factors. These risks and uncertainties are described in greater detail in the section entitled Risk Factors in the most recent Quarterly Report on Form 10-Q and

in subsequent filings with the SEC. In addition, any forward-looking statements represent our views only as of today and should not be relied upon as representing our views as of any subsequent date. We explicitly disclaim any obligation to update

any forward-looking statements. No representations or warranties (expressed or implied) are made about the accuracy of any such forward-looking statements.

KYMERA THERAPEUTICS, INC.

Consolidated Balance Sheets

(In thousands, except share and per share amounts)

KYMERA THERAPEUTICS, INC.

Consolidated Statements of Operations

(In thousands, except share and per share amounts)

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