Free cash flow remains deeply negative, with a 2026Q1 outflow of $89.3 million, while stock-based compensation of $16.0 million continues to obscure the true cash cost of operations.
| Cash from Operations | -242.58M | -232.89M | -194.5M | -102.83M | -153.09M | -128.95M | 88.13M | 17.91M | -17.86M |
| Operating CF Margin % | - | -594.11% | -413.2% | -130.84% | -326.92% | -177.05% | 258.95% | 610.26% | - |
| Operating CF Growth % | -13.76% | -19.74% | -89.16% | 32.83% | -18.72% | -246.31% | 392.21% | 200.24% | - |
| Net Income | -315.05M | -311.35M | -223.86M | -146.96M | -154.81M | -100.22M | -45.59M | -41.25M | -21.47M |
| Depreciation & Amortization | 8.29M | 8.31M | 7.37M | 3.56M | 2.98M | 2.4M | 1.76M | 825K | 205K |
| Stock-Based Compensation | 61.68M | 59.9M | 55.01M | 43.12M | 35.48M | 24.97M | 5.19M | 1.2M | 648K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 1.57M | 0 | 0 |
| Other Non-Cash Items | -43.16M | -5.02M | -9.06M | -11.8M | 889K | 5.83M | 332K | 54.34M | 443K |
| Working Capital Changes | 45.62M | 15.27M | -23.97M | 9.25M | -37.62M | -61.92M | 124.87M | 2.79M | 2.31M |
| Change in Receivables | 20M | 947K | 17.82M | -16.23M | -2.4M | 577K | -577K | 0 | -148K |
| Change in Inventory | 0 | 0 | 0 | 0 | 2.4M | 8.71M | 6.88M | 0 | 0 |
| Change in Payables | 3.2M | -1.97M | -307K | 0 | 253K | 54K | 990K | 0 | 824K |
| Cash from Investing | -712.52M | -521.06M | -404.08M | 139.89M | 20.52M | -99.83M | -422.59M | -16.49M | -1.36M |
| Capital Expenditures | -1.42M | -1.45M | -12.84M | -34.48M | -2.84M | -1.6M | -9.1M | -532K | -1.36M |
| CapEx % of Revenue | 2.75% | 3.7% | 27.27% | 43.87% | 6.06% | 2.19% | 26.73% | 18.13% | - |
| Acquisitions | 0 | 0 | 0 | 0 | -20.52M | 5.81M | 413.49M | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - |
| Other Investing | -228.22M | 8.88M | 13.98M | 174.37M | 20.52M | -5.81M | -413.49M | -15.95M | 0 |
| Cash from Financing | 1.01B | 990.71M | 608.85M | 4.19M | 153M | 250.28M | 289.26M | 34.91M | 52.93M |
| Debt Issued (Net) | -1.22M | -1.49M | -1.58M | -76K | -1.13M | -849K | -554K | -371K | -295K |
| Equity Issued (Net) | 951.74M | 992.21M | 596.62M | 0 | 149.82M | 243.11M | 289.65M | 0 | 53.23M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 58.7M | 0 | 13.81M | 4.27M | 4.3M | 8.02M | 162K | 35.28M | 0 |
| Net Change in Cash | 54.13M | 236.76M | 10.27M | 41.25M | 20.43M | 21.5M | -45.2M | 36.33M | 33.71M |
| Free Cash Flow | -244M | -234.34M | -207.34M | -137.31M | -155.92M | -130.54M | 79.03M | 17.37M | -19.22M |
| FCF Margin % | -474.1% | -597.81% | -440.47% | -174.71% | -332.98% | -179.24% | 232.22% | 592.13% | - |
| FCF Growth % | -1.68% | -13.02% | -51.01% | 11.94% | -19.44% | -265.17% | 354.92% | 190.39% | - |
| FCF per Share | -2.50 | -2.78 | -2.76 | -2.35 | -2.89 | -2.72 | 1.77 | 0.39 | -0.43 |
| FCF Conversion (FCF/Net Income) | 0.77x | 0.75x | 0.87x | 0.70x | 0.99x | 1.29x | -1.93x | -0.43x | 0.83x |
| Interest Paid | 83K | 0 | 0 | 162K | 0 | 0 | 0 | 46K | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical Milestone Dependency
According to recent financial statements, Kymera’s operating cash flow frequently deviates from net income, with the OCF/NI ratio reaching 1.28 in 2026Q1, suggesting that non-cash charges and working capital fluctuations are significantly distorting the company's underlying cash-generating capability during this pre-revenue clinical development phase.
The persistent gap between net losses and operating cash outflows indicates that reported earnings are not a reliable proxy for the company's actual liquidity consumption. Investors should interpret the high OCF/NI ratio as a signal that non-cash expenses, particularly stock-based compensation, are masking the true economic cost of the firm's R&D-heavy business model.
As reported in quarterly filings, Kymera’s free cash flow remains deeply negative, with a 2026Q1 outflow of $89.3 million, highlighting a trajectory where cash burn is accelerating in tandem with the advancement of clinical programs rather than showing any signs of approaching operational self-sufficiency.
The consistent negative FCF margins underscore the company's total reliance on external capital and milestone-based partnership payments to fund its pipeline. This trajectory suggests that until a commercial product is realized, the company will remain structurally dependent on capital markets or further strategic collaborations to sustain its current research intensity.
Based on reported figures, Kymera maintains a low capital expenditure profile, with CapEx/Revenue ratios fluctuating significantly due to the lumpy nature of milestone-driven revenue, reaching a peak of 72% in 2024Q1 before moderating to 1.3% in 2026Q1 as the company prioritizes R&D over physical infrastructure.
The low absolute level of capital expenditure suggests that the company is not currently burdened by heavy manufacturing or facility requirements, which is typical for a clinical-stage biotech. However, the volatility in this ratio warrants caution, as it reflects the instability of the revenue base rather than a deliberate strategy of capital efficiency.
Data from recent SEC filings reveals that Kymera’s working capital changes are highly erratic, including a notable $38.5 million inflow in 2025Q3, which suggests that the timing of milestone payments and deferred revenue recognition creates significant, unpredictable swings in the company's short-term cash position.
These fluctuations in working capital appear to be driven by the accounting treatment of collaboration agreements rather than operational efficiency in collections or payables. Analysts should monitor these shifts closely, as they can temporarily inflate cash balances and mask the underlying rate of operational cash burn.
Based on the provided financial data, stock-based compensation consistently exceeds $10 million per quarter, reaching $16.0 million in 2026Q1, which effectively obscures the true cash cost of retaining the specialized scientific talent necessary to maintain the company's proprietary E3 ligase platform.
By excluding these non-cash expenses from operational metrics, the company presents a more favorable view of its burn rate than the actual cash impact suggests. Investors should adjust for these recurring equity-based charges to gain a more accurate understanding of the true cost of the company's research-driven business model.
Quick answers to the most common questions about buying KYMR stock.
Kymera Therapeutics, Inc. (KYMR) generated $-232.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Kymera Therapeutics, Inc. (KYMR) reported negative free cash flow of $234.3M in 2025, indicating capital requirements exceeded cash from operations.
Kymera Therapeutics, Inc. (KYMR) spent $1.4M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.