Revenue remains highly erratic, fluctuating between $2.8 million and $47.9 million over the last ten quarters, while R&D expenses have steadily climbed to $98.2 million in 2026Q1.
| Sales/Revenue | 51.47M | 39.2M | 47.07M | 78.59M | 46.83M | 72.83M | 34.03M | 2.93M | 0 |
| Revenue Growth % | -12.6% | -16.72% | -40.11% | 67.84% | -35.71% | 114% | 1059.99% | - | - |
| Cost of Goods Sold | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 825K | 205K |
| COGS % of Revenue | - | - | - | - | - | - | - | 28.12% | - |
| Gross Profit | 17.1M | 39.2M | 47.07M | 78.59M | 46.83M | 72.83M | 34.03M | 2.11M | -205K |
| Gross Margin % | 33.23% | 100% | 100% | 100% | 100% | 100% | 100% | 71.88% | - |
| Gross Profit Growth % | - | -16.72% | -40.11% | 67.84% | -35.71% | 114% | 1513.75% | 1128.78% | - |
| Operating Expenses | 410.59M | 388.6M | 308.71M | 244.12M | 208.08M | 173.36M | 80.34M | 45.14M | 21.45M |
| OpEx % of Revenue | - | 991.33% | 655.82% | 310.62% | 444.37% | 238.03% | 236.05% | 1538.48% | - |
| Selling, General & Admin | 72.29M | 68.2M | 63.53M | 55.04M | 43.83M | 36.34M | 18.23M | 7.98M | 3.77M |
| SG&A % of Revenue | - | 173.98% | 134.97% | 70.03% | 93.61% | 49.9% | 53.57% | 272.02% | - |
| Research & Development | 334.51M | 316.6M | 240.25M | 189.08M | 164.25M | 137.02M | 62.1M | 37.16M | 17.68M |
| R&D % of Revenue | - | 807.65% | 510.38% | 240.59% | 350.76% | 188.13% | 182.48% | 1266.46% | - |
| Other Operating Expenses | -1000K | 3.8M | 4.92M | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -359.13M | -349.4M | -261.63M | -165.53M | -161.26M | -100.53M | -46.3M | -42.2M | -21.45M |
| Operating Margin % | -697.81% | -891.33% | -555.82% | -210.62% | -344.37% | -138.03% | -136.05% | -1438.48% | - |
| Operating Income Growth % | - | -33.54% | -58.06% | -2.65% | -60.41% | -117.11% | -9.71% | -96.75% | - |
| EBITDA | -352.16M | -341.09M | -254.26M | -161.97M | -158.28M | -98.13M | -44.54M | -41.38M | -21.25M |
| EBITDA Margin % | -684.28% | -870.12% | -540.16% | -206.08% | -338.02% | -134.74% | -130.87% | -1410.36% | - |
| EBITDA Growth % | -30.3% | -34.15% | -56.99% | -2.33% | -61.29% | -120.32% | -7.64% | -94.77% | - |
| D&A (Non-Cash Add-back) | 6.96M | 8.31M | 7.37M | 3.56M | 2.98M | 2.4M | 1.76M | 825K | 205K |
| EBIT | -245.87M | -311.37M | -223.61M | -146.77M | -154.63M | -100.04M | -45.48M | -41.2M | -21.45M |
| Net Interest Income | 28.93M | 37.78M | 37.78M | 18.57M | 6.45M | 313K | 711K | 959K | 0 |
| Interest Income | 29.11M | 38.03M | 38.03M | 18.76M | 6.62M | 488K | 826K | 1M | 0 |
| Interest Expense | 116K | 249K | 249K | 196K | 176K | 175K | 115K | 46K | 16K |
| Other Income/Expense | 43.85M | 37.78M | 37.78M | 18.57M | 6.45M | 313K | 711K | 959K | -16K |
| Pretax Income | -315.28M | -311.62M | -223.86M | -146.96M | -154.81M | -100.22M | -45.59M | -41.25M | -21.47M |
| Pretax Margin % | -612.6% | -794.96% | -475.57% | -186.99% | -330.6% | -137.6% | -133.96% | -1405.79% | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 43.86K |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -0.2% |
| Net Income | -315.05M | -311.4M | -223.86M | -146.96M | -154.81M | -100.22M | -45.59M | -41.29M | -21.47M |
| Net Margin % | -612.17% | -794.39% | -475.57% | -186.99% | -330.6% | -137.6% | -133.96% | -1407.36% | - |
| Net Income Growth % | -30.79% | -39.11% | -52.32% | 5.07% | -54.47% | -119.81% | -10.42% | -92.35% | - |
| Net Income (Continuing) | -315.28M | -311.62M | -223.86M | -146.96M | -154.81M | -100.22M | -45.59M | -41.25M | -21.47M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -3.23 | -3.69 | -2.98 | -2.52 | -2.87 | -2.09 | -0.99 | -0.93 | -0.48 |
| EPS Growth % | -15.48% | -23.83% | -18.25% | 12.2% | -37.32% | -111.11% | -6.45% | -93.75% | - |
| EPS (Basic) | - | -3.69 | -2.98 | -2.52 | -2.87 | -2.09 | -0.99 | -0.93 | -0.48 |
| Diluted Shares Outstanding | 97.53M | 84.39M | 75.04M | 58.37M | 53.93M | 47.99M | 44.56M | 44.53M | 44.53M |
| Basic Shares Outstanding | 97.53M | 84.39M | 75.04M | 58.37M | 53.93M | 47.99M | 44.56M | 44.53M | 44.53M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
Clinical Milestone Dependency
As indicated by the quarterly financial data, Kymera’s revenue trajectory remains highly volatile, fluctuating between $2.8 million and $47.9 million over the last ten quarters, reflecting the inherent unpredictability of milestone-based payments from strategic pharmaceutical partnerships rather than consistent, recurring commercial product sales or organic growth.
The revenue profile is entirely dependent on the timing of R&D service recognition and milestone achievement under agreements with partners like Sanofi. Investors should interpret these figures as non-dilutive funding events rather than indicators of market adoption, as the company lacks a commercialized product portfolio.
Based on reported income statements, Kymera’s R&D expenses have steadily climbed from $48.8 million in 2024Q1 to $98.2 million in 2026Q1, demonstrating a persistent increase in the capital intensity required to advance its proprietary E3 ligase platform through increasingly complex clinical trial phases.
This upward trend in R&D spending suggests that the company is prioritizing pipeline advancement over near-term expense discipline. The reliance on high-cost scientific talent and laboratory overhead appears to be a structural necessity that will likely continue to pressure operating margins until a potential commercial inflection point.
According to recent financial disclosures, Kymera consistently records significant stock-based compensation expenses, reaching $16.0 million in 2026Q1, which effectively obscures the true economic cost of retaining specialized scientific talent and contributes to the persistent gap between reported net losses and actual cash burn.
While SBC is a non-cash item, it represents a meaningful dilution risk for shareholders that should be factored into the company's valuation. Analysts should monitor whether these compensation levels remain sustainable relative to the company's ability to secure additional non-dilutive milestone payments from its pharmaceutical partners.
While the company emphasizes its E3 ligase toolbox, the financial data suggests that the market may be overvaluing the platform's potential while underestimating the specific clinical risks associated with individual targets like STAT3, which could lead to significant margin compression if trial readouts fail to impress.
The high operating loss profile warrants caution, as the success of the IRAK4 program may not necessarily validate the broader pipeline. Investors should consider the possibility that competitive small-molecule inhibitors could eventually offer a more favorable safety-to-efficacy profile, potentially limiting the long-term commercial viability of Kymera's degrader technology.
Quick answers to the most common questions about buying KYMR stock.
For fiscal year 2025, Kymera Therapeutics, Inc. (KYMR) reported total revenue of $39.2M.
Kymera Therapeutics, Inc. (KYMR) reported a net loss of $311.4M for the fiscal year ending 2025.
Kymera Therapeutics, Inc. (KYMR) reported an operating income of $-349.4M, resulting in an operating profit margin of -891.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Kymera Therapeutics, Inc. (KYMR) generated $39.2M in gross profit for the year, representing a gross profit margin of 100.0%. This demonstrates the company's core pricing power and production efficiency.