Revenue growth is erratic, with a 22-fold jump to $65.0M in 2026Q2 from $2.9M in 2025Q4, yet operating losses widened to -$75.6M as R&D expenses consumed 85% of total costs, reflecting a negative operating margin of -116.3%.
Kymera Therapeutics, Inc. (KYMR) annual income statement — 8-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 |
|---|
| Sales/Revenue | 104.99M | 39.2M | 47.07M | 78.59M | 46.83M | 72.83M | 34.03M | 2.93M | 0 |
| Revenue Growth % | 134.82% | -16.72% | -40.11% | 67.84% | -35.71% | 114% | 1059.99% | - | - |
| Cost of Goods Sold | -2.08M | 0 | 0 | 0 | 0 | 0 | 0 | 825K | 205K |
| COGS % of Revenue | - | - | - | - | - | - | - | 28.12% | - |
| Gross Profit | 107.07M | 39.2M | 47.07M | 78.59M | 46.83M | 72.83M | 34.03M | 2.11M | -205K |
| Gross Margin % | 101.98% | 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 | 457.25M | 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 | 75.77M | 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 | 375.6M | 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 | 0 | 3.8M | 4.92M | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -350.18M | -349.4M | -261.63M | -165.53M | -161.26M | -100.53M | -46.3M | -42.2M | -21.45M |
| Operating Margin % | -333.54% | -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 | -328.8M | -341.09M | -254.26M | -161.97M | -158.28M | -98.13M | -44.54M | -41.38M | -21.25M |
| EBITDA Margin % | -313.17% | -870.12% | -540.16% | -206.08% | -338.02% | -134.74% | -130.87% | -1410.36% | - |
| EBITDA Growth % | -8.24% | -34.15% | -56.99% | -2.33% | -61.29% | -120.32% | -7.64% | -94.77% | - |
| D&A (Non-Cash Add-back) | 6.9M | 8.31M | 7.37M | 3.56M | 2.98M | 2.4M | 1.76M | 825K | 205K |
| EBIT | -299.66M | -311.37M | -223.61M | -146.77M | -154.63M | -100.04M | -45.48M | -41.2M | -21.45M |
| Net Interest Income | 50.3M | 37.78M | 37.78M | 18.57M | 6.45M | 313K | 711K | 959K | 0 |
| Interest Income | 50.52M | 38.03M | 38.03M | 18.76M | 6.62M | 488K | 826K | 1M | 0 |
| Interest Expense | 211K | 249K | 249K | 196K | 176K | 175K | 115K | 46K | 16K |
| Other Income/Expense | 50.3M | 37.78M | 37.78M | 18.57M | 6.45M | 313K | 711K | 959K | -16K |
| Pretax Income | -299.87M | -311.62M | -223.86M | -146.96M | -154.81M | -100.22M | -45.59M | -41.25M | -21.47M |
| Pretax Margin % | -285.62% | -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 | -299.65M | -311.4M | -223.86M | -146.96M | -154.81M | -100.22M | -45.59M | -41.29M | -21.47M |
| Net Margin % | -285.41% | -794.39% | -475.57% | -186.99% | -330.6% | -137.6% | -133.96% | -1407.36% | - |
| Net Income Growth % | -8.79% | -39.11% | -52.32% | 5.07% | -54.47% | -119.81% | -10.42% | -92.35% | - |
| Net Income (Continuing) | -299.87M | -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) | -3.05 | -3.69 | -2.98 | -2.52 | -2.87 | -2.09 | -0.99 | -0.93 | -0.48 |
| EPS Growth % | 6.34% | -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 | 98.18M | 84.39M | 75.04M | 58.37M | 53.93M | 47.99M | 44.56M | 44.53M | 44.53M |
| Basic Shares Outstanding | 98.18M | 84.39M | 75.04M | 58.37M | 53.93M | 47.99M | 44.56M | 44.53M | 44.53M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
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.
Key Metrics
Top Statement Risk
Dependence on partnership revenue
Metrics are mathematically derived from official filings.
Revenue Volatility Masks Underlying Progress
Revenue swung from $2.8M in 2025Q3 to $65.0M in 2026Q2, a 22-fold increase, but quarterly growth rates have been erratic, ranging from -84.6% to +114.8%, per company filings.
The revenue trajectory is highly irregular, with sharp spikes and troughs that appear tied to milestone or collaboration payments rather than steady product sales. The 2026Q2 surge to $65.0M, up 4.7% sequentially, suggests a potential one-time event, while the prior quarter's $34.4M was already elevated. This pattern indicates that revenue growth is not organic but event-driven, making it difficult to extrapolate a sustainable trend. Investors should monitor the composition of revenue to assess the durability of these fluctuations.
Gross Margin Distorted by One-Time Items
Gross margin was 100% in most quarters but plunged to -25.8% in 2025Q3 and 27.6% in 2025Q4, reflecting unusual COGS entries, as reported in the income statement data.
The gross margin anomalies in 2025Q3 and 2025Q4 are striking, with COGS of $74.1M and -$76.2M respectively, which are inconsistent with a typical biotech model. These figures likely represent accounting adjustments, such as changes in estimates or one-time charges, rather than ongoing cost of goods sold. Excluding these quarters, gross margins are consistently 100%, indicating that the company's core operations have no direct cost of revenue. The volatility in reported gross margin warrants further investigation into the nature of these COGS entries, as they materially distort profitability metrics.
Operating Leverage Absent as R&D Scales
Operating losses widened from -$50.9M in 2024Q2 to -$75.6M in 2026Q2, despite revenue growth, as R&D expenses rose 102% over the same period, per financial statements.
The company is not achieving operating leverage; instead, operating losses are expanding in tandem with R&D investment. R&D expenses grew from $59.2M in 2024Q2 to $119.5M in 2026Q2, a 102% increase, while revenue only grew from $25.6M to $65.0M, a 154% increase but from a low base. This suggests that the company is in a heavy investment phase, prioritizing pipeline development over near-term profitability. The lack of operating leverage is typical for a clinical-stage biotech, but the pace of R&D spending growth is notable and may pressure cash reserves.
Net Losses Deepen Despite Revenue Gains
Net losses reached -$61.2M in 2026Q2, a 34.7% improvement year-over-year, but cumulative losses over the last five quarters total -$376.2M, based on reported figures.
While the 2026Q2 net loss of -$61.2M was narrower than the prior quarter's -$69.2M, the overall trend is one of escalating losses, with the five-quarter cumulative net loss exceeding $376M. EPS has remained negative, ranging from -$0.58 to -$0.98, with no clear improvement trajectory. Stock-based compensation (SBC) has been a consistent non-cash expense, averaging around $15M per quarter, which adds to the dilution burden. The quality of earnings is inherently low given the lack of profitability, and investors should focus on cash burn and the potential for future dilution.
R&D Dominates Cost Structure
R&D expenses accounted for 85% of total operating costs in 2026Q2, totaling $119.5M, while SG&A was only $21.1M, as per the latest income statement.
The cost structure is heavily skewed toward R&D, which is typical for a biotech but underscores the company's commitment to advancing its pipeline. SG&A expenses have remained relatively stable, growing from $14.4M in 2024Q1 to $21.1M in 2026Q2, indicating disciplined overhead management. However, the absolute level of R&D spending is substantial relative to revenue, leading to operating margins of -116.3% in 2026Q2. This suggests that the company is prioritizing long-term value creation over near-term cost containment, which is a deliberate strategy but carries execution risk.
Revenue Concentration and Cash Burn Risks
Revenue is highly volatile, with 2026Q2 revenue of $65.0M potentially tied to a single collaboration event, while quarterly cash burn averages over $80M, per financial data.
The most significant risk is the reliance on episodic partnership revenue, as evidenced by the extreme swings in quarterly revenue. If the $65.0M in 2026Q2 was a one-time milestone payment, future quarters could see a sharp decline, exacerbating the already substantial cash burn. Additionally, the company's operating losses are widening, and with no clear path to profitability, it may need to raise capital, leading to dilution. Short-sellers would likely highlight the unsustainable nature of the current spending levels relative to revenue, and the lack of a consistent revenue stream to offset R&D costs.