Detailed financial statements for Kymera Therapeutics, Inc. (KYMR): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Kymera Therapeutics, Inc. is a biopharmaceutical company dedicated to discovering and developing pioneering small molecule therapeutics. These treatments operate by harnessing the body's inherent protein degradation system to selectively eliminate disease-causing proteins.
Analysis Summary
Kymera Therapeutics, Inc. reported revenue of $39.2M in the most recent fiscal year, growing at a 5-year CAGR of 2.9%.
Trailing-twelve-month margins: gross margin 174.5%, operating margin -396.1%, net margin -341.9%.
At $127.51 (closing price, November 2, 2026), KYMR has negative trailing earnings (P/E not meaningful) and an ROE of -22.39%. Market capitalisation stands at $10.9B, placing it among large-cap names.
Balance sheet quality for KYMR: debt-to-equity ratio of 0.05, current ratio of 11.13 over the last 12 months, net cash position of $766.0M at the end of the last fiscal year. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | $2.9M | $34.0M | $72.8M | $46.8M | $78.6M | $47.1M | $39.2M |
| Cost of Revenue | $205,000 | $825,000 | 0 | 0 | 0 | 0 | 0 | 0 |
| Gross Profit | -$205,000 | $2.1M | $34.0M | $72.8M | $46.8M | $78.6M | $47.1M | $39.2M |
| Research & Development | $17.7M | $37.2M | $62.1M | $137.0M | $164.2M | $189.1M | $240.2M | $316.6M |
| Selling, General & Admin | $3.8M | $8.0M | $18.2M | $36.3M | $43.8M | $55.0M | $63.5M | $68.2M |
| Operating Expenses | $21.5M | $45.1M | $80.3M | $173.4M | $208.1M | $244.1M | $308.7M | $388.6M |
| Operating Income | -$21.5M | -$42.2M | -$46.3M | -$100.5M | -$161.3M | -$165.5M | -$261.6M | -$349.4M |
| EBITDA | -$21.2M | -$40.4M | -$43.7M | -$97.6M | -$151.7M | -$143.2M | -$216.2M | -$303.1M |
| Interest Expense | $16,000 | $46,000 | $115,000 | $175,000 | $176,000 | $196,000 | $249,000 | $249,000 |
| Pre-tax Income | -$21.5M | -$41.2M | -$45.6M | -$100.2M | -$154.8M | -$147.0M | -$223.9M | -$311.6M |
| Income Tax | $43,859 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Income | -$21.5M | -$41.3M | -$45.6M | -$100.2M | -$154.8M | -$147.0M | -$223.9M | -$311.4M |
| EPS | -$0.48 | -$0.93 | -$0.99 | -$2.09 | -$2.87 | -$2.52 | -$2.98 | -$3.69 |
| EPS (Diluted) | -$0.48 | -$0.93 | -$0.99 | -$2.09 | -$2.87 | -$2.52 | -$2.98 | -$3.69 |
| Shares Outstanding (Diluted) | 44.5 M | 44.5 M | 44.6 M | 48.0 M | 53.9 M | 58.4 M | 75.0 M | 84.4 M |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Revenue | $2.9M | $34.4M | $65.0M | 0 |
| Gross Profit | $79.0M | $34.4M | $65.0M | 0 |
| Operating Income | -$97.9M | -$84.2M | -$75.6M | -$147.2M |
| EBITDA | -$85.2M | -$67.2M | -$59.1M | -$129.9M |
| Net Income | -$87.0M | -$69.2M | -$61.2M | -$132.0M |
| EPS | -$0.98 | -$0.71 | -$0.62 | -$1.32 |
| EPS (Diluted) | -$0.98 | -$0.71 | -$0.62 | -$1.32 |
Balance Sheet (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $41.3M | $76.0M | $31.0M | $48.0M | $68.4M | $110.0M | $120.3M | $357.0M |
| Short-term Investments | 0 | $15.9M | $265.2M | $394.4M | $338.8M | $264.9M | $368.5M | $491.3M |
| Receivables | $148,000 | 0 | $1.4M | $135,000 | $2.5M | $18.8M | $947,000 | 0 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $41.8M | $92.8M | $302.3M | $451.3M | $419.4M | $405.3M | $510.3M | $871.2M |
| Property, Plant & Equipment | $2.2M | $22.1M | $20.7M | $21.3M | $22.2M | $101.1M | $97.9M | $85.5M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $44.2M | $116.7M | $487.2M | $605.9M | $603.1M | $575.8M | $978.0M | $1.74B |
| Accounts Payable | $2.1M | $3.3M | $4.4M | $4.0M | $4.3M | $7.1M | $6.0M | $4.0M |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $13.8M |
| Total Current Liabilities | $4.7M | $34.6M | $110.6M | $92.5M | $71.3M | $85.7M | $67.8M | $83.2M |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $78.7M | $191.1M | $203.3M | $146.3M | $113.0M | $180.8M | $142.4M | $163.1M |
| Retained Earnings | -$35.2M | -$76.5M | -$128.8M | -$229.0M | -$383.8M | -$530.8M | -$754.6M | -$1.07B |
| Total Equity | -$34.4M | -$74.4M | $283.9M | $459.6M | $490.2M | $395.0M | $835.6M | $1.58B |
| Total Debt | $695,000 | $21.2M | $18.0M | $18.0M | $17.3M | $84.7M | $87.8M | $82.3M |
| Net Debt | -$40.6M | -$70.8M | -$278.2M | -$424.5M | -$389.8M | -$290.2M | -$401.0M | -$766.0M |
| Working Capital | $37.1M | $58.3M | $191.7M | $358.7M | $348.1M | $319.6M | $442.5M | $788.0M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $112.9M | $357.0M | $144.1M | $124.5M |
| Total Assets | $1.10B | $1.74B | $1.67B | $1.65B |
| Total Liabilities | $155.8M | $163.1M | $129.4M | $139.9M |
| Total Equity | $946.3M | $1.58B | $1.54B | $1.51B |
| Total Debt | $84.0M | $82.3M | $80.5M | $82.2M |
Cash Flow (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Net Income | -$21.5M | -$41.2M | -$45.6M | -$100.2M | -$154.8M | -$147.0M | -$223.9M | -$311.4M |
| Depreciation & Amortization | $205,000 | $825,000 | $1.8M | $2.4M | $3.0M | $3.6M | $7.4M | $8.3M |
| Stock-based Compensation | $648,000 | $1.2M | $5.2M | $25.0M | $35.5M | $43.1M | $55.0M | $59.9M |
| Change in Working Capital | $2.3M | $2.8M | $124.9M | -$61.9M | -$37.6M | $9.3M | -$24.0M | $15.3M |
| Operating Cash Flow | -$17.9M | $17.9M | $88.1M | -$128.9M | -$153.1M | -$102.8M | -$194.5M | -$232.9M |
| Capital Expenditure | -$1.4M | -$532,000 | -$9.1M | -$1.6M | -$2.8M | -$34.5M | -$12.8M | -$1.4M |
| Acquisitions | 0 | 0 | $413.5M | $5.8M | -$20.5M | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$19.2M | $17.4M | $79.0M | -$130.5M | -$155.9M | -$137.3M | -$207.3M | -$234.3M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | -$27.1M | -$66.7M | -$88.8M | -$54.1M |
| Capital Expenditure | -$181,000 | -$106,000 | -$434,000 | -$473,000 |
| Free Cash Flow | -$27.3M | -$66.9M | -$89.3M | -$54.5M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $15.8M | $14.5M | $16.0M | $18.9M |
Growth & Margins (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +1,060.0% | +114.0% | -35.7% | +67.8% | -40.1% | -16.7% | ||
| Net Income Growth (YoY) | -92.4% | -10.4% | -119.8% | -54.5% | +5.1% | -52.3% | -39.1% | |
| EPS Growth (YoY) | -93.8% | -6.5% | -111.1% | -37.3% | +12.2% | -18.3% | -23.8% | |
| Shares Change (YoY) | +0.0% | +0.1% | +7.7% | +12.4% | +8.2% | +28.6% | +12.5% | |
| FCF Growth (YoY) | +190.4% | +354.9% | -265.2% | -19.4% | +11.9% | -51.0% | -13.0% | |
| Gross Margin | 71.9% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | |
| Operating Margin | -1,438.5% | -136.1% | -138.0% | -344.4% | -210.6% | -555.8% | -891.3% | |
| EBITDA Margin | -1,376.1% | -128.4% | -134.1% | -323.9% | -182.2% | -459.4% | -773.1% | |
| Net Margin | -1,407.4% | -134.0% | -137.6% | -330.6% | -187.0% | -475.6% | -794.4% | |
| FCF Margin | 592.1% | 232.2% | -179.2% | -333.0% | -174.7% | -440.5% | -597.8% | |
| Effective Tax Rate | -0.2% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| FCF Per Share | -$0.43 | $0.39 | $1.77 | -$2.72 | -$2.89 | -$2.35 | -$2.76 | -$2.78 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | 44.5 M | 44.5 M | 44.6 M | 48.0 M | 53.9 M | 58.4 M | 75.0 M | 84.4 M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | -22.39% |
| Return on Invested Capital | -23.94% |
| Return on Assets | -19.77% |
| Gross Margin | 174.52% |
| Operating Margin | -396.08% |
| Net Margin | -341.87% |
Financial Health
| Debt / Equity | 0.05 |
| Current Ratio | 11.13 |
| Piotroski F-Score | 2 |
| Altman Z-Score | 23.20 |
Key Ratios (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| P/E | -69.29 | -35.76 | -62.63 | -30.38 | -8.70 | -10.10 | -13.50 | -21.09 |
| P/B | -43.01 | -19.91 | 9.73 | 6.63 | 2.75 | 3.76 | 3.61 | 4.16 |
| P/S | 0.00 | 504.79 | 81.17 | 41.83 | 28.75 | 18.91 | 64.14 | 167.51 |
| Gross Margin | 0.0% | 71.9% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Operating Margin | 0.0% | -1,438.5% | -136.1% | -138.0% | -344.4% | -210.6% | -555.8% | -891.3% |
| Net Margin | 0.0% | -1,407.4% | -134.0% | -137.6% | -330.6% | -187.0% | -475.6% | -794.4% |
Related companies: NRIX · VRTX · 0QZU.L · REGN · MRNA · 0R2M.L · ARGX · 0QNO.L
Explore sector: Healthcare · Biotechnology
More sections of KYMR: Overview · Valuation · Statistics · Estimates · Technical · Ownership · News · Events
Discover more: Weekly Radar: the S&P 500 through the Buffett and Lynch methods · Companies that pass the Buffett method · Companies that pass the Lynch method · Stocks that pass Graham's defensive investor test today · Investment Academy — learn to analyze stocks