Kymera Therapeutics Inc: Pipeline Progress Across Early-Stage Programs

Research evidence excerpt

Kymera Therapeutics Inc: Pipeline Progress Across Early-Stage Programs

Update

June 9, 2026 03:29 PM GMT

Morgan Stanley & Co. LLCMKymera Therapeutics Inc | North America Judah C. Frommer, CFA

Equity Analyst

Pipeline Progress Across Early- Judah.Frommer@morganstanley.comNicholas D Japhet +1 212 761-1270

Research Associate

Nick.Japhet@morganstanley.com +1 212 761-2721

Stage Programs Parth Patel

Parth.Patel@morganstanley.com +1 212 761-5065

Key Takeaways

KYMR reported updates this week for KT-579 (preclinical lupus data) and KT-485

(first Ph1 patient dosed)

KT-579 Ph1 HV data expected in 2H26

Kymera Therapeutics Inc (KYMR.O, KYMR US)

Updates provide incremental additional validation of KYMR's degrader

Biotechnology | United States of America

capabilities and underscore opportunity beyond STAT6

Stock Rating Overweight

Industry View Attractive

KYMR reported updates this week from its earlier-stage IRF5 (KT-579) and Price target $119.00

Shr price, close (Jun 8, 2026) $73.95

IRAK4 (KT-485) programs. New preclinical data for KT-579 support KYMR's Mkt cap, curr (mm) $7,183

differentiated approach in complex autoimmune indications like lupus, and the first 52-Week Range $103.00-36.65

subject dosed in the Ph1 study of KT-485 advances opportunities in Th1-Th17

indications like HS and RA (while also triggering a $20M milestone payment). While

KT-621 has received the majority of focus from investors in recent quarters, updates

from KYMR's earlier pipeline programs continue to validate the company's degrader

expertise while also improving line-of-sight into additional significant commercial

opportunities. We look forward to additional updates from these programs,

including the Ph1 HV data for KT-579 in 2H26.

Lupus models support potential disease-modifying activity of KT-579. KYMR