KYMR - Quick Take - 1st patient dosed in IRAK4 gives KYMR additional cash with 1st indication likely HS

Research evidence excerpt

KYMR - Quick Take - 1st patient dosed in IRAK4 gives KYMR additional cash with 1st indication likely HS

Truist Securities

Equity Research Report June 9, 2026

HEALTHCARE: Biotech Kymera Therapeutics Inc. (KYMR)

KYMR - Quick Take - 1st patient dosed in IRAK4 gives KYMR Srikripa Devarakonda, Ph.D.

212-303-4173 additional cash with 1st indication likely HS

Srikripa.Devarakonda@truist.com

Alexander Xenakis This morning, Kymera (KYMR, Buy) indicated that its partner Sanofi (SNY, NR) has dosed

212-590-0954 its first patient in a Ph1 HV study of KT-485 / SAR447971 (IRAK4). Because SNY is leading

Alexander.Xenakis@truist.com development, regulatory, and commercial efforts for KT-485, KYMR is eligible to receive up

to $975 million of potential clinical, regulatory and commercial milestones related to KT-485

Anna Li and realized a $20M milestone payment today for 2Q26. Of note, the Ph1 trial includes 94

212-326-6090 HVs and includes an exploratory MAD cohort of n=20 HS patients, with primary completion

Anna.Li@truist.com expected Feb 2028 per NCT. We model 2036 WW peak sales of $730M for KT-485 across

HS and AD ($300M and $440M respectively) vs $520M consensus.

We see this development as in-line with expectations since KYMR forecasted moving IRAK4

Current Price (Jun. 8, $73.95 into the clinic this year after a previous delay in mid-June where first-gen IRAK4 KT-474 was

2026) deprioritized; we estimate that pushes out timelines by ~3 years. KT-485 is noted to have

Stock Rating BUY an improved safety and tolerability profile after HV studies of KT-474 showed a delayed, asymptomatic prolongation of the corrected QT interval that was non-adverse and reversible. Unchanged

Price Target $116.00 Anticipated milestones/catalysts: • 2H26: KT-579 (IRF5): Ph1 topline data Unchanged