KYMRKymera Therapeutics, Inc.

Biological Products, (no Diagnostic Substances)

Revenue: $39M; 17% YoY
Operating margin: -891.1%; 60% YoY
EBITDA: −$341M; 34% YoY
Market cap: $10.8B
Employees: 238; $165K revenue each
Net debt / EBITDA: —
AI in 10-K: 3.4; mentions per 10K words

Takeover score 4 of 13

Fixable underperformance 3 of 7

TSR below peersYes
3 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$10M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashYes
-75% of net income
Cash flow under 80% of net income
Dilutive SBCYes
153% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
—
Over 40% of assets
Shareholder dissentNo
93% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$165K · 37th pct
Bottom quartile of its SIC industry
Quiet on AINo
3.4 per 10K words · 73rd pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedNo
$10.8B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$293M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$73M	$47M	$79M	$47M	$39M	17%
Operating income	−$101M	−$161M	−$166M	−$262M	−$349M	34%
Net income	$100M	$155M	$147M	$224M	$311M	39%
Operating cash flow	−$129M	−$153M	−$103M	−$195M	−$233M	20%
Capex	$2M	$3M	$34M	$13M	$1M	89%
Stock-based comp	$25M	$35M	$43M	$55M	$60M	8.9%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Jun 26, 2026	BIOTECHNOLOGY VALUE FUND L P	SCHEDULE 13D/A	16.4%	Passive
Dec 15, 2025	BIOTECHNOLOGY VALUE FUND L P	SCHEDULE 13D/A	17.8%	Passive
Dec 11, 2025	BAKER BROS. ADVISORS LP	SCHEDULE 13D/A	10.9%	Passive
Jun 30, 2025	BAKER BROS. ADVISORS LP	SCHEDULE 13D/A	28.5%	Passive
Aug 22, 2024	BAKER BROS. ADVISORS LP	SC 13D/A	9.3%	Passive
Apr 1, 2024	BAKER BROS. ADVISORS LP	SC 13D	9.8%	Passive
Jan 9, 2024	BIOTECHNOLOGY VALUE FUND L P	SC 13D/A	5.5%	Passive
Jun 5, 2023	VERTEX PHARMACEUTICALS INC / MA	SC 13D/A	0.0%	Passive
Aug 23, 2022	BIOTECHNOLOGY VALUE FUND L P	SC 13D/A	4.5%	Passive
Jun 1, 2022	BIOTECHNOLOGY VALUE FUND L P	SC 13D/A	4.3%	Passive

Insider trading

Open-market buys, 12 mo: $172M · 2
Open-market sells, 12 mo: $465M · 260
Net: −$293M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$9M	$28M	126	125
FY2024	$15M	$20M	65	93
FY2023	$10M	$6M	41	94
FY2022	$7M	−$25M	40	90
FY2021	$12M	$13M	102	100