Kymera Sold $219.9 Million Of Stock Through Its At-The-Market Program, Then Subleased Its Old Lab To A Director's Other Company
The biotech's third-quarter 10-Q shows 2,032,140 shares sold at the market and a related-party sublease of its former Watertown lab.
Kymera Therapeutics, a clinical-stage biotech building oral protein-degrading medicines, sold 2,032,140 shares through its at-the-market program for gross proceeds of about $219.9 million, according to its 10-Q filed Thursday. The same filing shows it subleased its old Watertown lab to a company on whose board one of its own directors sits.
From zero sales to 2 million shares
The shares were sold under the Cowen sales agreement, which allows up to $500.0 million of stock sales. Net proceeds were $215.4 million, and the company pays the sales agent a commission of up to 3.0% of gross proceeds.
The prior quarter's 10-Q said no shares had been sold under the agreement as of June 30, 2026, so the sales came in the third quarter. Common shares outstanding reached 85,325,503 at September 30, 2026, from 81,323,532 at the end of 2025.
Pre-funded warrants for 15,815,253 shares are also outstanding. Their exercise price is $0.0001, so they already count as shares in the loss-per-share math.
A sublease with a director's other company
On July 14, 2026, Kymera subleased the space under its 2019 Watertown lease to Merida Biosciences. Merida is a related party because Kymera director John Maraganore also sits on its board. Kymera's Audit Committee approved the terms, and management believes they match what an unrelated party would have negotiated.
The sublease starts January 1, 2027, with rent beginning September 1, 2027, and ends March 31, 2030, the same day the 2019 lease ends. Kymera remains primarily liable under that lease, and it recorded no new impairment. Impairment charges to date on the space total $8.8 million. The company left the space when it moved into its larger lab in February 2024.
Losses widen as revenue stops
Kymera posted a net loss of $132.0 million for the quarter, against $82.2 million a year earlier. Collaboration revenue was $0, compared with $2.8 million. The company said in its earnings release that it does not expect more collaboration revenue in 2026.
Research and development spending rose to $128.5 million from $74.1 million, with STAT6 program costs up $34.7 million. For the first nine months, collaboration revenue was $99.4 million, which included $45.0 million from Gilead and $20 million from Sanofi.
Cash and marketable securities stood at $1,646 million at September 30, 2026. Kymera says that funds operations into 2029. Its market value was $10.2 billion.
Kymera said topline data from its KT-621 BROADEN2 Phase 2b atopic dermatitis trial will be reported by year-end 2026.
Sources
- 10-Q Filing — Kymera Therapeutics (KYMR) — SEC EDGAR
- 10-Q Filing — Kymera Therapeutics (KYMR), Q2 FY2026 filed 2026-08-05 (comparison basis) — SEC EDGAR
- Earnings release (8-K Item 2.02, kymr-ex99_1.htm) — Kymera Therapeutics, filed 2026-10-29 — SEC EDGAR
- Kymera Therapeutics (KYMR) Nears Earnings With KT 621 In Focus, Is The Stock Still Cheap? — Yahoo Finance
- Kymera Therapeutics to Announce KT-579 Phase 1 Healthy Volunteer Trial Results on October 29, 2026 — Yahoo Finance
- Kymera Therapeutics Announces Third Quarter 2026 Financial — globenewswire.com
- Kymera Therapeutics to Announce KT-579 Phase 1 Healthy — globenewswire.com
