Kymera turned a $11.5 million three-month business into a $65.0 million one. Revenue jumped 466.4% from the comparable period, while the net loss narrowed to $61.2 million from $76.6 million.
The balance sheet adds context. Cash fell to $124.5 million from $335.8 million, a 62.9% drop, even as the company brought in much more revenue. Diluted shares also rose 22.0%, to 98.2 million, alongside the company’s development spending.
The key distinction is between revenue growth and self-funding. Kymera’s research and development expense rose 52.4%, to $119.5 million, driven chiefly by its STAT6 program and increased spending on personnel, facilities, and other programs. The company is spending into later-stage work, where trials tend to cost more and run longer.
Management’s cash-flow account makes the difference concrete. For the six months ended June 30, operating cash use was $142.9 million, roughly in line with $139.0 million in the comparable six-month period, despite the sharp increase in reported revenue during the latest three months.
"Cash flows The following table summarizes our sources and uses of cash for each of the periods presented: Six Months Ended June 30, 2026 2025 (in thousands) Cash used in operating activities $ (142,905 ) $ (139,034 ) Cash provided by (used in) investing activities (122,795 ) 108,636 Cash provided by financing activities 33,188 245,984 Net decrease in cash, cash equivalents and restricted cash $ (232,512 ) $ 215,586. Cash Flow used in Operating Activities During the six months ended June 30, 2026, cash used in operating activities was $142.9 million, primarily resulting from our net loss of $130.4 million during the period and a $46.4 million net decrease in other operating assets and liabilities primarily driven by changes in contract assets, deferred revenue, accounts payable, accrued expenses and operating lease liabilities."
Kymera Therapeutics, 10-Q filed August 5, 2026
The plain-English version: operating cash use did not shrink with the loss, and total cash also absorbed investing activity. The accounting comparison says free-cash-flow margin improved by 272.8 percentage points to negative 144.7%, but “improved” here still means deeply negative.
Management attributes the R&D increase to a specific clinical bet:
"The increase of $59.0 million was primarily due to a $36.1 million increase in costs related to our STAT6 program, a $15.6 million increase in personnel, equity-based compensation, occupancy, and other internal costs due to increased investment in employee talent and facilities in the research and development functions, and a $7.3 million increase in activities related to our non-STAT6 programs."
Kymera Therapeutics, 10-Q filed August 5, 2026
That receipt documents the R&D increase alongside the reported loss. The figures show higher revenue alongside increased R&D spending, with more spending on the programs intended to support the next stage of the business.
One piece of partner context illustrates how a biotech’s revenue can involve licensing relationships. Kymera disclosed that Gilead exercised an option for an exclusive license to the CDK2 program in April 2026. The company does not assign the latest $65.0 million of revenue to that event, so it is evidence of a licensing relationship, not a bridge for the quarter’s numbers.
Kymera’s next quarterly report will provide the factual comparison that matters most here: operating cash use and the cash balance alongside STAT6 spending. Revenue scaled up in the three-month period, but the cash burden did not disappear.
Kymera’s latest 10-Q pairs a 466.4% three-month revenue increase with $142.9 million of operating cash use over six months.