Kymera Therapeutics KYMR

Nasdaq · Biological Products, (No Diagnostic Substances) · $11.3B

$128.12−5.97%Nov 5 close · Databento

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KYMR Wire Story Reactions & EOD Technical StudyDaily closes (Databento EOD) pinned with every AlgoThesis Wire story (dot colour = next trading day close) and SEC filing

Nov 5, 2026CLOSE $128.121D −5.97%3M +18.00%SMA20 $116.49SMA50 $115.44RSI(14) 62.2

128.12

RSI (14, Wilder EOD) · 70 Overbought / 30 OversoldRSI 62.2

Data provided by Databento (end of day). Next close = the first close after a story against the close before it; official daily closes only, not a call, not advice.

The numbers

fiscal 2025, as filed with the SEC · 66-metric EOD snapshot via Databento

Market cap$11.3B

Enterprise value$11.0B

Revenue$39.2M −16.7%

True FCF (ex-SBC)$-294.2M −13.0%

Rule of 40-614.3%

ROIC-28.6%

True FCF Yield-2.6%

EPS, diluted$-3.69 −23.8%

Modern Valuation (EOD)

Market Cap$11.3B

Enterprise Value$11.0B

EV / True FCF—

EV / FCF—

EV / Gross Profit—

EV / EBIT—

EV / Sales279.83

P / E (GAAP)36.39

P / FCF—

P / Oper. CF—

P / Book7.17

Owner & Cash Yields

True FCF Yield-2.6%

FCF Yield-2.1%

Owner Earn. Yield2.3%

Earnings Yield2.7%

Shareholder Yield—

Buyback Yield—

Dividend Yield—

Dividend / sh—

Payout Ratio—

FCF / sh$-2.74

EPS (diluted)$-3.69

Compounder & Returns

Rule of 40-614.3%

ROIC-28.6%

Cash ROIC (CROIC)-19.2%

GP / Assets—

ROE19.7%

ROA17.9%

Gross Margin—

Oper. Margin-891.1%

Net Margin794.0%

FCF Margin-597.6%

True FCF Margin-750.4%

Quality & Dilution

Cash Conversion-75%

Accrual Ratio+31.2%

SBC % of FCF—

SBC % of Rev152.8%

Reinvest. Rate—

Sales Growth Y/Y−16.7%

Sales 3Y CAGR−5.7%

EPS Growth Y/Y−23.8%

FCF Growth Y/Y−13.0%

FCF 3Y CAGR—

Share Change Y/Y+12.6%

Balance Sheet & Scale

Revenue (FY)$39.2M

Gross Profit (FY)—

Oper. Income (FY)$-349.4M

GAAP Net Income$311.4M

True FCF (ex-SBC)$-294.2M

Cash & Equiv$357.0M

Total Debt—

Net Cash (Debt)$357.0M

Net Cash % MCap+3.2%

Debt / FCF (yrs)—

Current Ratio10.4785.37M sh

Price & Technicals (EOD)

Perf Week+4.50%

Perf Month+18.25%

Perf Quarter+19.16%

Perf Half Y+51.39%

Perf YTD+47.38%

SMA 20 Dist+9.98%$116.49

SMA 50 Dist+10.99%$115.44

SMA 100 Dist+13.11%$113.27

Window High−5.97%$136.25

Window Low+79.72%$71.29

RSI (14) · Vol62.252%v

Income Distribution & Cash Flow ConversionHow every dollar of KYMR revenue flows through cost of goods, operating expenses, taxes, GAAP net income, and dilution-adjusted free cash flow

Where Every $100 of Revenue Goes (FY2025)

Cost of Revenue (COGS)$39.2M ($100.0 / $100)

R&D Reinvestment$316.6M ($100.0 / $100)

Operating Expenses$72.0M ($100.0 / $100)

Tax & Non-Operating$0 ($0.0 / $100)

Net Profit Kept$311.4M ($0.0 / $100)

Earnings Quality: GAAP Profit → True Owner Cash (FY2025)

GAAP Net Income$311.4M (794.0% margin)

Operating Cash Flow (OCF)$-232.9M(-593.9% of rev)

Less: Capital Expenditures−$1.4M(3.7% of rev)

Standard Free Cash Flow (FCF)$-234.3M(-597.6% margin)

Less: Stock-Based Comp (SBC)−$59.9M

True FCF (Owner Cash ex-SBC)$-294.2M(-750.4% of rev)

Revenue by fiscal year

Operating leverage — margins

GrossOperatingNet

Line Item (USD)	FY2021	FY2022	FY2023	FY2024	FY2025	YoY Δ	4Y CAGR
Income Statement
Revenue	$72.8M	$46.8M	$78.6M	$47.1M	$39.2M	−16.7%	−14.3%
Cost of Revenue (COGS)	—	$46.8M	$78.6M	$47.1M	$39.2M	−16.7%	−5.7%
Research & Development (R&D)	$137.0M	$164.2M	$189.1M	$240.2M	$316.6M	+31.8%	+23.3%
Total Operating Expenses	$173.4M	$208.1M	$244.1M	$308.7M	$388.6M	+25.9%	+22.4%
Operating Income (EBIT)	$-100.5M	$-161.3M	$-165.5M	$-261.6M	$-349.4M	−33.5%	—
Income Tax Expense	$0	$0	—	—	$0	—	—
GAAP Net Income	$100.2M	$154.8M	$147.0M	$223.9M	$311.4M	+39.1%	+32.8%
Diluted EPS	$-2.09	$-2.87	$-2.52	$-2.98	$-3.69	−23.8%	—
Diluted Shares	48.0M	53.9M	58.4M	75.0M	84.5M	+12.6%	+15.2%
Balance Sheet
Cash & Equivalents	$48.0M	$68.4M	$110.0M	$120.3M	$357.0M	+196.9%	+65.2%
Total Current Assets	$451.3M	$419.4M	$405.3M	$510.3M	$871.2M	+70.7%	+17.9%
Total Assets	$605.9M	$603.1M	$575.8M	$978.0M	$1.7B	+78.2%	+30.2%
Total Current Liabilities	$92.5M	$71.3M	$85.7M	$67.8M	$83.2M	+22.8%	−2.6%
Total Liabilities	$146.3M	$113.0M	$180.8M	$142.4M	$163.1M	+14.6%	+2.8%
Stockholders' Equity	$459.6M	$490.2M	$395.0M	$835.6M	$1.6B	+89.0%	+36.2%
Net Cash / (Net Debt)	$48.0M	$68.4M	$110.0M	$120.3M	$357.0M	+196.9%	+65.2%
Invested Capital	$411.7M	$421.8M	$285.0M	$715.4M	$1.2B	+70.9%	+31.3%
Cash Flow & Capital Allocation
Operating Cash Flow (OCF)	$-128.9M	$-153.1M	$-102.8M	$-194.5M	$-232.9M	−19.7%	—
Depreciation & Amortization (D&A)	$2.4M	$3.0M	$3.6M	$7.4M	$8.3M	+12.7%	+36.5%
Stock-Based Compensation (SBC)	$25.0M	$35.5M	$43.1M	$55.0M	$59.9M	+8.9%	+24.5%
Capital Expenditures (CapEx)	$1.6M	$2.8M	$34.5M	$12.8M	$1.4M	−88.7%	−2.4%
Free Cash Flow (FCF)	$-130.5M	$-155.9M	$-137.3M	$-207.3M	$-234.3M	−13.0%	—
True FCF (ex-SBC Owner Cash)	$-155.5M	$-191.4M	$-180.4M	$-262.4M	$-294.2M	−12.2%	—

Fundamentals, income distribution and multi-year statements from SEC EDGAR filings (public domain). Valuation multiples, performance and technicals computed from Databento 1D EOD closes. For information only, not investment advice.

On the Wire

what KYMR did at the next close after each story

No Wire story has named KYMR yet.

What happened · big days

12 big days in a year, and what we hold on each

A big day is a close more than 5.46% from the one before, three times KYMR’s median day (1.82%). On 2 of the 12, its peer group moved the same way at least half as far. We show what we hold. We never name a cause.

every other trading daya big day, numbered in the list below±5.46%Hover a bar for its day. Click a big day to open it.

Shaded: since our stories began, Jun 10. Tap a bar for its day.

#DayKYMRWhat we hold that dayGroup (median of 4) · each

1 Dec 8, 2025+41.55%
Before our storiesgroup −0.2%, did not move with it
1Dec 8, 2025+41.55%
Before our stories
−0.2% did not move with itMRNA +1.0 · GILD −0.0 · BIIB −0.5 · AMGN −2.6
2 Dec 9, 2025−7.87%
Before our storiesgroup −1.9%, did not move with it
2Dec 9, 2025−7.87%
Before our stories
−1.9% did not move with itBIIB −2.5 · AMGN −2.3 · GILD −1.5 · MRNA +1.0
3 Dec 19, 2025+5.48%
Before our storiesgroup +2.6%, did not move with it
3Dec 19, 2025+5.48%
Before our stories
+2.6% did not move with itMRNA +9.2 · BIIB +2.9 · GILD +2.3 · AMGN +0.9
4 Jan 2, 2026−6.49%
Before our storiesgroup +0.6%, did not move with it
4Jan 2, 2026−6.49%
Before our stories
+0.6% did not move with itGILD −0.9 · AMGN +0.1 · BIIB +1.0 · MRNA +4.7
5 Mar 25, 2026+6.06%
Before our storiesgroup +2.2%, did not move with it
5Mar 25, 2026+6.06%
Before our stories
+2.2% did not move with itMRNA +4.3 · BIIB +2.9 · AMGN +1.6 · GILD +0.1
6 Jun 2, 2026−9.15%
Before our storiesgroup −1.3%, did not move with it
6Jun 2, 2026−9.15%
Before our stories
−1.3% did not move with itGILD −2.7 · BIIB −1.8 · MRNA −0.9 · AMGN −0.3
7 Jun 11, 2026+6.05%
Nothing on KYMRgroup +4.2%, moved with KYMR
7Jun 11, 2026+6.05%
Nothing on KYMRNo KYMR story, brief or results filing in our record that day
+4.2% moved with KYMRMRNA +7.9 · AMGN +4.8 · GILD +3.6 · BIIB +2.9
8 Jun 22, 2026+9.97%
Nothing on KYMRgroup +1.3%, did not move with it
8Jun 22, 2026+9.97%
Nothing on KYMRNo KYMR story, brief or results filing in our record that day
+1.3% did not move with itAMGN +2.1 · BIIB +1.6 · GILD +0.9 · MRNA −7.2
9 Jun 25, 2026+16.61%
Nothing on KYMRgroup −0.3%, did not move with it
9Jun 25, 2026+16.61%
Nothing on KYMRNo KYMR story, brief or results filing in our record that day
−0.3% did not move with itBIIB +1.2 · AMGN +0.4 · GILD −1.1 · MRNA −1.1
10 Jun 26, 2026−7.16%
Nothing on KYMRgroup +5.1%, did not move with it
10Jun 26, 2026−7.16%
Nothing on KYMRNo KYMR story, brief or results filing in our record that day
+5.1% did not move with itAMGN +1.6 · GILD +3.3 · BIIB +7.0 · MRNA +12.6
11 Jul 13, 2026−7.50%
Nothing on KYMRgroup +0.2%, did not move with it
11Jul 13, 2026−7.50%
Nothing on KYMRNo KYMR story, brief or results filing in our record that day
+0.2% did not move with itMRNA −1.9 · AMGN −0.8 · GILD +1.2 · BIIB +5.0
12 Nov 4, 2026+7.21%
Nothing on KYMRgroup +4.0%, moved with KYMR
12Nov 4, 2026+7.21%
Nothing on KYMRNo KYMR story, brief or results filing in our record that day
+4.0% moved with KYMRMRNA +13.1 · GILD +4.2 · AMGN +3.7 · BIIB +2.2

A story on the same day is not a cause, and a group move is not proof either. Group: the median of AMGN, GILD, MRNA and BIIB that day, the largest companies in KYMR’s SEC industry; “moved with KYMR” means the same direction and at least half the size.

What’s next · results

Before the next report: what the first day after the last four did

Six trading days after each results filing (SEC 8-K, Item 2.02). KYMR reports before the open, so day 1 is that day’s close. 1 of 4 times, day 6 ended on the same side as day 1.

Reported Jan 13, 2026

day 1+1.42%day 6−3.22%

Reported Feb 26, 2026

day 1+4.80%day 6−7.90%

Reported Apr 30, 2026

day 1−0.54%day 6+3.83%

Reported Aug 5, 2026

day 1+1.04%day 6+9.23%

Next report: expected late JanuaryEstimated from the dates of its last four results filings. Not announced. Since the Oct 29 report: +11.22%. Four reports is a small sample.

Every report since 2023 →

Each line is KYMR’s close against its close before the filing, on licensed end-of-day closes. What happened after each report, not a forecast; a move on the day is not a cause.

Same industry

KYMR against four biotech peers, a year at 100

KYMR is up 2.3 times in a year. Moderna is up 10.5 times. Of these four, Biogen (+63.6%), Amgen (+49.4%) and Gilead Sciences (+46.8%) did less. Weekly closes, Nov 7, 2025 = 100, on a log scale so a 10.5-fold rise and a 46.8% rise both read honestly.

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KYMR ×2.3. Moderna ×10.5, Biogen +63.6%, Amgen +49.4%, Gilead Sciences +46.8%. Weekly closes, Nov 7, 2025 = 100, log scale.

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End-of-day closes (Databento EOD), the last close of each week. The four peers are the largest US-listed companies by market value in KYMR’s SEC industry (Biological Products, (No Diagnostic Substances)) with a year of closes. It shows what the closes did; a move here is not a cause, a forecast or a call.

The Wire at 7 AM ET, free. Top stories with a bull and a bear case on each, every morning. No account needed.

AMGN	Amgen	$258.7B	−3.80%
GILD	Gilead Sciences	$216.3B	−3.96%
MRNA	Moderna	$103.2B	−6.55%
BIIB	Biogen	$37.6B	−4.14%
EXEL	Exelixis	$18.0B	−5.55%
NBIX	Neurocrine Biosciences	$16.9B	−3.79%
HALO	Halozyme Therapeutics	$14.8B	−5.66%
TECH	BIO-TECHNE	$11.4B	−0.10%