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Biotechnology · Healthcare · Fiscal year ends Dec 31
Kymera Therapeutics reported revenue of $39M in the fiscal year ended Dec 2025, down 16.7% from the year before. Operating income was −$349M, an operating margin of −891.1%, and net income was −$311M. Operating cash flow of −$233M less capital expenditure of $1M left free cash flow of −$234M.
Ranks among the 30 biotechnology companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 72.8 | 46.8 | 78.6 | 47.1 | 39.2 |
| Cost of revenue | – | 46.8 | 78.6 | 47.1 | 39.2 |
| Gross profit | – | 0.0 | 0.0 | 0.0 | 0.0 |
| Research & development | 137 | 164 | 189 | 240 | 317 |
| Operating income | −101 | −161 | −166 | −262 | −349 |
| Pre-tax income | – | – | – | – | −311 |
| Income tax | 0.0 | 0.0 | – | – | 0.0 |
| Net income | −100 | −155 | −147 | −224 | −311 |
| Diluted EPS | −2.09 | −2.87 | −2.52 | −2.98 | −3.69 |
| Diluted shares | 48.0 | 53.9 | 58.4 | 75.0 | 84.5 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 48.0 | 68.4 | 110 | 120 | 357 |
| Receivables | – | 0.0 | 15.0 | 0.0 | 0.0 |
| Current assets | 451 | 419 | 405 | 510 | 871 |
| Net PP&E | 11.9 | 13.3 | 48.1 | 50.5 | 43.2 |
| Total assets | 606 | 603 | 576 | 978 | 1,743 |
| Payables | 4.0 | 4.3 | 7.1 | 6.0 | 4.0 |
| Deferred revenue | 61.7 | 35.3 | 37.9 | 13.6 | 22.9 |
| Current liabilities | 92.5 | 71.3 | 85.7 | 67.8 | 83.2 |
| Total liabilities | 146 | 113 | 181 | 142 | 163 |
| Shareholders' equity | 460 | 490 | 395 | 836 | 1,580 |
| Backlog (remaining obligations) | – | – | – | 51.4 | – |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −129 | −153 | −103 | −195 | −233 |
| Capital expenditure | 1.6 | 2.8 | 34.5 | 12.8 | 1.4 |
| Free cash flow | −131 | −156 | −137 | −207 | −234 |
| Depreciation & amortisation | 2.4 | 3.0 | 3.6 | 7.4 | 8.3 |
| Stock-based compensation | 25.0 | 35.5 | 43.1 | 55.0 | 59.9 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −35.7% | 67.8% | −40.1% | −16.7% |
| Gross margin | – | 0.0% | 0.0% | 0.0% | 0.0% |
| Operating margin | −138.0% | −344.4% | −210.6% | −555.8% | −891.1% |
| Net margin | −137.6% | −330.6% | −187.0% | −475.6% | −794.0% |
| Return on equityBlank when equity is negative | −21.8% | −31.6% | −37.2% | −26.8% | −19.7% |
| ROCEEBIT ÷ (assets − current liabilities) | −19.6% | −30.3% | −33.8% | −28.7% | −21.1% |
| Free cash flow margin | −179.2% | −333.0% | −174.7% | −440.5% | −597.6% |
| Cash conversion (CFO ÷ net income) | 1.29x | 0.99x | 0.70x | 0.87x | 0.75x |
| Receivable days | – | 0 | 70 | 0 | 0 |
| Payable days | – | 34 | 33 | 46 | 37 |
| Current ratio | 4.88x | 5.88x | 4.73x | 7.53x | 10.5x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.