Kymera Therapeutics Reports Material Agreement, Financial Condition Changes

TL;DR

**Kymera filed an 8-K about a material agreement and financial results, but gave no details.**

AI Summary

Kymera Therapeutics, Inc. filed an 8-K on January 5, 2024, reporting an event that occurred on January 4, 2024, concerning an "Entry into a Material Definitive Agreement" and "Results of Operations and Financial Condition." While the filing indicates these significant events, it does not provide specific details about the agreement or the financial results. This matters to investors because without the specifics, it's impossible to assess the impact of these potentially major developments on the company's future prospects and stock value.

Why It Matters

This filing signals significant corporate activity and potential financial shifts for Kymera Therapeutics, but the lack of detail leaves investors in the dark about the nature and impact of these changes.

Risk Assessment

Risk Level: medium — The filing indicates significant events without providing details, creating uncertainty and potential for speculation among investors.

Analyst Insight

A smart investor would await further detailed disclosures from Kymera Therapeutics regarding the material definitive agreement and financial results before making any investment decisions, as this filing lacks the necessary specifics to assess impact.

Key Players & Entities

• Kymera Therapeutics, Inc. (company) — the registrant filing the 8-K
• January 4, 2024 (date) — date of the earliest event reported
• January 5, 2024 (date) — date the 8-K was filed
• 001-39460 (other) — Commission File Number for Kymera Therapeutics, Inc.
• KYMR (other) — Trade Symbol for Kymera Therapeutics, Inc. Common Stock
• The Nasdaq Global Market (other) — exchange where Kymera Therapeutics, Inc. Common Stock is registered

FAQ

Key Financial Figures

• $0.0001 — nge on which registered Common Stock, $0.0001 par value per share KYMR The Nasdaq
• $25.25 — on Stock"), at a price to the public of $25.25 per share, and (b) pre-funded warrants
• $25.2499 — Warrants"), at a price to the public of $25.2499 per warrant, which represents the per s
• $301.1 million — ffering expenses, will be approximately $301.1 million. The Company may receive nominal procee
• $436 million — marketable securities of approximately $436 million. Estimated cash balance does not reflec
• $15 million — timated cash balance does not reflect a $15 million milestone payment due under its collabo
• $15.0 million — net proceeds from the Offering and the $15.0 million milestone payment due under our collabo

Filing Documents

• d103567d8k.htm (8-K) — 41KB
• d103567dex11.htm (EX-1.1) — 202KB
• d103567dex41.htm (EX-4.1) — 77KB
• d103567dex51.htm (EX-5.1) — 11KB
• d103567dex991.htm (EX-99.1) — 11KB
• d103567dex992.htm (EX-99.2) — 12KB
• g103567g0105020735663.jpg (GRAPHIC) — 3KB
• g103567g0105022042179.jpg (GRAPHIC) — 3KB
• 0001193125-24-003373.txt ( ) — 573KB
• kymr-20240104.xsd (EX-101.SCH) — 3KB
• kymr-20240104_lab.xml (EX-101.LAB) — 18KB
• kymr-20240104_pre.xml (EX-101.PRE) — 11KB
• d103567d8k_htm.xml (XML) — 3KB

01

Item 1.01. Entry into a Material Definitive Agreement On January 4, 2024, Kymera Therapeutics, Inc. (the "Company") entered into an underwriting agreement (the "Underwriting Agreement") with Morgan Stanley & Co. LLC, J.P. Morgan Securities LLC and Cowen and Company, LLC, as representatives (the "Representatives") of the underwriters listed in Schedule II thereto (the "Underwriters"), pursuant to which the Company agreed to issue and sell an aggregate of (a) 2,250,495 shares (the "Shares") of its common stock, par value $0.0001 per share (the "Common Stock"), at a price to the public of $25.25 per share, and (b) pre-funded warrants to purchase up to 8,640,594 shares of the Company's Common Stock (the "Pre-Funded Warrants"), at a price to the public of $25.2499 per warrant, which represents the per share public offering price for the Shares less the $0.0001 per share exercise price for each such Pre-Funded Warrant (the "Offering"). Under the terms of the Underwriting Agreement, the Company granted the Underwriters an option, for a period of 30 days after the date of the Prospectus Supplement (as defined below), to purchase up to an additional 1,633,663 shares of the Company's Common Stock (the "Option Shares") at the public offering price, less underwriting discounts and commissions, which the Underwriters exercised in full on January 5, 2024. The Company estimates that the net proceeds of this offering, after deducting underwriting discounts and commissions and estimated offering expenses, will be approximately $301.1 million. The Company may receive nominal proceeds, if any, from the exercise of the Pre-Funded Warrants. The Company intends to use the net proceeds from the Offering to continue to advance its pipeline of preclinical and clinical degrader programs that are designed to address large patient populations with significant need and clear commercial opportunity, and for working capital and other general corporate purposes. The Company expects the Offeri

02

Item 2.02 Results of Operations and Financial Condition. In connection with the Offering, the Company filed the Prospectus Supplement with the SEC, which contains certain information regarding the Company's results of operations or financial condition for the year ended December 31, 2023, as set forth below. As of December 31, 2023, the Company estimates that it had cash, cash equivalents and marketable securities of approximately $436 million. Estimated cash balance does not reflect a $15 million milestone payment due under its collaboration agreement with Sanofi S.A., which the Company expects to receive in January 2024 and was recorded as a collaboration receivable as of December 31, 2023. This financial data as of December 31, 2023 is preliminary and may change, and is based on information available to management as of the date of the prospectus supplement and is subject to completion by management of the Company's financial statements as of and for the three months and year ended December 31, 2023. There can be no assurance that the Company's final cash position as of December 31, 2023 will not differ from these estimates, including as a result of review adjustments and any such changes could be material. This preliminary estimate has been prepared by, and is the responsibility of, the Company's management and is based on a number of assumptions. The Company's independent registered public accountants have not audited, reviewed, compiled or performed any procedures with respect to such preliminary financial data as of and for the three months and the year ended December 31, 2023 and accordingly do not express an opinion or any other form of assurance with respect to this preliminary amount. These results could change as a result of further review. Complete results will be included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023. The information included in this Current Report on Form 8-K pursuant to this Item 2.02 shall b

01

Item 8.01. Other Events. On January 4, 2024, the Company issued a press release announcing the launch of the Offering. On January 5, 2024, the Company issued a press release announcing it had priced the Offering. Copies of the press releases are filed as Exhibits 99.1 and 99.2, respectively, to this Current Report on Form 8-K and are incorporated herein by reference. Based on the Company's current plans, the Company believes its existing cash, cash equivalents and marketable securities, together with the net proceeds from the Offering and the $15.0 million milestone payment due under our collaboration agreement with Sanofi, will be sufficient to fund its operations into the first half of 2027. The Company has based this estimate on assumptions that may prove to be wrong, and could use its available capital resources sooner than its expects. Cautionary Note Regarding Forward Looking Statements This Current Report on Form 8-K contains forward-looking statements that involve estimates, assumptions, risks and uncertainties. Forward-looking statements include, but are not limited to, statements related to the amount of proceeds expected from the Offering, the timing and certainty of completion of the Offering and expected cash runway into the first half of 2027. The risks and uncertainties relating to the Company and the Offering include general market conditions, the Company's ability to complete the Offering on favorable terms, or at all, as well as other risks detailed from time to time in the Company's filings with the SEC, including in its Annual Report on Form 10-K for the year ended December 31, 2022 and in its Quarterly Report on Form 10-Q for the quarter ended September 30, 2023 and the Prospectus Supplement. These documents contain important factors that could cause actual results to differ from current expectations and from the forward-looking statements contained in this Current Report on Form 8-K. These forward-looking statements speak only as of

Financial Statements and Exhibits

Financial Statements and Exhibits (d) Exhibits. Exhibit No. Description 1.1 Underwriting Agreement, dated January 4, 2024, by and among Kymera Therapeutics, Inc. and Morgan Stanley & Co. LLC, J.P. Morgan Securities LLC and Cowen and Company, LLC. 4.1 Form of Pre-Funded Warrant. 5.1 Opinion of Goodwin Procter LLP. 23.1 Consent of Goodwin Procter LLP (contained in Exhibit 5.1). 99.1 Launch Press Release dated January 4, 2024. 99.2 Pricing Press Release dated January 5, 2024. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document). SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Kymera Therapeutics, Inc. Date: January 5, 2024 By: /s/ Nelo Mainolfi Nello Mainolfi, Ph. D. President and Chief Executive Officer

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View this 8-K filing on SEC EDGAR