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Third Quarter 2026 Quarterly Results CallOctober 29, 2026
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2 AgendaIntroductionJustine KoenigsbergVice President, Investor RelationsRevolutionizing Immunology with Oral MedicinesNello Mainolfi, PhDFounder, President and Chief Executive OfficerKT-579 Phase 1 Healthy Volunteer DataTerence Rooney, MDChief Medical OfficerThird Quarter 2026 ResultsBruce Jacobs, CFA, MBAChief Financial OfficerClosing RemarksNello Mainolfi, PhDFounder, President and Chief Executive OfficerQuestion and Answer Session
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3 Forward Looking StatementsThis presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These statements include, but are not limited to, implied and express statements about our strategy, business plans and objectives for our programs, including the therapeutic potential, clinical benefits and safety profiles of such product candidates; expectations regarding timing, success and data announcements of ongoing preclinical studies and clinical trials; our ability to initiate new clinical programs, the initiation, timing, progress and results of our current and future preclinical studies and clinical trials of our current and prospective product candidates, our plans to develop and commercialize our current and any future product candidates and the implementation of our business model and strategic plans for our business, current; any future product candidates; and our financial condition and expected cash runway into 2029. All statements other than statements of historical facts contained in this presentation, including express or implied statements regarding our strategy, future financial condition, future operations, projected costs, prospects, plans, objectives of management and expected market growth, are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as ‘‘anticipate,’’ “upcoming,” ‘‘assume,’’ ‘‘believe,’’ ‘‘could,’’ ‘‘estimate,’’ ‘‘expect,’’ ‘‘goal,’’ ‘‘intend,’’ ‘‘may,’’ “milestones,” ‘‘objective,’’ ‘‘plan,’’ ‘‘predict,’’ ‘‘potential,’’ ‘‘seek,’’ ‘‘should,’’ ‘‘target,’’ ‘‘will,’’ ‘‘would’’ and other similar expressions that are predictions of or indicate future events and future trends, or the negative of these terms or other comparable terminology. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. You should not rely upon forward-looking statements as predictions of future events and actual results or events could differ materially from the plans, intentions and expectations disclosed herein. Any forward-looking statements are based on management's current expectations and beliefs and are subject to a number of risks, uncertainties and important factors that may cause actual events or results to differ materially from those expressed or implied by any forward-looking statements including, without limitation, risks associated with: the timing and anticipated results of our current and future preclinical studies and clinical trials, supply chain, strategy and future operations; the delay of any current and future preclinical studies or clinical trials or the development of our drug candidates; the risk that the results of prior preclinical studies and clinical trials may not be predictive of future results in connection with current or future preclinical studies and clinical trials, including those for KT-621, KT-579, KT-485/SAR447971 and KT-200; the risk that our strategic partnerships with Sanofi and Gilead may not be able to successfully accelerate the development and commercialization of the IRAK4 and CDK2 degrader program, respectively; our ability to successfully demonstrate the safety and efficacy of our drug candidates; the timing and outcome of any interactions with regulatory authorities; obtaining, maintaining and protecting our intellectual property; our relationships with existing and future collaboration partners; the availability of funding sufficient for the Company’s operating expenses and capital expenditure requirements, the impacts of current macroeconomic and geopolitical events. These risks and uncertainties are described in greater detail in the section entitled “Risk Factors” in the Company’s most recent Quarterly Report on Form 10-Q and in subsequent filings with the Securities and Exchange Commission. In addition, any forward-looking statements represent Kymera’s views only as of today and should not be relied upon as representing its views as of any subsequent date. Kymera explicitly disclaims any obligation to update any forward-looking statements, except as required by law. No representations or warranties (expressed or implied) are made about the accuracy of any such forward-looking statements. As a result of these risks and others, including those set forth in our filings with the SEC, actual results could vary significantly from those anticipated in this presentation, and our financial condition and results of operations could be materially adversely affected. Certain information contained in this presentation and statements made orally during this presentation relate to or is based on studies, publications, surveys and other data obtained from third-party sources and the Company’s own internal estimates and research. While the Company believes these third-party studies, publications, surveys and other data to be reliable as of the date of the presentation, it has not independently verified, and makes no representation as to the adequacy, fairness, accuracy or completeness of, any information obtained from third-party sources. In addition, no independent sources have evaluated the reasonableness or accuracy of the Company’s internal estimates or research, and no reliance should be made on any information or statements made in this presentation relating to or based on such internal estimates and research. This presentation contains trademarks, trade names and service marks of other companies, which are the property of their respective owners.
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4 Revolutionizing Immunology with Oral MedicinesNello Mainolfi, PhDFounder, President and CEO
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5 Existing treatments have functional limitations that create gaps in care Leaving millions of patients without adequate treatment options An effective, safe, and convenient oral medication could transform patient care A Long Overdue Paradigm Shift in Immunology Treatment
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6 KT-621 Accelerated Development Enabled Early De-risking and Efficient Path to Registration Across All Type 2 Diseases Ph1Ph2Ph3Jun 2025 Ph1HVSAD-MAD Ph1bADSingle Arm, Open LabelDec 2025 >200 HVs for up to 14 days 22 AD patients for 28 daysPh2bAsthmaDose Ranging Oct 2026: Last patient last dose; Data expected by year-end 2026 Ph2bADDose Ranging Ongoing;Data expected late-2027 >200 AD patients for 16 weeks •Atopic Dermatitis(initiate by mid-2027)•Eosinophilic Esophagitis•Chronic Spontaneous Urticaria•Prurigo Nodularis•Bullous Pemphigoid •Asthma•Chronic Rhinosinusitis with Nasal Polyps•Chronic Obstructive Pulmonary DiseaseEarly Phase 1 data showed deep target/pathway engagement, promising efficacy and favorable safety profile; Phase 2bs in AD and asthma have the potential to support Phase 3 trials across multiple indications Dermatology/GI Respiratory
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7 KT-621: Atopic Dermatitis Patient Opportunity Treated w/Adv. Sys. Therapies~400K(~$10B market) Moderate/Severe AD6-9M Patients (U.S.)1 KT-621•Opportunity to be a first line treatment option•Potentially the first safe, effective, oral for patients across all Type 2 diseases Patients range from ages 12+Only ~5% treated with advanced systemic therapy Reluctance to use Advanced Systemic TherapiesMany patients don’t accept their disease state to justify an injectable biologic or oral option with boxed safety warningsHigh Treatment BurdenMultiple injections, blood tests, cold storage, access/reimbursement challenges Reasons for Low Penetration
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Confidential or Non-confidential 8 Potential IndicationsPatient Opp.1IND-EnablingPhase 1Phase 2Phase 3UpcomingMilestones STAT6AD, Asthma, COPD, EoE, CRSwNP, CSU, PN, BP, others>140M Ph2b AD Data: By year-end 2026Ph2b Asthma Data: Late-2027Ph3 AD Start: By mid-2027IRF5Lupus, Sjögren's, RA, IBD, SSc, DM, others>10M Ph1b Lupus Start: By early 2027 IRAK42HS, AD, RA, Asthma, IBD, others3 >140M CDK24Breast cancer and other solid tumors>500K Building a Best-in-Industry Oral Immunology Pipeline Immunology - Wholly-Owned Oral Small Molecule Degraders Partnered ProgramsKT-579 KT-485 KT-200 KT-621 – AD KT-621 – Asthma IND: 2027 Combining the Convenience of Oral Drugs and the Activity of Biologics
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9 IFN ResponseInflammatoryCytokinesB-cell Biology KT-579: A New Treatment Paradigm for Serious Autoimmune Diseases Immune Complex Formation and Inflammation (Lupus, Sjögren's, RA, IBD, others) KT-579 First-in-class oral small molecule degrader IRF5 hyperactivation impacts three validated disease-defining pathways IRF5 Historically Undrugged TargetIRF5 is a genetically validated transcription factor with impact on multiple clinically validated pathwaysCompelling Preclinical ProfileKT-579 demonstrated robust preclinical activity in primary human cells, patient donor cells and in vivo models of autoimmune diseases with a favorable safety profile Positive Early Clinical DataIn healthy volunteers, KT-579 showed strong clinical translation with deep degradation, robust reductions of inflammatory biomarkers, and a favorable safety profile Broad Patient ImpactPhase 1 data unlocks multiple clinical opportunities starting from upcoming lupus trial9
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10 KT-579/IRF5 Degrader: Phase 1 Healthy Volunteer DataTerence Rooney, MDChief Medical Officer
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11 KT-579: Agenda•Phase 1 Trial Design•Demographics•IRF5 Degradation•Ex Vivo Blood Biomarkers•Safety•Next Steps
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12 KT-579: First IRF5 Agent to Enter Clinical EvaluationPhase 1 Trial: Double-blind, Placebo-controlled SAD and MAD in Healthy Volunteers Total 48 Healthy Volunteers 8 per cohort(6:2 KT-579:Placebo)•Safety & tolerability •Pharmacokinetic measures 14x daily doses Total 72 Healthy Volunteers 12 per cohort(9:3 KT-579:Placebo) •IRF5 protein levels in blood•Ex vivo blood biomarkers and pathway gene transcripts:•Inflammatory cytokines •IFN response•B-cell biology PrimarySecondaryExploratory Key trial aim to show that KT-579 can robustly degrade IRF5 in blood at doses that are safe and well-tolerated Key Trial AimDosing•Evaluated a range up to 600 mg with multiple daily doses for up to 14 days PART A Single Ascending Dose (SAD) PART BMultiple Ascending Dose (MAD)
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13 Phase 1 SAD/MAD DemographicsSAD 1-6:PBO (n=12)SAD 1-6:KT-579(n=36)MAD 1-6:PBO (n=18)MAD 1-6:KT-579 (n=54)Gender, n (%)Female3 (25.0%)10 (27.8%)7 (38.9%)7 (13.0%)Male 9 (75.0%)26 (72.2%)11 (61.1%)47 (87.0%)Age, years, median (range)38.0 (19, 53)37.5 (22, 55)38 (21, 51)35.5 (20, 54)Ethnicity, n (%)Hispanic or Latino3 (25.0%)7 (19.4%)4 (22.2%)18 (33.3%)Non-Hispanic or Latino9 (75.0%)29 (80.6%)14 (77.8%)36 (66.7%)Race, n (%)White 9 (75.0%)25 (69.4%)15 (83.3%)35 (64.8%)Black or African American1 (8.3%)8 (22.2%)1 (5.6%)15 (27.8%)Asian 1 (8.3%)1 (2.8%)1 (5.6%)2 (3.7%)Multiple1 (8.3%)2 (5.6%)1 (5.6%)2 (3.7%) SAD & MAD
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14 Multiple Daily Doses of KT-579 Achieved >90% IRF5 Degradation in Blood Across Almost All Dose LevelsMedian % IRF5 Change nD7D14Placebo18-9%24%Dose 19-83%-81%Dose 29-92%-89%Dose 39-94%-92%Dose 49-93%-93%Dose 59-94%-95%Dose 69-97%-94% Median (Q1/Q3) Percent Changefrom Baseline in IRF5 Median Percent Change from Baseline in IRF5 Day MAD •KT-579 dosed daily for 14 days showed dose dependent exposure and degradation•Degradation at every dose by Day 14 was statistically significant (p ≤ 0.0001 for all comparisons of KT-579 vs. Placebo)
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15 Complementary Ex Vivo Biomarker Assays Capture the Breadth of IRF5 Biology Across Three Key Immune Pathways1 •IRF5 promotes production of key inflammatory cytokines in myeloid cells•When dysregulated, these responses can sustain chronic inflammation, relevant to several autoimmune diseases •IRF5 connects nucleic-acid sensing with broader interferon-associated transcriptional responses •Interferon dysregulation is a central feature of several autoimmune diseases, where it amplifies immune activation and contributes to inflammation •IRF5 contributes to immune responses linked to B-cell activation and autoantibody-related biology•This axis is particularly relevant in several autoantibody driven autoimmune diseases B-CELL BIOLOGY4INFLAMMATORY CYTOKINES2 INTERFERONRESPONSE3
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16 Multiple Daily Doses of KT-579 Achieved Deep Inhibition of Clinically Validated Inflammatory Cytokines Inflammatory Cytokines Median Cytokine Inhibition Day 14 - R848 (TLR7/8) Ex Vivo StimulationMedian Inhibition Day 141 TNFa IL12/23-p40 IL1bPlacebo15% -16% -3%All KT-579 MAD Cohorts-88% -87% -94% TNFa6040200-20-40 -80-100 -60 DayD1 D4 D7 D14 D16 D28 IL1b Placebo MADAll KT-579 MAD Cohorts IL12/23-p406040200-20-40 -80-100 -60 D1 D4 D7 D14 D16 D28 6040200-20-40 -80-100 -60 DayD1 D4 D7 D14 D16 D28 Median (Q1/Q3) PercentChange from Baseline in CytokineON TREATMENTON TREATMENTDay ON TREATMENT
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17 KT-579 Downregulates Inflammatory Cytokine Pathway Genes •Significant reductions in multiple genes, selected from a core IRF5 mediated TLR7/8 signature focused on inflammatory pathways•Strong concordance between KT-579 effects on gene and protein reductions in inflammatory cytokines such as IL12b and TNF Genes Significantly Decreased Across MAD Cohorts1Expression at Day 14 compared to pre-doseInflammatory Cytokine Gene Score TLR7 & 8Stimulation Day 1 Day 14 Day 14 IRF5 TLR7/8Inflammatory Cytokine Pathway Gene ScoreDay 1 PlaceboKT-579ns ****1.0 0.5 0.0 -0.5 10.50-0.5-1 Mean log2 fold change PlaceboKT-579 Inflammatory Cytokines Placebo MADAll KT-579 MAD Cohorts
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18 Day 1 Day 14 Day 14 IRF5 TLR7/8Interferon Pathway Gene ScoreDay 1 PlaceboKT-579ns ****1.0 0.5 0.0 -0.5 Genes Significantly Decreased Across MAD Cohorts2 Expression at Day 14 compared to Pre-dose KT-579 Downregulates Interferon Pathway Genes and Cytokines •Significant reductions in multiple genes selected from a core IRF5 mediated TLR7/8 signature focused on the interferon pathway Interferon Gene Score Median (Q1/Q3) PercentChange from Baseline in IFNβ IFNb1Placebo MADAll KT-579 MAD Cohorts6040200-20-40-80-100-60 DayD1 D4 D7 D14 D16 D28 10080 10.50-0.5-1 Mean log2 fold changePlaceboKT-579 IFN Response Placebo MADAll KT-579 MAD Cohorts TLR7 & 8Stimulation ON TREATMENT Median Inhibition Day 141IFNbPlacebo-15%All KT-579 MAD Cohorts-98%
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19 KT-579 Downregulates B-cell Pathway Genes •Significant reductions in multiple genes selected from a core IRF5 mediated TLR9 signature focused on DNA-sensing and B-cell activation pathways Genes Significantly Decreased Across MAD Cohorts1 Expression at Day 14 compared to Pre-doseB-cell Gene Score Day 1 Day 14 Day 14 IRF5 TLR9B-cell Pathway Gene ScoreDay 1 PlaceboKT-579ns ****1.0 0.5 0.0 -0.5 10.50-0.5-1 Mean log2 fold change PlaceboKT-579 B-cell Biology Placebo MADAll KT-579 MAD Cohorts TLR9Stimulation
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20 Healthy Volunteer SAD/MAD Safety SummaryKT-579 Well Tolerated Across All Doses Evaluated with Safety Profile Comparable to Placebo SAD & MAD •No SAEs•No Severe AEs•No AEs leading to study drug discontinuation•No dose-dependent pattern in the TEAEs •No imbalances in the rates of infections•No clinically relevant changes in vital signs, laboratory tests, or ECGs TRAEs that Occurred in >1 Participant (MAD/SAD* Cohort)AE Term (severity) MAD 1-6Placebo(n=18)MAD 1-6KT-579(n=54)Headache (mild) 4 (22.2%)3 (5.6%)Myalgia (mild) 0 (0.0%)2 (3.7%)Constipation (mild) 2 (11.1%)1 (1.9%)*No TRAEs occurred in more than one participant in the SAD cohorts
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21 A Novel Oral Mechanism for Serious Autoimmune Diseases 21 21 KT-579 Phase 1 Summary•Deep, sustained IRF5 degradation in blood, with ≥90% median IRF5 degradation across multiple dose levels in MAD •Robust suppression of disease-relevant blood biomarkers for inflammatory cytokines, interferon response, and B-cell biology •Downregulation of pathway gene transcripts •Favorable safety and tolerability profile in healthy volunteers
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22 KT-579: First-in-Industry Opportunity in LupusNovel Oral Mechanism to Address Underlying Biology for High-Burden Disease Meta AnalysisMeta-analyses identified IRF5 as a risk locus for lupus1 IRF5 KO increases survival in mice and has essential role in lupus2 Survival % Survival Age (Weeks) Activity comparable or superior to existing agents in preclinical lupus models Disease-modifying Activity *p≤0.01 vs vehicle % IgG+ Area of Renal Cortex Area + SEM VehicleKT-579 50 mg/kgKT-579 200 mg/kg AfimetoranDeucravacitinibCyclophosphamideAnti-IFNAR GENETICS/PRECLINICAL VALIDATION CLINICALVALIDATION KT-579 Phase 1 DataModulation of key pathway biology in Phase 1 HV trial Pathway ValidationPathways clinically validated in lupus (mAbs/depletors) Median (Q1/Q3) Percent Change from Baseline in IFNβ IFNbPlacebo MADMedian of all MAD doses6040200-20-40-80-100-60 DayD1 D4 D7 D14 D16 D28 10080
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Confidential or Non-confidential 23 KT-579: LUMORA Phase 1b TrialBiomarker Study for First-in-Class Mechanism in Lupus Patients •Safety and tolerability •Pharmacokinetics•IRF5 protein levels in blood•Biomarkers •Inflammatory cytokines•IFN response •B-cell biology•Exploratory disease endpoints Design Dosing •Randomized, double-blind, placebo-controlled•~30 patients Endpoints•KT-579 or placebo (2:1)•Dosing for 16-weeks Status update: Enrollment complete;Data expected by year end 2026 Biomarker study to demonstrate that KT-579 can modulate underlying disease biology with a favorable safety and tolerability profile Key Trial Aim Adult Patients with Systemic Lupus Erythematosus Baseline entry criteria:•ANA ≥1:80 •BILAG-2004 score A or B1•Oral corticosteroid background therapy permitted Status update: Trial start byearly 2027
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Confidential or Non-confidential 24 Third Quarter 2026 Financial ResultsBruce Jacobs, CFA, MBAChief Financial Officer
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25 Third Quarter 2026 Income Statement Balance SheetSeptember 30, 2026December 31, 2025Cash, cash equivalents & marketable securities$1,645,883$1,619,434 Three Months Ended September 30,Nine Months EndedSeptember 30,2026202520262025Collaboration revenue$ —$ 2,764$99,365$36,341Operating expenses:Research and development$ 128,509$ 74,094$ 346,152$ 232,737General and administrative 18,723 17,33660,20751,252Impairment of long-lived assets—3,855—3,855Total operating expenses 147,232 95,285406,359287,844Loss from operations (147,232) (92,521) (306,994) (251,503)Total other income, net 15,233 10,346 44,550 27,133Net loss$(131,999)$(82,175)$(262,444)$ (224,370)
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26 Closing RemarksNello Mainolfi, PhDFounder, President and CEO
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27 Kymera Wholly Owned Immunology ProgramsFundamental Immuno-inflammatory Pathways with Large Market Potential InnovationPotential to be the first and only oral medicine for Type 2 diseasesKymera’s seventh first-in-class molecule to enter the clinic, demonstrating strong human translation of PK/PD and safetyEarlyValidation Compelling profile in Phase 1 HV and AD trials showing blockade of IL-4/IL-13 signaling and early efficacy, with favorable safety profile In Phase 1 HV, demonstrated robust degradation, safety, and modulation of three disease-driving pathways: inflammatory cytokines, IFN response and B-cell biology OpportunityA once-daily pill could transform/expand the market for common diseases: AD, asthma, EoE, COPD, othersGenetically validated across multiple serious autoimmune diseases: lupus, Sjögren's, RA, IBD, others Status•BROADEN Ph2b AD data by year-end 2026 •BREADTH Ph2b asthma data by late-2027 •Phase 3 AD start by mid-2027•LUMORA Ph1b lupus start by early 2027 KT-579/IRF5KT-621/STAT6
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28 Thank YouQ&A To ask a question, raise your virtual hand