Kymera Therapeutics, Inc. (NASDAQ:KYMR) Q4 2023 Earnings Call Transcript

So it doesn’t look like you need complete target removal. But we will, as we’ve done in the past, target complete STAT6 degradation, and then know that we can obviously do those exploration in the clinic, similarly with TYK2. So once we generate data, we can talk more about what is our late-stage design. But the Phase 1 design will look a lot like the IRAK4 program for immunology.

Unidentified Analyst: Thank you very much.

Operator: Thank you. The next question comes from Adam Vogel with Wells Fargo. Please go ahead.

Adam Vogel: Hey, thank you for taking my call today. I’m on for Derek. So maybe just a few quick questions from us on oncology pipeline. Can you walk us through further, what data you expect to share from KT-253? Will you be reading out data from both arms A and B? And then perhaps, given your deepening focus and efforts in I&I, will you be looking to partner either with 333 or 253 in the future? Thank you.

Nello Mainolfi: All right, so Jared, maybe you take the first one. I just want to take the second one first. So I think we need to think about for us, our decision to invest in programs is driven by a philosophy of your opportunities and return on investment and its patient impact. It turns out that based on our analysis, if you look at our current immunology pipeline, we believe that these are all extremely valuable programs at the outset. I think for our oncology pipeline, we believe that if the program translate in the way that we hope, based on preclinical data, those could be also really valuable programs. MDM2, if we can unlock it, that biology, that is going to be another really large program. For STAT3, if we’re able to also unlock the solid tumor opportunity, I think that will be the case, too.

So I think the partnering discussion comes with the conversation around what type of expertise we want to build in terms of late-stage clinical and commercial, given that we’re still an early company. I think at some point, hopefully we won’t be asked anymore. If you can only do one versus the other because we’re trying to build a large commercial stage company and as you’ve seen all the successful one can navigate multiple disease areas. But we also are not naïve. And so we understand that at this stage, in terms of late-stage capabilities, it probably makes much more sense to invest in one area. We’ve said already clearly that we’re committed heavily in immunology. And so I think with oncology, the question is what are the key value drivers that Kymera wants to drive this program through?

And then if we feel that these programs are best positioned in a collaboration for maximum value creation, we can do that. But we also reserve the right to being able to advance this program or one of these programs on our own. If we believe that the value proposition fits the philosophy of the company right now. Jared, maybe you can comment on the type of data on 253.

Jared Gollob: Sure. So our plan for this year is to complete dose escalation across both studies, the 333 and 253 Phase 1a trials into establish an MTD, and then to present those data at a medical meeting later in the year. That would include, of course, update on enrollment, the types of patients that we’re including and for 253, as you mentioned, yes. We’re enrolling in both the solid tumor, lymphoma Arm A, as well as in the high-grade myeloid malignancy, AML Arm B. So to show what types of patients have we enrolled, what does the safety profile look like and what is PD and what kind of clinical efficacy are we seeing, to start to give us insights into where we want to go in terms of the next stage of development for both of these programs?

As I mentioned earlier in the presentation upfront, for 253, we’ve also been doing a lot of work on preclinical work and clinical work to really understand patient selection, both for the remainder of Phase 1a, but also for the next steps in development. And so I think we’re also looking for an opportunity, potentially at a medical meeting to present those data sometime this year as well, to give further insights into how we think about patient selection for either liquid and/or solid tumors with 253.

Adam Vogel: Great. Thank you.

Operator: The next question comes from Marc Frahm from TD Cowen. Please go ahead.

Marc Frahm: Thanks for taking my questions. Maybe Nello, with IRAK4, when we get the data next year, and Sanofi will make their own decision of going forward or not. But you guys will also have, well, if Sanofi chooses to move forward, you guys will have an opt-in decision. So how are you kind of approaching the opt-in? What do you want to see that you would commit Kymera’s resources early on, and how important is kind of the Phase 1 data from STAT6 and TYK2 and seeing kind of the exposures you want to making that decision for IRAK4?

Nello Mainolfi: That’s a great question, and probably requires a very nuanced answer. So I’ll try and do my best in the short time we have. So first, as I just said earlier, we are extremely bullish on IRAK4. Our value proposition has only grown with more data. This has the potential to be one of the largest drug in inflammatory diseases. We have early positive data, but I think we are all here recognizing that we just don’t know how active this drug is until we run a well powered randomized study, which is what we’re doing with Sanofi. Actually, we’re doing two of them. The value proposition for this drug, in our view is, as I said earlier, it’s an active oral drug with a good safety profile. In indications that, to be honest, go well beyond HS and AD.