Kymera Therapeutics has started the IPO process, with the goal of raising $100 million in an IPO of its common stock, according to an S-1 registration statement filed on July 31, 2020. Kymera’s objective is to discover and develop novel small molecule therapeutics that selectively degrade disease-causing proteins by harnessing the body’s own natural protein degradation system. The company has a proprietary targeted protein degradation platform, referred to as Pegasus, which is used to discover highly selective small molecule protein degraders with potent activity against disease-causing proteins throughout the body. These small molecule protein degraders have the potential to offer significant advantages over existing therapies and to address a large portion of the human genome that has been problematic with traditional modalities.
Kymera’s initial programs include IRAK4, IRAKIMiD, and STAT3, which each focus on a single critical signaling node within the genetically and clinically validated interleukin-1 receptor/toll-like receptor, or IL-1R/TLR, and janus kinase/signal transducers and activators of transcription, or JAK/STAT, pathways. Degrading these targets has the potential to treat multiple immune-inflammatory diseases, hematologic malignancies, and solid tumors. The company expects to submit an Investigational New Drug Application (IND) to the U.S. Food and Drug Administration for KT-474 in the first half of 2021. If the IND is approved, a Phase 1 trial in healthy adults and patients with atopic dermatitis and hidradenitis suppurativa (a skin condition that causes small, painful lumps to form under the skin) will begin shortly thereafter. IND’s for degraders from the company’s IRAKIMiD and STAT3 programs are expected to be filed in the second half of 2021, and if approved, Phase 1 trials in adult patients will be initiated for each program shortly thereafter. Kymera also has multiple programs in earlier stages of development and are exploring targets in therapeutic areas outside of its core areas of focus through partnerships with Vertex Pharmaceuticals and Genzyme Corporation, or Sanofi.
Investors in the firm have invested at least $95 million and include Atlas Venture Partners, Vertex Pharmaceuticals (VRTX), Lilly Ventures (LLY), Pfizer (PFE), 6 Dimensions and Bessemer Venture Partners.
According to a 2019 market research report by GlobalData, the global market for hidradenitis suppurativa was valued at $898 million in 2018 and is expected to reach $1.8 billion in 2028 across the seven major markets. The global atopic dermatitis market was a little over $4 billion in 2016 and is expected to reach $18.3 billion by 2027, according to GlobalData.