Kymera Therapeutics, Inc. Fair Value Disclosure
Note 3. Fair Value Measurements
The following table presents information about the Company’s financial assets measured at fair value on a recurring basis and indicates the level of the fair value hierarchy utilized to determine such fair values as of December 31, 2025 and 2024 (in thousands):
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|
Fair Value Measurements at |
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|||||||||||||
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|
Level 1 |
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|
Level 2 |
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|
Level 3 |
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Total |
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||||
Assets: |
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|
|
|
|
|
|
|
|
|
|
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Cash equivalents |
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|
|
|
|
|
|
|
|
|
|
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||||
Money market fund |
|
$ |
299,067 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
299,067 |
|
Commercial Paper |
|
|
— |
|
|
|
16,616 |
|
|
|
— |
|
|
|
16,616 |
|
Corporate bonds |
|
|
— |
|
|
|
14,355 |
|
|
|
— |
|
|
|
14,355 |
|
Marketable securities, current |
|
|
|
|
|
|
|
|
|
|
|
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||||
US treasuries |
|
|
157,069 |
|
|
|
— |
|
|
|
— |
|
|
|
157,069 |
|
US government agencies |
|
|
— |
|
|
|
126,290 |
|
|
|
— |
|
|
|
126,290 |
|
Commercial Paper |
|
|
— |
|
|
|
7,155 |
|
|
|
— |
|
|
|
7,155 |
|
Corporate bonds |
|
|
— |
|
|
|
200,750 |
|
|
|
— |
|
|
|
200,750 |
|
Marketable securities, non-current |
|
|
|
|
|
|
|
|
|
|
|
|
||||
US treasuries |
|
|
160,500 |
|
|
|
— |
|
|
|
— |
|
|
|
160,500 |
|
US government agencies |
|
|
— |
|
|
|
164,618 |
|
|
|
— |
|
|
|
164,618 |
|
Corporate bonds |
|
|
— |
|
|
|
446,041 |
|
|
|
— |
|
|
|
446,041 |
|
Restricted cash |
|
|
5,800 |
|
|
|
— |
|
|
|
— |
|
|
|
5,800 |
|
Total |
|
$ |
622,436 |
|
|
$ |
975,825 |
|
|
$ |
— |
|
|
$ |
1,598,261 |
|
|
|
Fair Value Measurements at |
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|||||||||||||
|
|
Level 1 |
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|
Level 2 |
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|
Level 3 |
|
|
Total |
|
||||
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Cash equivalents |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Money market fund |
|
$ |
106,234 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
106,234 |
|
US treasuries |
|
|
1,497 |
|
|
|
— |
|
|
|
— |
|
|
|
1,497 |
|
US government agencies |
|
|
— |
|
|
|
9,925 |
|
|
|
— |
|
|
|
9,925 |
|
Marketable securities, current |
|
|
|
|
|
|
|
|
|
|
|
|
||||
US treasuries |
|
|
96,442 |
|
|
|
— |
|
|
|
— |
|
|
|
96,442 |
|
US government agencies |
|
|
— |
|
|
|
42,068 |
|
|
|
— |
|
|
|
42,068 |
|
Commercial Paper |
|
|
— |
|
|
|
15,851 |
|
|
|
— |
|
|
|
15,851 |
|
Corporate bonds |
|
|
— |
|
|
|
214,127 |
|
|
|
— |
|
|
|
214,127 |
|
Marketable securities, non-current |
|
|
|
|
|
|
|
|
|
|
|
|
||||
US treasuries |
|
|
62,022 |
|
|
|
— |
|
|
|
— |
|
|
|
62,022 |
|
US government agencies |
|
|
— |
|
|
|
135,749 |
|
|
|
— |
|
|
|
135,749 |
|
Corporate bonds |
|
|
— |
|
|
|
164,388 |
|
|
|
— |
|
|
|
164,388 |
|
Restricted cash |
|
|
5,794 |
|
|
|
— |
|
|
|
— |
|
|
|
5,794 |
|
Total |
|
$ |
271,989 |
|
|
$ |
582,108 |
|
|
$ |
— |
|
|
$ |
854,097 |
|
During the years ended December 31, 2025 and 2024, there were no transfers in or out of Level 3.
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About Fair Value Disclosures
Fair value disclosures classify all assets and liabilities measured at fair value into a three-level hierarchy: Level 1 (quoted market prices), Level 2 (observable inputs like yield curves), and Level 3 (unobservable inputs requiring management estimates). The proportion of Level 3 assets directly reflects how much of the balance sheet depends on internal models rather than market evidence.
Key signals: a growing Level 3 balance relative to total fair-value assets increases valuation uncertainty and earnings volatility risk. Watch for transfers between levels — assets moving from Level 2 to Level 3 often signal deteriorating market liquidity. Unrealized gains and losses on Level 3 positions flow through earnings or other comprehensive income, so large swings deserve scrutiny. For financial institutions, examine the sensitivity disclosures that show how Level 3 valuations change under alternative assumptions. Compare the fair value of debt against its carrying amount to gauge hidden leverage.