Kymera Therapeutics, Inc. Segments Disclosure
Note 14. Segment Reporting
The Company operates and manages its business as one reportable segment and one operating segment, which is dedicated to reinventing the treatment of human disease through the development of innovative, highly differentiated medicines that address significant health problems and that meaningfully improve patients’ lives. The Company’s chief operating decision maker, or CODM, is the chief executive officer. The CODM assesses performance for the segment and decides how to allocate resources based on consolidated net loss that is also reported on the consolidated statements of operations.
The measure of segment assets is reported on the consolidated balance sheets as total consolidated assets. All material long-lived assets are located in the United States. Long-lived assets consist of property and equipment, net, and operating lease right-of-use assets.
The chief operating decision maker uses consolidated net loss to monitor budget versus actual results and to analyze cash flows in assessing performance of the segment and allocating resources.
Factors used in determining the reportable segment include the nature of the Company’s operating activities, the organizational and reporting structure and the type of information reviewed by the CODM to allocate resources and evaluate financial performance. The accounting policies of the segment are the same as those described in Note 2 of the notes to the consolidated financial statements included in this Annual Report on Form 10-K.
The following table presents reportable segment profit and loss, including significant expense categories, attributable to the Company’s reportable segment for the periods presented:
|
Year ended December 31, |
|
|||||||
|
2025 |
|
2024 |
|
2023 |
|
|||
Revenue |
$ |
39,211 |
|
$ |
47,072 |
|
$ |
78,592 |
|
Less: |
|
|
|
|
|
|
|||
Research and development expenses |
|
|
|
|
|
|
|||
External research and development: |
|
|
|
|
|
|
|||
STAT6 |
|
86,615 |
|
|
39,805 |
|
|
— |
|
Other external research and development expense (1) |
|
92,165 |
|
|
84,981 |
|
|
94,700 |
|
Research and development compensation and related personnel expense (2) |
|
90,346 |
|
|
75,975 |
|
|
65,039 |
|
Research and development overhead and administrative costs |
|
47,442 |
|
|
39,487 |
|
|
29,342 |
|
General & administrative (3) |
|
68,187 |
|
|
63,534 |
|
|
55,041 |
|
Interest and other expense (4) |
|
4,225 |
|
|
5,174 |
|
|
196 |
|
Plus: |
|
|
|
|
|
|
|||
Interest income |
|
38,418 |
|
|
38,026 |
|
|
18,764 |
|
Segment net loss |
$ |
(311,351 |
) |
$ |
(223,858 |
) |
$ |
(146,962 |
) |
(1) Certain prior period amounts have been recast to conform with current period presentation.
(2) Research and development compensation and related personnel expense for the years ended December 31, 2025, 2024 and 2023 is inclusive of $31.5 million, $27.8 million, and $21.6 million of stock-based compensation expense, respectively.
(3) General and administrative expense for the years ended December 31, 2025, 2024 and 2023 is inclusive of $28.4 million, $27.2 million, and $21.6 million of stock-based compensation expense, respectively.
(4) Other expense for the years ended December 31, 2025 and 2024 is inclusive of a $3.9 million and $4.9 million impairment of long-lived assets, respectively.
Depreciation expense for the years ended December 31, 2025, 2024 and 2023 was $8.3 million, $7.4 million and $3.6 million, respectively. Amortization expense related to right-of-use assets was $1.6 million, $1.4 million and $1.5 million the years ended December 31, 2025, 2024 and 2023 and is included in depreciation expense.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 26, 2026 | Showing above |
| 2024 | Feb 27, 2025 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.