Kymera Therapeutics is a clinical-stage biopharmaceutical company developing oral drugs using targeted protein degradation (TPD), a technology that recruits the cell's own machinery to physically eliminate disease-causing proteins rather than simply inhibiting them. Kymera's core focus is immunology, where the company's thesis is that oral TPD drugs can deliver biologic-like efficacy in pill form, dramatically expanding patient access beyond what injectable biologics like dupilumab have achieved. Kymera's lead asset is KT-621, a STAT6 degrader targeting the IL-4/IL-13 signaling pathway — the same pathway blocked by dupilumab — in atopic dermatitis, asthma, and other Th2 inflammatory diseases. KT-621 is currently in Phase 2b trials in AD and asthma, with data expected in 2027. Kymera also has KT-579, an IRF5 degrader targeting lupus, RA, and related autoimmune diseases, which entered Phase 1 in 2026. Kymera funds its pipeline through equity raises and collaboration partnerships: its IRAK4 degrader program is partnered with Sanofi for up to $975M in milestones, and its CDK2 oncology program is optioned to Gilead for up to $750M plus royalties. Kymera has no approved products and no product revenue, and its long-term goal is to become a fully integrated commercial company, retaining ownership of its immunology pipeline rather than out-licensing its core assets.