Kymera Therapeutics, Inc.

Good morning and welcome to the Chimera Therapeutics fourth quarter 2023 results call. All participant lines will be in the listen only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on your touchtone phone. To withdraw your question, please press star, then two. Please note, this event is being recorded. I now turn the conference over to Justine Phoenixville. Thank you. Please go ahead.

Good morning, and welcome to Chimera's Investor Update. Joining me this morning are Nello Manolfi, President and CEO, Jared Golub, our Chief Medical Officer, and Bruce Jacobs, our Chief Financial Officer. Following our prepared remarks, we will open the call to questions. We ask that you limit your questions to one and a relevant follow-up to allow enough time to address everyone's questions. Before we begin, today's discussion will include forward-looking statements about our future expectations, plans, and prospects. These statements are subject to risks and uncertainties that may cause actual results to differ materially from those projected. A description of these risks can be found in our most recent 10-K filed with the SEC. Any forward-looking statements speak only as of today's date, and we assume no obligation to update any forward-looking statements made on today's call. With that, I will now turn the call over to Nello.

Thank you, Justine. As always, we appreciate everyone joining us for our quarterly call today. This is a particularly exciting call for us in that we're reporting from our new corporate headquarters in Weathertown, Massachusetts, just down the road from our previous office. Our new building provides added space for our growing team, enabling us to maintain a strong on-site presence as we enhance and scale critical capabilities for our R&D organization, especially in areas like CNC as well as other development functions. We look forward to the opportunity to welcome those of you who would like to visit us at our offices in the future. As many of you know, we're on-site five days a week. During our prepared remarks, we'll cover three main topics today. First, I'll provide an update on our strategy to build the best-in-industry oral immunology pipeline. Next, Jared will provide an update on our clinical and newly disclosed immunology programs, as well as our two clinical oncology programs. And before we open the call for questions, Bruce will review our financial results. At our Immunology R&D Day in early January, you heard us discuss our strategy for building a best-in-industry oral immunology pipeline of first-in-class, highly valuable programs. We believe we're uniquely positioned to change existing treatment paradigms for immune-mediated diseases with our innovative and differentiated oral degrader medicines. As we reported this morning, with $745 million in cash and a runway into the first half of 27, were well capitalized to continue to support these very ambitious goals. I thought I'd start with a few comments reflecting on what has led Chimera to our current strategic positioning with an innovative immunology pipeline of oral degraders with biologic-like activity potential. Those of you that have been following us for a long time know we have been driven by our unique target selection strategy. We're focused on first or best-in-class opportunities, and in particular, un-draft or fully-draft targets for which protein degradation is either the best or the only solution. We're also dedicated to pathways that have strong clinical and genetic validation, where there is a clear path to early clinical differentiations. And, of course, our focus is on those indications that represent large clinical and commercial opportunities that create significant value for patients and shareholders. As you all know, we pioneered the first protein-degraded program in immunology with our IREC4 program, which, in addition to STAT3, were the initial targets at Canair when it was founded in 2016. And it was the early clinical results with the IREC4 program, with KT474, the deep and well-tolerated degradation, the early signs of clinical efficacy, which helped us inspire to increase our focus in immunology. Additionally, we believe the activity and fidelity of translation of our TPD platform in the KT474 Phase I trial serves as an important read-through and informs the probability of success of our new STAT6 and TIK2 oral immunology program. One aspect of the current landscape in immunology that is particularly notable and creates a significant opportunity for canaries, the dominance in the market of injectable biologics. These antibody-based therapies have transformed and revolutionized the treatment of immune inflammatory diseases, with what in many cases have been great clinical outcomes for patients. At the same time, monoclonal antibodies, as you know, are injected. They can be costly to manufacture and can be inconvenient for patients. To put this in context, in a recent industry survey, 75% of patients taking biologics said that they would switch to orals with an equivalent profile. We believe this creates a significant opportunity for effective and well-tolerated oral medicines, and in particular, for protein degraders. In fact, while traditional small molecules offer convenience benefits, they frequently cannot match the powerful pharmacology of biologics. as they don't have the ability to block these pathways at the same level. We believe and have shown with preclinical and early clinical data that protein degraders have the potential to provide a unique solution with biologics like specificity and activity, but with the flexibility of oral small molecules. Importantly, because of this profile, we believe that they can potentially reach much broader patient populations, creating significant opportunities for the modality, broadly, and for chimera specifically. So as you think about our immunology pipeline, if we can build a portfolio of molecules that provide comparable pathway inhibition to biologics, as we believe we can, but one with the convenience in oral dosing, we believe the potential is enormous. We have a lot happening across our pipeline, including plenty of activities in our early pipeline that we haven't yet disclosed. We're really at the cutting edge of protein degradation and using this technology to address fundamental clinical, commercial needs and opportunities. I believe our unique approach has resulted in one of the most robust high-value pipeline in the industry. I'm very proud of the continued execution and innovation by our team to support our future growth. I will now pass it to Jared to walk you through in more detail our clinical and soon-to-be clinical pipeline. Jared?