Kymera Therapeutics, Inc. (NASDAQ: KYMR) saw its stock price surge 9.33% in pre-market trading on Friday, following the release of better-than-expected first-quarter earnings and the announcement of a new drug program.

The biopharmaceutical company reported a quarterly loss of $0.82 per share, outperforming analyst estimates of a $0.92 loss. Collaboration revenue for the quarter came in at $22.10 million, more than doubling the consensus estimate of $10.15 million and representing a 114.83% increase from the same period last year.

Adding to the positive sentiment, Kymera unveiled a new first-in-class, oral IRF5 degrader program with potential applications in multiple immuno-inflammatory diseases. The company also reported that its cash position as of March 31 now provides an extended runway into the first half of 2028, alleviating potential near-term funding concerns. However, investors should note that Kymera made a strategic decision not to advance its KT-295 (Tyk2) program into further clinical development. On a forward-looking note, the company announced that KT-579 IND-enabling studies are ongoing, with Phase 1 testing expected to begin in early 2026.