Kymera Therapeutics, Inc. (NASDAQ: KYMR) saw its shares slightly lower Friday. The company, a clinical-stage biopharmaceutical company advancing targeted protein degradation to deliver novel small molecule protein degrader medicines, has entered into a securities purchase agreement with certain existing and new accredited investors to issue and sell an aggregate of 2,769,228 shares of its common stock at a price of $26.00 per share and pre-funded warrants aggregate of 3,000,000 shares of Common Stock at a purchase price of $25.9999 per pre-funded warrant share, through a private investment in public equity financing.
The Pre-Funded Warrants will have an exercise price of $0.0001 per share of Common Stock, be immediately exercisable and remain exercisable until exercised in full. Kymera anticipates the gross proceeds from the PIPE to be approximately $150 million, before deducting offering expenses.
The financing is expected to close on August 22, subject to customary closing conditions. Proceeds from the financing will support Kymera’s ongoing research and development activities as well as general corporate purposes and working capital.
Subsequent to the closing of this offering, Kymera expects its cash, cash equivalents, and investments to exceed $600 million on August 31. This cash estimate is a preliminary estimate and based on information available to management as of the date of this offering, and these estimates could change.
KYMR shares eased back 12 cents to $28.97.
