So, Rock Springs Capital Management threw another $3.14 million at Kymera Therapeutics. It’s always a bit unsettling when you see these numbers, isn’t it? Like watching someone casually light a pile of cash on fire. I mean, I’m not judging. I once spent that much on a limited-edition ceramic squirrel. It didn’t pan out. The squirrel, I mean. The money was gone instantly. Apparently, 46,497 shares were involved. I tried to picture 46,497 of anything. It just ended with me feeling vaguely overwhelmed and needing a nap.
What Happened, Exactly
The SEC filing, dated February 17th, 2026, revealed this little influx. Rock Springs increased its stake. It’s the sort of sentence that sounds important, but mostly just makes me think about all the paperwork involved. Apparently, the value of their existing Kymera shares jumped by $13.17 million. Which is… substantial. My retirement account is still stubbornly refusing to acknowledge my existence, so I’m a little envious.
A Peek Behind the Curtain
- Kymera now represents 1.98% of Rock Springs’ assets. It’s like a slightly embarrassing family photo. You’re not sure why it’s there, but it’s definitely taking up space.
- Their top holdings, for context, are a who’s who of pharmaceutical giants: Eli Lilly ($113.27 million), RVMD ($106.35 million), Argenx ($86.83 million), TVTX ($84.46 million), and MDGL ($81.31 million). I’m starting to feel underdressed.
- The stock itself? Up 124.8% over the last year. A full 113 percentage points ahead of the S&P 500. I tried to explain this to my cat, Bartholomew. He just blinked and demanded more tuna.
The Basics, For Those Keeping Score
| Metric | Value |
|---|---|
| Market Capitalization | $6.70 billion |
| Revenue (TTM) | $43.73 million |
| Net Income (TTM) | ($295.12 million) |
What They Do, Apparently
Kymera, as near as I can tell, is in the business of fiddling with proteins. They’re developing small molecule therapeutics aimed at degrading proteins. It sounds…intense. They’re targeting things like autoimmune diseases, cancers, and inflammatory conditions. They want to take bad proteins and…dissolve them? It’s a bit like what I try to do with awkward family memories, only with more science. Their business model involves research, clinical trials, and hoping someone will eventually buy what they’ve created. It’s a surprisingly straightforward plan, when you think about it.
What Does This Mean For Us?
Kymera’s shares are trading around $82, which, frankly, feels like a lot of money. They’ve crushed the S&P 500, which is nice for them. The company also has about $979 million in cash, which buys them time. A lot of time. They spent $74.1 million on research and development last quarter, pushing their net loss to $82.2 million. That’s expected, I guess, for a biotech company. But it’s still a little unsettling.
At just under 2% of Rock Springs’ assets, this is a measured position. They’re not going all-in. It’s like cautiously dipping a toe into a very expensive pool. For long-term investors, the question isn’t whether the stock will continue to climb, but whether this targeted protein degradation stuff actually works. The cash cushion is helpful, of course. But it’s the upcoming clinical trial results that will really determine whether this valuation is justified. I’m going to go ask Bartholomew for his opinion. He’s surprisingly good at judging character, or at least, judging the quality of tuna.
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2026-02-17 23:22