UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13D

(Rule 13d-101)

INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT

TO § 240.13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO

§ 240.13d-2(a)

(Amendment No.  )¹

Kymera Therapeutics, Inc.

(Name of Issuer)

Common Stock, $0.0001 par value per share

(Title of Class of Securities)

501575104

(CUSIP Number)

JAMES KRATKY

BVF Partners L.P.

44 Montgomery St., 40th Floor

San Francisco, California 94104

(415) 525-8890

ADAM W. FINERMAN, ESQ.

OLSHAN FROME WOLOSKY LLP

1325 Avenue of the Americas

New York, New York 10019

(212) 451-2300

(Name, Address and Telephone Number of Person

Authorized to Receive Notices and Communications)

August 21, 2020

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box ¨.

Note:  Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits.  See § 240.13d-7 for other parties to whom copies are to be sent.

1              The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

  (1) Excludes shares of Common Stock underlying certain call options which will not vest within sixty days hereof.

The following constitutes the Schedule 13D filed by the undersigned (the “Schedule 13D”).

This statement relates to shares of the Common Stock, par value $0.0001 per share (the “Shares”), of Kymera Therapeutics, Inc., a Delaware corporation (the “Issuer”). The address of the principal executive offices of the Issuer is 200 Arsenal Yards Blvd., Suite 230, Watertown, Massachusetts 02472.

(a)       This statement is filed by:

Each of the foregoing is referred to as a “Reporting Person” and collectively as the “Reporting Persons.” Each of the Reporting Persons is party to that certain Joint Filing Agreement, as further described in Item 6. Accordingly, the Reporting Persons are hereby filing a joint Schedule 13D.

(b)       The business address of BVF, BVF GP, BVF2, BVF2 GP, BVF GPH, Partners, BVF Inc., Mr. Lampert and Mr. Hrustanovic is 44 Montgomery St., 40^th Floor, San Francisco, California 94104. The business address of Trading Fund OS and Partners OS is PO Box 309 Ugland House, Grand Cayman, KY1-1104, Cayman Islands.

(c)       The principal business of each of BVF, BVF2, and Trading Fund OS is investing in securities. The principal business of BVF GP, BVF2 GP, and Partners OS is serving as the general partner of BVF, BVF2, and Trading Fund OS, respectively. The principal business of BVF GPH is serving as the sole member of each of BVF GP and BVF2 GP. The principal business of Partners is serving as the investment manager of each of BVF, BVF2, Trading Fund OS and the Partners Managed Account, and the sole member of Partners OS. The principal business of BVF Inc. is serving as the general partner of Partners and the managing member of BVF GPH. Mr. Lampert is the sole officer and director of BVF Inc. Mr. Hrustanovic is a principal of Partners.

(d)       No Reporting Person has, during the last five years, been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).

(e)       No Reporting Person has, during the last five years, been party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.

(f)       Messrs. Lampert and Hrustanovic are citizens of the United States of America.

The Shares beneficially owned by BVF, BVF2 and Trading Fund OS and held in the Partners Managed Account were purchased with working capital (which may, at any given time, include margin loans made by brokerage firms in the ordinary course of business) in open market purchases, except as otherwise noted.

837,916 of the Shares beneficially owned by BVF were acquired in conjunction with the Issuer’s Initial Public Offering on August 21, 2020 (the “IPO”), in connection with which all of the Issuer’s Series C Preferred Stock held by BVF automatically converted into Shares on a basis of 1.5949-for-one. The aggregate purchase price of the preferred stock which converted into such Shares is $8,735,447. In addition, BVF purchased 521,193 Shares in connection with the IPO for a price of $20.00 per Share. The aggregate purchase price of such Shares is $10,423,860.

627,598 of the Shares beneficially owned by BVF2 were acquired in conjunction with the IPO, in connection with which all of the Issuer’s Series C Preferred Stock held by BVF2 automatically converted into Shares on a basis of 1.5949-for-one. The aggregate purchase price of the preferred stock which converted into such Shares is $6,542,842. In addition, BVF2 acquired 389,709 Shares in connection with the IPO for a price of $20.00 per Share. The aggregate purchase price of such Shares is $7,794,180.

113,290 of the Shares beneficially owned by Trading Fund OS were acquired in conjunction with the Issuer’s Initial Public Offering on August 21, 2020, in connection with which all of the Issuer’s Series C Preferred Stock held by Trading Fund OS automatically converted into Shares on a basis of 1.5949-for-one. The aggregate purchase price of the preferred stock which converted into such Shares is $1,181,072. In addition, Trading Fund OS acquired 67,791 Shares in connection with the IPO for a price of $20.00 per Share. The aggregate purchase price of such Shares is $1,355,820.

51,858 of the Shares held in the Partners Managed Account were acquired in conjunction with the IPO, in connection with which all of the Issuer’s Series C Preferred Stock held by the Partners Managed Account automatically converted into Shares on a basis of 1.5949-for-one. The aggregate purchase price of the preferred stock which converted into such Shares is $540,636. In addition, the Partners Managed Account acquired 21,307 Shares in connection with the IPO for a price of $20.00 per Share. The aggregate purchase price of such Shares is $426,140.

Call options referencing 40,127 Shares, 2,229 Shares of which Mr. Hrustanovic may be deemed to beneficially own, were awarded to him on August 20, 2020, for no consideration in connection with his service on the Board. Pursuant to a certain agreement entered into between Partners and Mr. Hrustanovic, Mr. Hrustanovic is obligated to transfer the economic benefit, if any, received upon the sale of the Shares issuable upon exercise of the above referenced call options to Partners.

The Reporting Persons purchased the securities reported owned herein based on the Reporting Persons’ belief that such securities, when purchased, were undervalued and represented an attractive investment opportunity. Depending upon overall market conditions, other investment opportunities available to the Reporting Persons, and the availability of Shares at prices that would make the purchase or sale of Shares desirable, the Reporting Persons may endeavor to increase or decrease their position in the Issuer through, among other things, the purchase or sale of Shares on the open market or in private transactions or otherwise, on such terms and at such times as the Reporting Persons may deem advisable.

On March 11, 2020, certain of the Reporting Persons entered into the Second Amended and Restated Investors’ Rights Agreement (the “Rights Agreement”) with the Issuer and the other signatories thereto. Pursuant to the Rights Agreement, the Reporting Persons will be entitled to rights with respect to the registration of the securities held by them under the Securities Act of 1933, specifically, the Shares acquired in connection with the IPO upon conversion of the Issuer’s preferred stock, including demand registration rights, short-form registration rights and piggyback registration rights. The demand registration rights and short form registration rights granted under the Rights Agreement will terminate on the earliest of (i) a deemed liquidation event, as defined in the Rights Agreement, (ii) the fifth anniversary of the completion of the IPO and (iii) at such time after the IPO when the holders’ Shares may be sold without restriction pursuant to Rule 144 within a three month period.

No Reporting Person has any present plan or proposal which would relate to or result in any of the matters set forth in subparagraphs (a) - (j) of Item 4 of Schedule 13D except as set forth herein or such as would occur upon or in connection with completion of, or following, any of the actions discussed herein.  The Reporting Persons intend to review their investment in the Issuer on a continuing basis. Depending on various factors including, without limitation, the Issuer’s financial position, the Reporting Persons’ investment strategies, the price levels of the Shares, conditions in the securities markets and general economic and industry conditions, the Reporting Persons may in the future take such actions with respect to their investment in the Issuer as they deem appropriate including, without limitation, engaging in additional communications with management and the Board, engaging in discussions with stockholders of the Issuer and others about the Issuer and the Reporting Persons’ investment, making proposals to the Issuer concerning changes to the capitalization, ownership structure, Board structure (including Board composition) or operations of the Issuer, purchasing additional Shares, selling some or all of their Shares, engaging in short selling of or any hedging or similar transaction with respect to the Shares, or changing their intention with respect to any and all matters referred to in Item 4.

The foregoing description of the Rights Agreement does not purport to be complete and is qualified in its entirety by reference to the Rights Agreement, a copy of which is referenced as Exhibit 99.1 hereto and is incorporated herein by reference.

(a)       The aggregate percentage of Shares reported owned by each person named herein is based on 44,529,542 Shares outstanding, which is the expected total number of Shares outstanding as of August 25, 2020, following the Issuer’s initial public offering as reported in the Issuer’s Prospectus on Form 424B4 filed with the Securities and Exchange Commission on August 21, 2020. With respect to Mr. Hrustanovic, the aggregate percentage of Shares reported owned is based on a denominator that is the sum of (i) 44,529,542 Shares outstanding and (ii) 2,229 Shares issuable upon the exercise of certain options.

As of the date hereof, (i) BVF beneficially owned 1,359,109 Shares, representing percentage ownership of approximately 3.1% of the Shares outstanding, (ii) BVF2 beneficially owned 1,017,307 Shares, representing percentage ownership of approximately 2.3% of the Shares outstanding, (iii) Trading Fund OS beneficially owned 181,081 Shares, representing percentage ownership of less than 1% of the Shares outstanding, and (iv) 73,165 Shares were held in the Partners Managed Account, representing percentage ownership of less than 1% of the Shares outstanding.

BVF GP, as the general partner of BVF, may be deemed to beneficially own the 1,359,109 Shares beneficially owned by BVF, representing percentage ownership of approximately 3.1% of the Shares outstanding.

BVF2 GP, as the general partner of BVF2, may be deemed to beneficially own the 1,017,307 Shares beneficially owned by BVF2, representing percentage ownership of approximately 2.3% of the Shares outstanding.

Partners OS, as the general partner of Trading Fund OS, may be deemed to beneficially own the 181,081 Shares beneficially owned by Trading Fund OS, representing percentage ownership of less than 1% of the Shares outstanding.

BVF GPH, as the sole member of each of BVF GP and BVF2 GP, may be deemed to beneficially own the 2,376,416 Shares beneficially owned in the aggregate by BVF and BVF2, representing percentage ownership of approximately 5.3% of the Shares outstanding.

Partners, as the investment manager of BVF, BVF2, Trading Fund OS and the Partners Managed Account and the sole member of Partners OS, may be deemed to beneficially own the 2,630,662 Shares beneficially owned in the aggregate by BVF, BVF2, Trading Fund OS, and held in the Partners Managed Account, representing percentage ownership of approximately 5.9% of the Shares outstanding.

BVF Inc., as the general partner of Partners, may be deemed to beneficially own the 2,630,662 Shares beneficially owned by Partners, representing percentage ownership of approximately 5.9% of the Shares outstanding.

Mr. Lampert, as a director and officer of BVF Inc. may be deemed to beneficially own the 2,630,662 Shares beneficially owned by BVF Inc., representing percentage ownership of approximately 5.9% of the Shares outstanding.

As of the date hereof, Mr. Hrustanovic beneficially owned 2,229 Shares underlying certain call options which will vest within 60 days hereof, representing percentage ownership of less than 1% of the Shares outstanding.

(b)       Each of BVF, BVF2 and Trading Fund OS shares with Partners voting and dispositive power over the Shares each such entity beneficially owns. BVF shares with BVF GP voting and dispositive power over the Shares beneficially owned by BVF. BVF2 shares with BVF2 GP voting and dispositive power over the Shares beneficially owned by BVF2. Each of BVF GP and BVF2 GP shares with BVF GPH voting and dispositive power over the Shares each such entity beneficially owns. Trading Fund OS shares with Partners OS voting and dispositive power over the Shares beneficially owned by Trading Fund OS. Partners, BVF Inc. and Mr. Lampert share voting and dispositive power over the 2,630,662 Shares they may be deemed to beneficially own with BVF, BVF GP, BVF2, BVF2 GP, Trading Fund OS, Partners OS, BVF GPH and the Partners Managed Account.

(c)       Except for the transactions described in Item 3 above, the Reporting Persons have not entered into any transactions in the Shares during the past sixty days.

(d)       No person other than the Reporting Persons is known to have the right to receive, or the power to direct the receipt of dividends from, or proceeds from the sale of, the Shares.

(e)       Not applicable.

Each of the Rights Agreement as defined and described in Item 4 above and the description of that certain agreement between Partners and Mr. Hrustanovic set forth in Item 3 is incorporated herein by reference.

On August 25, 2020, the Reporting Persons entered into a Joint Filing Agreement in which the Reporting Persons agreed to the joint filing on behalf of each of them of statements on Schedule 13D, with respect to securities of the Issuer, to the extent required by applicable law. A copy of this agreement is attached hereto as Exhibit 99.2 hereto and is incorporated herein by reference.

BVF GP and BVF2 GP are the general partners of BVF and BVF2, respectively, pursuant to their respective limited partnership agreements, which provide BVF GP and BVF2 GP with broad authority over the activities and assets of BVF and BVF2. Pursuant to such limited partnership agreements, BVF GP and BVF2 GP are entitled to allocations based on realized and unrealized gains on the respective assets of BVF and BVF2.

Partners is the sole member of Partners OS and the investment manager of BVF, BVF2, and Trading Fund OS, pursuant to their respective investment management agreements which authorize Partners, among other things, to invest the funds of BVF, BVF2, and Trading Fund OS in the Shares and other securities and to vote, exercise or convert and dispose of such securities. Pursuant to such investment management agreements, Partners is entitled to receive fees based on assets under management and allocations based on realized and unrealized gains on such assets from each of BVF, BVF2, and Trading Fund OS.

Pursuant to investment management agreements with the Partners Managed Account, Partners and BVF Inc. have authority, among other things, to invest funds of the Partners Managed Account in the Shares and other securities and to vote, exercise or convert and dispose of such securities. Pursuant to such investment management agreements, Partners and BVF Inc. receive fees based on realized and unrealized gains thereon.

Other than as described herein, there are no contracts, arrangements, understandings or relationships among the Reporting Persons, or between the Reporting Persons and any other person, with respect to the securities of the Issuer.

SIGNATURES

After reasonable inquiry and to the best of his or its knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct.

Dated: August 25, 2020

Exhibit 99.2

JOINT FILING AGREEMENT

In accordance with Rule 13d-1(k)(1)(iii) under the Securities Exchange Act of 1934, as amended, the persons named below agree to the joint filing on behalf of each of them of a Statement on Schedule 13D dated August 25, 2020 (including amendments thereto) with respect to the shares of Common Stock, $0.0001 par value per share, of Kymera Therapeutics, Inc. This Joint Filing Agreement shall be filed as an Exhibit to such Statement.

Dated: August 25, 2020