Atlas Venture Just Sold Another $34.8 Million in Kymera
Atlas Venture Fund X and Opportunity Fund I sold $34.8M in Kymera under December 2025 10b5-1 plans β the second tranche following the $45.2M block earlier this week. Combined $80M+ campaign. 3.8M shares retained.
π΄ Insider Activity Score: 99/100
Atlas Venture Fund X, L.P. and Atlas Venture Opportunity Fund I, L.P., operating under director-by-deputization through Bruce Booth's board seat, filed a Form 4 on June 25, 2026 disclosing the sale of 285,684 common shares for approximately $34,812,909 β governed by the same December 11, 2025 Rule 10b5-1 plans that governed the $45,286,413 distribution documented in this series' prior Kymera analysis filed June 22. Combined across both tranches: approximately $80,099,322 in realized proceeds across 763,882 aggregate shares within a single week. The core Atlas venture network retains over 3.80 million unhedged common shares. The December plans are running their designated sessions. The combined $80 million weekly output is the protein degrader momentum cycle delivering at scale.
The Continuation Pattern: Two Tranches, One Campaign
The June 25 filing is not an independent distribution event β it is the continuation of the same December 2025 plan campaign documented in this series' June 22 analysis, with the same Atlas vehicles, the same plan adoption date, and the same protein degrader momentum cycle delivering the execution corridor.
The June 22 tranche cleared 478,198 shares at $90.38 to $104.87 for approximately $45.3 million. The June 25 tranche cleared 285,684 shares at an implied average of approximately $121.85 β a materially higher execution level than the prior week's corridor, confirming that the December plans are running across successive sessions at progressively higher prices as Kymera's protein degrader momentum continues to appreciate.
The $31 price appreciation between the June 22 tranche's upper range and the June 25 implied average confirms the plan's price-agnostic character: the December design designated both session windows and collected whatever the market offered across each β the earlier tranche at $90 to $104, the later tranche at approximately $121. A human making real-time decisions would not continue selling at $121 after clearing at $104 without a specific view. A December plan does exactly that.
The $80 Million Weekly Total: Scale in Context
The combined $80,099,322 across both tranches within a single week is the specific aggregate that elevates the ongoing campaign to the 99/100 alarm-management tier β two consecutive venture capital distribution events at the same protein degrader company totaling $80 million in seven days.
This series has established the proportional framework across dozens of analyses. At $80 million distributed against a 3.80 million share retained position worth approximately $463 million at the June 25 implied execution price, the combined weekly campaign represents approximately 14.7% of the combined pre-week position β a meaningful but bounded harvest that leaves the dominant retained foundation intact.
The December plans are not concluding the Atlas Kymera thesis. They are systematically returning capital to both LP bases at successively higher prices as the protein degrader platform's clinical validation delivers appreciation.
The 3.80 Million Retained Foundation: The Thesis Anchor
The 3.80 million unhedged common shares retained across Atlas Venture Fund X and Atlas Venture Opportunity Fund I β worth approximately $463 million at the June 25 implied execution level β represent the dominant ongoing venture capital commitment to Kymera's protein degrader platform that two tranches of December plan distributions have not materially reduced.
The retained 3.80 million shares carry the full commercial and clinical risk of the protein degrader pipeline β the targeted degradation thesis that the $80 million weekly harvest was designed to partially monetize while maintaining the overwhelming majority of the exposure.
About Kymera Therapeutics, Inc.
Kymera Therapeutics, Inc. is a clinical-stage biopharmaceutical company developing targeted protein degrader therapeutics using its proprietary Pegasus platform. Atlas Venture Fund X, L.P. and Atlas Venture Opportunity Fund I, L.P. have now distributed approximately $80,099,322 across two tranches in a single week under December 11, 2025 Rule 10b5-1 plans, retaining over 3.80 million unhedged common shares. Director Bruce Booth's board seat creates the director-by-deputization reporting obligation. Kymera trades on the Nasdaq under the ticker KYMR.
How to Think About This
The June 25 continuation tranche scores 99/100 β the maximum alarm-management score reflecting an $80 million combined weekly Atlas venture capital distribution at a clinical-stage protein degrader company, with the same December 2025 plans governing both tranches and the execution corridor advancing approximately $31 per share between the two events.
The 99/100 reflects the combined weekly scale rather than either individual tranche in isolation. The June 22 tranche at $45.3 million scored 95/100. The June 25 continuation β adding $34.8 million to produce an $80 million combined weekly total β warrants the maximum score for the aggregate campaign's concentrated timeframe and scale.
The December plans ran both tranches. The protein degrader cycle delivered $121 for the second event. The 3.80 million retained shares are backing whatever the Pegasus platform delivers next.