Nektar Therapeutics Financials
Nektar Therapeutics (NKTR) reported $54.6M in revenue over the twelve months to Jun 30, 2026, down 27.2% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Nektar’s research-led model converts a thin revenue base into persistent operating cash consumption rather than fixed-asset reinvestment.
FY2025 operating cash flow of-$208.5M nearly matched free cash flow of-$208.7M , showing that the deficit was driven mainly by ongoing operations rather than heavy capital spending. Versus FY2024, revenue fell to$55.2M while operating cash flow worsened to-$208.5M , so lower commercial activity did not yet reduce the cash burden.
The reported 100.0% gross margin in FY2025 is not a clean signal of product economics because cost of revenue was recorded at
Debt-to-equity fell from 4.0x in FY2024 to 2.1x in FY2025, indicating the balance sheet became less debt-heavy even as losses continued. A
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Nektar Therapeutics's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Nektar Therapeutics scores -11.52, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($2.5B) relative to total liabilities ($190.6M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Nektar Therapeutics passes 3 of 8 computable financial strength tests (1 of the nine could not be computed from available data). No profitability signals pass, all 2 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
Nektar Therapeutics reported a net loss of $164.0M while operations used $208.5M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
Nektar Therapeutics generated $55.2M in revenue in fiscal year 2025. This represents a decrease of 43.9% from the prior year.
Nektar Therapeutics's EBITDA was -$139.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 37.6% from the prior year.
Nektar Therapeutics reported -$164.0M in net income in fiscal year 2025. This represents a decrease of 37.8% from the prior year.
Cash & Balance Sheet
Nektar Therapeutics recorded an outflow of $208.7M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents a decrease of 17.8% from the prior year.
Nektar Therapeutics held $15.1M in cash as of fiscal year 2025; long-term debt is not reported for that period.
Not reported for fiscal year 2025.
Margins & Returns
Nektar Therapeutics's gross margin was 100.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 31.2 percentage points from the prior year.
Nektar Therapeutics's ROE was -182.6% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 13.4 percentage points from the prior year.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Capital Allocation
Nektar Therapeutics invested $117.3M in research and development in fiscal year 2025. This represents a decrease of 3.0% from the prior year.
Nektar Therapeutics repurchased no shares in fiscal year 2025. This represents a decrease of 100.0% from the prior year.
Nektar Therapeutics invested $171K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 88.4% from the prior year.
NKTR Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $10.1M-6.7% | $10.9M-50.2% | $21.8M+85.0% | $11.8M+5.5% | $11.2M+6.8% | $10.5M-64.1% | $29.2M+20.9% | $24.1M |
| Cost of Revenue | N/A | N/A | $0 | $0 | $0 | $0-100.0% | $8.0M+79.9% | $4.4M |
| Gross Profit | N/A | N/A | $21.8M+85.0% | $11.8M+5.5% | $11.2M+6.8% | $10.5M-50.7% | $21.2M+7.7% | $19.7M |
| R&D Expenses | $39.1M+9.7% | $35.7M+20.1% | $29.7M+9.0% | $27.3M-8.8% | $29.9M-1.9% | $30.5M+6.0% | $28.7M-17.9% | $35.0M |
| SG&A Expenses | $12.8M-5.0% | $13.4M+20.2% | $11.2M-30.4% | $16.1M-5.9% | $17.1M-29.9% | $24.3M+42.1% | $17.1M-9.6% | $19.0M |
| Operating Income | -$42.3M-8.4% | -$39.1M-41.2% | -$27.7M+12.7% | -$31.7M+12.6% | -$36.2M+18.6% | -$44.5M-410.4% | $14.3M+141.8% | -$34.3M |
| Income Tax | $2K-96.9% | $64K+106.5% | $31K+193.9% | -$33K+82.4% | -$188K-461.5% | $52K+120.1% | -$259K-2977.8% | $9K |
| Net Income | -$40.6M+9.5% | -$44.9M-24.7% | -$36.0M-1.4% | -$35.5M+14.6% | -$41.6M+18.3% | -$50.9M-804.5% | $7.2M+119.5% | -$37.1M |
| EPS (Diluted) | -$1.23+32.4% | -$1.82-14.5% | -$1.59+15.0% | -$1.87+36.6% | -$2.95 | -$3.62 | $0.04 | -$2.66 |
Not reported in any period shown, so not listed: Interest Expense.
NKTR Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $1.1B+43.5% | $763.3M+172.2% | $280.4M-6.9% | $301.3M+45.2% | $207.5M-19.0% | $256.2M-15.7% | $303.9M-1.3% | $308.0M |
| Current Assets | $739.4M+25.5% | $589.0M+121.2% | $266.3M-5.4% | $281.4M+50.8% | $186.6M-18.9% | $229.9M-12.0% | $261.3M-8.8% | $286.5M |
| Cash & Equivalents | $39.3M-73.7% | $149.6M+889.5% | $15.1M-63.2% | $41.0M-4.6% | $43.0M+10.5% | $38.9M-12.1% | $44.3M+47.0% | $30.1M |
| Inventory | N/A | N/A | $0 | N/A | N/A | N/A | $0 | $0 |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | $0 | $0 |
| Total Liabilities | $192.0M+2.6% | $187.1M-1.8% | $190.6M-11.9% | $216.3M-6.7% | $231.7M-4.4% | $242.5M-0.3% | $243.1M-6.2% | $259.1M |
| Current Liabilities | $71.0M+23.0% | $57.7M+7.8% | $53.5M-19.3% | $66.3M-7.1% | $71.4M+0.6% | $70.9M+15.5% | $61.4M-9.1% | $67.6M |
| Total Equity | $903.1M+56.7% | $576.2M+541.4% | $89.8M+5.6% | $85.1M+451.4% | -$24.2M-276.2% | $13.7M-77.4% | $60.7M+24.2% | $48.9M |
| Retained Earnings | -$3.8B-1.1% | -$3.8B-1.2% | -$3.8B-1.0% | -$3.7B-1.0% | -$3.7B-1.1% | -$3.6B-1.4% | -$3.6B+0.2% | -$3.6B |
Not reported in any period shown, so not listed: Goodwill, Long-Term Debt.
NKTR Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$75.8M-71.0% | -$44.3M+31.8% | -$65.0M-33.2% | -$48.8M-6.6% | -$45.7M+6.8% | -$49.1M-6.2% | -$46.2M-5.1% | -$43.9M |
| Capital Expenditures | $94K+422.2% | $18K0.0% | $18K-84.2% | $114K+208.1% | $37K+1750.0% | $2K-99.6% | $459K-31.1% | $666K |
| Free Cash Flow | -$75.9M-71.2% | -$44.3M+31.8% | -$65.0M-32.9% | -$48.9M-6.8% | -$45.8M+6.7% | -$49.1M-5.2% | -$46.6M-4.6% | -$44.6M |
| Investing Cash Flow | -$399.1M-13.8% | -$350.8M-94398.1% | $372K+100.4% | -$94.9M-291.2% | $49.6M+13.6% | $43.7M-27.4% | $60.2M+30.6% | $46.1M |
| Financing Cash Flow | $364.6M-31.2% | $529.5M+1269.4% | $38.7M-72.7% | $141.7M+67045.5% | $211K+2914.3% | $7K-91.6% | $83K+538.5% | $13K |
| Share Buybacks | N/A | N/A | $0 | $0 | $0 | $0 | $0 | $0 |
Not reported in any period shown, so not listed: Dividends Paid.
NKTR Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | 100.0%0.0pp | 100.0%0.0pp | 100.0%0.0pp | 100.0%+27.3pp | 72.7%-9.0pp | 81.6% |
| Operating Margin | -417.9% | -359.6% | -126.9% | -268.6% | -324.2% | -425.8% | 49.2% | -142.4% |
| Net Margin | -401.0% | -413.4% | -165.1% | -301.3% | -372.2% | -486.4% | 24.8% | -153.6% |
| Return on Equity | -4.5%+3.3pp | -7.8%+32.3pp | -40.1%+1.7pp | -41.8% | N/A | -370.4%-382.3pp | 11.9%+87.7pp | -75.8% |
| Return on Assets | -3.7%+2.2pp | -5.9%+7.0pp | -12.8%-1.0pp | -11.8%+8.2pp | -20.0%-0.2pp | -19.9%-22.2pp | 2.4%+14.4pp | -12.0% |
| Current Ratio | 10.42+0.2x | 10.21+5.2x | 4.97+0.7x | 4.24+1.6x | 2.61-0.6x | 3.24-1.0x | 4.260.0x | 4.24 |
| Debt-to-Equity | 0.21-0.1x | 0.32-1.8x | 2.12-0.4x | 2.54 | N/A | 17.65+13.6x | 4.00-1.3x | 5.30 |
| FCF Margin | -748.8% | -408.0% | -298.0% | -414.6% | -409.6% | -469.0% | -159.9% | -184.9% |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
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Where Nektar Therapeutics Ranks
Frequently Asked Questions
What is Nektar Therapeutics's annual revenue?
Nektar Therapeutics (NKTR) reported $55.2M in total revenue for fiscal year 2025. This represents a -43.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Nektar Therapeutics's revenue growing?
Nektar Therapeutics (NKTR) revenue declined by 43.9% year-over-year, from $98.4M to $55.2M in fiscal year 2025.
Is Nektar Therapeutics profitable?
No, Nektar Therapeutics (NKTR) reported a net income of -$164.0M in fiscal year 2025.
What is Nektar Therapeutics's EBITDA?
Nektar Therapeutics (NKTR) had EBITDA of -$139.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Nektar Therapeutics's gross margin?
Nektar Therapeutics (NKTR) had a gross margin of 100.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Nektar Therapeutics's return on equity (ROE)?
Nektar Therapeutics (NKTR) has a return on equity of -182.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Nektar Therapeutics's free cash flow?
Nektar Therapeutics (NKTR) recorded an outflow of $208.7M in free cash flow during fiscal year 2025. This represents a -17.8% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Nektar Therapeutics's operating cash flow?
Nektar Therapeutics (NKTR) recorded an outflow of $208.5M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Nektar Therapeutics's total assets?
Nektar Therapeutics (NKTR) had $280.4M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Nektar Therapeutics's capital expenditures?
Nektar Therapeutics (NKTR) invested $171K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Nektar Therapeutics spend on research and development?
Nektar Therapeutics (NKTR) invested $117.3M in research and development during fiscal year 2025.
What is Nektar Therapeutics's current ratio?
Nektar Therapeutics (NKTR) had a current ratio of 4.97 as of fiscal year 2025, which is generally considered healthy.
What is Nektar Therapeutics's debt-to-equity ratio?
Nektar Therapeutics (NKTR) had a debt-to-equity ratio of 2.12 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Nektar Therapeutics's return on assets (ROA)?
Nektar Therapeutics (NKTR) had a return on assets of -58.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
How does Nektar Therapeutics's liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, Nektar Therapeutics (NKTR) held $245.8M in cash, cash equivalents and investments, and reported an operating cash outflow of $208.5M over that year. Dividing the one by the other, the reported balance equals about 14 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
What is Nektar Therapeutics's Altman Z-Score?
Nektar Therapeutics (NKTR) has an Altman Z-Score of -11.52, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Nektar Therapeutics's Piotroski F-Score?
Nektar Therapeutics (NKTR) has a Piotroski F-Score of 3 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Nektar Therapeutics's earnings high quality?
Nektar Therapeutics (NKTR) reported a net loss of $164.0M while operations used $208.5M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Nektar Therapeutics?
Nektar Therapeutics (NKTR) scores 55 out of 100 on our Financial Health Score, indicating moderate standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.