What is Nkarta, Inc.'s earnings per share (EPS)?

Nkarta, Inc. (NKTX) reported diluted earnings per share of $-1.41 for fiscal year 2025. This represents a 11.9% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Nkarta, Inc. Financials

NKTX

Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 Currency USD FYE December

This page shows Nkarta, Inc. (NKTX) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 7 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).

Rhea AI NKTX FY2025 2026-05-12

Nkarta remains an R&D-funded platform, with liquidity sustained by liquidating investments rather than by operating inflows or debt.

FY2025's lower free cash burn tracked lower R&D spend, so the narrower loss looks more like spending moderation than a change in the business model. The funding mix also shifted toward asset monetization: $100.3M of investing inflow more than covered -$88.7M of operating cash burn while financing was nearly absent.

Near-term liquidity is not the immediate bottleneck because the current ratio was 12.7x and current liabilities were only $22.3M in FY2025. But cash itself was just $39.6M, which means day-to-day funding depends on the broader pool of liquid assets, not cash on hand alone.

Balance-sheet leverage stayed moderate, with FY2025 liabilities of $91.9M against equity of $312.3M, so solvency pressure is coming from recurring losses rather than lenders. Capital support has instead come mainly from shareholders, as shares outstanding rose from 49.2M in FY2023 to 71.1M in FY2025.

Financial Health Signals

Financial Profile 33/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Nkarta, Inc.'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.

Leverage

Nkarta, Inc. carries a low D/E ratio of 0.29, meaning only $0.29 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 96/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

100

With a current ratio of 12.69, Nkarta, Inc. holds $12.69 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.

Returns

Nkarta, Inc. generates a -33.3% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from -26.7% the prior year.

Piotroski F-Score Weak

1/9

Nkarta, Inc. passes 1 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.

Earnings Quality Low Quality

0.85x

For every $1 of reported earnings, Nkarta, Inc. generates $0.85 in operating cash flow (-$88.7M OCF vs -$104.1M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Earnings & Revenue

Revenue

Nkarta, Inc. generated $0 in revenue in fiscal year 2025.

EBITDA

-$112.8M

YoY+5.2%

Nkarta, Inc.'s EBITDA was -$112.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 5.2% from the prior year.

Net Income

-$104.1M

YoY+4.3%

Nkarta, Inc. reported -$104.1M in net income in fiscal year 2025. This represents an increase of 4.3% from the prior year.

EPS (Diluted)

$-1.41

YoY+11.9%

Nkarta, Inc. earned $-1.41 per diluted share (EPS) in fiscal year 2025. This represents an increase of 11.9% from the prior year.

Cash & Balance Sheet

Free Cash Flow

-$89.9M

YoY+13.6%

Nkarta, Inc. generated -$89.9M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 13.6% from the prior year.

Cash & Debt

$39.6M

YoY+42.2%

5Y CAGR-16.3%

Nkarta, Inc. held $39.6M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

$0.00

Nkarta, Inc. paid $0.00 per share in dividends in fiscal year 2025.

Shares Outstanding

71M

YoY+0.6%

5Y CAGR+16.9%

Nkarta, Inc. had 71M shares outstanding in fiscal year 2025. This represents an increase of 0.6% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

-33.3%

YoY-6.7pp

5Y CAGR-4.9pp

Nkarta, Inc.'s ROE was -33.3% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 6.7 percentage points from the prior year.

Capital Allocation

R&D Spending

$90.4M

YoY-6.5%

5Y CAGR+20.1%

Nkarta, Inc. invested $90.4M in research and development in fiscal year 2025. This represents a decrease of 6.5% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$1.2M

YoY-72.6%

5Y CAGR-30.6%

Nkarta, Inc. invested $1.2M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 72.6% from the prior year.

NKTX Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$0	$0	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$90.4M-6.5%	$96.7M0.0%	$96.8M+6.5%	$90.9M+43.3%	$63.4M+75.1%	$36.2M
SG&A Expenses	$31.6M+0.4%	$31.4M-9.8%	$34.9M+24.3%	$28.1M+21.9%	$23.0M+50.6%	$15.3M
Operating Income	-$122.0M+4.8%	-$128.2M+2.6%	-$131.7M-10.7%	-$119.0M-37.6%	-$86.4M-67.8%	-$51.5M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$0	$0	$0	$0	$0	$0
Net Income	-$104.1M+4.3%	-$108.8M+7.4%	-$117.5M-3.2%	-$113.8M-32.3%	-$86.1M+5.8%	-$91.4M
EPS (Diluted)	$-1.41+11.9%	$-1.60+33.3%	$-2.40+8.0%	$-2.61+0.4%	$-2.62	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$25.0M	N/A	$20.2M-2.8%	$20.8M-14.0%	$24.2M	N/A	$25.3M+9.2%	$23.1M
SG&A Expenses	$5.9M	N/A	$7.1M+10.6%	$6.4M-48.3%	$12.4M	N/A	$8.5M+12.6%	$7.6M
Operating Income	-$30.9M	N/A	-$27.3M-0.4%	-$27.2M+25.6%	-$36.6M	N/A	-$33.8M-10.0%	-$30.7M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$0	N/A	$0	$0	$0	N/A	$0	$0
Net Income	-$27.8M	N/A	-$21.7M+5.5%	-$23.0M+28.2%	-$32.0M	N/A	-$28.3M-13.4%	-$25.0M
EPS (Diluted)	$-0.37	N/A	$-0.29+6.5%	$-0.31+27.9%	$-0.43	N/A	$-0.39-14.7%	$-0.34

NKTX Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$404.2M-19.4%	$501.2M+32.3%	$378.9M-19.9%	$472.9M+72.7%	$273.9M-18.9%	$337.6M
Current Assets	$282.5M+3.4%	$273.3M+8.0%	$253.1M-29.8%	$360.7M+46.8%	$245.8M-22.9%	$318.8M
Cash & Equivalents	$39.6M+42.2%	$27.9M-10.2%	$31.0M-17.2%	$37.5M-38.3%	$60.8M-37.1%	$96.7M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$91.9M-1.4%	$93.2M-11.7%	$105.6M+4.8%	$100.7M+339.2%	$22.9M+39.6%	$16.4M
Current Liabilities	$22.3M+17.7%	$18.9M-18.9%	$23.3M+5.8%	$22.0M+70.3%	$12.9M+46.6%	$8.8M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$312.3M-23.4%	$408.0M+49.3%	$273.3M-26.6%	$372.2M+48.3%	$251.0M-21.9%	$321.2M
Retained Earnings	-$648.3M-19.1%	-$544.2M-25.0%	-$435.4M-37.0%	-$317.9M-55.8%	-$204.1M-72.9%	-$118.0M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$372.1M-8.0%	$404.2M-5.4%	$427.2M-4.7%	$448.3M-4.7%	$470.6M-6.1%	$501.2M-5.8%	$532.0M-4.0%	$554.1M
Current Assets	$235.9M-16.5%	$282.5M-2.3%	$289.3M-2.5%	$296.6M+9.2%	$271.6M-0.7%	$273.3M-5.8%	$290.1M-12.6%	$331.8M
Cash & Equivalents	$27.4M-31.0%	$39.6M-34.1%	$60.1M+12.5%	$53.4M+1.6%	$52.6M+88.7%	$27.9M-51.1%	$57.0M-52.7%	$120.4M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$86.2M-6.2%	$91.9M+2.9%	$89.3M-1.4%	$90.6M-1.3%	$91.8M-1.5%	$93.2M-7.8%	$101.2M+0.3%	$100.9M
Current Liabilities	$18.2M-18.2%	$22.3M+17.3%	$19.0M+0.3%	$18.9M+0.9%	$18.8M-0.9%	$18.9M-15.8%	$22.5M+7.7%	$20.9M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$285.9M-8.5%	$312.3M-7.6%	$337.9M-5.5%	$357.7M-5.6%	$378.8M-7.2%	$408.0M-5.3%	$430.9M-4.9%	$453.2M
Retained Earnings	-$676.1M-4.3%	-$648.3M-4.4%	-$620.9M-3.6%	-$599.2M-4.0%	-$576.2M-5.9%	-$544.2M-5.0%	-$518.3M-5.8%	-$489.9M

NKTX Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$88.7M+11.0%	-$99.7M-15.7%	-$86.2M-51.2%	-$57.0M+16.1%	-$67.9M-56.1%	-$43.5M
Capital Expenditures	$1.2M-72.6%	$4.4M-84.3%	$28.1M-40.3%	$47.1M+837.5%	$5.0M-33.1%	$7.5M
Free Cash Flow	-$89.9M+13.6%	-$104.1M+8.9%	-$114.3M-9.8%	-$104.1M-42.7%	-$73.0M-43.0%	-$51.0M
Investing Cash Flow	$100.3M+177.4%	-$129.6M-264.0%	$79.0M+142.8%	-$184.7M-667.7%	$32.5M+115.5%	-$210.1M
Financing Cash Flow	$141K-99.9%	$226.1M+32618.4%	$691K-99.7%	$219.0M+18120.6%	$1.2M-99.6%	$329.8M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	-$28.2M-30.3%	-$21.6M-15.8%	-$18.7M+0.4%	-$18.8M+36.7%	-$29.6M-19.6%	-$24.8M-0.8%	-$24.5M-12.1%	-$21.9M
Capital Expenditures	$413K-26.3%	$560K+7100.0%	-$8K-105.8%	$138K-73.4%	$518K-53.0%	$1.1M+42.0%	$777K-67.0%	$2.4M
Free Cash Flow	-$28.6M-28.8%	-$22.2M-18.8%	-$18.7M+1.0%	-$18.9M+37.3%	-$30.1M-16.5%	-$25.9M-2.1%	-$25.3M-4.4%	-$24.2M
Investing Cash Flow	$15.9M+1342.9%	$1.1M-95.7%	$25.4M+30.2%	$19.5M-64.1%	$54.3M+1302.1%	-$4.5M+88.4%	-$38.9M+63.9%	-$107.6M
Financing Cash Flow	$6K-90.6%	$64K	$0-100.0%	$77K	$0-100.0%	$184K+9100.0%	$2K+100.5%	-$368K
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

NKTX Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	-33.3%-6.7pp	-26.7%+16.3pp	-43.0%-12.4pp	-30.6%+3.7pp	-34.3%-5.9pp	-28.4%
Return on Assets	-25.8%-4.0pp	-21.7%+9.3pp	-31.0%-6.9pp	-24.1%+7.4pp	-31.4%-4.4pp	-27.1%
Current Ratio	12.69-1.8	14.45+3.6	10.85-5.5	16.36-2.6	18.99-17.1	36.10
Debt-to-Equity	0.29+0.1	0.23-0.2	0.39+0.1	0.27+0.2	0.09+0.0	0.05
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	-9.7%	N/A	-6.4%-0.0pp	-6.4%+2.0pp	-8.4%	N/A	-6.6%-1.1pp	-5.5%
Return on Assets	-7.5%	N/A	-5.1%+0.1pp	-5.1%+1.7pp	-6.8%	N/A	-5.3%-0.8pp	-4.5%
Current Ratio	12.96+0.3	12.69-2.5	15.23-0.4	15.67+1.2	14.48+0.0	14.45+1.5	12.91-3.0	15.91
Debt-to-Equity	0.300.0	0.29+0.0	0.26+0.0	0.25+0.0	0.24+0.0	0.230.0	0.23+0.0	0.22
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

What is Nkarta, Inc.'s annual revenue?

Nkarta, Inc. (NKTX) reported $0 in total revenue for fiscal year 2025. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

Is Nkarta, Inc. profitable?

No, Nkarta, Inc. (NKTX) reported a net income of -$104.1M in fiscal year 2025.

What is Nkarta, Inc.'s EBITDA?

Nkarta, Inc. (NKTX) had EBITDA of -$112.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Nkarta, Inc.'s return on equity (ROE)?

Nkarta, Inc. (NKTX) has a return on equity of -33.3% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Nkarta, Inc.'s free cash flow?

Nkarta, Inc. (NKTX) generated -$89.9M in free cash flow during fiscal year 2025. This represents a 13.6% 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 Nkarta, Inc.'s operating cash flow?

Nkarta, Inc. (NKTX) generated -$88.7M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Nkarta, Inc.'s total assets?

Nkarta, Inc. (NKTX) had $404.2M in total assets as of fiscal year 2025, including both current and long-term assets.

What are Nkarta, Inc.'s capital expenditures?

Nkarta, Inc. (NKTX) invested $1.2M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Nkarta, Inc. spend on research and development?

Nkarta, Inc. (NKTX) invested $90.4M in research and development during fiscal year 2025.

How many shares does Nkarta, Inc. have outstanding?

Nkarta, Inc. (NKTX) had 71M shares outstanding as of fiscal year 2025.

What is Nkarta, Inc.'s current ratio?

Nkarta, Inc. (NKTX) had a current ratio of 12.69 as of fiscal year 2025, which is generally considered healthy.

What is Nkarta, Inc.'s debt-to-equity ratio?

Nkarta, Inc. (NKTX) had a debt-to-equity ratio of 0.29 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Nkarta, Inc.'s return on assets (ROA)?

Nkarta, Inc. (NKTX) had a return on assets of -25.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Nkarta, Inc.'s cash runway?

Based on fiscal year 2025 data, Nkarta, Inc. (NKTX) had $39.6M in cash against an annual operating cash burn of $88.7M. This gives an estimated cash runway of approximately 5 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Nkarta, Inc.'s Piotroski F-Score?

Nkarta, Inc. (NKTX) has a Piotroski F-Score of 1 out of 9, indicating weak financial health. 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 Nkarta, Inc.'s earnings high quality?

Nkarta, Inc. (NKTX) has an earnings quality ratio of 0.85x, considered low quality (accrual-driven). 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 Nkarta, Inc.?

Nkarta, Inc. (NKTX) scores 33 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.