Nektar Therapeutics Announces Second Quarter 2026 Financial Results

Rhea-AI Summary

Nektar Therapeutics (Nasdaq: NKTR) reported second quarter 2026 revenue of $10.1 million, all from non-cash royalty revenue related to sales of future royalties, versus $11.2 million a year earlier. Net loss was $40.6 million (loss of $1.23 per share) compared with a $41.6 million loss ($2.95 per share) in Q2 2025.

Cash and investments in marketable securities rose to $1,023.4 million at June 30, 2026 from $245.8 million at December 31, 2025, helped by an April 2026 equity offering generating $373.8 million in gross proceeds. The company projects a cash runway into the third quarter of 2028.

R&D expense increased to $39.1 million in Q2, driven by initiation of Phase 3 ZENITH AD trials of rezpegaldesleukin in atopic dermatitis and related manufacturing. G&A expense decreased to $12.8 million, mainly from lower legal costs. Nektar also reported positive 52-week topline Phase 2b REZOLVE-AA data in severe alopecia areata.

Positive

• Cash and investments $1.02B at June 30, 2026, up from $245.8M year-end 2025
• Equity offering raised $373.8M gross proceeds in April 2026
• Net loss narrowed to $40.6M in Q2 2026 from $41.6M in Q2 2025
• G&A expense reduced to $12.8M in Q2 2026 from $17.1M a year earlier
• Equity method loss shrank to $0.3M in Q2 2026 from $2.4M
• Phase 3 ZENITH AD trials initiated for rezpegaldesleukin in atopic dermatitis

Negative

• Revenue declined to $10.1M in Q2 2026 from $11.2M in Q2 2025
• Total operating costs rose to $52.5M in Q2 2026 from $47.4M
• R&D spending increased to $39.1M in Q2 2026 from $29.9M
• Six-month net loss remained high at $85.5M in 2026 vs. $92.5M in 2025
• Restructuring and impairment costs of $1.4M in first half 2026

News Explained

The April underwritten public offering is complete: Nektar Therapeutics issued common stock and received $373.8 million in gross proceeds, increasing the total share count and reducing existing holders’ percentage ownership absent offsetting changes; underwriting fees make net proceeds lower than gross proceeds.

Market Context

Historical earnings events averaged a 1% 24-hour move, placing this release within a mixed company-s...

Analysis

Historical earnings events averaged a 1% 24-hour move, placing this release within a mixed company-specific record. Recent insider activity was net selling, while moderate short positioning remained an additional volatility risk.

Key Figures

Cash and investments: $1,023.4 million Q2 revenue: $10.1 million Operating costs: $52.5 million +5 more

8 metrics

Cash and investments $1,023.4 million June 30, 2026, versus $245.8 million on December 31, 2025

Q2 revenue $10.1 million Q2 2026 versus $11.2 million in Q2 2025

Operating costs $52.5 million Q2 2026 versus $47.4 million in Q2 2025

R&D expense $39.1 million Q2 2026 versus $29.9 million in Q2 2025

Net loss $40.6 million Q2 2026 versus $41.6 million in Q2 2025

Net loss per share $1.23 basic and diluted net loss per share Q2 2026 versus $2.95 in Q2 2025

Public offering proceeds $373.8 million gross proceeds Underwritten public offering completed in April 2026

Cash runway Third quarter of 2028 Company-stated cash runway

Previous Earnings Reports

5 past events · Latest: May 07 (Positive)

Same Type Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
May 07	Q1 2026 earnings	Positive	-1.8%	Quarterly results included financing and Phase 3 development milestones.
Mar 12	Q4 2025 earnings	Positive	+4.1%	Results included financing, pipeline progress, and planned Phase 3 initiation.
Nov 06	Q3 2025 earnings	Positive	+1.5%	Results highlighted clinical progress, regulatory designation, and capital-raising activity.
Aug 07	Q2 2025 earnings	Positive	+6.0%	Results reported Phase 2b progress and an FDA Fast Track designation.
May 08	Q1 2025 earnings	Negative	-4.9%	Revenue declined and net loss widened despite pipeline development progress.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Tag-specific earnings history was mixed, with 3 aligned positive reactions and 2 divergences; the average move was 1%.

Key Terms

underwritten public offering, double-blind, placebo-controlled

3 terms

underwritten public offering financial

"completed an underwritten public offering of its common stock"

An underwritten public offering is when a company sells new shares of its stock to the public with the help of a financial firm, called an underwriter. The underwriter agrees to buy all the shares upfront, reducing the company's risk, and then sells them to investors. This process helps companies raise money quickly and confidently from a wide range of buyers.

double-blind medical

"three randomized, double-blind, placebo-controlled trials"

A double-blind process means that neither the people conducting an activity nor the people involved know certain key details, such as who is receiving a treatment or a placebo. This approach helps prevent bias from influencing the results, making the outcome more trustworthy. For investors, it ensures that decisions or judgments are based on unbiased information rather than preconceived opinions or expectations.

placebo-controlled medical

"three randomized, double-blind, placebo-controlled trials"

"Placebo-controlled" describes a testing method where one group receives the actual treatment or intervention, while another group receives a harmless, inactive version called a placebo. This approach helps determine whether the real treatment has genuine effects beyond psychological expectations. For investors, understanding this ensures confidence that reported benefits are real and not influenced by bias or false perceptions.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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SAN FRANCISCO, Aug. 13, 2026 /PRNewswire/ -- Nektar Therapeutics (Nasdaq: NKTR), a clinical-stage biotechnology company focused on development of novel immunology therapies, today reported financial results for the second quarter ended June 30, 2026.

Cash and investments in marketable securities on June 30, 2026, were $1,023.4 million as compared to $245.8 million on December 31, 2025. 

"This year continues to be a transformative year for Nektar as we advance our lead program, rezpegaldesleukin, into Phase 3 clinical trials," said Howard W. Robin, President and Chief Executive Officer of Nektar. "We initiated the first Phase 3 ZENITH AD trials in atopic dermatitis in July, and we plan to start a single registrational Phase 3 study in alopecia areata in early 2027. Our Phase 3 program establishes a clear path to the first BLA submission for rezpegaldesleukin in 2029. With its novel T-reg mechanism, rezpegaldesleukin is uniquely positioned to provide benefit for patients across a number of chronic autoimmune conditions. Importantly, our financial position is strong with over one billion dollars in cash and investments at the end of the quarter, and a cash runway that extends into the third quarter of 2028, past the initial Phase 3 data readouts expected in mid-2028."

Revenue in the second quarter of 2026 was $10.1 million as compared to $11.2 million in the second quarter of 2025. Revenue for the first half of 2026 was $21.0 million as compared to $21.6 million in the first half of 2025.

Total operating costs and expenses in the second quarter of 2026 were $52.5 million as compared to $47.4 million in the second quarter of 2025. Total operating costs and expenses were $102.4 million for both the first half of 2026 and first half of 2025. Operating expenses for the second quarter and first half of 2026 reflect an increase in R&D expenses, offset by a decrease in G&A expenses.

R&D expense in the second quarter of 2026 was $39.1 million as compared to $29.9 million for the second quarter of 2025. R&D expense in the first half of 2026 was $74.8 million as compared to $60.4 million for the first half of 2025. R&D expense increased primarily due to the commencement of activities to support the Phase 3 ZENITH AD program in atopic dermatitis as well as manufacturing activities associated with rezpegaldesleukin.

G&A expense was $12.8 million in the second quarter of 2026 as compared to $17.1 million in the second quarter of 2025. G&A expense was $26.2 million in the first half of 2026 as compared to $41.4 million in the first half of 2025. G&A expense decreased primarily due to a decrease in legal expenses.

Our non-cash loss from our equity method investment in Gannet BioChem was $0.3 million in the second quarter of 2026, as compared to $2.4 million in the second quarter of 2025. The non-cash loss from the equity method investment was $2.1 million in the first half of 2026, as compared to $6.8 million in the first half of 2025.

Net loss for the second quarter of 2026 was $40.6 million or $1.23 basic and diluted net loss per share as compared to net loss of $41.6 million or $2.95 basic and diluted loss per share in the second quarter of 2025. Net loss in the first half of 2026 was $85.5 million or $2.96 basic and diluted net loss per share as compared to a net loss of $92.5 million or $6.57 basic and diluted loss per share in the first half of 2025.

Second Quarter 2026 Business Highlights

• In July 2026, Nektar announced the initiation of the first two global registrational trials in the Phase 3 ZENITH AD program evaluating rezpegaldesleukin in moderate-to-severe atopic dermatitis. The program will include a total of three randomized, double-blind, placebo-controlled trials: ZENITH AD-1 and ZENITH AD-2 will enroll biologic and systemic JAK inhibitor treatment naive patients, and ZENITH AD-3 will enroll patients with prior biologic and/or systemic JAK inhibitor treatment experience.
• In April 2026, Nektar completed an underwritten public offering of its common stock resulting in $373.8 million of gross proceeds.
• In April 2026, Nektar announced positive 52-week topline results from the 16-week blinded treatment extension of the Phase 2b REZOLVE-AA study, demonstrating deepening of responses to rezpegaldesleukin in patients with severe-to-very-severe alopecia areata with continued twice-monthly dosing.

Upcoming Data Presentations at the 2026 European Academy of Dermatology and Venereology Congress:

• Oral Presentation: "Rezpegaldesleukin Provides Durable and Deepening Improvements in the Signs and Symptoms of Atopic Dermatitis with Monthly and Quarterly Dosing: Results from the Phase 2b REZOLVE-AD Maintenance Part of Study"
  • Abstract N^o: AS-1732
  • Presenter: Dr. Thomas Bieber
  • Session Title: FC02.1B
  • Presentation Date and Time: Thursday, October 1^st 10:25 – 10:35 CEST
  • Location: Hall N

• Oral Presentation: "Rezpegaldesleukin, a Novel Regulatory T Cell-Inducing Biologic, Demonstrates Efficacy and Safety in Severe-to-Very-Severe Alopecia Areata: 52-Week Results from the Phase 2b REZOLVE-AA Study"
• Abstract N^o: AS-1872
• Presenter: Dr. David Rosmain
• Session Title: FC04.1D
• Presentation Date and Time: Thursday, October 1^st 16:30 – 16:40 CEST
• Location: Hall N

The presentations at EADV will be made available on Nektar's website at http://www.nektar.com under Scientific Publications, following the formal presentation.

Conference Call to Discuss Second Quarter 2026 Financial Results

Nektar management will host a conference call to review the results beginning at 5:00 p.m. Eastern Time/2:00 p.m. Pacific Time, today, August 13, 2026.

This press release and live audio-only webcast of the conference call can be accessed through a link that is posted on the Home Page and Investors section of the Nektar website: https://ir.nektar.com/. The web broadcast of the conference call will be available for replay through September 13, 2026.

To access the conference call, please pre-register here. All registrants will receive dial-in information and a PIN allowing them to access the live call.

About Nektar Therapeutics

Nektar Therapeutics is a clinical-stage biotechnology company focused on developing treatments that address the underlying immunological dysfunction in autoimmune and chronic inflammatory diseases. Nektar's lead product candidate, rezpegaldesleukin (REZPEG, or NKTR-358), is a novel, first-in-class regulatory T cell stimulator being evaluated in atopic dermatitis, alopecia areata, and Type 1 diabetes mellitus. Nektar's pipeline also includes preclinical bivalent tumor necrosis factor receptor type II (TNFR2) antibody and bispecific programs, NKTR-0165 and NKTR-0166, and a modified hematopoietic colony stimulating factor (CSF) protein, NKTR-422.

Nektar is headquartered in San Francisco, California. For further information, visit www.nektar.com and follow us on LinkedIn.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements which can be identified by words such as: "will", "develop," "potential," "expect", "may," "plan" and similar references to future periods. Examples of forward-looking statements include, among others, statements regarding the safety and efficacy profile and therapeutic potential of, and future development plans for, rezpegaldesleukin, NKTR-0165, NKTR-0166, and NKTR-422, potential patient preferences and market adoption related thereto, and plans and timing of future clinical trials and data releases. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results to differ materially from those indicated in the forward-looking statements include, among others: (i) our statements regarding the therapeutic potential of rezpegaldesleukin, NKTR-0165, NKTR-0166 and NKTR-422 are based on preclinical and clinical findings and observations and are subject to change as research and development continue; (ii) rezpegaldesleukin, NKTR-0165, NKTR-0166 and NKTR-422 are investigational agents and continued research and development for these drug candidates is subject to substantial risks, including negative safety and efficacy findings in future clinical studies (notwithstanding positive findings in earlier preclinical and clinical studies); (iii) rezpegaldesleukin, NKTR-0165, NKTR-0166 and NKTR-422 are in various stages of preclinical and clinical development, the risk of failure is high and can unexpectedly occur at any stage of development, and there can be no assurance that any such drug candidate will obtain regulatory approval; (iv) data reported from ongoing clinical trials may be preliminary or interim and may change as additional patient data becomes available or as continuing observations, verifications and analysis are completed; (v) the timing of the initiation or completion of clinical trials and the availability of clinical data may be delayed or unsuccessful due to regulatory delays, slower than anticipated patient enrollment, manufacturing challenges, changing standards of care, evolving regulatory requirements, clinical trial design, clinical outcomes, competitive factors, or delay or failure in ultimately obtaining regulatory approval in one or more important markets; (vi) a Fast Track designation does not increase the likelihood that rezpegaldesleukin will receive marketing approval in the United States; (vii) patents may not issue from our patent applications for our drug candidates, patents that have issued may not be enforceable, or additional intellectual property licenses from third parties may be required; and (viii) certain other important risks and uncertainties set forth in our filings with the Securities and Exchange Commission (SEC), including the risks and uncertainties described under the heading "Risk Factors" in our most recent Annual Report on Form 10-K or Quarterly Report Form 10-Q, as such risks and uncertainties may be amended or supplemented by our other filings with the SEC. Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

Contacts

For Investors:

Vivian Wu
628-895-0661
VWu@nektar.com 

Corey Davis, Ph.D.
LifeSci Advisors
212-915-2577
cdavis@lifesciadvisors.com 

For Media:

Susan Roberts
LifeSci Communications
202-779-0929
sroberts@lifescicomms.com 

 

NEKTAR THERAPEUTICS
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
ASSETS					June 30, 2026		December 31, 2025(1)
Current assets:
	Cash and cash equivalents				$                  39,267		$                      15,116
	Short-term investments				645,074		230,636
	Other current assets				55,061		20,514
		Total current assets			739,402		266,266
Long-term investments					339,061		-
Other assets					16,666		14,140
		Total assets			$             1,095,129		$                    280,406
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
	Accounts payable				24,891		10,770
	Accrued expenses				23,388		22,271
	Operating lease liabilities, current portion				22,706		20,495
		Total current liabilities			70,985		53,536
Operating lease liabilities, less current portion					55,850		65,256
Liabilities related to the sales of future royalties, net					57,378		63,157
Other long-term liabilities					7,795		8,625
		Total liabilities			192,008		190,574
Commitments and contingencies
Stockholders' equity:
	Preferred stock				-		-
	Common stock				3		2
	Capital in excess of par value				4,750,686		3,850,099
	Accumulated other comprehensive income (loss)				(1,756)		17
	Accumulated deficit				(3,845,812)		(3,760,286)
		Total stockholders' equity			903,121		89,832
	Total liabilities and stockholders' equity				$             1,095,129		$                    280,406
(1) The consolidated balance sheet at December 31, 2025 has been derived from the audited financial statements at that date but does not include all
of the information and notes required by generally accepted accounting principles in the United States for complete financial statements.

 

NEKTAR THERAPEUTICS
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share information)
(Unaudited)
					Three months ended June 30,				Six months ended June 30,
					2026		2025		2026		2025
Revenue:
	Non-cash royalty revenue related to the sales of future royalties				$                  10,131		$                      11,175		$                  20,992		$                  21,635
Total revenue					10,131		11,175		20,992		21,635
Operating costs and expenses:
	Research and development				39,129		29,886		74,809		60,366
	General and administrative				12,765		17,072		26,204		41,418
	Restructuring and impairment				578		447		1,374		616
Total operating costs and expenses					52,472		47,405		102,387		102,400
	Loss from operations				(42,341)		(36,230)		(81,395)		(80,765)
Non-operating income (expense):
	Non-cash interest expense on liabilities related to the sales of future royalties				(7,206)		(5,394)		(15,148)		(10,368)
	Interest income				9,346		1,969		13,588		4,843
	Other income (expense), net				(100)		260		(436)		526
Total non-operating income (expense), net					2,040		(3,165)		(1,996)		(4,999)
Loss before provision (benefit) for income taxes and equity method investment					(40,301)		(39,395)		(83,391)		(85,764)
Provision (benefit) for income taxes					2		(188)		66		(136)
Loss before equity method investment					(40,303)		(39,207)		(83,457)		(85,628)
Loss from equity method investment					(319)		(2,386)		(2,069)		(6,847)
Net loss					$                (40,622)		$                    (41,593)		$                 (85,526)		$                (92,475)
Basic and diluted net loss per share					$                     (1.23)		$                         (2.95)		$                     (2.96)		$                     (6.57)
Weighted average shares outstanding used in computing basic and diluted net loss per share					33,054,865		14,087,307		28,918,445		14,074,545

 

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SOURCE Nektar Therapeutics

FAQ

How did Nektar Therapeutics (NASDAQ:NKTR) perform financially in Q2 2026?

Nektar reported Q2 2026 revenue of $10.1 million and a net loss of $40.6 million. According to Nektar, all revenue came from non-cash royalty revenue, while higher R&D spending drove operating costs to $52.5 million compared with $47.4 million a year earlier.

What was Nektar Therapeutics' cash position and runway as of June 30, 2026 (NKTR)?

Nektar held $1,023.4 million in cash and investments as of June 30, 2026. According to Nektar, this includes proceeds from an April 2026 equity offering and supports a projected cash runway into the third quarter of 2028, beyond initial Phase 3 data readouts.

How did Nektar Therapeutics' R&D and G&A expenses change in Q2 2026 (NKTR)?

In Q2 2026, R&D expense rose to $39.1 million, while G&A expense fell to $12.8 million. According to Nektar, R&D increased mainly due to Phase 3 ZENITH AD and manufacturing activities, and G&A declined primarily from lower legal expenses versus the prior-year quarter.

What progress did Nektar Therapeutics report for rezpegaldesleukin in 2026?

Nektar initiated two global Phase 3 ZENITH AD trials in atopic dermatitis and reported 52-week Phase 2b REZOLVE-AA topline results. According to Nektar, rezpegaldesleukin showed deepening responses in severe-to-very-severe alopecia areata with continued twice-monthly dosing over 52 weeks.

How did Nektar Therapeutics' net loss and earnings per share change year over year in Q2 2026 (NKTR)?

Net loss was $40.6 million in Q2 2026 versus $41.6 million in Q2 2025, with EPS at -$1.23 versus -$2.95. According to Nektar, weighted average shares outstanding increased, while operating loss remained similar, leading to a modest improvement in per-share results.

What was the impact of Nektar Therapeutics' April 2026 stock offering on its balance sheet (NKTR)?

The April 2026 underwritten offering generated $373.8 million in gross proceeds, significantly strengthening Nektar’s equity. According to Nektar, total stockholders’ equity increased to $903.1 million at June 30, 2026 from $89.8 million at December 31, 2025.

What are Nektar Therapeutics' key upcoming milestones for rezpegaldesleukin after Q2 2026?

Nektar plans a single registrational Phase 3 study in alopecia areata starting in early 2027 and expects Phase 3 readouts in mid-2028. According to Nektar, the Phase 3 program supports a potential first BLA submission for rezpegaldesleukin in 2029.