Nektar Therapeutics Reports First Quarter 2026 Financial Results
Rhea-AI Summary
Nektar Therapeutics (Nasdaq: NKTR) reported Q1 2026 results for the quarter ended March 31, 2026. Cash and marketable securities were $731.6 million at March 31, 2026, excluding approximately $351 million net proceeds from a secondary offering closed April 23, 2026. Revenue was $10.9 million. Total operating costs were $49.9 million; R&D expense was $35.7 million. Net loss was $44.9 million or $1.82 per share. Recent financings in February and April generated gross proceeds of $460 million and $373.8 million, respectively. Key upcoming milestones include Phase 3 ZENITH-AD initiation by July 2026 and an FDA End-of-Phase 2 meeting for alopecia areata in Q2 2026.
Positive
- Cash and marketable securities of $731.6M at March 31, 2026
- Completed April secondary offering with approximately $351M net proceeds
- Raised $460M gross in February public offering
- Raised $373.8M gross in April public offering
- Phase 3 ZENITH-AD initiation targeted by July 2026
Negative
- Net loss of $44.9M in Q1 2026
- Total operating costs of $49.9M in Q1 2026
- R&D expense increased to $35.7M due to rezpegaldesleukin development
Key Figures
Market Reality Check
Peers on Argus
Biotech peers show mixed moves, with names like QURE and SYRE up while ABUS is down; this points to stock-specific drivers rather than a broad sector swing.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Mar 12 | Q4/FY25 earnings | Neutral | +4.1% | Reported lower 2025 revenue and loss with strong cash and planned Phase 3 start. |
| Nov 06 | Q3 2025 earnings | Neutral | +1.5% | Outlined lower revenue but solid cash runway into Q2 2027 and trial progress. |
| Aug 07 | Q2 2025 earnings | Positive | +6.0% | Detailed Phase 2b success for rezpegaldesleukin with significant net loss but added cash. |
| May 08 | Q1 2025 earnings | Negative | -4.9% | Showed falling revenue, wider net loss, and cash trending down from 2024 levels. |
| Mar 12 | Q4/FY24 earnings | Positive | -0.6% | Reported higher 2024 revenue, Q4 net income, and lower full-year loss with cost cuts. |
Earnings reports have typically led to modest price gains, with one instance of the stock slipping on broadly positive full-year 2024 results.
Over the past year, Nektar’s earnings updates have highlighted growing rezpegaldesleukin data alongside active capital raising. Q1 and Q2 2025 showed revenue declines and sizable net losses but often coincided with favorable clinical progress and generally positive price reactions. The Q4 2024 report showed improved revenue and net income yet saw a small share-price dip. Today’s Q1 2026 results, featuring higher cash and a narrower loss, extend this pattern of using the balance sheet and clinical milestones to support late-stage development.
Historical Comparison
In the last five earnings releases, NKTR’s average move was about 1.25%, usually modestly positive. Today’s Q1 2026 update fits a pattern of cash-focused results paired with rezpegaldesleukin progress.
Earnings reports have traced rezpegaldesleukin’s Phase 2b data through to planned Phase 3 starts, alongside steady balance sheet strengthening via offerings and cash build.
Market Pulse Summary
This announcement highlights a significantly stronger cash position of $731.6 million, reduced operating costs, and a narrower Q1 2026 net loss of $44.9 million as Nektar prepares rezpegaldesleukin for Phase 3 in atopic dermatitis and advances alopecia areata and other indications. Recent and prior earnings history show a strategy of pairing clinical milestones with equity financing. Investors may watch upcoming Phase 3 initiation timing, FDA End-of-Phase 2 feedback, and how spending trends evolve across 2026.
Key Terms
reverse stock split financial
underwritten public offering financial
Phase 3 medical
Phase 2b medical
atopic dermatitis medical
alopecia areata medical
tumor necrosis factor receptor 2 medical
Type 1 Diabetes medical
AI-generated analysis. Not financial advice.
Cash and investments in marketable securities on March 31, 2026, were
"2026 is shaping up to be a defining year for Nektar and for our lead biologic candidate rezpegaldesleukin," said Howard W. Robin, President and Chief Executive Officer of Nektar. "We have now shown that longer-term treatment with rezpegaldesleukin continues to deepen clinical responses in two distinct immune-mediated diseases, reinforcing our belief that this novel Treg mechanism can transform the treatment paradigm for autoimmune disease. The Phase 3 ZENITH-AD program in atopic dermatitis will initiate by July, and we will have our End-of-Phase 2 meeting for alopecia areata this quarter. With a substantially strengthened balance sheet and over
Revenue in the first quarter of 2026 was
Total operating costs and expenses in the first quarter of 2026 were
R&D expense in the first quarter of 2026 was
G&A expense was
Our non-cash loss from our equity method investment in Gannet BioChem was
Net loss for the first quarter of 2026 was
1 | The per share amounts have been retrospectively adjusted to reflect a one-for-fifteen reverse stock split completed on June 8, 2025. |
Recent Business Highlights
- In April, Nektar closed a successful underwritten public offering of
$373.8 million of shares of its common stock, including the exercise in full by the underwriters of their option to purchase additional shares of common stock. - In April, Nektar announced topline results from the 16-week blinded treatment extension of REZOLVE-AA, demonstrating deepening of responses in severe-to-very-severe alopecia areata at 52 weeks.
- In March, Nektar presented data from the Phase 2b REZOLVE-AD and REZOLVE-AA studies of rezpegaldesleukin at the 2026 American Academy of Dermatology Annual Meeting.
- In February, Nektar established a Research Collaboration with UCSF and Dr. Stephen Hauser for NKTR-0165, a tumor necrosis factor receptor 2 (TNFR2) antibody, in multiple sclerosis.
- In February, Nektar closed a successful public offering of its common stock, including the full exercise of underwriters' option to purchase additional shares, raising
$460 million in gross proceeds. - In February, Nektar presented new maintenance data from the REZOLVE-AD Phase 2b Study in atopic dermatitis, demonstrating durable and new responses with rezpegaldesleukin across key disease measurements with both monthly and quarterly dosing.
Upcoming Milestones
- Initiation of ZENITH-AD Phase 3 program of rezpegaldesleukin in moderate-to-severe atopic dermatitis by July 2026
- End-of-Phase 2 Meeting with FDA to align on Phase 3 program in alopecia areata in Q2 2026
- 24-week data from REZOLVE-AA off-treatment observation period in Q4 2026
- 52-week data from REZOLVE-AD off-treatment observation period in Q1 2027
- Initial data from TrialNet sponsored Phase 2 study in Type 1 Diabetes in 2027
- Preclinical data presentation from the NKTR-0165 (TNFR2 agonist antibody) program at a scientific conference in H2 2026
Conference Call to Discuss First 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 on May 7, 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 June 7, 2026.
To access the conference call, please pre-register at Nektar Earnings Call Registration. 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 one Phase 2b clinical trial in atopic dermatitis, one Phase 2b clinical trial in alopecia areata, and in one Phase 2 clinical trial in Type 1 diabetes mellitus. Nektar's pipeline also includes a 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,
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements which can be identified by words such as: "can," "develop," "potential," "expand," "address," "may," "plan," "upcoming" 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, and 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 clinical development and the risk of failure is high and can unexpectedly occur at any stage prior to regulatory approval; (iv) data reported from ongoing clinical trials are necessarily interim data only and the final results will change based on continuing observations; (v) the timing of the commencement or end 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 Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 13, 2026. 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 | March 31, 2026 | December 31, 2025(1) | ||||||||
Current assets: | ||||||||||
Cash and cash equivalents | $ 149,578 | $ 15,116 | ||||||||
Short-term investments | 419,026 | 230,636 | ||||||||
Other current assets | 20,437 | 20,514 | ||||||||
Total current assets | 589,041 | 266,266 | ||||||||
Long-term investments | 162,993 | - | ||||||||
Other assets | 11,237 | 14,140 | ||||||||
Total assets | $ 763,271 | $ 280,406 | ||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||
Current liabilities: | ||||||||||
Accounts payable | 10,026 | 10,770 | ||||||||
Accrued expenses | 25,151 | 22,271 | ||||||||
Operating lease liabilities, current portion | 22,531 | 20,495 | ||||||||
Total current liabilities | 57,708 | 53,536 | ||||||||
Operating lease liabilities, less current portion | 60,631 | 65,256 | ||||||||
Liabilities related to the sales of future royalties, net | 60,270 | 63,157 | ||||||||
Other long-term liabilities | 8,446 | 8,625 | ||||||||
Total liabilities | 187,055 | 190,574 | ||||||||
Commitments and contingencies | ||||||||||
Stockholders' equity: | ||||||||||
Preferred stock | - | - | ||||||||
Common stock | 3 | 2 | ||||||||
Capital in excess of par value | 4,382,437 | 3,850,099 | ||||||||
Accumulated other comprehensive income (loss) | (1,034) | 17 | ||||||||
Accumulated deficit | (3,805,190) | (3,760,286) | ||||||||
Total stockholders' equity | 576,216 | 89,832 | ||||||||
Total liabilities and stockholders' equity | $ 763,271 | $ 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 | ||||||||||
NEKTAR THERAPEUTICS | ||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||
(In thousands, except share and per share information) | ||||||||||
(Unaudited) | ||||||||||
Three months ended March 31, | ||||||||||
2026 | 2025(2) | |||||||||
Revenue: | ||||||||||
Non-cash royalty revenue related to the sales of future royalties | $ 10,861 | $ 10,460 | ||||||||
Total revenue | 10,861 | 10,460 | ||||||||
Operating costs and expenses: | ||||||||||
Research and development | 35,680 | 30,480 | ||||||||
General and administrative | 13,439 | 24,346 | ||||||||
Restructuring and impairment | 796 | 169 | ||||||||
Total operating costs and expenses | 49,915 | 54,995 | ||||||||
Loss from operations | (39,054) | (44,535) | ||||||||
Non-operating income (expense): | ||||||||||
Non-cash interest expense on liabilities related to the sales of future royalties | (7,942) | (4,974) | ||||||||
Interest income | 4,242 | 2,874 | ||||||||
Other income (expense), net | (336) | 266 | ||||||||
Total non-operating income (expense), net | (4,036) | (1,834) | ||||||||
Loss before provision for income taxes and equity method investment | (43,090) | (46,369) | ||||||||
Provision for income taxes | 64 | 52 | ||||||||
Loss before equity method investment | (43,154) | (46,421) | ||||||||
Loss from equity method investment | (1,750) | (4,461) | ||||||||
Net loss | $ (44,904) | $ (50,882) | ||||||||
Basic and diluted net loss per share | $ (1.82) | $ (3.62) | ||||||||
Weighted average shares outstanding used in computing basic and diluted net loss per share | 24,736,066 | 14,063,402 | ||||||||
(2) All share and per share amounts have been retrospectively adjusted to reflect a one-for-fifteen reverse stock split | ||||||||||
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SOURCE Nektar Therapeutics