Nektar Therapeutics Reports Fourth Quarter and Full Year 2025 Financial Results
Rhea-AI Summary
Nektar Therapeutics (Nasdaq: NKTR) reported Q4 and full-year 2025 results on March 12, 2026. Cash and investments were $245.8M at Dec 31, 2025, excluding ~$432M net proceeds from a Feb 2026 secondary and $44M from ATM sales.
Revenue fell to $55.2M in 2025 from $98.4M in 2024; 2025 net loss was $164.1M or $9.73 per share. Rezpegaldesleukin Phase 2 data supported a planned Phase 3 start in June 2026.
Positive
- Raised $460M gross in February 2026 public offering
- Planned Phase 3 start for rezpegaldesleukin in June 2026
- Rezpegaldesleukin Phase 2b showed durable responses in atopic dermatitis and alopecia areata
Negative
- Revenue down to $55.2M in 2025 from $98.4M in 2024
- Net loss widened to $164.1M in 2025 from $119.0M in 2024
- Cash and investments $245.8M at Dec 31, 2025 excluding subsequent financing proceeds
Key Figures
Market Reality Check
Peers on Argus
NKTR was up 1.75% while close peers SANA, PRAX, and QURE declined between 3.28% and 5.13%, with ABUS and SYRE only slightly positive. This divergence points to a stock-specific setup rather than a broad biotech move.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Nov 06 | Q3 2025 earnings | Positive | +1.5% | Cash runway into Q2 2027 with continued rezpegaldesleukin progress despite lower revenue. |
| Aug 07 | Q2 2025 earnings | Positive | +6.0% | Equity raise extending runway to Q1 2027 and positive Phase 2b rezpegaldesleukin data. |
| May 08 | Q1 2025 earnings | Negative | -4.9% | Revenue decline and widening net loss despite pipeline advancement and Fast Track status. |
| Mar 12 | FY 2024 results | Positive | -0.6% | Improved losses and Huntsville sale gain with Phase 2b enrollment completed. |
| Nov 07 | Q3 2024 earnings | Positive | +2.2% | Lower operating expenses and ongoing Phase 2b trials plus Huntsville sale announcement. |
Earnings updates have usually produced modest positive moves, though one prior upbeat year-end report saw a small negative reaction, showing occasional divergence.
Across the last five earnings releases from Nov 2024 through Nov 2025, Nektar repeatedly reported declining revenue after the Huntsville facility sale but emphasized cash balances and runway, supported by multiple equity financings. Net losses remained significant but trended alongside tighter operating expenses. Each quarter also highlighted progress for rezpegaldesleukin and advancement of Phase 2b programs. This new Q4/FY 2025 report continues that pattern: lower revenues and sizable losses, offset by strengthened liquidity from a large 2026 financing and advancing the lead autoimmune program toward Phase 3.
Historical Comparison
Past five earnings releases moved the stock by an average of 0.86%, usually modestly positive when liquidity and rezpegaldesleukin progress were emphasized, framing this Q4/FY 2025 update within a similar pattern.
Earnings reports from late 2024 through 2025 show a shift from manufacturing-driven revenue toward a leaner, trial-focused model, with recurring emphasis on cash runway extensions and stepwise rezpegaldesleukin advancement into later-stage development.
Market Pulse Summary
This announcement combines weaker top-line trends with a stronger balance sheet and advancing late-stage assets. Revenue fell to $55.2M for 2025, while GAAP net loss widened to $164.1M, partly offset by lower operating costs. At the same time, a $460M offering and $44M in ATM proceeds significantly boosted liquidity to support planned Phase 3 trials. Investors may focus on execution of rezpegaldesleukin milestones, future cash burn, and any updates to the development timeline.
Key Terms
phase 2 medical
phase 3 medical
treg medical
tumor necrosis factor receptor 2 (tnfr2) medical
at-the-market offering financial
equity method of accounting financial
non-gaap financial
reverse stock split financial
AI-generated analysis. Not financial advice.
Cash and investments in marketable securities on December 31, 2025 were
"2025 was a pivotal year for Nektar as we saw successful and transformative Phase 2 data readouts for rezpegaldesleukin," said Howard W. Robin, President and CEO of Nektar. "The data highlighted the promise and differentiation of our novel Treg mechanism in two inflammatory dermatological disease settings of atopic dermatitis and alopecia areata. In early 2026, we reported the 52-week treatment data for rezpegaldesleukin. These data provide hope that complete clearance of disease could be possible for patients with monthly and quarterly maintenance dosing of rezpegaldesleukin. With our strengthened financial position following the recent financing, we look forward to initiating our Phase 3 program in atopic dermatitis in June of this year, while we continue to advance our earlier TNFR2 agonist antibody and bispecific program toward the clinic."
Summary of Financial Results
Revenue in the fourth quarter of 2025 was
Total operating costs and expenses in the fourth quarter of 2025 were
R&D expense in the fourth quarter of 2025 was
G&A expense was
Non-cash restructuring and impairment charges were
In the first quarter of 2025, we began accounting for our investment in the new portfolio company, Gannet BioChem, under the equity method of accounting which calculates our gain or loss based on the change in our share of Gannet BioChem's equity each quarter. This resulted in non-cash losses from the equity method investment of
Net loss for the fourth quarter of 2025 was
Recent Business Highlights
- In February 2026, 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 2026, Nektar announced the successful closing of a public offering of its common stock, including the full exercise of underwriters' option to purchase additional shares, raising
$460 million - In February 2026, 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.
- In December 2025, Nektar announced topline results from the 36-week induction treatment period of the REZOLVE-AA Phase 2b Study, establishing proof-of-concept of rezpegaldesleukin in patients with severe-to-very-severe alopecia areata.
- In November 2025, Nektar presented a late-breaking oral abstract titled "Rezpegaldesleukin, Novel Treg-Inducing Therapy, Demonstrates Efficacy in Atopic Dermatitis and Asthma in Phase 2b Trial" at the American College of Allergy, Asthma and Immunology's 2025 Annual Scientific Meeting (ACAAI), highlighting statistically significant improvements across key efficacy endpoints in atopic dermatitis and supportive findings in patients with comorbid asthma.
1 The per share amounts have been retrospectively adjusted to reflect a one-for-fifteen reverse stock split completed on June 8, 2025
Upcoming Milestones
- Data from the 36-week treatment period of the REZOLVE-AA study in patients with alopecia areata were accepted for a presentation in a late-breaking oral session at the American Academy of Dermatology (AAD) 2026 Annual Meeting to be held March 27-31, 2026, in
Denver, CO. - Topline data to be reported from the blinded 16-week treatment extension period in the Phase 2b REZOLVE-AA study of rezpegaldesleukin in alopecia areata in April 2026. (The Company will enter a quiet period beginning April 1, 2026 and continuing until the public announcement of these data.)
- Commencement of the Phase 3 studies for rezpegaldesleukin in patients with moderate-to-severe atopic dermatitis in Q2 2026.
- Presentation of 36-week maintenance data from the Phase 2b REZOLVE-AD study of rezpegaldesleukin in moderate-to-severe atopic dermatitis at a medical conference in second half of 2026.
- Topline data to be reported from the 24-week off-treatment period in REZOLVE-AA in Q4 2026.
- Topline data to be reported from the 52-week off-treatment period in REZOLVE-AD in Q1 2027.
- Initial data from TrialNet-sponsored Phase 2 study of rezpegaldesleukin in Stage 3 New Onset Type 1 Diabetes to be reported in 2027.
- Preclinical data presentation from the NKTR-0165 (TNFR2 agonist antibody) program to be presented at a scientific conference in second half of 2026.
Conference Call to Discuss Fourth Quarter 2025 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 March 12, 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 12, 2026.
To access the conference call by phone, 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 two Phase 2b clinical trials, one in atopic dermatitis, one 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, together with various partners, is also evaluating NKTR-255, an investigational IL-15 receptor agonist designed to boost the immune system's natural ability to fight cancer, in several ongoing clinical trials.
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: "will," "develop," "potential," "evaluate," "target," "address," "may," "initiate" and similar references to future periods. Examples of forward-looking statements include, among others, statements regarding the therapeutic potential of, and future development plans for, rezpegaldesleukin, NKTR-0165, NKTR-0166, NKTR-422, and NKTR-255. 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, NKTR-422 and NKTR-255 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, NKTR-422 and NKTR-255 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, NKTR-422 and NKTR-255 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
Contacts:
For Investors:
Vivian Wu
VWu@nektar.com
Corey Davis, Ph.D.
LifeSci Advisors, LLC
cdavis@lifesciadvisors.com
212-915-2577
For Media:
Jonathan Pappas
LifeSci Communications
857-205-4403
jpappas@lifescicomms.com
NEKTAR THERAPEUTICS | ||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||||
(In thousands) | ||||||||||
(Unaudited) | ||||||||||
ASSETS | December 31, 2025 | December 31, 2024(1)(2) | ||||||||
Current assets: | ||||||||||
Cash and cash equivalents | $ 15,116 | $ 44,252 | ||||||||
Short-term investments | 230,636 | 210,974 | ||||||||
Other current assets | 20,514 | 6,066 | ||||||||
Total current assets | 266,266 | 261,292 | ||||||||
Long-term investments | - | 13,869 | ||||||||
Property and equipment, net | 2,060 | 3,411 | ||||||||
Operating lease right-of-use assets | 2,941 | 8,413 | ||||||||
Equity method investment in Gannet BioChem | 3,491 | 12,218 | ||||||||
Other assets | 5,648 | 4,647 | ||||||||
Total assets | $ 280,406 | $ 303,850 | ||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||
Current liabilities: | ||||||||||
Accounts payable | 10,770 | 11,560 | ||||||||
Accrued expenses | 22,271 | 29,972 | ||||||||
Operating lease liabilities, current portion | 20,495 | 19,868 | ||||||||
Total current liabilities | 53,536 | 61,400 | ||||||||
Operating lease liabilities, less current portion | 65,256 | 82,696 | ||||||||
Liabilities related to the sales of future royalties, net | 63,157 | 91,776 | ||||||||
Other long-term liabilities | 8,625 | 7,241 | ||||||||
Total liabilities | 190,574 | 243,113 | ||||||||
Commitments and contingencies | ||||||||||
Stockholders' equity: | ||||||||||
Preferred stock | - | - | ||||||||
Common stock | 2 | 1 | ||||||||
Capital in excess of par value | 3,850,099 | 3,659,885 | ||||||||
Treasury stock | - | (3,000) | ||||||||
Accumulated other comprehensive income (loss) | 17 | 61 | ||||||||
Accumulated deficit | (3,760,286) | (3,596,210) | ||||||||
Total stockholders' equity | 89,832 | 60,737 | ||||||||
Total liabilities and stockholders' equity | $ 280,406 | $ 303,850 | ||||||||
(1) The consolidated balance sheet at December 31, 2024 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 | ||||||||||
(2) All share and per share amounts have been retrospectively adjusted to reflect a one-for-fifteen reverse stock split | ||||||||||
NEKTAR THERAPEUTICS | ||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||
(In thousands, except share and per share information) | ||||||||||||||
(Unaudited) | ||||||||||||||
Three months ended December 31, | Twelve months ended December 31, | |||||||||||||
2025 | 2024(2) | 2025 | 2024(2) | |||||||||||
Revenue: | ||||||||||||||
Product sales | $ - | $ 12,874 | $ - | $ 33,563 | ||||||||||
Non-cash royalty revenue related to the sales of future royalties | 21,807 | 16,238 | 54,932 | 64,267 | ||||||||||
License, collaboration and other revenue | - | 63 | 300 | 597 | ||||||||||
Total revenue | 21,807 | 29,175 | 55,232 | 98,427 | ||||||||||
Operating costs and expenses: | ||||||||||||||
Cost of goods sold | - | 7,978 | - | 30,686 | ||||||||||
Research and development | 29,712 | 28,744 | 117,330 | 120,908 | ||||||||||
General and administrative | 11,185 | 17,135 | 68,673 | 76,751 | ||||||||||
Restructuring and impairment | 8,575 | 1,360 | 9,331 | 15,670 | ||||||||||
Gain on sale of the Huntsville manufacturing facility | - | (40,390) | - | (40,390) | ||||||||||
Total operating costs and expenses | 49,472 | 14,827 | 195,334 | 203,625 | ||||||||||
Income/(Loss) from operations | (27,665) | 14,348 | (140,102) | (105,198) | ||||||||||
Non-operating income (expense): | ||||||||||||||
Non-cash interest expense on liabilities related to the sales of future royalties | (9,769) | (10,153) | (26,184) | (28,112) | ||||||||||
Interest income | 2,776 | 2,942 | 10,438 | 14,500 | ||||||||||
Other income (expense), net | (44) | (135) | 361 | (390) | ||||||||||
Total non-operating income (expense), net | (7,037) | (7,346) | (15,385) | (14,002) | ||||||||||
Income/(Loss) before provision (benefit) for income taxes and equity method investment | (34,702) | 7,002 | (155,487) | (119,200) | ||||||||||
Provision (benefit) for income taxes | 31 | (259) | (138) | (239) | ||||||||||
Income/(loss) before equity method investment | (34,733) | 7,261 | (155,349) | (118,961) | ||||||||||
Loss from equity method investment | (1,346) | - | (8,727) | - | ||||||||||
Net Income/(loss) | $ (36,079) | $ 7,261 | $ (164,076) | $ (118,961) | ||||||||||
Basic and diluted earnings/(net loss) per share | $ (1.78) | $ 0.52 | $ (9.73) | $ (8.68) | ||||||||||
Weighted average shares outstanding used in computing net loss per share | ||||||||||||||
Basic | 20,296,885 | 13,983,300 | 16,870,930 | 13,710,775 | ||||||||||
Diluted | 20,296,885 | 14,043,048 | 16,870,930 | 13,710,775 | ||||||||||
(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
FAQ
How much cash did NKTR report at December 31, 2025 and how do February 2026 financings change that?
What were NKTR's full-year 2025 revenue and net loss figures and how do they compare to 2024?
When will NKTR begin Phase 3 trials for rezpegaldesleukin and what prompted the timing?
What clinical readouts did NKTR report in late 2025 and early 2026 for rezpegaldesleukin (NKTR)?
How did operating expenses and significant non-cash charges affect NKTR's 2025 results?
