Nektar Therapeutics Reports Second Quarter 2025 Financial Results
Nektar Therapeutics (Nasdaq: NKTR) reported Q2 2025 financial results, with cash and investments of $175.9 million as of June 30, 2025, down from $269.1 million in December 2024. The company raised additional $107.5 million through a secondary offering in July 2025, extending operations into Q1 2027.
Key financial metrics include Q2 2025 revenue of $11.2 million (down from $23.5 million in Q2 2024) and a net loss of $41.6 million ($2.95 per share). The company reported significant progress with rezpegaldesleukin in Phase 2b studies for atopic dermatitis, achieving statistical significance in primary and secondary endpoints. The FDA granted Fast Track designation for rezpegaldesleukin in alopecia areata treatment.
Nektar Therapeutics (Nasdaq: NKTR) ha comunicato i risultati finanziari del secondo trimestre 2025, con liquidità e investimenti pari a 175,9 milioni di dollari al 30 giugno 2025, in calo rispetto ai 269,1 milioni di dollari di dicembre 2024. La società ha raccolto ulteriori 107,5 milioni di dollari tramite un'offerta secondaria a luglio 2025, estendendo le operazioni fino al primo trimestre 2027.
I principali indicatori finanziari includono un fatturato di 11,2 milioni di dollari nel Q2 2025 (in calo rispetto ai 23,5 milioni del Q2 2024) e una perdita netta di 41,6 milioni di dollari (2,95 dollari per azione). La società ha riportato progressi significativi con rezpegaldesleukin negli studi di Fase 2b per la dermatite atopica, raggiungendo significatività statistica negli endpoint primari e secondari. La FDA ha concesso la designazione Fast Track per rezpegaldesleukin nel trattamento dell'alopecia areata.
Nektar Therapeutics (Nasdaq: NKTR) informó los resultados financieros del segundo trimestre de 2025, con efectivo e inversiones por 175,9 millones de dólares al 30 de junio de 2025, disminuyendo desde 269,1 millones en diciembre de 2024. La compañía recaudó 107,5 millones de dólares adicionales mediante una oferta secundaria en julio de 2025, extendiendo sus operaciones hasta el primer trimestre de 2027.
Los principales indicadores financieros incluyen ingresos de 11,2 millones de dólares en el Q2 2025 (por debajo de 23,5 millones en el Q2 2024) y una pérdida neta de 41,6 millones de dólares (2,95 dólares por acción). La empresa reportó avances significativos con rezpegaldesleukin en estudios de Fase 2b para dermatitis atópica, logrando significancia estadística en los puntos finales primarios y secundarios. La FDA otorgó la designación Fast Track para rezpegaldesleukin en el tratamiento de la alopecia areata.
Nektar Therapeutics (나스닥: NKTR)는 2025년 2분기 재무 결과를 발표했으며, 2025년 6월 30일 기준 현금 및 투자금은 1억 7,590만 달러로 2024년 12월의 2억 6,910만 달러에서 감소했습니다. 회사는 2025년 7월 추가로 1억 750만 달러를 2차 공모를 통해 조달하여 운영 자금을 2027년 1분기까지 연장했습니다.
주요 재무 지표로는 2025년 2분기 매출액이 1,120만 달러(2024년 2분기 2,350만 달러 대비 감소)이며, 순손실은 4,160만 달러(주당 2.95달러)입니다. 회사는 아토피 피부염에 대한 2b상 임상에서 rezpegaldesleukin의 주요 및 부차적 평가변수에서 통계적 유의성을 달성하며 상당한 진전을 보고했습니다. FDA는 알로페시아 아레아타 치료를 위한 rezpegaldesleukin에 대해 신속 심사(Fast Track) 지정을 부여했습니다.
Nektar Therapeutics (Nasdaq : NKTR) a publié ses résultats financiers du deuxième trimestre 2025, avec une trésorerie et des investissements de 175,9 millions de dollars au 30 juin 2025, en baisse par rapport à 269,1 millions de dollars en décembre 2024. La société a levé 107,5 millions de dollars supplémentaires lors d'une offre secondaire en juillet 2025, prolongeant ses opérations jusqu'au premier trimestre 2027.
Les principaux indicateurs financiers incluent un chiffre d'affaires de 11,2 millions de dollars au T2 2025 (en baisse par rapport à 23,5 millions au T2 2024) et une perte nette de 41,6 millions de dollars (2,95 dollars par action). La société a rapporté des progrès significatifs avec le rezpegaldesleukin dans les études de phase 2b pour la dermatite atopique, atteignant une signification statistique aux critères principaux et secondaires. La FDA a accordé la désignation Fast Track pour le rezpegaldesleukin dans le traitement de l'alopécie areata.
Nektar Therapeutics (Nasdaq: NKTR) meldete die Finanzergebnisse für das zweite Quartal 2025 mit einem Barbestand und Investitionen von 175,9 Millionen US-Dollar zum 30. Juni 2025, was einem Rückgang gegenüber 269,1 Millionen US-Dollar im Dezember 2024 entspricht. Das Unternehmen erzielte im Juli 2025 durch eine Sekundärplatzierung zusätzliche 107,5 Millionen US-Dollar und verlängerte damit die Betriebsdauer bis ins erste Quartal 2027.
Wichtige Finanzkennzahlen umfassen einen Umsatz von 11,2 Millionen US-Dollar im Q2 2025 (Rückgang von 23,5 Millionen US-Dollar im Q2 2024) sowie einen Nettoverlust von 41,6 Millionen US-Dollar (2,95 US-Dollar pro Aktie). Das Unternehmen berichtete über bedeutende Fortschritte mit Rezpegaldesleukin in Phase-2b-Studien zur atopischen Dermatitis, wobei statistische Signifikanz bei den primären und sekundären Endpunkten erreicht wurde. Die FDA erteilte die Fast-Track-Zulassung für Rezpegaldesleukin zur Behandlung von Alopecia areata.
- FDA granted Fast Track designation for rezpegaldesleukin in alopecia areata treatment
- Successful completion of $115 million public offering in July 2025
- Phase 2b study for rezpegaldesleukin achieved statistical significance in atopic dermatitis treatment
- Cash runway extended into Q1 2027 with secondary offering proceeds
- Operating costs decreased from $73.3M to $47.4M year-over-year in Q2
- Revenue declined 52% to $11.2M in Q2 2025 from $23.5M in Q2 2024
- Net loss of $41.6M in Q2 2025
- Non-cash losses of $2.4M from Gannet BioChem equity investment in Q2 2025
- Cash position decreased from $269.1M to $175.9M over six months
Insights
Nektar reports significant rezpegaldesleukin clinical success amid declining revenue and continued losses, with extended cash runway into 2027.
Nektar's Q2 2025 financial results show both challenges and opportunities. The company's cash position decreased to
Revenue declined significantly to
The net loss of
The most significant positive development is rezpegaldesleukin's Phase 2b data in atopic dermatitis, which demonstrated statistical significance on both primary and key secondary endpoints. This T-regulatory cell biologic showed rapid onset of action and potential differentiation from competing mechanisms. FDA Fast Track designation for rezpegaldesleukin in alopecia areata further validates its potential.
Nektar is advancing its pipeline with NKTR-0165 (targeting TNFR2 receptor) in IND-enabling studies planned for clinical entry in 2026, and a new bispecific antibody (NKTR-0166) in preclinical development. Their strategic focus on T-regulatory cell therapeutics for autoimmune conditions represents a novel mechanistic approach with significant market potential given the millions of patients suffering from these chronic disorders.
Nektar's rezpegaldesleukin shows breakthrough efficacy in atopic dermatitis with unique T-reg mechanism differentiating it from competitors.
The Phase 2b data for rezpegaldesleukin represents a potential scientific breakthrough in treating inflammatory skin conditions. The REZOLVE-AD study results are particularly impressive, demonstrating statistically significant improvements in the primary endpoint (EASI score reduction) and multiple challenging secondary endpoints including EASI-75, EASI-90, itch reduction via NRS, vIGA-AD scores, and affected body surface area (BSA).
What makes this development scientifically significant is rezpegaldesleukin's novel mechanism targeting T-regulatory (Treg) cells. Unlike conventional approaches that broadly suppress inflammation or target specific cytokines, this first-in-class biologic aims to restore immune homeostasis by enhancing Treg function. The rapid onset of action and meaningful itch reduction are particularly valuable clinical attributes, as pruritus significantly impacts quality of life in atopic dermatitis patients.
The FDA's Fast Track designation for rezpegaldesleukin in severe-to-very severe alopecia areata suggests regulatory recognition of both the unmet need and the therapy's potential. This designation is only granted when preliminary clinical evidence indicates a therapy may demonstrate substantial improvement over available options.
The expansion of Nektar's T-reg platform with NKTR-0165 targeting the TNFR2 receptor represents a thoughtful pipeline strategy. TNFR2 is preferentially expressed on Tregs and activating this pathway could enable more tissue-specific immunomodulation with potentially fewer systemic effects than broader approaches. The bispecific antibody NKTR-0166 further leverages this scientific understanding by combining TNFR2 targeting with another validated mechanism.
The upcoming 52-week rezpegaldesleukin data in early 2026 will be crucial for assessing durability of response and long-term safety. Similarly, the alopecia areata Phase 2b results expected in December 2025 will help determine if this Treg mechanism has broader applications across multiple autoimmune conditions. If successful across these indications, Nektar's platform could represent a paradigm shift in treating autoimmune disorders by addressing fundamental immune dysregulation rather than merely suppressing symptoms.
Cash and investments in marketable securities on June 30, 2025 were
"This quarter, we announced transformative data for rezpegaldesleukin from the Phase 2b study in patients with moderate to severe atopic dermatitis," said Howard W. Robin, President and CEO of Nektar. "The 16-week induction data demonstrated that rezpegaldesleukin resulted in a rapid onset of EASI response and itch relief and showcased the advantage of a broad-based Treg mechanism over other mechanistic approaches in development to treat atopic dermatitis. We look forward to seeing the effect of continued treatment with rezpegaldesleukin when we report the 52-week data in early 2026. In alopecia areata, we will report the data from a separate Phase 2b study in December of this year. We believe the data from both randomized studies will demonstrate the potential of rezpegaldesleukin to provide a new treatment paradigm for patients with chronic and serious diseases that significantly impact quality of life. As a first-in-class, T regulatory cell biologic, rezpegaldesleukin is poised to become an important novel mechanism to treat millions of patients with autoimmune disorders."
"We are proceeding in our IND-enabling studies for our next T reg program, NKTR-0165, which targets the TNFR2 receptor to stimulate tissue-specific T regulatory cells," continued Robin. "Our goal is to advance NKTR-0165 into the clinic in 2026. Finally, we are making significant progress on advancing preclinical studies with a new bispecific antibody, NKTR-0166, which combines the TNFR2 epitope with a validated antibody target."
Summary of Financial Results
Revenue in the second quarter of 2025 was
Total operating costs and expenses in the second quarter of 2025 were
R&D expense in the second quarter of 2025 was
G&A expense was
Non-cash restructuring and impairment charges were not material in the second quarter and first half of 2025. Non-cash restructuring and impairment charges in the second quarter of 2024 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 second quarter of 2025 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 July of 2025, the
U.S. Food and Drug Administration (FDA) granted Fast Track designation for rezpegaldesleukin for the treatment of severe-to-very severe alopecia areata (AA) in adults and pediatric patients 12 years of age and older who weigh at least 40 kilograms. - In July of 2025, 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
$115 million in gross proceeds. - In June of 2025, Nektar announced that the REZOLVE-AD study achieved statistical significance on the primary endpoint at week 16 for mean percent change in EASI score from baseline for all rezpegaldesleukin arms versus placebo and achieved statistical significance for key secondary endpoints at week 16, including EASI-75, EASI-90, Itch NRS, vIGA-AD and BSA. The rapid onset of EASI reduction and magnitude of itch improvement show potential differentiation of this novel regulatory T-cell mechanism as a first and best-in-class immune-modulator.
- In June of 2025, Nektar collaborators at the Fred Hutchinson Cancer Center presented oral data for NKTR-255 as adjunctive treatment to cell therapy at the 30th Annual European Hematological Association (EHA) Congress entitled, "Enhanced CAR T-cell Expansion and Durable Complete Responses with NKTR-255 Plus Lisocabtagene Maraleucel in Relapsed/Refractory Large B-cell Lymphoma."
Conference Call to Discuss Second 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 August 7, 2025.
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 8, 2025.
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 and one in alopecia areata. 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
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements which can be identified by words such as: "will," "expect," "develop," "potential," "advance," "plan," "target," "believe," 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) 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; (v) a Fast Track designation does not increase the likelihood that rezpegaldesleukin will receive marketing approval in
Contacts:
For Investors:
Corey Davis, Ph.D.
LifeSci Advisors, LLC
cdavis@lifesciadvisors.com
212-915-2577
Ahu Demir, Ph.D.
LifeSci Advisors, LLC
ademir@lifesciadvisors.com
212-915-3820
For Media:
Madelin Hawtin
LifeSci Communications
603-714-2638
NEKTAR THERAPEUTICS | ||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||||
(In thousands) | ||||||||||
(Unaudited) | ||||||||||
ASSETS | June 30, 2025 | December 31, 2024(1)(2) | ||||||||
Current assets: | ||||||||||
Cash and cash equivalents | $ 42,988 | $ 44,252 | ||||||||
Short-term investments | 132,915 | 210,974 | ||||||||
Other current assets | 10,663 | 6,066 | ||||||||
Total current assets | 186,566 | 261,292 | ||||||||
Long-term investments | - | 13,869 | ||||||||
Property and equipment, net | 2,988 | 3,411 | ||||||||
Operating lease right-of-use assets | 7,585 | 8,413 | ||||||||
Equity method investment in Gannet BioChem | 5,371 | 12,218 | ||||||||
Other assets | 5,024 | 4,647 | ||||||||
Total assets | $ 207,534 | $ 303,850 | ||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | ||||||||||
Current liabilities: | ||||||||||
Accounts payable | 14,281 | 11,560 | ||||||||
Accrued expenses | 35,099 | 29,972 | ||||||||
Operating lease liabilities, current portion | 22,011 | 19,868 | ||||||||
Total current liabilities | 71,391 | 61,400 | ||||||||
Operating lease liabilities, less current portion | 74,145 | 82,696 | ||||||||
Liabilities related to the sales of future royalties, net | 80,573 | 91,776 | ||||||||
Other long-term liabilities | 5,636 | 7,241 | ||||||||
Total liabilities | 231,745 | 243,113 | ||||||||
Commitments and contingencies | ||||||||||
Stockholders' equity: | ||||||||||
Preferred stock | - | - | ||||||||
Common stock | 1 | 1 | ||||||||
Capital in excess of par value | 3,667,487 | 3,659,885 | ||||||||
Treasury stock | (3,000) | (3,000) | ||||||||
Accumulated other comprehensive income (loss) | (14) | 61 | ||||||||
Accumulated deficit | (3,688,685) | (3,596,210) | ||||||||
Total stockholders' equity (deficit) | (24,211) | 60,737 | ||||||||
Total liabilities and stockholders' equity | $ 207,534 | $ 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 June 30, | Six months ended June 30, | |||||||||||||
2025 | 2024(2) | 2025 | 2024(2) | |||||||||||
Revenue: | ||||||||||||||
Product sales | $ - | $ 6,640 | $ - | $ 12,674 | ||||||||||
Non-cash royalty revenue related to the sales of future royalties | 11,175 | 16,790 | 21,635 | 32,298 | ||||||||||
License, collaboration and other revenue | - | 59 | - | 156 | ||||||||||
Total revenue | 11,175 | 23,489 | 21,635 | 45,128 | ||||||||||
Operating costs and expenses: | ||||||||||||||
Cost of goods sold | - | 9,740 | - | 18,274 | ||||||||||
Research and development | 29,886 | 29,724 | 60,366 | 57,132 | ||||||||||
General and administrative | 17,072 | 20,510 | 41,418 | 40,659 | ||||||||||
Restructuring and impairment | 447 | 13,289 | 616 | 14,264 | ||||||||||
Total operating costs and expenses | 47,405 | 73,263 | 102,400 | 130,329 | ||||||||||
Loss from operations | (36,230) | (49,774) | (80,765) | (85,201) | ||||||||||
Non-operating income (expense): | ||||||||||||||
Non-cash interest expense on liabilities related to the sales of future royalties | (5,394) | (6,408) | (10,368) | (11,939) | ||||||||||
Interest income | 1,969 | 3,901 | 4,843 | 8,121 | ||||||||||
Other income (expense), net | 260 | (36) | 526 | (135) | ||||||||||
Total non-operating income (expense), net | (3,165) | (2,543) | (4,999) | (3,953) | ||||||||||
Loss before provision (benefit) for income taxes and equity method investment | (39,395) | (52,317) | (85,764) | (89,154) | ||||||||||
Provision (benefit) for income taxes | (188) | 46 | (136) | 11 | ||||||||||
Loss before equity method investment | (39,207) | (52,363) | (85,628) | (89,165) | ||||||||||
Loss from equity method investment | (2,386) | - | (6,847) | - | ||||||||||
Net loss | $ (41,593) | $ (52,363) | $ (92,475) | $ (89,165) | ||||||||||
Basic and diluted net loss per share | $ (2.95) | $ (3.76) | $ (6.57) | $ (6.63) | ||||||||||
Weighted average shares outstanding used in computing basic and diluted | 14,087,307 | 13,921,378 | 14,074,545 | 13,452,164 | ||||||||||
(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
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