Nektar Therapeutics Reports Third Quarter 2025 Financial Results
Nektar Therapeutics (Nasdaq: NKTR) reported third-quarter 2025 results for the period ended September 30, 2025. Cash and marketable securities were $270.2M (includes July secondary offering net proceeds and ATM proceeds); company expects cash to support operations into Q2 2027. Revenue was $11.8M in Q3 2025 versus $24.1M in Q3 2024, reflecting the December 2024 sale of the Huntsville manufacturing facility. R&D expense was $27.3M in Q3; Net loss was $35.5M ($1.87 per share) in Q3 and $128.0M year-to-date.
Key clinical and corporate items: REZOLVE-AD data presented at EADV and ACAAI; FDA granted Fast Track for rezpegaldesleukin in severe-to-very-severe alopecia areata; company raised capital including a $115M gross public offering and ATM proceeds.
Nektar Therapeutics (Nasdaq: NKTR) ha riportato i risultati del terzo trimestre 2025 per il periodo terminato il 30 settembre 2025. Liquidità e titoli negoziabili erano $270.2M (inclusi i proventi netti dell'offerta secondaria di luglio e i proventi ATM); l'azienda prevede che la liquidità sostenga le operazioni fino al Q2 2027. Ricavi sono stati $11.8M nel Q3 2025 contro $24.1M nel Q3 2024, riflettendo la vendita della struttura di Huntsville nel dicembre 2024. Spese di R&S sono state $27.3M nel Q3; Perdita netta è stata $35.5M (1,87 $ per azione) nel Q3 e $128.0M nell'anno fino ad oggi.
Elementi clinici e aziendali chiave: dati REZOLVE-AD presentati a EADV e ACAAI; la FDA ha concesso Fast Track per rezpegaldesleukin in alopecia areata da severa a molto severa; la società ha raccolto capitale tra cui un'offerta pubblica grezza da 115M$ e proventi ATM.
Nektar Therapeutics (Nasdaq: NKTR) informó resultados del tercer trimestre de 2025 para el periodo terminado el 30 de septiembre de 2025. Liquidez y valores negociables eran $270.2M (incluye ingresos netos de la colocación secundaria de julio y ingresos de ATM); la empresa espera que la liquidez apoye sus operaciones hasta el Q2 2027. Ingresos fueron $11.8M en el T3 2025 frente a $24.1M en el T3 2024, reflejando la venta de la instalación de fabricación de Huntsville en diciembre de 2024. Gastos de I+D fueron $27.3M en el T3; pérdida neta fue $35.5M (1.87$ por acción) en el T3 y $128.0M en lo que va del año.
Elementos clínicos y corporativos clave: datos REZOLVE-AD presentados en EADV y ACAAI; la FDA concedió Fast Track para rezpegaldesleukin en alopecia areata severa a muy severa; la empresa recaudó capital incluyendo una oferta pública bruta de $115M y proventos de ATM.
Nektar Therapeutics (Nasdaq: NKTR)는 2025년 9월 30일로 종료된 기간에 대한 2025년 3분기 실적을 발표했습니다. 현금 및 시장성 증권은 $270.2M였으며(7월 2차 공모 순이익 및 ATM 수익 포함); 회사는 현금이 Q2 2027까지 운영을 지원할 것으로 예상합니다. 매출은 2025년 3분기에 $11.8M, 2024년 3분기에는 $24.1M였으며 2024년 12월 Huntsville 제조시설 매각을 반영합니다. R&D 지출은 3분기에 $27.3M; 순손실은 3분기에 $35.5M(주당 1.87달러), 연간 누계로는 $128.0M입니다.
주요 임상 및 기업 항목: REZOLVE-AD 데이터가 EADV 및 ACAAI에서 발표되었습니다; FDA가 rezpegaldesleukin을 중증에서 매우 중증의 탈모증에 대해 Fast Track으로 승인했습니다; 회사는 $115M 총 공모 및 ATM 수익를 포함한 자본을 조달했습니다.
Nektar Therapeutics (Nasdaq : NKTR) a publié les résultats du troisième trimestre 2025 pour la période se terminant le 30 septembre 2025. Liquidité et titres négociables s’élevaient à $270,2 M (y compris les produits nets de l'offre secondaire de juillet et les produits ATM) ; l’entreprise s’attend à ce que la trésorerie soutienne les opérations jusqu’au Q2 2027. Chiffre d’affaires était de $11,8 M au T3 2025 contre $24,1 M au T3 2024, reflétant la vente de l’installation de fabrication de Huntsville en décembre 2024. Les dépenses de R&D s’élevaient à $27,3 M au T3 ; la perte nette était de $35,5 M (1,87 $ par action) au T3 et $128,0 M à ce jour.
Éléments cliniques et d’entreprise clés : des données REZOLVE-AD présentées à l’EADV et à l’ACAAI ; la FDA a accordé le Fast Track pour rezpegaldesleukin dans l’alopécie areata sévère à très sévère ; la société a levé des capitaux, notamment une offre publique brute de $115 M et des produits ATM.
Nektar Therapeutics (Nasdaq: NKTR) berichtete Ergebnisse des dritten Quartals 2025 für den Zeitraum bis zum 30. September 2025. Cash and marketable securities betrugen $270.2M (einschließlich Nettomittel aus der Juli-Secondary-Offering und ATM-Erträge); das Unternehmen erwartet, dass die Cash-Bestände die Betriebe bis ins Q2 2027 unterstützen. Revenue war $11.8M im Q3 2025 gegenüber $24.1M im Q3 2024, was der Dezember 2024-Verkauf der Huntsville-Fertigungsanlage widerspiegelt. R&D-Ausgaben betrugen $27.3M im Q3; Net loss war $35.5M (2,87 USD pro Aktie) im Q3 und $128.0M im Jahresverlauf.
Wichtige klinische und unternehmerische Punkte: REZOLVE-AD-Daten wurden auf der EADV und ACAAI präsentiert; die FDA hat Fast Track für rezpegaldesleukin bei schwerer bis sehr schwerer Alopecia areata gewährt; das Unternehmen hat Kapital beschafft, darunter eine Brutto-öffentliche Emission von 115 Mio. USD und ATM-Erträge.
Nektar Therapeutics (Nasdaq: NKTR) أبلغت عن نتائج الربع الثالث من 2025 للفترة المنتهية في 30 سبتمبر 2025. السيولة النقدية والأوراق المالية القابلة للتسويق كانت $270.2M (تشمل عائدات الطرح الثانوي في يوليو وعائدات ATM)؛ وتتوقع الشركة أن تدعم السيولة العمليات حتى الربع الثاني 2027. الإيرادات كانت $11.8M في الربع الثالث 2025 مقابل $24.1M في الربع الثالث 2024، مع reflecting بيع منشأة Huntsville التصنيعية في ديسمبر 2024. نفقات البحث والتطوير كانت $27.3M في الربع الثالث؛ الخسارة الصافية كانت $35.5M (1.87 دولار للسهم) في الربع الثالث و$128.0M منذ بداية السنة.
عناصر سريرية ومؤسسية رئيسية: بيانات REZOLVE-AD تم عرضها في EADV و ACAAI؛ وافقت FDA على Fast Track ل rezpegaldesleukin في الثعلبة البَعْد الجِدّية الشديدة إلى الشديدة جداً؛ جمعت الشركة رأس مال بما في ذلك عرض عام خام بقيمة 115 مليون دولار وعوائد ATM.
- Cash balance of $270.2M at Sept 30, 2025
- Cash runway expected into Q2 2027
- Raised $115M gross in July public offering with ATM proceeds
- Revenue down to $11.8M in Q3 2025 from $24.1M in Q3 2024
- Net loss of $35.5M in Q3 2025 and $128.0M year-to-date
- R&D spend still material at $27.3M in Q3 2025
Insights
Nektar shows funded runway into
Cash and proceeds: Cash and marketable securities were
Cost and loss dynamics: Total operating costs decreased to
Clinical and regulatory catalysts: The company reports multiple near‑term data events: a late‑breaking oral presentation of REZOLVE‑AD data at ACAAI on
Dependencies, risks, and what to watch (near term): Cash runway into
Cash and investments in marketable securities on September 30, 2025 were
"We have made tremendous progress advancing rezpegaldesleukin, and the emerging data from the REZOLVE-AD study continue to demonstrate a highly differentiated profile for this first-in-class, novel regulatory T cell mechanism in moderate-to-severe atopic dermatitis," said Howard W. Robin, President and CEO of Nektar. "We will present important new findings from REZOLVE-AD this weekend at the ACAAI Scientific Meeting highlighting the potential of rezpegaldesleukin to treat atopic dermatitis and co-morbid asthma, which occurs in about
Summary of Financial Results
Revenue in the third quarter of 2025 was
Total operating costs and expenses in the third quarter of 2025 were
R&D expense in the third quarter of 2025 was
G&A expense was
Non-cash restructuring and impairment charges were not material in the third quarter and the first nine months of 2025. Non-cash restructuring and impairment charges were less than
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 third 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 October of 2025, Nektar's abstract "Rezpegaldesleukin, Novel Treg-Inducing Therapy, Demonstrates Efficacy in Atopic Dermatitis and Asthma in Phase 2b Trial" was accepted for a late-breaking oral abstract presentation at the American College of Allergy, Asthma and Immunology's 2025 Annual Scientific Meeting (ACAAI). These data will be presented at ACAAI on Saturday, November 8, 2025 at 5:33pm ET.
- In September of 2025, Nektar presented data from the REZOLVE-AD Phase 2b study of rezpegaldesleukin in atopic dermatitis in a late-breaker oral presentation at European Academy of Dermatology and Venereology (EADV) 2025 Congress.
- 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
Conference Call to Discuss Third 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 November 6, 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 February 6, 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, 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
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements which can be identified by words such as: "will," "develop," "potential," "target," "address," "may," "expect" 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
Contacts:
For Investors:
Vivian Wu
VWu@nektar.com
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:
Jonathan Pappas
LifeSci Communications
857-205-4403
jpappas@lifescicomms.com
|
NEKTAR THERAPEUTICS |
||||||||||
|
CONDENSED CONSOLIDATED BALANCE SHEETS |
||||||||||
|
(In thousands) |
||||||||||
|
(Unaudited) |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS |
|
September 30, 2025 |
|
December 31, 2024(1)(2) |
||||||
|
Current assets: |
|
|
|
|
|
|
|
|
||
|
|
Cash and cash equivalents |
|
|
|
|
|
$ 41,032 |
|
$ 44,252 |
|
|
|
Short-term investments |
|
|
|
|
|
229,176 |
|
210,974 |
|
|
|
Other current assets |
|
|
|
|
|
11,149 |
|
6,066 |
|
|
|
|
Total current assets |
|
|
|
|
|
281,357 |
|
261,292 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term investments |
|
|
|
|
|
- |
|
13,869 |
||
|
Property and equipment, net |
|
|
|
|
|
2,826 |
|
3,411 |
||
|
Operating lease right-of-use assets |
|
|
|
|
|
7,171 |
|
8,413 |
||
|
Equity method investment in Gannet BioChem |
|
|
|
|
4,837 |
|
12,218 |
|||
|
Other assets |
|
|
|
|
|
5,156 |
|
4,647 |
||
|
|
|
Total assets |
|
|
|
|
|
$ 301,347 |
|
$ 303,850 |
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
||
|
|
Accounts payable |
|
|
|
|
|
15,563 |
|
11,560 |
|
|
|
Accrued expenses |
|
|
|
|
|
28,594 |
|
29,972 |
|
|
|
Operating lease liabilities, current portion |
|
|
|
|
22,183 |
|
19,868 |
||
|
|
|
Total current liabilities |
|
|
|
|
|
66,340 |
|
61,400 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating lease liabilities, less current portion |
|
|
|
|
69,732 |
|
82,696 |
|||
|
Liabilities related to the sales of future royalties, net |
|
|
|
75,164 |
|
91,776 |
||||
|
Other long-term liabilities |
|
|
|
|
|
5,025 |
|
7,241 |
||
|
|
|
Total liabilities |
|
|
|
|
|
216,261 |
|
243,113 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Commitments and contingencies |
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity: |
|
|
|
|
|
|
|
|
||
|
|
Preferred stock |
|
|
|
|
|
- |
|
- |
|
|
|
Common stock |
|
|
|
|
|
2 |
|
1 |
|
|
|
Capital in excess of par value |
|
|
|
|
|
3,809,235 |
|
3,659,885 |
|
|
|
Treasury stock |
|
|
|
|
|
- |
|
(3,000) |
|
|
|
Accumulated other comprehensive income (loss) |
|
|
|
56 |
|
61 |
|||
|
|
Accumulated deficit |
|
|
|
|
|
(3,724,207) |
|
(3,596,210) |
|
|
|
|
Total stockholders' equity |
|
|
|
|
|
85,086 |
|
60,737 |
|
|
Total liabilities and stockholders' equity |
|
|
|
|
$ 301,347 |
|
$ 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 September 30, |
|
Nine months ended September 30, |
||||
|
|
|
|
|
|
|
|
|
2025 |
|
2024(2) |
|
2025 |
|
2024(2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
Product sales |
|
|
|
|
|
$ - |
|
$ 8,015 |
|
$ - |
|
$ 20,689 |
|
|
|
Non-cash royalty revenue related to the sales of future royalties |
|
|
11,490 |
|
15,731 |
|
33,125 |
|
48,029 |
||||
|
|
License, collaboration and other revenue |
|
|
|
|
300 |
|
378 |
|
300 |
|
534 |
||
|
Total revenue |
|
|
|
|
|
11,790 |
|
24,124 |
|
33,425 |
|
69,252 |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
Cost of goods sold |
|
|
|
|
|
- |
|
4,435 |
|
- |
|
22,709 |
|
|
|
Research and development |
|
|
|
|
|
27,252 |
|
35,031 |
|
87,618 |
|
92,163 |
|
|
|
General and administrative |
|
|
|
|
|
16,070 |
|
18,957 |
|
57,488 |
|
59,616 |
|
|
|
Restructuring and impairment |
|
|
|
|
|
140 |
|
46 |
|
756 |
|
14,310 |
|
|
Total operating costs and expenses |
|
|
|
|
|
43,462 |
|
58,469 |
|
145,862 |
|
188,798 |
||
|
|
Loss from operations |
|
|
|
|
|
(31,672) |
|
(34,345) |
|
(112,437) |
|
(119,546) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
Non-cash interest expense on liabilities related to the sales of future royalties |
|
(6,047) |
|
(6,020) |
|
(16,415) |
|
(17,959) |
|||||
|
|
Interest income |
|
|
|
|
|
2,819 |
|
3,437 |
|
7,662 |
|
11,558 |
|
|
|
Other income (expense), net |
|
|
|
|
|
(121) |
|
(120) |
|
405 |
|
(255) |
|
|
Total non-operating income (expense), net |
|
|
|
|
(3,349) |
|
(2,703) |
|
(8,348) |
|
(6,656) |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss before provision (benefit) for income taxes and equity method investment |
|
(35,021) |
|
(37,048) |
|
(120,785) |
|
(126,202) |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision (benefit) for income taxes |
|
|
|
|
|
(33) |
|
9 |
|
(169) |
|
20 |
||
|
Loss before equity method investment |
|
|
|
|
(34,988) |
|
(37,057) |
|
(120,616) |
|
(126,222) |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from equity method investment |
|
|
|
|
|
(534) |
|
- |
|
(7,381) |
|
- |
||
|
Net loss |
|
|
|
|
|
$ (35,522) |
|
$ (37,057) |
|
$ (127,997) |
|
$ (126,222) |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted net loss per share |
|
|
|
|
|
$ (1.87) |
|
$ (2.66) |
|
$ (8.14) |
|
$ (9.27) |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding used in computing basic and diluted net loss per share |
|
18,946,559 |
|
13,949,851 |
|
15,716,396 |
|
13,619,270 |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) All share and per share amounts have been retrospectively adjusted to reflect a one-for-fifteen reverse stock split |
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
View original content to download multimedia:https://www.prnewswire.com/news-releases/nektar-therapeutics-reports-third-quarter-2025-financial-results-302607794.html
SOURCE Nektar Therapeutics
FAQ
What cash position did Nektar (NKTR) report for Q3 2025 and how long will it last?
How much revenue did NKTR report in Q3 2025 versus Q3 2024?
What were Nektar's net loss and EPS for Q3 2025?
What recent clinical or regulatory milestones did Nektar announce for rezpegaldesleukin?
How did Nektar fund operations in 2025?
When will Nektar discuss Q3 2025 results on a conference call?
