Nkarta Reports Third Quarter 2026 Financial Results and Provides Business Update

Quarterly research spending increased as enrollment continued, while Nkarta expects its operating funds to last into 2029.

Rhea-AI Summary

Nkarta (Nasdaq: NKTX) reported a third-quarter 2026 net loss of $33.326 million while advancing its NKX019 autoimmune disease trials. Loss per share was $0.45, versus $0.29 a year earlier, as the quarterly net loss widened from $21.715 million. Research and development expenses rose to $29.464 million from $20.198 million, while general and administrative expenses fell to $6.313 million from $7.088 million.

Cash, cash equivalents, restricted cash and investments totaled $216.026 million at September 30, down from $295.129 million at December 31, 2025. Nkarta expects current cash and cash equivalents to fund its operating plan into 2029. Initial NKX019 clinical data in myositis and systemic sclerosis are scheduled for ACR Convergence 2026, with presentations November 8–11. Enrollment continues in Ntrust-1 and Ntrust-2, and outpatient dosing is underway at community-based sites.

6 points · 0 major

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1 major · 12 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate point. Forward-looking: it has not happened yet and may not happen.Operating funding is expected into 2029 under Nkarta’s current operating plan.
• Minor point. Forward-looking: it has not happened yet and may not happen.NKX019 initial clinical data presentations are scheduled for November 8, 9 and 11 at ACR Convergence 2026.
• Minor pointNtrust-1 and Ntrust-2 enrollment continues across multiple autoimmune diseases.
• Minor pointOutpatient dosing is underway at community-based sites, extending access to patients unable to travel to academic centers.
• Minor pointQuarterly general and administrative expenses fell to $6.313 million from $7.088 million a year earlier.
• Minor pointOperating lease liabilities declined to $72.037 million from $76.420 million at December 31, 2025.

Negative

• Major pointQuarterly net loss widened to $33.326 million, or $0.45 per share, from $21.715 million, or $0.29.
• Moderate pointCash, equivalents, restricted cash and investments fell to $216.026 million from $295.129 million at year-end 2025.
• Moderate pointQuarterly research and development expenses rose to $29.464 million from $20.198 million a year earlier.
• Minor pointNine-month net loss widened to $101.526 million, or $1.36 per share, from $76.675 million, or $1.04.
• Minor pointNine-month research and development expenses rose to $83.498 million from $65.148 million a year earlier.

7 minor points

• Minor pointNine-month general and administrative expenses rose to $26.283 million from $25.888 million a year earlier.
• Minor pointQuarterly interest income fell to $2.245 million from $3.852 million a year earlier.
• Minor pointNine-month interest income fell to $7.621 million from $12.198 million a year earlier.
• Minor pointQuarterly other income, excluding interest, fell to $206,000 from $1.719 million a year earlier.
• Minor pointNine-month other income, excluding interest, fell to $634,000 from $2.163 million a year earlier.
• Minor pointStockholders’ equity declined to $215.749 million from $312.325 million at December 31, 2025.
• Minor pointAccounts payable, accrued and other liabilities rose to $20.675 million from $15.464 million at year-end 2025.

Key Figures

Cash and investments: $216.0 million Cash runway: Into 2029 R&D expenses: $29.5 million +4 more

Cash and investments

$216.0 million

As of September 30, 2026

Cash runway

Into 2029

Expected to fund the current operating plan

R&D expenses

$29.5 million

Third quarter 2026

G&A expenses

$6.3 million

Third quarter 2026

Net loss

$33.3 million

Third quarter 2026

Net loss per share

$0.45 per share

Basic and diluted, third quarter 2026

NKX019 dosing regimen

4 billion cells per dose × 3 doses (12 billion cells total)

Across indications in Ntrust-1 and Ntrust-2

Key Terms

lymphodepletion, dose-escalation, chimeric antigen receptor, interleukin-15, +1 more

5 terms

lymphodepletion medical

"receiving lymphodepletion followed by CD19-targeted CAR-NK cell therapy"

Lymphodepletion is a short medical treatment that lowers a patient’s lymphocytes, the immune cells that can interfere with certain cell-based therapies, to create a more supportive environment for the new therapy to work. Think of it like clearing a crowded garden bed before planting seeds: by temporarily reducing competing cells, the engineered therapy can take hold more effectively. Investors watch lymphodepletion because it affects clinical trial results, safety profiles, treatment adoption, and overall commercial potential.

dose-escalation medical

"multi-center, open-label, dose-escalation clinical trials"

Dose-escalation is the part of an early-stage clinical trial where researchers gradually increase a drug’s dose in small groups of participants to find the safest and most effective amount. Think of it like turning up the volume slowly to find the sweet spot: investors watch these results closely because they reveal safety risks, potential effectiveness, and how quickly a drug can move to later trials or approval, all of which affect the development timeline and commercial prospects.

chimeric antigen receptor medical

"a humanized CD19-directed chimeric antigen receptor (CAR)"

A chimeric antigen receptor is an engineered protein added to a patient’s immune cells that gives them a new, specific ability to recognize and attack cells carrying a particular marker (antigen) — like equipping police with a facial‑recognition app to find a suspect. For investors, CARs are the core technology behind targeted cell therapies: their clinical success, manufacturing complexity, safety profile, and regulatory approval determine treatment market potential, development costs, and company value.

interleukin-15 medical

"a proprietary, membrane-bound form of interleukin-15 (IL-15)"

Interleukin-15 is a small immune signaling protein that helps activate and grow certain white blood cells, especially natural killer cells and T cells, which hunt infections and abnormal cells. Investors watch it because drugs or vaccines that boost, mimic, or block this signal can power new therapies for cancer, infectious disease, or immune disorders; think of it as a coach that can sharpen the immune team, so successful programs can drive substantial clinical and commercial value.

cytopenia medical

"if they have significant cytopenia at baseline"

A reduction in the number of one or more types of blood cells circulating in the body. Cytopenia can affect red blood cells (causing anemia), white blood cells (causing neutropenia or lymphopenia), or platelets (causing thrombocytopenia); when all major blood cell lines are low it is called pancytopenia. Causes include bone marrow disorders, certain infections, medications or therapies, and nutritional deficiencies, and the specific risks and clinical implications depend on which cell type is reduced and how severe the decrease is.

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• Initial clinical data for NKX019 in idiopathic inflammatory myopathy (myositis) and systemic sclerosis (scleroderma) to be presented at ACR Convergence 2026
• Cash balance of $216.0 million on September 30, 2026, including cash, cash equivalents and investments, expected to fund operations into 2029

SOUTH SAN FRANCISCO, Calif., Nov. 05, 2026 (GLOBE NEWSWIRE) -- Nkarta, Inc. (Nasdaq: NKTX), a clinical-stage biotechnology company developing engineered natural killer (NK) cell therapies to treat autoimmune diseases, today reported financial results for the third quarter ended September 30, 2026.

"NKX019 is advancing in our two lead indications, myositis and systemic sclerosis," said Paul J. Hastings, Chief Executive Officer of Nkarta. "We’re delighted to have been selected to present our initial clinical data in two oral presentations and one poster presentation at ACR Convergence 2026 in Orlando. We believe that the safety profile of engineered CAR-NK cells could broaden cell therapy access to reach far more patients. With off-the-shelf availability and outpatient dosing at a growing network of community-based sites, our program is designed to deliver on that potential."

NKX019 Clinical Program Progress and Upcoming Milestones

• Initial clinical data from the Ntrust program to be presented at ACR Convergence 2026 in the company’s lead indications: idiopathic inflammatory myopathy and systemic sclerosis. Presentations include an oral presentation in myositis on November 8, a poster in systemic sclerosis on November 9, and an oral presentation of safety data across autoimmune indications on November 11.
• Enrollment continues in the Ntrust program, our multi-center, open-label, dose-escalation clinical trials evaluating NKX019 in multiple autoimmune diseases.
• Outpatient dosing is underway within our network of community-based sites, extending access to patients who cannot travel to academic medical centers.
• Patients are being dosed at 4 billion cells per dose x 3 doses (12 billion cells total) across all indications in Ntrust-1 and Ntrust-2.

Third Quarter 2026 Financial Highlights

• Nkarta had cash, cash equivalents, restricted cash, and investments in marketable securities of $216.0 million as of September 30, 2026.
• Research and development (R&D) expenses were $29.5 million for the third quarter of 2026. Non-cash stock-based compensation expense included in R&D expense was $0.7 million for the third quarter of 2026.
• General and administrative (G&A) expenses were $6.3 million for the third quarter of 2026. Non-cash stock-based compensation expense included in G&A expense was $1.1 million for the third quarter of 2026.
• Net loss was $33.3 million, or $0.45 per basic and diluted share, for the third quarter of 2026. This net loss includes non-cash charges of $2.8 million that consisted primarily of share-based compensation and depreciation expenses.

Financial Guidance

• Nkarta expects its current cash and cash equivalents to fund its current operating plan into 2029.
  
  

About the Ntrust℠ Clinical Trials in Autoimmune Disease
Ntrust-1 (NCT06557265) and Ntrust-2 (NCT06733935) are multi-center, open-label, dose-escalation clinical trials in patients with autoimmune disease receiving lymphodepletion followed by CD19-targeted CAR-NK cell therapy. Both trials assess the safety of NKX019 in people living with autoimmune diseases as well as its potential to achieve durable remission via a “reset” of the immune system through the elimination of pathogenic B cells.

The Ntrust trials are enrolling up to 12 patients per dose level per disease indication, with leading indications in myositis and systemic sclerosis, as well as ANCA-associated vasculitis, rheumatoid arthritis, lupus nephritis, and primary membranous nephropathy. Additional patients may be enrolled if needed to refine patient populations for further study.

In both studies, patients receive a three-dose cycle of NKX019 following lymphodepletion with fludarabine and cyclophosphamide or cyclophosphamide alone, if they have significant cytopenia at baseline. This approach is designed to evaluate the single-agent activity of NKX019 and facilitate a more rapid path to regulatory approval. Patients in both trials may also receive additional cycles, if needed, to restore response or enable a deeper response.
  
About NKX019
NKX019 is an allogeneic, cryopreserved, off-the-shelf immunotherapy candidate that uses natural killer (NK) cells derived from the peripheral blood of healthy adult donors. It is engineered with a humanized CD19-directed chimeric antigen receptor (CAR) for enhanced cell targeting and a proprietary, membrane-bound form of interleukin-15 (IL-15) for greater persistence and activity without exogenous cytokine support. CD19 is a biomarker for normal B cells as well as those implicated in autoimmune disease. Nkarta is evaluating NKX019 in multiple autoimmune conditions.

About Nkarta
Nkarta is a clinical-stage biotechnology company advancing the development of allogeneic, off-the-shelf natural killer (NK) cell therapies for people living with autoimmune diseases. By harnessing the power of the innate immune system to eliminate pathogenic B cells driving the autoimmune response, Nkarta is advancing novel cell therapies engineered for deep therapeutic impact. The on-demand availability and outpatient dosing of our CAR-NK cells enables a broad population of patients with different autoimmune conditions to conveniently access NK cell therapy in community health settings. For more information, please visit the company’s website at www.nkartatx.com.

Cautionary Note on Forward-Looking Statements
Statements contained in this press release regarding matters that are not historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Words such as “anticipates,” “believes,” “expects,” “intends,” “plans,” “potential,” “projects,” “would” and “future” or similar expressions are intended to identify forward-looking statements. Examples of these forward-looking statements include, but are not limited to, statements concerning Nkarta’s expectations regarding any or all of the following: Nkarta’s position, plans, strategies, and timelines for the continued and future clinical development and potential of NKX019 (including the future availability and disclosure of clinical data and other updates from Nkarta’s clinical trials); the therapeutic potential, accessibility and tolerability of NKX019 for the treatment of autoimmune diseases, including as a result of advancing Nkarta’s dose escalation and expansion of outpatient dosing in community-based settings; and Nkarta’s expected cash runway.

Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. These risks and uncertainties include, among others: Nkarta’s limited operating history and historical losses; Nkarta’s lack of any products approved for sale and its ability to achieve profitability; the risk that the results of preclinical studies and early-stage clinical trials may not be predictive of future results; the risk that initial, interim or preliminary data from Nkarta’s clinical trials, including the data to be presented at ACR Convergence 2026, reflect a limited number of patients with limited follow-up, may change as more patient data become available and may not be predictive of future results; Nkarta’s ability to raise additional funding to complete the development and any commercialization of its product candidates; Nkarta’s dependence on the clinical success of NKX019, including in its leading indications of myositis and systemic sclerosis; risks associated with outpatient administration of NKX019 at community-based sites; that Nkarta may be delayed in initiating, enrolling patients in or completing its clinical trials; competition from third parties that are developing products for similar uses; Nkarta’s ability to obtain, maintain and protect its intellectual property; Nkarta’s dependence on third parties in connection with manufacturing, clinical trials and pre-clinical studies; and the complexity of the manufacturing process for CAR-NK cell therapies.

These and other risks and uncertainties are described more fully in Nkarta’s filings with the Securities and Exchange Commission (“SEC”), including the “Risk Factors” section of Nkarta’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, filed with the SEC on August 10, 2026, and Nkarta’s other documents subsequently filed with or furnished to the SEC. All forward-looking statements contained in this press release speak only as of the date on which they were made. Except to the extent required by law, Nkarta undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made.

Nkarta, Inc. Condensed Statements of Operations (in thousands, except share and per share data) (Unaudited)
		Three Months Ended September 30,								Nine Months Ended September 30,
		2026				2025				2026				2025
Operating expenses
Research and development		$	29,464			$	20,198			$	83,498			$	65,148
General and administrative			6,313				7,088				26,283				25,888
Total operating expenses			35,777				27,286				109,781				91,036
Loss from operations			(35,777	)			(27,286	)			(109,781	)			(91,036	)
Other income, net:
Interest income			2,245				3,852				7,621				12,198
Other income, net			206				1,719				634				2,163
Total other income, net			2,451				5,571				8,255				14,361
Net loss		$	(33,326	)		$	(21,715	)		$	(101,526	)		$	(76,675	)
Net loss per share, basic and diluted		$	(0.45	)		$	(0.29	)		$	(1.36	)		$	(1.04	)
Weighted average shares used to compute net loss per share, basic and diluted			74,637,689				74,024,543				74,464,897				73,973,278

Nkarta, Inc. Condensed Balance Sheets (in thousands) (Unaudited)
		September 30, 2026				December 31, 2025
Assets
Cash, cash equivalents, restricted cash and investments		$	216,026			$	295,129
Property and equipment, net			54,595				66,721
Operating lease right-of-use assets			30,500				34,429
Other assets			7,340				7,930
Total assets		$	308,461			$	404,209
Liabilities and stockholders' equity
Accounts payable, accrued and other liabilities		$	20,675			$	15,464
Operating lease liabilities			72,037				76,420
Total liabilities			92,712				91,884
Stockholders’ equity			215,749				312,325
Total liabilities and stockholders’ equity		$	308,461			$	404,209

Nkarta Media/Investor Contact:
Nadir Mahmood
Nkarta, Inc.
nmahmood@nkartatx.com

FAQ

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How long does Nkarta expect its cash to fund operations?

Nkarta expects its current cash and cash equivalents to fund its current operating plan into 2029. Cash, cash equivalents, restricted cash and investments totaled $216.026 million at September 30, 2026.

When will Nkarta present initial NKX019 clinical data at ACR Convergence 2026?

Nkarta has scheduled a myositis oral presentation for November 8, a systemic sclerosis poster for November 9, and an oral presentation on safety across autoimmune indications for November 11 at ACR Convergence 2026.

What dosing regimen is Nkarta using in the Ntrust NKX019 trials?

Patients across all indications in Ntrust-1 and Ntrust-2 are receiving 4 billion cells per dose for three doses, totaling 12 billion cells. Treatment follows lymphodepletion, a preparatory treatment using fludarabine and cyclophosphamide, or cyclophosphamide alone for patients with significant low blood-cell counts at baseline. Additional cycles may be given to restore or deepen response.

How many patients can Nkarta enroll in the Ntrust trials?

The Ntrust trials are enrolling up to 12 patients per dose level per disease indication. Additional patients may be enrolled if needed to refine patient populations for further study. Both trials are open-label studies that test increasing doses and assess safety and the potential for durable remission.