Nektar Therapeutics Reports Fourth Quarter and Full Year 2025 Financial Results – Key Details for Investors

Financial Overview

Nektar Therapeutics (Nasdaq: NKTR) released its fourth quarter and full year 2025 financial results, revealing significant developments that may impact shareholder value.

Cash Position and Recent Fundraising

• Cash and marketable securities stood at \$245.8 million as of December 31, 2025, down from \$269.1 million at the end of 2024.
• This figure excludes the net proceeds of approximately \$432 million from a \$460 million secondary offering completed in February 2026.
• Also excluded are net proceeds of \$44 million from at-the-market share sales in February and March 2026, under a \$110 million facility established in November 2025.
• The company’s financial position has been significantly strengthened by these recent capital raises, providing cash runway and flexibility for clinical advancement.

Revenue and Operating Results

• Q4 2025 revenue was \$21.8 million, down from \$29.2 million in Q4 2024.
• Full year 2025 revenue was \$55.2 million compared to \$98.4 million in 2024.
• The year-over-year decrease was primarily due to the sale of the Huntsville manufacturing facility in December 2024, resulting in cessation of product sales and lower non-cash royalty revenue.
• Total operating costs and expenses in Q4 2025 were \$49.5 million, up from \$14.8 million in Q4 2024 (the latter included a one-time \$40.4 million gain from the Huntsville sale).
• Full year operating expenses were \$195.3 million (down from \$203.6 million in 2024), benefiting from reduced cost of goods sold post-facility sale.

R&D and G&A Expenses

• R&D expense for Q4 2025 was \$29.7 million (vs \$28.7 million in Q4 2024); full year R&D was \$117.3 million (down from \$120.9 million in 2024).
• Decrease in R&D was due to lower expense for NKTR-255 development, partially offset by increased spending on rezpegaldesleukin.
• G&A expense for Q4 2025 was \$11.2 million (vs \$17.1 million Q4 2024); full year G&A was \$68.7 million (down from \$76.8 million).
• Lower G&A was attributed to reduced facilities and stock-based compensation expenses.

Restructuring, Impairment, and Equity Method Investment

• Non-cash restructuring and impairment charges were \$8.6 million in Q4 2025 and \$9.3 million for the year, related to the San Francisco real estate market and lease obligations.
• Equity method investment losses from Gannet BioChem totaled \$1.3 million in Q4 and \$8.7 million for the full year.

Net Income/Loss

• Q4 2025 net loss: \$36.1 million (or \$1.78 per share), compared to net income of \$7.3 million (\$0.52 per share) in Q4 2024.
• Full year 2025 net loss: \$164.1 million (\$9.73 per share), compared to a net loss of \$119.0 million (\$8.68 per share) in 2024.
• On a non-GAAP basis (excluding Gannet BioChem investment losses and restructuring/impairment charges), 2025 net loss was \$146.0 million (\$8.66 per share).
• All share and per share amounts have been retrospectively adjusted for the one-for-fifteen reverse stock split completed June 8, 2025.

Business Highlights and Pipeline Progress

• Rezpegaldesleukin (REZPEG, NKTR-358): Successful and transformative Phase 2 data in atopic dermatitis and alopecia areata in 2025. 52-week treatment data reported early 2026 suggest potential for complete disease clearance with monthly or quarterly dosing.
• Phase 3 program in atopic dermatitis to commence in June 2026, a major development milestone.
• Collaboration established with UCSF and Dr. Stephen Hauser for NKTR-0165 (TNFR2 antibody) in multiple sclerosis (February 2026).
• New maintenance data from the REZOLVE-AD Phase 2b Study presented in February 2026 show durable responses for atopic dermatitis with rezpegaldesleukin.
• Topline 36-week induction results for REZOLVE-AA Phase 2b Study (alopecia areata) announced December 2025, establishing proof-of-concept.
• November 2025: Late-breaking oral abstract at ACAAI highlights statistically significant efficacy in atopic dermatitis and supportive findings in asthma.

Upcoming Catalysts and Milestones

• Late-breaking oral presentation of REZOLVE-AA 36-week data at American Academy of Dermatology (AAD) Annual Meeting, March 27-31, 2026.
• Topline data from blinded 16-week extension period in REZOLVE-AA (alopecia areata) expected in April 2026; company will enter a quiet period April 1 until public release.
• Phase 3 studies for rezpegaldesleukin in atopic dermatitis to begin Q2 2026.
• 36-week maintenance data for REZOLVE-AD (atopic dermatitis) to be presented in second half of 2026.
• 24-week off-treatment period data from REZOLVE-AA expected Q4 2026.
• 52-week off-treatment period data from REZOLVE-AD expected Q1 2027.
• Initial data from TrialNet-sponsored Phase 2 study of rezpegaldesleukin in Stage 3 New Onset Type 1 Diabetes in 2027.
• Preclinical data from NKTR-0165 (TNFR2 agonist antibody) to be presented at a scientific conference in second half of 2026.

Balance Sheet Highlights

• Total assets as of December 31, 2025: \$280.4 million; total liabilities: \$190.6 million; stockholders’ equity: \$89.8 million.
• Key current assets: cash & equivalents \$15.1 million, short-term investments \$230.6 million.
• Liabilities related to sales of future royalties decreased from \$91.8 million (2024) to \$63.2 million (2025).

Shareholder Considerations & Potential Price Sensitivity

• Major capital raise: The \$460 million secondary offering and \$44 million at-the-market sales provide substantial cash for clinical programs and operations, likely reducing financing risk and enhancing growth prospects.
• Pipeline momentum: Initiation of Phase 3 in atopic dermatitis and multiple data readouts in 2026/2027 position Nektar as an emerging leader in autoimmune and inflammatory disease therapeutics. Positive trial results or regulatory progress could materially impact valuation.
• Reverse stock split: One-for-fifteen reverse split implemented in June 2025 may affect share liquidity and pricing dynamics.
• Losses and restructuring: Continued operating losses, impairment charges, and investment losses are a risk factor, though the decrease in expenses and improved cash position may mitigate some concerns.
• Collaborations: Partnership with UCSF for TNFR2 antibody in MS adds diversification and scientific validation.
• Upcoming data releases and milestone events (especially Phase 3 trial initiation and late-breaking presentations) are typically price sensitive and could drive significant share price movement.

Conference Call & Additional Information

Nektar management will host a conference call to discuss results on March 12, 2026, at 5:00 p.m. ET / 2:00 p.m. PT. Access details are available via Nektar’s investor website.

About Nektar Therapeutics

Nektar is a clinical-stage biotech focused on immunological dysfunction in autoimmune and chronic inflammatory diseases. Lead candidate rezpegaldesleukin is in Phase 2b trials for atopic dermatitis and alopecia areata, with additional programs in Type 1 diabetes, TNFR2 agonist antibodies, bispecifics, and NKTR-255 (IL-15 receptor agonist for cancer).

Disclaimer

This article contains forward-looking statements and is intended for informational purposes only. Actual results may differ materially from those indicated due to risks, uncertainties, and future developments. Investors should review Nektar’s SEC filings and consult a financial advisor before making investment decisions. The author does not warrant the accuracy or completeness of the information herein.

View NEKTAR THERAPEUTICS Historical chart here