Nektar Therapeutics (NKTR) Q1 2026 earnings summary

Executive summary

• Advanced REZPEG (rezpegaldesleukin) with positive phase IIb data in atopic dermatitis and alopecia areata, showing durable efficacy and favorable safety profile, and deepening clinical responses over time.

• Phase III ZENITH-AD program in atopic dermatitis to initiate by July 2026, with first data expected mid-2028 and BLA submission targeted for 2029; phase III in alopecia areata planned for early 2027.

• Financial position strengthened with over $1 billion in cash and investments after major equity financings from July 2025 to April 2026.

• Net loss narrowed to $44.9 million ($1.82/share) in Q1 2026 from $50.9 million ($3.62/share) in Q1 2025.

• Pipeline includes ongoing phase II study in type 1 diabetes and preclinical programs NKTR-0165 and NKTR-0166 targeting autoimmune diseases.

Financial highlights

• Ended Q1 2026 with $731.6 million in cash and investments, no debt; cash exceeded $1 billion after April 2026 offering.

• Raised $525 million in Q1 and an additional $351 million in April, plus $373.8 million and $460 million in public offerings.

• Q1 2026 revenue was $10.9 million, primarily from non-cash royalty revenue, up 4% year-over-year.

• R&D expenses for Q1 were $35.7 million, up 17% year-over-year, driven by phase III preparation.

• General and administrative expense decreased 45% year-over-year to $13.4 million, mainly due to lower legal expenses.

Outlook and guidance

• Expect to end 2026 with $800–$825 million in cash and investments.

• R&D expenses projected to increase as phase III studies commence.

• First phase III data for atopic dermatitis anticipated mid-2028; BLA submission in 2029.

• 52-week off-treatment data for atopic dermatitis expected in Q1 2027; alopecia areata off-treatment data in Q4 2026.

• Initial data from type 1 diabetes phase II study anticipated in 2027.