Nektar Therapeutics (NKTR) Q4 2025 earnings summary

Executive summary

• Achieved positive and pivotal Phase 2 results for REZPEG (rezpegaldesleukin) in atopic dermatitis and alopecia areata, validating the Treg mechanism and suggesting potential for complete disease clearance with maintenance dosing.

• Initiated three Phase 2 studies for REZPEG, including a TrialNet-sponsored trial in type 1 diabetes.

• Phase 3 studies in atopic dermatitis to begin in June 2026, with BLA submission targeted for 2029.

• Raised $432 million net from a public offering and $44 million from ATM facility in early 2026, strengthening the balance sheet for late-stage development.

• Established research collaboration with UCSF for TNFR2 antibody in multiple sclerosis.

Financial highlights

• Ended 2025 with $245.8 million in cash and investments and no debt, excluding proceeds from 2026 financings.

• 2025 revenue was $55.2 million; net loss was $164.1 million or $9.73 per share.

• Q4 2025 revenue: $21.8 million; net loss: $36.1 million or $1.78 per share.

• R&D expenses for 2025 were $117.3 million; G&A expenses were $68.7 million.

• Non-GAAP net loss for 2025 was $146.0 million or $8.66 per share.

Outlook and guidance

• 2026 non-cash royalty revenue expected between $40–$45 million.

• 2026 R&D expense forecasted at $200–$250 million; G&A expense to decline to $60–$65 million.

• Anticipates ending 2026 with $400–$460 million in cash and investments.

• Multiple data readouts expected in 2026 and 2027, including maintenance and off-treatment data for REZPEG in atopic dermatitis and alopecia areata, and initial data in type 1 diabetes.

• First phase 3 data for REZPEG in atopic dermatitis expected mid-2028.