Nektar Therapeutics (NKTR) Q4 2025 earnings summary

Executive summary

• Achieved pivotal progress in 2025 with positive phase 2 results for REZPEG (rezpegaldesleukin) in atopic dermatitis and alopecia areata, with 52-week data suggesting potential for complete disease clearance and validating the Treg mechanism for clinically meaningful outcomes in inflammatory diseases.

• Initiated three phase 2 studies for REZPEG, including a TrialNet-sponsored trial in type 1 diabetes, and plan to start phase 3 in atopic dermatitis in June 2026.

• Strengthened financial position with $245.8M cash at 2025 year-end, bolstered by $432M net proceeds from a $460M public offering and $44M from ATM share sales in early 2026, supporting rapid advancement into late-stage trials.

Financial highlights

• 2025 revenue was $21.8M for Q4 and $55.2M for the full year, both down from 2024 due to the sale of the Huntsville facility and lower royalty revenue.

• R&D expenses were $29.7M for Q4 and $117.3M for the year; G&A expenses were $11.2M for Q4 and $68.7M for the year, both down from 2024.

• Net loss for Q4 was $36.1M ($1.78/share); full-year net loss was $164.1M ($9.73/share). Non-GAAP net loss for 2025 was $146.0M ($8.66/share).

• Ended 2025 with $245.8M in cash and investments, excluding 2026 financing proceeds.

Outlook and guidance

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

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

• Non-cash interest expense projected at $30M–$35M; year-end 2026 cash and investments expected at $400M–$460M.

• Phase 3 studies for REZPEG in atopic dermatitis to commence in Q2 2026, with first patient randomized in June 2026; phase 3 data expected mid-2028, BLA submission targeted for 2029.

• 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.