Nkarta (NKTX) Q4 2025 earnings summary

Executive summary

• Advanced dose escalation for NKX019 to 4 billion cells per dose, totaling 12 billion cells per cycle, in ongoing clinical trials for autoimmune diseases.

• Enrollment continued in Ntrust-1 and Ntrust-2 trials, with initial clinical data expected to be presented at a medical conference in 2026.

• Workforce was right-sized and a clinical team with autoimmune expertise was onboarded to support strategic goals.

Financial highlights

• Cash, cash equivalents, restricted cash, and investments totaled $295.1 million as of December 31, 2025.

• Research and development expenses were $90.4 million for 2025 and $25.3 million for Q4 2025.

• General and administrative expenses were $31.6 million for 2025 and $5.7 million for Q4 2025.

• Net loss was $104.1 million ($1.41 per share) for 2025 and $27.4 million ($0.37 per share) for Q4 2025, including non-cash charges primarily from share-based compensation and depreciation.

Outlook and guidance

• Cash balance is expected to fund operations into 2029.

• Focus remains on disciplined clinical execution and continued enrollment in Ntrust-1 and Ntrust-2.