Nektar Therapeutics
- Open
- 73.03
- Day high
- 73.03
- Day low
- 68.33
- Prev close
- 72.92
- Volume
- 780K
- Mkt cap
- $2.4B
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 4.1
- P/S
- 42.7
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$2.0M over the last 3 months (0 open-market buys, 8 sales)
- 🏛Institutions accumulating (13F)
Nektar Therapeutics (NKTR) is a Healthcare company listed on NASDAQ. The stock is up 191% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 8 sales (SEC Form 4).
Nektar Therapeutics (NKTR) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 5 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
NKTR earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 7, 2026 | $-1.74 | $-1.82 | -4.6% | $11M | +1.6% |
| Mar 12, 2026 | $-2.47 | $-1.78 | +28.1% | $22M | +100.1% |
| Nov 6, 2025 | $-2.85 | $-1.85 | +35.1% | $12M | +12.9% |
| Aug 7, 2025 | $-3.13 | $-2.95 | +5.8% | $11M | +18.7% |
| May 8, 2025 | $-2.70 | $-3.30 | -22.2% | $10M | -31.9% |
| Mar 12, 2025 | $-1.95 | $-2.25 | -15.4% | $29M | -20.4% |
| Nov 7, 2024 | $-0.23 | $-0.18 | +21.7% | $24M | -23.1% |
| May 9, 2024 | $-0.21 | $-0.18 | +14.3% | $22M | +41.1% |
| Mar 4, 2024 | $-0.20 | $-0.22 | -10.0% | $24M | +32.3% |
| Feb 28, 2023 | $-0.45 | $-0.32 | +28.9% | $22M | -0.5% |
| Nov 3, 2022 | $-0.47 | $-0.24 | +48.9% | $24M | +4.5% |
| Aug 4, 2022 | $-1.01 | $-0.85 | +15.8% | $22M | -4.6% |
NKTR insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 2, 2026 | Zalevsky Jonathanofficer: Chief R&D Officer | Sell | 5,681 | $70.00 |
| Jun 18, 2026 | ROBIN HOWARD Wdirector, officer: President & CEO | Sell | 4,500 | $61.65 |
| Jun 18, 2026 | ROBIN HOWARD Wdirector, officer: President & CEO | Sell | 5,500 | $60.81 |
| Jun 18, 2026 | ROBIN HOWARD Wdirector, officer: President & CEO | Sell | 5,303 | $59.97 |
| Jun 18, 2026 | ROBIN HOWARD Wdirector, officer: President & CEO | Sell | 4,697 | $60.71 |
| Jun 17, 2026 | Zalevsky Jonathanofficer: Chief R&D Officer | Sell | 5,538 | $60.71 |
| May 21, 2026 | ROBIN HOWARD Wdirector, officer: President & CEO | Sell | 444 | $65.51 |
| May 21, 2026 | Zalevsky Jonathanofficer: Chief R&D Officer | Sell | 199 | $65.51 |
| Feb 20, 2026 | Zalevsky Jonathanofficer: Chief R&D Officer | Sell | 180 | $73.00 |
| Feb 20, 2026 | ROBIN HOWARD Wdirector, officer: President & CEO | Sell | 423 | $73.00 |
| Jan 22, 2026 | Zalevsky Jonathanofficer: Chief R&D Officer | Sell | 3,867 | $35.67 |
| Dec 23, 2025 | ROBIN HOWARD Wdirector, officer: President & CEO | Grant | 21,667 | — |
| Dec 23, 2025 | ROBIN HOWARD Wdirector, officer: President & CEO | Grant | 86,667 | $43.48 |
| Dec 23, 2025 | Zalevsky Jonathanofficer: Chief R&D Officer | Grant | 25,000 | $43.48 |
| Dec 23, 2025 | Zalevsky Jonathanofficer: Chief R&D Officer | Grant | 6,250 | — |
Source: NKTR SEC Form 4 filings, latest Jul 2, 2026. For informational purposes only — not investment advice.
See the full NKTR insider & 13F page →Nektar Therapeutics company profile
Overview
Nektar Therapeutics (NASDAQ:NKTR) is a San Francisco-based biopharmaceutical company founded in 1990 and publicly traded since 1994. The company focuses on discovering and developing novel medicines for areas of significant unmet medical need, particularly in immunology and oncology. Originally known for its proprietary PEGylation technology platform that enhances drug properties, Nektar has evolved into a clinical-stage biotechnology company with a pipeline of investigational therapies targeting autoimmune diseases and cancer. The company has undergone significant strategic restructuring in recent years, narrowing its focus to core programs while extending its cash runway through facility sales and workforce reductions.
Business
Nektar operates in the biotechnology sector, specifically developing immunomodulatory therapeutics that manipulate the immune system to treat diseases. The biotechnology industry involves using biological processes and living organisms to develop pharmaceutical products, requiring extensive research, clinical testing, and regulatory approval before commercialization. The company's core business revolves around developing cytokine-based therapies - drugs that modify how immune system signaling proteins (cytokines) function in the body. Cytokines are naturally occurring proteins that regulate immune responses, inflammation, and cell communication. By engineering these proteins or creating molecules that interact with their receptors, Nektar aims to either stimulate or suppress specific immune responses to treat disease. Nektar's primary revenue-generating segments include: 1. **REZPEG (Rezpegaldesleukin) - Lead Immunology Asset (~60-70% of development focus)**: This is a modified version of interleukin-2 (IL-2) designed to preferentially activate regulatory T cells (Tregs), which are immune cells that suppress excessive immune responses. REZPEG is being tested for autoimmune conditions like atopic dermatitis (severe eczema) and alopecia areata (autoimmune hair loss). The drug aims to restore immune balance by expanding the population of these regulatory cells. 2. **NKTR-255 - Oncology Program (~20-25% of development focus)**: An IL-15 receptor agonist designed to stimulate immune cells that fight cancer, particularly natural killer (NK) cells and CD8+ T cells. This program includes combinations with CAR-T cell therapies (genetically modified immune cells used to treat cancer) and checkpoint inhibitors (drugs that remove immune system brakes to enhance cancer-fighting responses). 3. **Preclinical Pipeline (~10-15% of development focus)**: Including NKTR-0165, a TNFR2 agonist antibody targeting autoimmune diseases, and other early-stage inflammation resolution programs. The company also generates revenue from royalties and milestone payments from previous partnerships, though these represent legacy income rather than core operational focus.
Revenue model
Nektar's business model is built around drug development and licensing, typical of clinical-stage biotechnology companies. The company generates revenue through multiple streams, though it currently operates at a loss as is common for development-stage biotech firms. **Primary Revenue Sources:** 1. **Partnership Revenue**: Milestone payments, upfront fees, and royalties from pharmaceutical partners who license Nektar's compounds. For 2024, the company reported $98.4 million in revenue, with approximately $60-65 million from non-cash royalties and $30-35 million from product sales related to legacy partnerships. 2. **Future Product Sales**: Upon successful development and regulatory approval, Nektar would generate revenue through direct drug sales or licensing agreements with larger pharmaceutical companies for commercialization. **Cost Structure**: The company's primary expenses include research and development ($120.9 million in 2024) and general administrative costs ($24.3 million in Q1 2025). R&D expenses fund clinical trials, manufacturing, regulatory activities, and personnel. **Factors Affecting Profitability:** **Positive Margin Drivers:** - Successful clinical trial outcomes leading to partnership deals or regulatory approvals - Licensing agreements with upfront payments and milestone achievements - Efficient trial design and execution reducing development costs - Strategic partnerships that share development costs while retaining significant economic rights **Negative Margin Pressures:** - Clinical trial failures requiring program restarts or terminations - Regulatory delays extending development timelines and costs - Competition from other immunomodulatory therapies, particularly in autoimmune diseases where established treatments like Dupixent dominate - Manufacturing scale-up costs for clinical and commercial production - Patent expirations reducing barrier to generic competition - Macroeconomic factors affecting biotech funding and partnership valuations The company's current strategy focuses on advancing REZPEG through Phase 2 trials while seeking strategic partnerships to fund Phase 3 development, aiming to minimize dilutive equity financing while retaining meaningful ownership in successful programs.
Competitive moat
Nektar's competitive moat is relatively narrow but defensible within specific therapeutic niches. The company's primary competitive advantage lies in its proprietary approach to cytokine engineering and deep expertise in immunomodulation, particularly around regulatory T cell biology. **Existing Moat Elements:** The company's strongest moat comes from its REZPEG program's unique mechanism of action. Unlike existing autoimmune treatments that broadly suppress immune function (like corticosteroids) or block specific inflammatory pathways (like Dupixent's IL-4/IL-13 inhibition), REZPEG aims to restore immune balance by selectively expanding regulatory T cells. This approach could offer advantages in terms of infection risk and long-term safety profile. The company has accumulated significant clinical data and regulatory interactions around this mechanism, creating knowledge barriers for competitors. Nektar also benefits from established partnerships and regulatory relationships, including Fast Track designation from the FDA for REZPEG in atopic dermatitis, which provides development advantages and potential expedited review processes. **Moat Vulnerabilities:** The biotechnology sector inherently offers limited sustainable competitive advantages due to patent expiration, regulatory risks, and the constant threat of superior competing therapies. Nektar faces several competitive pressures: 1. **Established Competition**: In autoimmune diseases, Nektar competes against proven therapies like Dupixent (Sanofi/Regeneron), which has demonstrated strong efficacy and captured significant market share in atopic dermatitis. 2. **Pipeline Competition**: Multiple companies are developing next-generation immunomodulatory therapies, including other regulatory T cell approaches and novel cytokine engineering platforms. 3. **Technology Risk**: The company's cytokine engineering approach, while innovative, remains unproven at commercial scale. Clinical failures could quickly erode competitive positioning. 4. **Resource Constraints**: As a smaller biotech company, Nektar has limited resources compared to large pharmaceutical companies, potentially constraining its ability to advance multiple programs simultaneously or compete in marketing and commercialization. The company's moat is best characterized as innovation-based but time-limited, requiring successful clinical execution and strategic partnerships to maintain competitive positioning in rapidly evolving therapeutic markets.
Risks & safety
Nektar presents a **moderate to high-risk** investment profile typical of clinical-stage biotechnology companies, with significant execution risk but reasonable near-term financial stability. **Liquidity and Solvency:** - Cash position: $220.7 million as of Q1 2025, providing runway through Q4 2026 - Current ratio: 3.24x indicating strong short-term liquidity - Debt-to-equity ratio: 7.30x, reflecting high leverage but primarily from deferred revenue obligations rather than traditional debt - Free cash flow: -$49.1 million quarterly burn rate, consistent with clinical-stage operations **Valuation Metrics:** - Price-to-book ratio: 10.44x, reflecting significant premium to tangible assets - Enterprise value negative relative to EBITDA due to cash position exceeding market cap - Market cap: ~$124 million, representing substantial discount to cash and asset base **Key Risk Factors:** - **Clinical Risk**: Primary value dependent on REZPEG Phase 2b results expected June 2025 for atopic dermatitis - **Funding Risk**: Will likely require additional capital or partnerships before achieving profitability - **Competitive Risk**: Established players in autoimmune disease treatment with proven efficacy - **Regulatory Risk**: FDA approval process inherently uncertain for novel immunomodulatory approaches **Mitigating Factors:** - Extended cash runway provides time for clinical readouts and partnership discussions - Asset-light business model with potential for strategic partnerships reducing capital requirements - Multiple shots-on-goal with different indications and pipeline programs
Recent development
Over the past several years, Nektar has undergone significant strategic transformation, pivoting from a broad-based biotechnology company to a focused immunology specialist. The most significant development was regaining full rights to REZPEG from Eli Lilly in 2023, allowing Nektar to control the development and commercialization strategy for its lead asset. The company has systematically streamlined operations, reducing headcount by approximately 70% and selling its PEGylation manufacturing facility to Ampersand Capital Partners for $90 million in 2024. This strategic downsizing extended the cash runway while focusing resources on core programs. **Clinical Pipeline Advancement:** REZPEG has become the company's primary focus, with two pivotal Phase 2b studies currently underway. The REZOLVE-AD study in atopic dermatitis completed enrollment and is expected to report topline results in June 2025, representing a critical value inflection point. The REZOLVE-AA study in alopecia areata is also fully enrolled with results expected in December 2025. Nektar has expanded REZPEG's potential applications through a clinical trial agreement with TrialNet for Type 1 diabetes, demonstrating the platform's versatility across autoimmune conditions. The company received Fast Track designation from the FDA for atopic dermatitis, providing regulatory advantages. **Pipeline Diversification:** The company is advancing NKTR-0165, a first-in-class TNFR2 agonist antibody program targeting autoimmune diseases, with IND submission planned for the second half of 2025. This represents a next-generation approach to immunomodulation beyond the current REZPEG mechanism. In oncology, Nektar continues developing NKTR-255 through partnerships, exploring combinations with CAR-T cell therapies and checkpoint inhibitors, while actively seeking strategic partnerships for this program. **Strategic Positioning:** Management has indicated plans to pursue partnerships for Phase 3 development of REZPEG following Phase 2 results, aiming to minimize dilutive financing while retaining significant economic interest. This approach reflects the company's evolution toward a more capital-efficient development model leveraging external partnerships for late-stage clinical programs.
NKTR company profile · for informational purposes only — not investment advice.
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