NEKTAR THERAPEUTICS

Listed Company

NKTRCIK 0000906709NasdaqNon-AcceleratedSmaller ReportingPharmaceutical PreparationsDelawareFY ends Dec 31

Period

FY 2025

Revenue

$55.23M

Net Income

$-164.08M

Total Assets

$280.41M

Equity

$89.83M

Shares Out

28.69M

Op. Cash Flow

$-208.51M

Business

NEKTAR THERAPEUTICS is a clinical-stage, research-based biopharmaceutical company that discovers and develops immunomodulatory medicines in the field of immunotherapy. It develops drug candidates and platform technologies, including rezpegaldesleukin (IL-2 targeted for autoimmune/inflammatory diseases), NKTR-0165 (TNFR2 agonist), NKTR-255 (IL-15 pathway oncology biologic), and preclinical PEGylated programs such as NKTR-422 and NKTR-288. Its operations are organized around discovery research and drug development, collaboration and licensing arrangements, and use of contract manufacturing and investigator-sponsored studies. It conducts clinical trials and regulatory activities in the U.S. and internationally and pursues partnerships, collaborations and third-party manufacturing for development and potential commercialization.

Summary from filing dated 2025-03-14

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenue	55	98	90	92	102
Cost of goods sold	0	31	34	22	25
Research and development (including $2,636 and $277 for the year ended December 31, 2025 and 2024, respectively, from a related party)	117	121	114	218	400
General and administrative	69	77	77	92	123
Restructuring and impairment	9	16	52	136	0
Gain on sale of the Huntsville manufacturing facility	0	−40	0	—	—
Total operating costs and expenses	195	204	354	468	548
Loss from operations	−140	−105	−264	−376	−446
Non-cash interest expense on liabilities related to the sales of future royalties	−26	−28	−25	−29	−47
Interest income	10	15	19	7	3
Other income (expense), net (including $1,110 and $0 for the year ended December 31, 2025 and 2024, respectively, from a related party)	361,000	−390,000	−6	−116,000	−162,000
Total non-operating income (expense), net	−15	−14	−13	11	−77
Loss before benefit for income taxes and equity method investment	−155	−119	—	—	—
Benefit for income taxes	−138,000	−239,000	−200,000	3	557,000
Loss before equity method investment	−155	−119	—	—	—
Loss from equity method investment	−9	0	—	—	—
Net loss	−164	−119	−276	−368	−524
Basic net loss per share (in dollars per share)	−9.73	−8.68	−1.45	−1.97	−2.86
Diluted net loss per share (in dollars per share)	−9.73	−8.68	−1.45	−1.97	−2.86
Weighted average shares outstanding used in computing basic net loss per share (in shares)	17	14	190	187	183
Weighted average shares outstanding used in computing diluted net loss per share (in shares)	17	14	190	187	183

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	15	44	35	88	25
Short-term investments	231	211	268	417	709
Other current assets (including $429 and $0 as of December 31, 2025 and 2024, respectively, from a related party)	21	6	10	16	23
Total current assets	266	261	331	546	796
Long-term investments	0	14	26	0	65
Property, plant and equipment, net	2	3	19	32	61
Operating lease right-of-use assets	3	8	18	53	117
Equity method investment in Gannet BioChem	3	12	—	—	—
Other assets	6	5	5	2	3
Total assets	280	304	398	711	1,117
Accounts payable (including $137 and $0 as of December 31, 2025 and 2024, respectively, to a related party)	11	12	10	13	10
Accrued expenses (including $994 and $3,403 as of December 31, 2025 and 2024, respectively, to a related party)	22	30	22	37	—
Operating lease liabilities, current portion	20	20	19	19	17
Total current liabilities	54	61	51	68	85
Operating lease liabilities, less current portion	65	83	99	113	126
Liabilities related to the sales of future royalties, net	63	92	113	155	195
Other long-term liabilities	9	7	5	8	4
Total liabilities	191	243	267	344	438
Commitments and contingencies	—	—	—	—	—
Preferred stock, $0.0001 par value; 10,000,000 shares authorized; no shares designated or outstanding at December 31, 2025 or 2024, respectively	0	0	0	0	0
Common stock, $0.0001 par value; 390,000,000 shares and 300,000,000 shares authorized at December 31, 2025 and 2024, respectively; 20,378,832 shares and 12,937,308 shares issued at December 31, 2025 and 2024, respectively; 20,378,832 shares and 12,385,001 shares outstanding at December 31, 2025 and December 31, 2024, respectively	2,000	1,000	19,000	19,000	19,000
Capital in excess of par value	3,850	3,660	3,608	3,575	3,517
Treasury stock, at cost; 0 shares and 552,307 shares as of December 31, 2025 and 2024, respectively	—	−3	—	—	—
Accumulated other comprehensive income (loss)	17,000	61,000	80,000	−7	−4
Accumulated deficit	−3,760	−3,596	−3,477	−3,201	−2,833
Total stockholders equity	90	61	131	367	680
Total liabilities and stockholders equity	280	304	398	711	1,117

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net loss	−164	−119	−276	−368	−524
Non-cash royalty revenue related to the sales of future royalties	−55	−64	−69	−70	−78
Stock-based compensation	13	22	33	57	95
Depreciation and amortization	1	4	8	13	14
Impairment of right-of-use assets and property, plant and equipment	4	8	35	66	0
Provision for net realizable value of inventory	0	949,000	2	0	0
Amortization of premiums (discounts), net	−6	−9	−15	—	—
Accounts receivable	0	−3	5	17	12
Inventory	0	497,000	699,000	−3	−509,000
Operating leases, net	−15	−13	−9	−3	2
Other assets	−15	−4	4	7	−3
Accounts payable	−625,000	3	−3	3	−12
Accrued expenses	−6	11	−17	−13	−24
Net cash used in operating activities	−209	−176	−193	−304	−413
Purchases of investments	−285	−262	−512	−468	−961
Maturities of investments	285	340	651	826	1,167
Proceeds (payments) relating to the sale of the Huntsville manufacturing facility, net	−697,000	65	—	—	—
Purchases of property, plant and equipment	−171,000	−1	−865,000	−6	−15
Net cash provided by (used in) investing activities	−1	143	140	366	203
Proceeds from issuance of TCG pre-funded warrant	0	30	0	—	—
Proceeds from sale of future royalties	0	15	0	—	—
Repurchase of common stock from Bristol-Myers Squibb	0	−3	0	—	—
Proceeds from shares issued under equity compensation plans and TCG pre-funded warrant	866,000	118,000	30,000	758,000	33
Net cash provided by financing activities	181	42	30,000	2	36
Effect of foreign exchange rates on cash and cash equivalents	6,000	−4,000	62,000	−327,000	−92,000
Net increase (decrease) in cash and cash equivalents	−29	9	−53	63	−174
Fair value of equity method investment in Gannet BioChem received in exchange for sale of Huntsville manufacturing facility	0	12	0	—	—
Transaction costs and net working capital adjustment for sale of Huntsville manufacturing facility included in accounts payable and accrued expenses	0	697,000	0	—	—
Cash paid (refund) for income taxes, net	−195,000	76,000	3	272,000	325,000

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