Nektar Therapeutics
Develops investigational immune-modulating medicines for autoimmune disease and cancer.
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Profile
Builds a clinical pipeline led by rezpegaldesleukin for autoimmune disease, with NKTR-255 in cancer. The company operates without an internally commercialized product portfolio and depends on clinical development of investigational programs.
Develops investigational immunomodulatory medicines for autoimmune disease and cancer. Rezpegaldesleukin is its principal clinical autoimmune program, studied in moderate-to-severe atopic dermatitis and severe alopecia areata. NKTR-255 is a clinical cancer program, while NKTR-0165 and NKTR-0166 are preclinical autoimmune candidates.
The research effort seeks agents that selectively induce, amplify, attenuate, or prevent immune responses. Following earlier drug-delivery and oncology programs, the pipeline is centered on immune modulation rather than a marketed product portfolio.
Clinical development depends on investigational-program outcomes and on Gannet BioChem for PEG reagents used in rezpegaldesleukin and NKTR-255.
Company facts
Key statistics
Year to date +67.1% · Average volume (30d) 643.2K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Rating | Prior target | Target |
|---|---|---|---|---|---|
| Jul 22, 2026 | Canaccord Genuity | Target | $153 | ||
| May 11, 2026 | Wedbush | Reiterate | Neutral | $95 | $80 |
| May 8, 2026 | Piper Sandler | Reiterate | Overweight | $105 | $192 |
| Apr 21, 2026 | Wedbush | Reiterate | Neutral | $95 | |
| Apr 20, 2026 | H.C. Wainwright | Target | $165 | $185 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 13, 2026Q2 FY26 | −$1.97 | −$1.23 | +37.6% | $10.4M | $10.1M | −2.8% | −3.82% |
| May 7, 2026Q1 FY26 | −$1.58 | −$1.82 | −15.0% | $10.7M | $10.9M | +1.6% | −1.78% |
| Mar 12, 2026Q4 FY25 | −$2.76 | −$1.78 | +35.5% | $10.2M | $21.8M | +114.0% | +4.11% |
| Nov 6, 2025Q3 FY25 | −$2.85 | −$1.85 | +35.1% | $10.4M | $11.8M | +12.9% | +1.54% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $10.5M | $11.2M | $11.8M | $21.8M | $10.9M | $10.1M | |
| Gross profit | $10.5M | $11.2M | $11.6M | $21.8M | $10.7M | $10.1M | |
| Operating income | −$44.5M | −$36.2M | −$31.5M | −$19.1M | −$38.3M | −$42.3M | |
| Net income | −$50.9M | −$41.6M | −$35.5M | −$36.1M | −$44.9M | −$40.6M | |
| Diluted EPS | −$3.62 | −$2.95 | −$1.87 | −$1.78 | −$1.82 | −$1.23 | |
| Gross margin | 100.0% | 100.0% | 98.3% | 100.0% | 98.6% | 100.0% | |
| Operating margin | -425.8% | -324.2% | -267.4% | -87.5% | -352.3% | -417.9% |
Fiscal years (4-quarter sums)FY21 $101.9M · FY22 $92.1M · FY23 $90.1M · FY24 $98.4M · FY25 $55.2M
Revenue by product · Q2 FY26
Revenue by geography · FY25
Balance sheet, Jun 30, 2026Cash & short-term investments $684.3M · Total debt $135.9M · Total assets $1.10B · Shareholders' equity $903.1M
Dividends
No dividends on record.
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 28.69M · Float —
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| FMR LLC | 5.07M | 17.67% | 13F | Aug 13, 2026 |
| Two Seas Capital LP | 3.09M | 10.78% | 13F | Aug 12, 2026 |
| BlackRock, Inc. | 2.64M | 7.80% | 13G | Jul 29, 2026 |
| BVF Inc/IL | 2.39M | 8.33% | 13F | Aug 14, 2026 |
| Vanguard Capital Management | 1.75M | 5.17% | 13G | Jul 31, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 18, 2026 | Jonathan Zalevsky | officer: Chief R&D Officer | −186 | $71.98 |
| Aug 18, 2026 | Howard W. Robin | director, officer: President & CEO | −418 | $71.98 |
| Jun 30, 2026 | Jonathan Zalevsky | officer: Chief R&D Officer | −5,681 | $70.00 |
| Jun 17, 2026 | Howard W. Robin | director, officer: President & CEO | −10,000 | $61.19 |
| Jun 16, 2026 | Howard W. Robin | director, officer: President & CEO | −10,000 | $60.32 |
Peers
- Regeneron
Established biologic in moderate-to-severe atopic dermatitis
- Sanofi (ADR)
Co-commercializes Dupixent and advances amlitelimab in atopic dermatitis
- AbbVie
Systemic JAK program across atopic dermatitis and alopecia areata
- Eli Lilly
Approved therapies in both atopic dermatitis and alopecia areata
- Pfizer
Approved oral JAK therapies in atopic dermatitis and alopecia areata
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Nektar Therapeutics | $72.50 | −0.06% | $2.08B | — | — | 38.1 | −9.3% |
| Regeneron | $793.21 | −0.11% | $81.82B | 19.6 | 13.1 | 5.3 | +16.7% |
| Sanofi (ADR) | $44.83 | +0.02% | $107.62B | 78.9 | — | 1.9 | +11.2% |
| AbbVie | $255.80 | +0.13% | $451.38B | 72.0 | 16.8 | 7.0 | +10.2% |
| Eli Lilly | $1,173.00 | −0.08% | $1.10T | 39.4 | 28.7 | 13.9 | +47.7% |
| Pfizer | $27.95 | −0.04% | $159.36B | 36.9 | 10.0 | 2.5 | +2.6% |
| Median | 39.4 | 15.0 | 5.3 | +11.2% |