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Nektar Therapeutics (NKTR) investor relations material

Nektar Therapeutics Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary6 Nov, 2025

Executive summary

  • Advancing rezpegaldesleukin (REZPEG) into phase 3 for atopic dermatitis, with phase 2b data in alopecia areata expected December 2025; Fast Track designations granted for both indications.

  • Pipeline includes ongoing studies in type 1 diabetes, NKTR-255 in oncology, and preclinical programs NKTR-0165 and NKTR-0166.

  • REZPEG recognized in Nobel Prize background documents for its role in T reg science and clinical efficacy in autoimmune disease.

  • Sale of manufacturing facility completed in December 2024, shifting supply to Gannet BioChem and resulting in equity method investment.

  • Chief Medical Officer Mary Tagliaferri rejoined, strengthening clinical leadership.

Financial highlights

  • Ended Q3 2025 with $270.2 million in cash and investments, no debt.

  • Q3 2025 revenue was $11.8M, down 51% year-over-year, due to the sale of the Huntsville facility; nine-month revenue was $33.4M.

  • Net loss for Q3 2025 was $35.5M ($1.87/share); nine-month net loss was $128.0M ($8.14/share).

  • Raised $107.2M from a secondary public offering, $34.3M from ATM facility in Q3, and $38.3M in October.

  • No product sales or cost of goods sold recognized in 2025 post-facility sale.

Outlook and guidance

  • Cash and investments expected to support operations into Q2 2027.

  • Anticipates end-of-phase 2 FDA meeting for REZPEG in atopic dermatitis by year-end; phase 3 program planned for next year.

  • Research and development expenses expected to increase slightly in 2025 as phase 3 activities commence.

  • Topline data from phase 2b RESOLVE-AA study in alopecia areata expected in December 2025.

  • Plans to advance TNF-R2 agonist antibody program into the clinic in 2026.

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Frequently asked questions

Nektar Therapeutics is an American biopharmaceutical company that specializes in the discovery and development of novel therapies. These therapies aim to selectively modulate the immune system to treat autoimmune disorders, chronic inflammatory conditions, and cancer.The company uses proprietary PEGylation and advanced polymer conjugate technologies to modify the chemical structure of substances, facilitating the development of new drug candidates. It is headquartered in San Francisco, California, and its shares are listed on the NASDAQ under the ticker symbol NKTR.

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