Nkarta (NKTX) Q1 2026 earnings summary

Executive summary

• Clinical-stage biopharma advancing allogeneic, off-the-shelf engineered NK cell therapies for autoimmune diseases, with lead candidate NKX019 in Phase 1/2 Ntrust-1 and Ntrust-2 trials enrolling at the 4 billion cell dose level (12 billion cells per 3-dose cycle).

• Regulatory and protocol amendments allow outpatient administration, re-dosing, and expansion to community-based settings, reducing patient burden and streamlining trials.

• No products approved or revenue from product sales; operations funded primarily through equity offerings.

• Initial clinical data from Ntrust-1 and Ntrust-2 expected to be presented at a medical meeting in 2026.

Financial highlights

• Net loss for Q1 2026 was $27.8 million, or $0.37 per basic and diluted share, improved from $32.0 million and $0.43 per share in Q1 2025.

• Research and development expenses increased to $25.0 million, including $0.7 million in non-cash stock-based compensation.

• General and administrative expenses decreased to $5.9 million, with $1.2 million in non-cash stock-based compensation.

• Cash, cash equivalents, restricted cash, and investments totaled $266.7 million as of March 31, 2026.

• Cash, cash equivalents, and investments decreased from $295.1 million at December 31, 2025, to $266.7 million at March 31, 2026.

Outlook and guidance

• Current cash and investments expected to fund operations into 2029.

• Anticipates continued net losses and substantial expenditures as clinical programs advance.

• Additional capital will be required for pivotal trials and commercialization efforts; may seek further equity or partnership funding.

• Initial clinical data from ongoing trials anticipated in 2026.