Nkarta (NKTX) Q2 2026 earnings summary

Executive summary

• Focused on developing allogeneic, off-the-shelf engineered NK cell therapies, with lead candidate NKX019 targeting autoimmune diseases in multiple Phase 1/2 trials, including Ntrust-1 and Ntrust-2, with outpatient dosing expanding access.

• Enrollment continues in Ntrust-1 and Ntrust-2 at the 4 billion cell dose level, with initial clinical data expected at a medical conference in 2026.

• Recent protocol amendments and FDA agreement allow outpatient administration and re-dosing, broadening patient access beyond academic centers.

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

• Cash, cash equivalents, and investments totaled $243.2 million as of June 30, 2026, projected to fund operations into 2029.

Financial highlights

• Net loss for Q2 2026 was $40.4 million, or $0.54 per share, up from $23.0 million in Q2 2025.

• Operating expenses rose to $43.1 million in Q2 2026, driven by higher R&D and an $8.0 million impairment charge.

• Research and development expenses for Q2 2026 were $29.0 million, with $0.7 million in non-cash stock-based compensation.

• General and administrative expenses for Q2 2026 were $14.1 million, including $1.1 million in non-cash stock-based compensation.

• Cash and investments decreased from $295.1 million at December 31, 2025, to $243.2 million at June 30, 2026.

Outlook and guidance

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

• Anticipates continued net losses and increased operating expenses as clinical programs advance.

• Additional capital will be required to support ongoing and future clinical development.

• Initial clinical data from Ntrust-1 and Ntrust-2 are planned for presentation in 2026.