0001193125-26-104547
SEC filingNektar Therapeutics reported a net loss of $164.1 million for FY 2025, driven by an operating loss of $140.1 million on total revenue of $55.2 million. The company's revenue was primarily from license, collaboration, and other sources, with no product sales. Operating expenses totaled $195.3 million, dominated by research and development ($117.3 million) and general and administrative costs ($68.7 million). Cash used in operations was $208.5 million, partially offset by $180.6 million in net financing cash inflows from equity offerings. The company ended the year with $245.8 million in cash and marketable securities and estimates sufficient working capital for at least the next twelve months. Forward-looking statements indicate significant planned increases in R&D spending for the Phase 3 rezpegaldesleukin program in atopic dermatitis in 2026.
Nektar Therapeutics reported a net loss of $164.1 million for the fiscal year ended December 31, 2025, compared to a net loss of $155.5 million in the prior year (2024 figure not provided in XBRL for direct YoY calculation). Total revenue was $55.2 million, derived entirely from license, collaboration, and other revenue, with no product sales. The operating loss was $140.1 million, resulting from total operating expenses of $195.3 million, which included research and development expenses of $117.3 million and general and administrative expenses of $68.7 million. The company also recorded a loss from equity method investment of $8.7 million related to its investment in Gannet BioChem. Basic and diluted net loss per share were both $10.00, based on weighted average shares outstanding of 16.9 million.
Revenue for FY 2025 was $55.2 million, categorized entirely as license, collaboration, and other revenue. The XBRL data shows no product sales, royalty revenue, or non-cash royalty revenue. The document text indicates that revenue historically comes from upfront and milestone payments under strategic collaboration agreements, royalties, and product sales, but specific segment or geographic breakdowns for 2025 are not disclosed. The company mentioned past significant payments from collaborations, including $1.9 billion from Bristol-Myers Squibb and a $150 million upfront payment from Eli Lilly for rezpegaldesleukin, but these are not current period figures.
The company reported a gross profit of $55.2 million (revenue minus cost of goods sold of $0), resulting in a gross margin of 100%. However, this is not indicative of operational profitability due to the nature of collaboration revenue. The operating margin was negative, calculated as operating loss of $140.1 million divided by revenue of $55.2 million. Cost structure is dominated by research and development ($117.3 million) and general and administrative expenses ($68.7 million). R&D expenses included $51.5 million for rezpegaldesleukin Phase 2b trials, $9.6 million for NKTR-0165, and $6.5 million for NKTR-255. The company expects R&D costs to increase significantly in 2026 for the Phase 3 rezpegaldesleukin program.
Cash used in operating activities was $208.5 million for FY 2025, primarily driven by the net loss of $164.1 million, adjusted for non-cash items including $54.9 million in non-cash royalty revenue and $26.2 million in non-cash interest expense. Investing activities used $1.2 million net, while financing activities provided $180.6 million, mainly from equity offerings. The company ended the year with cash and cash equivalents of $15.1 million and short-term investments of $230.6 million, totaling $245.8 million in cash and marketable securities. Total assets were $280.4 million, with total liabilities of $190.6 million and stockholders' equity of $89.8 million. The company estimates sufficient working capital for at least the next twelve months.
Management expects research and development expenses to increase significantly in 2026 compared to 2025 to support the Phase 3 rezpegaldesleukin program in atopic dermatitis. Costs for NKTR-0165 and NKTR-255 are expected to decrease in 2026 as IND-enabling activities and investigator-sponsored studies are completed. General and administrative expenses are expected to decrease slightly in 2026. The company anticipates increased interest income due to proceeds from the 2026 Offering and ATM sales. Key risks include clinical and regulatory outcomes for drug candidates, the ability to enter into new collaborations, unplanned expenses, and market conditions affecting sublease income from San Francisco facilities. The company has no credit facility and relies on equity financings and collaboration payments.