0001787400-26-000006
SEC filingNkarta, Inc., a clinical-stage biopharmaceutical company developing allogeneic NK cell therapies for autoimmune diseases, reported a net loss of $104.1 million for FY 2025, an improvement from $108.8 million in FY 2024, driven by reduced research and development expenses of $90.4 million (down from $96.7 million) and lower general and administrative expenses, partially offset by higher other operating costs. Total operating expenses were $122.0 million, with loss from operations at -$122.0 million. Other income, net of $17.9 million, primarily from interest income of $15.5 million, mitigated the net loss. Comprehensive loss was $104.4 million. Balance sheet showed total assets of $404.2 million, including cash and equivalents of $39.6 million, short-term investments of $236.6 million, and total stockholders' equity of $312.3 million. Cash flows reflected net cash used in operations of -$88.7 million, offset by $100.3 million provided by investing activities from investment maturities, and minimal $141K from financing. With $295.1 million in cash, equivalents, restricted cash, and investments, Nkarta maintains liquidity into 2026, focusing on NKX019 Phase 1 trials (Ntrust-1 and Ntrust-2) amid ongoing enrollment and manufacturing advancements.
Nkarta reported FY2025 net loss of $104.1M, improved 4.4% YoY from $108.8M in FY2024, primarily due to R&D expenses declining to $90.4M from $96.7M and G&A at $31.6M. Total operating expenses were $122.0M, with operating loss -$122.0M. Other income net $17.9M (interest $15.5M, other $2.4M) reduced the net loss. Comprehensive loss -$104.4M after -$267K unrealized investment loss. EPS basic/diluted -$1.00 vs -$1.60 prior year, on 74.0M weighted shares. Cash burn moderated with operating cash use -$88.7M vs higher prior.
No revenue generated as pre-clinical/clinical stage biotech. Focus on NKX019 for autoimmune diseases (LN, pMN, scleroderma, myositis, AAV). Single reporting segment with expenses: personnel $39.8M (ex-share comp), facilities $18.9M, external dev $23.3M, other $21.5M.
Pre-revenue; operating margin N/A. OpEx efficiency improved with R&D down ~7% YoY. Share-based comp $8.6M (down from higher prior). Impairment of ROU asset $791K in G&A. No gross margins applicable.
Operating cash -$88.7M (net loss -$104.1M, non-cash addbacks $25.0M incl dep $9.2M, SBC $8.6M). Investing +$100.3M (maturities $340.1M > purchases $238.6M, capex -$1.2M). Financing +$141K (ESPP). Ending cash/equiv/restricted $42.4M, total liquidity $295.1M. Assets $404.2M (current $282.5M), liabilities $91.9M, equity $312.3M (accum deficit -$648.3M). No debt.
Cash runway >12 months. Prioritizing NKX019 trials (Ntrust-1/2 data updates, deep B-cell depletion observed). Deprioritized oncology. Plans for manufacturing scale-up, potential pivotal trials. Risks: enrollment challenges, competition in autoimmune cell therapies, need additional capital.