NKTR

MKT CAP:$2B

Nektar Therapeutics

Market Cap

$2B

Healthcare·Biotechnology·🇺🇸 United States·NASDAQ

Healthcare·Biotechnology·🇺🇸·NASDAQ

Stock Price

$96.95+$53.53 (+123.28%)

Apr 21, 2026

Company Details

Nektar Therapeutics, a biopharmaceutical company, focuses on discovering and developing medicines in areas of unmet medical need in the United States and internationally. The company's products include Bempegaldesleukin, a CD122-preferentia...

CEO

Howard W. Robin

IPO Date

May 3, 1994

Website

www.nektar.com

Key Metrics TTM

Revenue

$55M

-43.9% YoY

Net Income

-$164M

EPS (Diluted)

-$10.22

Free Cash Flow

-$209M

Revenue / Share

$2.72

Gross Margin

99.6%

Operating Margin

-237.9%

Net Margin

-297.1%

FCF Margin

-377.8%

P/S

33.5x

P/E

—

Earnings Reports

Q1 2026

May 14, 2026

PENDING

FY 2025

Mar 12, 2026

$55M-43.9%EPS -$9.73

Q4 2025

Mar 12, 2026

$22M-25.3%EPS -$1.78

Q3 2025

Nov 6, 2025

$12M-51.1%EPS -$1.87

Q2 2025

Aug 7, 2025

$11M-52.4%EPS -$2.95

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$25M	$20M	-$115M
Q2 22	$22M	$16M	-$47M
Q3 22	$24M	$19M	-$37M
Q4 22	$22M	$16M	-$41M
Q1 23	$22M	$15M	-$135M
Q2 23	$20M	$14M	-$51M
Q3 23	$24M	$12M	-$45M
Q4 23	$24M	$17M	-$34M
Q1 24	$22M	$13M	-$35M
Q2 24	$23M	$14M	-$50M
Q3 24	$24M	$20M	-$34M
Q4 24	$29M	$21M	$14M
Q1 25	$10M	$10M	-$45M
Q2 25	$11M	$11M	-$36M
Q3 25	$12M	$12M	-$32M
Q4 25	$22M	$22M	-$19M

Valuation

Quarter	P/S	P/E
Q1 22	10.0x	—
Q2 22	8.1x	—
Q3 22	6.2x	—
Q4 22	4.8x	—
Q1 23	1.6x	—
Q2 23	1.2x	—
Q3 23	1.2x	—
Q4 23	1.3x	—
Q1 24	2.1x	—
Q2 24	2.7x	—
Q3 24	2.9x	—
Q4 24	2.0x	—
Q1 25	1.6x	—
Q2 25	4.9x	—
Q3 25	13.3x	—
Q4 25	10.9x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$88M	-$93M
Q2 22	-$75M	-$76M
Q3 22	-$83M	-$83M
Q4 22	-$58M	-$58M
Q1 23	-$52M	-$52M
Q2 23	-$52M	-$52M
Q3 23	-$42M	-$42M
Q4 23	-$47M	-$47M
Q1 24	-$48M	-$48M
Q2 24	-$38M	-$38M
Q3 24	-$44M	-$45M
Q4 24	-$46M	-$47M
Q1 25	-$49M	-$49M
Q2 25	-$46M	-$46M
Q3 25	-$49M	-$49M
Q4 25	-$65M	-$65M

Capital Expenditures

Quarter	CapEx
Q1 22	$4M
Q2 22	$780.0K
Q3 22	$181.0K
Q4 22	$512.0K
Q1 23	$433.0K
Q2 23	$162.0K
Q3 23	$33.0K
Q4 23	$237.0K
Q1 24	$157.0K
Q2 24	$186.0K
Q3 24	$666.0K
Q4 24	$459.0K
Q1 25	$2.0K
Q2 25	$37.0K
Q3 25	$114.0K
Q4 25	$18.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+5.0%	+5.2%
Q2 22	-23.8%	-50.6%
Q3 22	-5.2%	-55.9%
Q4 22	-11.9%	-54.4%
Q1 23	-13.0%	+11.7%
Q2 23	-5.0%	+4.0%
Q3 23	+2.2%	+13.0%
Q4 23	+8.5%	-8.8%
Q1 24	+0.2%	-63.5%
Q2 24	+14.6%	+3.0%
Q3 24	-0.1%	-15.3%
Q4 24	+22.1%	-74.2%
Q1 25	-51.7%	-3.6%
Q2 25	-52.4%	-35.3%
Q3 25	-51.1%	-25.9%
Q4 25	-25.3%	+175.8%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$21M	84.4%
Q2 22	$11M	51.4%
Q3 22	$13M	53.0%
Q4 22	$0	0.0%
Q1 23	$10M	46.4%
Q2 23	$0	0.0%
Q3 23	$8M	33.8%
Q4 23	$7M	30.4%
Q1 24	$0	0.0%
Q2 24	$5M	23.1%
Q3 24	$0	0.0%
Q4 24	$5M	16.5%
Q1 25	$4M	37.3%
Q2 25	$3M	31.2%
Q3 25	$3M	26.1%
Q4 25	$2M	10.1%

OpEx Breakdown

Quarter	R&D	G&A
Q1 22	$107M	$27M
Q2 22	$43M	$21M
Q3 22	$34M	$23M
Q4 22	$35M	$22M
Q1 23	$30M	$21M
Q2 23	$30M	$18M
Q3 23	$24M	$21M
Q4 23	$30M	$17M
Q1 24	$27M	$20M
Q2 24	$30M	$21M
Q3 24	$35M	$19M
Q4 24	$29M	$17M
Q1 25	$30M	$24M
Q2 25	$30M	$17M
Q3 25	$27M	$16M
Q4 25	$30M	$11M

Revenue Segments

Quarter	License Collaboration And Other Revenue	Non Cash Royalty Revenue Related To Sale Of Future Royalties	Product
Q1 22	$2M	$18M	$6M
Q2 22	$9.0K	$16M	$5M
Q3 22	$314.0K	$18M	$5M
Q4 22	$17.0K	$18M	$4M
Q1 23	$15.0K	$17M	$5M
Q2 23	$9.0K	$16M	$5M
Q3 23	$155.0K	$18M	$6M
Q4 23	$341.0K	$18M	$5M
Q1 24	$97.0K	$16M	$6M
Q2 24	$59.0K	$17M	$7M
Q3 24	$378.0K	$16M	$8M
Q1 25	—	$10M	—
Q2 25	—	$11M	—
Q3 25	$300.0K	$11M	—
Q4 25	—	$22M	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$68M	$599M	$667M
Q2 22	$78M	$542M	$619M
Q3 22	$106M	$441M	$546M
Q4 22	$88M	$417M	$505M
Q1 23	$77M	$380M	$457M
Q2 23	$51M	$359M	$409M
Q3 23	$65M	$308M	$373M
Q4 23	$35M	$268M	$304M
Q1 24	$49M	$241M	$289M
Q2 24	$14M	$257M	$271M
Q3 24	$30M	$214M	$244M
Q4 24	$44M	$211M	$255M
Q1 25	$39M	$180M	$219M
Q2 25	$43M	$133M	$176M
Q3 25	$41M	$229M	$270M
Q4 25	$15M	$231M	$246M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	12M	+0.5%	+2.5%
Q2 22	12M	+0.5%	+2.2%
Q3 22	13M	+0.5%	+1.9%
Q4 22	13M	+0.3%	+1.8%
Q1 23	13M	+0.3%	+1.6%
Q2 23	13M	+0.4%	+1.5%
Q3 23	13M	+0.4%	+1.5%
Q4 23	13M	+0.3%	+1.5%
Q1 24	13M	+1.9%	+3.1%
Q2 24	14M	+7.2%	+10.1%
Q3 24	14M	+0.2%	+9.9%
Q4 24	14M	+2.1%	+11.8%
Q1 25	14M	-1.3%	+8.3%
Q2 25	14M	+0.2%	+1.2%
Q3 25	14M	0.0%	+1.0%
Q4 25	20M	+44.1%	+42.5%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$33.5K	740
Q2 22	$29.2K	740
Q3 22	$31.9K	740
Q4 22	$97.9K	225
Q1 23	$96.0K	225
Q2 23	$91.1K	225
Q3 23	$107.3K	225
Q4 23	$174.3K	137
Q1 24	$157.9K	137
Q2 24	$171.5K	137
Q3 24	$176.1K	137
Q4 24	$478.3K	61
Q1 25	$171.5K	61
Q2 25	$183.2K	61
Q3 25	$193.3K	61
Q4 25	$109	200K

Revenue / Employee