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Nektar Therapeutics Q3 Loss Narrower Than Expected, Revenues Rise Y/Y
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Key Takeaways
Nektar Therapeutics' Q3 loss of $1.87 per share was narrower than the expected $2.85 loss.
Q3 revenues of $11.8 million topped estimates, though sales halved year over year post-facility sale.
Phase IIb studies on rezpeg for atopic dermatitis and alopecia areata are progressing well.
Nektar Therapeutics (NKTR - Free Report) reported a loss of $1.87 per share for the third quarter of 2025, narrower than the Zacks Consensus Estimate of a loss of $2.85. In the year-ago quarter, the company had reported a loss of $2.66 per share.
Excluding the impact of non-cash loss from NKTR’s equity method investment in Gannet BioChem, the company incurred an adjusted loss of $1.85 per share in the third quarter.
Total revenues in the reported quarter more than halved year over year to $11.8 million. The reported figure marginally beat the Zacks Consensus Estimate of $11 million.
The year-over-year revenue decrease was due to the sale of the Huntsville manufacturing facility in December 2024, following which the company no longer records product revenues. Nektar’s top line currently comprises non-cash royalty revenues.
However, Nektar Therapeutics shares gained 4.3% in the after-market hours following the earnings and revenue beat. The stock has skyrocketed 295.4% so far this year compared with the industry’s growth of 3.7%.
Image Source: Zacks Investment Research
NKTR's Q3 Earnings in Detail
Research and development (R&D) expenses were $27.3 million, down 22% year over year, primarily due to a decrease in expenses for the development of NKTR-255 for oncology indications.
General and administrative (G&A) expenses decreased 15% year over year to $16.1 million due to decreases in facilities and stock-based compensation expenses, partially offset by an increase in legal expenses.
As of Sept. 30, 2025, Nektar Therapeutics had cash and cash equivalents and marketable securities worth $270.2 million compared with $175.9 million as of June 30, 2025. Nektar Therapeutics expects its current cash position to support operations into the second quarter of 2027.
NKTR's Key Pipeline Updates
Nektar Therapeutics’ lead pipeline candidate, rezpegaldesleukin (rezpeg), is being developed as a self-administered injection for several autoimmune and inflammatory diseases. Rezpeg selectively activates regulatory T-cells to calm the immune system and reduce inflammation.
Two separate phase IIb studies are evaluating rezpeg for treating atopic dermatitis (also known as eczema) and alopecia areata.
In June 2025, NKTR announced that the phase IIb REZOLVE-AD study evaluating rezpeg, in patients with moderate-to-severe atopic dermatitis, met its primary and key secondary endpoints.
Besides atopic dermatitis, the company is also investigating rezpeg in the phase IIb REZOLVE-AA study for treating patients with severe-to-very severe alopecia areata. Top-line data from the same is expected in December 2025.
The FDA has already granted a Fast Track designation to rezpeg for the treatment of severe-to-very severe alopecia areata as well as for the treatment of moderate-to-severe atopic dermatitis.
Nektar Therapeutics regained full rights to rezpeg from pharma giant Eli Lilly (LLY - Free Report) in April 2023 and took charge of its clinical development. Rezpeg was earlier developed in collaboration with LLY for several autoimmune indications.
Rezpeg is now a wholly-owned asset of Nektar Therapeutics, and the company owes no royalty payments to Eli Lilly.
Nektar Therapeutics Price, Consensus and EPS Surprise
In the past 60 days, estimates for ANI Pharmaceuticals’ earnings per share have increased from $7.25 to $7.29 for 2025. During the same time, earnings per share estimates for 2026 have increased from $7.74 to $7.81. Year to date, shares of ANIP have surged 67.6%.
ANI Pharmaceuticals' earnings beat estimates in each of the trailing four quarters, the average surprise being 22.66%.
In the past 60 days, estimates for Acadia Pharmaceuticals’ earnings per share have increased from 52 cents to 53 cents for 2025. During the same time, earnings per share estimates for 2026 have increased from 78 cents to 84 cents. Year to date, shares of ACAD have surged 21.7%.
Acadia Pharmaceuticals’ earnings beat estimates in three of the trailing four quarters while missing the same on the remaining occasion, the average surprise being 24.87%.
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Nektar Therapeutics Q3 Loss Narrower Than Expected, Revenues Rise Y/Y
Key Takeaways
Nektar Therapeutics (NKTR - Free Report) reported a loss of $1.87 per share for the third quarter of 2025, narrower than the Zacks Consensus Estimate of a loss of $2.85. In the year-ago quarter, the company had reported a loss of $2.66 per share.
Excluding the impact of non-cash loss from NKTR’s equity method investment in Gannet BioChem, the company incurred an adjusted loss of $1.85 per share in the third quarter.
Total revenues in the reported quarter more than halved year over year to $11.8 million. The reported figure marginally beat the Zacks Consensus Estimate of $11 million.
The year-over-year revenue decrease was due to the sale of the Huntsville manufacturing facility in December 2024, following which the company no longer records product revenues. Nektar’s top line currently comprises non-cash royalty revenues.
However, Nektar Therapeutics shares gained 4.3% in the after-market hours following the earnings and revenue beat. The stock has skyrocketed 295.4% so far this year compared with the industry’s growth of 3.7%.
Image Source: Zacks Investment Research
NKTR's Q3 Earnings in Detail
Research and development (R&D) expenses were $27.3 million, down 22% year over year, primarily due to a decrease in expenses for the development of NKTR-255 for oncology indications.
General and administrative (G&A) expenses decreased 15% year over year to $16.1 million due to decreases in facilities and stock-based compensation expenses, partially offset by an increase in legal expenses.
As of Sept. 30, 2025, Nektar Therapeutics had cash and cash equivalents and marketable securities worth $270.2 million compared with $175.9 million as of June 30, 2025. Nektar Therapeutics expects its current cash position to support operations into the second quarter of 2027.
NKTR's Key Pipeline Updates
Nektar Therapeutics’ lead pipeline candidate, rezpegaldesleukin (rezpeg), is being developed as a self-administered injection for several autoimmune and inflammatory diseases. Rezpeg selectively activates regulatory T-cells to calm the immune system and reduce inflammation.
Two separate phase IIb studies are evaluating rezpeg for treating atopic dermatitis (also known as eczema) and alopecia areata.
In June 2025, NKTR announced that the phase IIb REZOLVE-AD study evaluating rezpeg, in patients with moderate-to-severe atopic dermatitis, met its primary and key secondary endpoints.
Besides atopic dermatitis, the company is also investigating rezpeg in the phase IIb REZOLVE-AA study for treating patients with severe-to-very severe alopecia areata. Top-line data from the same is expected in December 2025.
The FDA has already granted a Fast Track designation to rezpeg for the treatment of severe-to-very severe alopecia areata as well as for the treatment of moderate-to-severe atopic dermatitis.
Nektar Therapeutics regained full rights to rezpeg from pharma giant Eli Lilly (LLY - Free Report) in April 2023 and took charge of its clinical development. Rezpeg was earlier developed in collaboration with LLY for several autoimmune indications.
Rezpeg is now a wholly-owned asset of Nektar Therapeutics, and the company owes no royalty payments to Eli Lilly.
Nektar Therapeutics Price, Consensus and EPS Surprise
Nektar Therapeutics price-consensus-eps-surprise-chart | Nektar Therapeutics Quote
NKTR's Zacks Rank & Other Stocks to Consider
Nektar Therapeutics currently carries a Zacks Rank #2 (Buy).
Some other top-ranked stocks in the biotech sector are ANI Pharmaceuticals (ANIP - Free Report) and Acadia Pharmaceuticals (ACAD - Free Report) , each carrying a Zacks Rank #2 at present. You can see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here.
In the past 60 days, estimates for ANI Pharmaceuticals’ earnings per share have increased from $7.25 to $7.29 for 2025. During the same time, earnings per share estimates for 2026 have increased from $7.74 to $7.81. Year to date, shares of ANIP have surged 67.6%.
ANI Pharmaceuticals' earnings beat estimates in each of the trailing four quarters, the average surprise being 22.66%.
In the past 60 days, estimates for Acadia Pharmaceuticals’ earnings per share have increased from 52 cents to 53 cents for 2025. During the same time, earnings per share estimates for 2026 have increased from 78 cents to 84 cents. Year to date, shares of ACAD have surged 21.7%.
Acadia Pharmaceuticals’ earnings beat estimates in three of the trailing four quarters while missing the same on the remaining occasion, the average surprise being 24.87%.