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Nektar Q4 Earnings & Revenues Trump Estimates, Pipeline in Focus
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Key Takeaways
NKTR Q4 loss of $1.78 per share beat estimates. Revenues of $21.8M also topped forecasts despite a 25.3% drop.
Nektar revenues fell after the 2024 Huntsville facility sale; it now records only non-cash royalty revenues.
NKTR's rezpeg showed strong phase IIb data in atopic dermatitis. Phase III start planned for Q2 2026.
Nektar Therapeutics (NKTR - Free Report) reported a loss of $1.78 per share for the fourth quarter of 2025, narrower than the Zacks Consensus Estimate of a loss of $2.76. In the year-ago quarter, the company had reported earnings of 52 cents per share.
Total revenues in the fourth quarter came in at $21.8 million, down 25.3% year over year. The reported figure, however, surpassed the Zacks Consensus Estimate of $10 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 and lower non-cash royalty revenues.
Nektar’s top line currently comprises non-cash royalty revenues.
Shares of Nektar Therapeutics have rallied 66.4% so far this year against the industry’s decline of 0.7%.
Image Source: Zacks Investment Research
NKTR's Q4 Earnings in Detail
In the fourth quarter, research and development (R&D) expenses were $29.7 million, up 3.5% year over year.
General and administrative (G&A) expenses decreased 34.5% year over year to $11.2 million in the reported quarter.
As of Dec. 31, 2025, Nektar had cash and cash equivalents and marketable securities worth $245.8 million compared with $270.2 million as of Sept. 30, 2025.
NKTR's Full-Year Results
For 2025, Nektar generated revenues of $55.2 million, reflecting a decrease of almost 44% year over year.
For the same period, the company reported a loss of $9.73 per share, wider than the loss of $8.68 reported in the year-ago period.
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 (REZOLVE-AD study) and alopecia areata (REZOLVE-AA study).
Data from the REZOLVE-AD study announced in June 2025 showed that rezpeg significantly improved EASI scores versus placebo across all dose levels at week 16. Management believes the rapid reduction in EASI scores and improvements in itch support rezpeg’s potential as a first- and best-in-class immune modulator for atopic dermatitis.
The company expects to begin phase III studies on rezpeg for treating moderate-to-severe atopic dermatitis (also known as eczema) in the second quarter of 2026.
In December 2025, Nektar announced that the REZOLVE-AA study of rezpeg demonstrated proof of concept in patients with severe to very severe alopecia areata. Per management, the results support the planned advancement of rezpeg into phase III development for alopecia areata.
Meanwhile, Nektar entered into a new clinical trial agreement with TrialNet in February 2025 to evaluate rezpeg in a phase II study in patients with new-onset stage 3 type 1 diabetes mellitus. TrialNet has initiated the phase II study on rezpeg in type 1 diabetes, with initial data expected in 2027.
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
Over the past 60 days, estimates for Catalyst Pharmaceuticals’ 2026 earnings per share have risen from $2.55 to $2.82, while those for 2027 have moved up from $2.85 to $3.20. CPRX shares have inched up 0.3% year to date.
Catalyst Pharmaceuticals’ earnings beat estimates in each of the trailing four quarters, with the average surprise being 35.19%.
Over the past 60 days, estimates for Liquidia’s 2026 earnings per share have risen from $1.06 to $2.14, while the same for 2027 have moved up from $1.55 to $3.79. LQDA shares have gained 9% year to date.
Liquidia’s earnings beat estimates in two of the trailing four quarters and missed in the remaining two quarters, with the average surprise being 39.38%.
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Nektar Q4 Earnings & Revenues Trump Estimates, Pipeline in Focus
Key Takeaways
Nektar Therapeutics (NKTR - Free Report) reported a loss of $1.78 per share for the fourth quarter of 2025, narrower than the Zacks Consensus Estimate of a loss of $2.76. In the year-ago quarter, the company had reported earnings of 52 cents per share.
Total revenues in the fourth quarter came in at $21.8 million, down 25.3% year over year. The reported figure, however, surpassed the Zacks Consensus Estimate of $10 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 and lower non-cash royalty revenues.
Nektar’s top line currently comprises non-cash royalty revenues.
Shares of Nektar Therapeutics have rallied 66.4% so far this year against the industry’s decline of 0.7%.
Image Source: Zacks Investment Research
NKTR's Q4 Earnings in Detail
In the fourth quarter, research and development (R&D) expenses were $29.7 million, up 3.5% year over year.
General and administrative (G&A) expenses decreased 34.5% year over year to $11.2 million in the reported quarter.
As of Dec. 31, 2025, Nektar had cash and cash equivalents and marketable securities worth $245.8 million compared with $270.2 million as of Sept. 30, 2025.
NKTR's Full-Year Results
For 2025, Nektar generated revenues of $55.2 million, reflecting a decrease of almost 44% year over year.
For the same period, the company reported a loss of $9.73 per share, wider than the loss of $8.68 reported in the year-ago period.
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 (REZOLVE-AD study) and alopecia areata (REZOLVE-AA study).
Data from the REZOLVE-AD study announced in June 2025 showed that rezpeg significantly improved EASI scores versus placebo across all dose levels at week 16. Management believes the rapid reduction in EASI scores and improvements in itch support rezpeg’s potential as a first- and best-in-class immune modulator for atopic dermatitis.
The company expects to begin phase III studies on rezpeg for treating moderate-to-severe atopic dermatitis (also known as eczema) in the second quarter of 2026.
In December 2025, Nektar announced that the REZOLVE-AA study of rezpeg demonstrated proof of concept in patients with severe to very severe alopecia areata. Per management, the results support the planned advancement of rezpeg into phase III development for alopecia areata.
Meanwhile, Nektar entered into a new clinical trial agreement with TrialNet in February 2025 to evaluate rezpeg in a phase II study in patients with new-onset stage 3 type 1 diabetes mellitus. TrialNet has initiated the phase II study on rezpeg in type 1 diabetes, with initial data expected in 2027.
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 currently carries a Zacks Rank #2 (Buy).
Some other top-ranked stocks in the drug/biotech sector are Catalyst Pharmaceuticals (CPRX - Free Report) and Liquidia Corporation (LQDA - Free Report) , each carrying a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Over the past 60 days, estimates for Catalyst Pharmaceuticals’ 2026 earnings per share have risen from $2.55 to $2.82, while those for 2027 have moved up from $2.85 to $3.20. CPRX shares have inched up 0.3% year to date.
Catalyst Pharmaceuticals’ earnings beat estimates in each of the trailing four quarters, with the average surprise being 35.19%.
Over the past 60 days, estimates for Liquidia’s 2026 earnings per share have risen from $1.06 to $2.14, while the same for 2027 have moved up from $1.55 to $3.79. LQDA shares have gained 9% year to date.
Liquidia’s earnings beat estimates in two of the trailing four quarters and missed in the remaining two quarters, with the average surprise being 39.38%.