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Nektar Q1 Earnings & Revenues Lag Estimates, Pipeline in Focus
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Key Takeaways
NKTR reported a wider Q1 2026 loss as R&D expenses rose 17% for rezpeg development.
Following the 2024 sale of its Huntsville facility, Nektar 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 $1.82 per share for the first quarter of 2026, wider than the Zacks Consensus Estimate of a loss of $1.74. In the year-ago quarter, the company had reported a loss of $3.62 cents per share.
Total revenues in the first quarter came in at $10.9 million, up 3.8% year over year. The reported figure, however, slightly missed the Zacks Consensus Estimate of $11 million.
Nektar sold its 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.
Year to date, shares of Nektar have rallied 97.2% compared with the industry’s rise of 1%.
Image Source: Zacks Investment Research
NKTR's Q1 Results in Detail
In the first quarter, research and development (R&D) expenses were $35.7 million, up 17% year over year, reflecting higher costs for developing its pipeline candidate, rezpegaldesleukin (rezpeg).
General and administrative (G&A) expenses decreased 45% year over year to $13.4 million in the reported quarter, owing to lower legal expenses.
As of March 31, 2026, Nektar had cash and cash equivalents and marketable securities worth $731.6 million compared with $245.8 million as of Dec. 31, 2025.
NKTR's Key Pipeline Updates
Nektar's lead pipeline candidate (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 plans to initiate the phase III ZENITH-AD study on rezpeg for treating moderate-to-severe atopic dermatitis (also known as eczema) by July 2026.
Last month, Nektar announced new data from a blinded 16-week treatment extension period of its phase IIb REZOLVE-AA study, evaluating rezpeg in patients with severe-to-very-severe alopecia areata. The 52-week top-line data from the 16-week blinded treatment extension of the REZOLVE-AA study demonstrated deepening of responses in severe-to-very-severe alopecia areata following treatment with rezpeg.
The company plans to hold an end-of-phase II meeting with the FDA to align on the phase III program for rezpeg in alopecia areata later in the second quarter of 2026.
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 I diabetes mellitus. TrialNet has initiated the phase II study on rezpeg in type 1 diabetes, with initial data expected in 2027.
Nektar 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, and the company owes no royalty payments to Eli Lilly.
Nektar Therapeutics Price, Consensus and EPS Surprise
Over the past 60 days, estimates for Agenus’ 2026 earnings per share have risen from 54 cents to $1.30, while loss per share estimates for 2027 have narrowed from $1.91 to $1.52 during the same time. AGEN shares have surged 19.7% year to date.
Agenus’ earnings beat estimates in two of the trailing four quarters, while missing the same on the remaining two occasions, with the average surprise being 31.42%.
Over the past 60 days, 2026 loss per share estimates for AnaptysBio have narrowed from $3.61 to $1.30, while estimates for 2027 have improved from a loss of $4.59 per share to earnings of $3.01 during the same time. ANAB stock has surged 38.1% year to date.
AnaptysBio’s earnings beat estimates in each of the trailing four quarters, with the average surprise being 59.70%.
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Nektar Q1 Earnings & Revenues Lag Estimates, Pipeline in Focus
Key Takeaways
Nektar Therapeutics (NKTR - Free Report) reported a loss of $1.82 per share for the first quarter of 2026, wider than the Zacks Consensus Estimate of a loss of $1.74. In the year-ago quarter, the company had reported a loss of $3.62 cents per share.
Total revenues in the first quarter came in at $10.9 million, up 3.8% year over year. The reported figure, however, slightly missed the Zacks Consensus Estimate of $11 million.
Nektar sold its 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.
Year to date, shares of Nektar have rallied 97.2% compared with the industry’s rise of 1%.
Image Source: Zacks Investment Research
NKTR's Q1 Results in Detail
In the first quarter, research and development (R&D) expenses were $35.7 million, up 17% year over year, reflecting higher costs for developing its pipeline candidate, rezpegaldesleukin (rezpeg).
General and administrative (G&A) expenses decreased 45% year over year to $13.4 million in the reported quarter, owing to lower legal expenses.
As of March 31, 2026, Nektar had cash and cash equivalents and marketable securities worth $731.6 million compared with $245.8 million as of Dec. 31, 2025.
NKTR's Key Pipeline Updates
Nektar's lead pipeline candidate (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 plans to initiate the phase III ZENITH-AD study on rezpeg for treating moderate-to-severe atopic dermatitis (also known as eczema) by July 2026.
Last month, Nektar announced new data from a blinded 16-week treatment extension period of its phase IIb REZOLVE-AA study, evaluating rezpeg in patients with severe-to-very-severe alopecia areata. The 52-week top-line data from the 16-week blinded treatment extension of the REZOLVE-AA study demonstrated deepening of responses in severe-to-very-severe alopecia areata following treatment with rezpeg.
The company plans to hold an end-of-phase II meeting with the FDA to align on the phase III program for rezpeg in alopecia areata later in the second quarter of 2026.
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 I diabetes mellitus. TrialNet has initiated the phase II study on rezpeg in type 1 diabetes, with initial data expected in 2027.
Nektar 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, 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 & Stocks to Consider
Nektar currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the biotech sector are Agenus (AGEN - Free Report) and AnaptysBio (ANAB - Free Report) , each currently sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Over the past 60 days, estimates for Agenus’ 2026 earnings per share have risen from 54 cents to $1.30, while loss per share estimates for 2027 have narrowed from $1.91 to $1.52 during the same time. AGEN shares have surged 19.7% year to date.
Agenus’ earnings beat estimates in two of the trailing four quarters, while missing the same on the remaining two occasions, with the average surprise being 31.42%.
Over the past 60 days, 2026 loss per share estimates for AnaptysBio have narrowed from $3.61 to $1.30, while estimates for 2027 have improved from a loss of $4.59 per share to earnings of $3.01 during the same time. ANAB stock has surged 38.1% year to date.
AnaptysBio’s earnings beat estimates in each of the trailing four quarters, with the average surprise being 59.70%.