Companies /Healthcare

Nektar Therapeutics

NASDAQ: NKTR Biotechnology
$69.76
▼ $0.89 (−1.26%) today
Markets closed · 12:30am ET

Q2 2026 Earnings

Reported Aug 13, 2026, 4:25pm ET · SEC source
$-1.23
Beat +39.63%
EPS · est. $-2.04 GAAP
$10.1M
Miss −3.24%
Revenue · est. $10.5M
1 quarter
Consecutive EPS beats

Market Reaction

% change · around the report
−4%−2%0Aug 13Aug 14report 4:25pm ETearnings−0.2%−4.3%
−4%−2%0Aug 13Aug 14earnings−0.2%−4.3%
NKTR −4.3%S&P 500 −0.2%
−4%−2%0Aug 13Aug 14report 4:25pm ETearnings−0.2%−4.3%
−4%−2%0Aug 13Aug 14earnings−0.2%−4.3%
NKTR −4.3%NASDAQ −0.2%
−6%−3%0Aug 12Aug 21report 4:25pm ETearnings−1.5%−2.4%
−6%−3%0Aug 12Aug 21earnings−1.5%−2.4%
NKTR −2.4%S&P 500 −1.5%
−6%−3%0Aug 12Aug 21report 4:25pm ETearnings−2.6%−2.4%
−6%−3%0Aug 12Aug 21earnings−2.6%−2.4%
NKTR −2.4%NASDAQ −2.6%
−3.82%
Day of report
−0.48%
Next session
+1.37%
One week

Did NKTR Beat Earnings? Q2 2026 Results

Nektar Therapeutics delivered a sharper-than-expected loss for Q2 2026, with GAAP EPS of $-1.23 per diluted share beating the consensus estimate of $-2.04 by 39.63%, even as revenue of $10.13 million slipped 3.24% below expectations and fell 9.3% year over year. The key driver behind the narrower per-share loss was a more than doubling of weighted average shares outstanding following the company's April 2026 public offering, which raised $373.80 million in gross proceeds and pushed the cash and investments balance to approximately $1.02 billion by quarter-end. That war chest, management noted, extends the company's runway into Q3 2028, conveniently past the mid-2028 data readouts expected from the Phase 3 ZENITH AD program in atopic dermatitis, which launched in July with three registrational trials. R&D expense climbed to $39.13 million from $29.89 million a year ago as the program ramped, while revenue, consisting entirely of non-cash royalties, remained a nominal contributor. With a BLA submission targeted for 2029 and a Phase 3 alopecia areata study planned for early 2027, investor attention is squarely on clinical execution rather than near-term financials.

Key Takeaways
  • R&D expense increase driven by Phase 3 ZENITH AD program commencement and rezpegaldesleukin manufacturing activities
  • G&A expense decrease primarily due to lower legal expenses
  • Interest income surged due to significantly larger cash and investment position following April 2026 equity offering
  • Non-cash loss from equity method investment in Gannet BioChem narrowed significantly

“This year continues to be a transformative year for Nektar as we advance our lead program, rezpegaldesleukin, into Phase 3 clinical trials. We initiated the first Phase 3 ZENITH AD trials in atopic dermatitis in July, and we plan to start a single registrational Phase 3 study in alopecia areata in early 2027. Our Phase 3 program establishes a clear path to the first BLA submission for rezpegaldesleukin in 2029. With its novel T-reg mechanism, rezpegaldesleukin is uniquely positioned to provide benefit for patients across a number of chronic autoimmune conditions. Importantly, our financial position is strong with over one billion dollars in cash and investments at the end of the quarter, and a cash runway that extends into the third quarter of 2028, past the initial Phase 3 data readouts expected in mid-2028.”

Nektar Therapeutics CEO, on the earnings call

Forward Guidance & Outlook

Nektar plans to initiate a single registrational Phase 3 study of rezpegaldesleukin in alopecia areata in early 2027. The Phase 3 ZENITH AD program in atopic dermatitis was initiated in July 2026 with three randomized, double-blind, placebo-controlled trials. The company targets a first BLA submission for rezpegaldesleukin in 2029, with initial Phase 3 data readouts expected in mid-2028. Management stated that the company's cash runway extends into Q3 2028, past initial Phase 3 data readouts.

NKTR YoY Financials

Q2 2026 vs Q2 2025 · SEC filings Q2 2025 Q2 2026
$-40,000,000$-20,000,000$0$11.2M$10.1MRevenue$-50,933,478$-42,341,000Operating Income$-39,697,059$-40,622,000Net Income
$-40,000,000$-20,000,000$0RevenueOperating IncomeNet Income

NKTR Revenue by Segment

Non-cash Royalty Revenue
Non-cash royalty revenue

Figures from SEC filings and company reports. Not investment advice.