Nektar Therapeutics (NKTR) Q2 2025 Earnings
Reported Aug 7, 2025 at 4:26 PM ET · SEC Source
Q2 25 EPS
$-2.95
BEAT +5.44%
Est. $-3.12
Q2 25 Revenue
$11.2M
BEAT +18.68%
Est. $9.4M
vs S&P Since Q2 25
+163.0%
BEATING MARKET
NKTR +180.1% vs S&P +17.0%
Market Reaction
Did NKTR Beat Earnings? Q2 2025 Results
Nektar Therapeutics delivered a double beat in Q2 2025, posting a loss of $2.95 per share against a consensus estimate of $3.12 and generating $11.18 million in revenue, clearing the $9.42 million estimate by 18.68%, even as total revenue fell 52.4% … Read more Nektar Therapeutics delivered a double beat in Q2 2025, posting a loss of $2.95 per share against a consensus estimate of $3.12 and generating $11.18 million in revenue, clearing the $9.42 million estimate by 18.68%, even as total revenue fell 52.4% year over year from $23.49 million. The steep revenue decline was largely structural, reflecting the December 2024 sale of Nektar's Huntsville manufacturing facility, which stripped out product sales entirely and left all Q2 revenue consisting of non-cash royalties tied to future royalty sales. Total operating costs dropped sharply to $47.41 million from $73.26 million a year ago, helping narrow the GAAP net loss to $41.59 million from $52.36 million. The quarter's most consequential development was Phase 2b data from the REZOLVE-AD study, in which rezpegaldesleukin met its primary endpoint in moderate-to-severe atopic dermatitis. With $175.90 million in cash plus roughly $107.50 million in net proceeds from a July 2025 secondary offering, management expects funding to extend into Q1 2027, with 52-week atopic dermatitis data targeted for early 2026.
Key Takeaways
- • Revenue decline driven by elimination of product sales following December 2024 sale of Huntsville manufacturing facility
- • Lower operating expenses due to elimination of cost of goods sold and reduced restructuring/impairment charges
- • R&D expense relatively stable with increased spending on rezpegaldesleukin and NKTR-0165 offset by decreased NKTR-255 spending
- • Non-cash equity method investment loss of $2.4 million from Gannet BioChem investment
NKTR YoY Financials
Q2 2025 vs Q2 2024, source: SEC Filings
NKTR Revenue by Segment
With YoY comparisons, source: SEC Filings
“This quarter, we announced transformative data for rezpegaldesleukin from the Phase 2b study in patients with moderate to severe atopic dermatitis. The 16-week induction data demonstrated that rezpegaldesleukin resulted in a rapid onset of EASI response and itch relief and showcased the advantage of a broad-based Treg mechanism over other mechanistic approaches in development to treat atopic dermatitis. We look forward to seeing the effect of continued treatment with rezpegaldesleukin when we report the 52-week data in early 2026. In alopecia areata, we will report the data from a separate Phase 2b study in December of this year. We believe the data from both randomized studies will demonstrate the potential of rezpegaldesleukin to provide a new treatment paradigm for patients with chronic and serious diseases that significantly impact quality of life. As a first-in-class, T regulatory cell biologic, rezpegaldesleukin is poised to become an important novel mechanism to treat millions of patients with autoimmune disorders.”
— Howard W. Robin, Q2 2025 Earnings Press Release
NKTR Earnings Trends
NKTR vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
NKTR EPS Trend
Earnings per share: estimate vs actual
NKTR Revenue Trend
Quarterly revenue: estimate vs actual
NKTR Quarterly Results
4 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 MISS | $-1.48 | $-1.82 | -22.97% | $10.9M | +1.59% |
| Q4 25 BEAT FY | $-3.50 | $-1.78 | +49.07% | $21.8M | +109.52% |
| FY Full Year | — | $-9.73 | — | $55.2M | — |
| Q3 25 BEAT | $-2.79 | $-1.87 | +32.94% | $11.8M | +15.62% |
| Q2 25 BEAT | $-3.12 | $-2.95 | +5.44% | $11.2M | +18.68% |