Nektar Therapeutics
Q2 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +2.36%.
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% 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.
- 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
“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.”
Nektar Therapeutics CEO, on the earnings call
Forward Guidance & Outlook
Nektar expects cash and investments in marketable securities, including approximately $107.5 million in net proceeds from the July 2025 secondary offering, to support operations into Q1 2027. The company plans to report 52-week atopic dermatitis data for rezpegaldesleukin in early 2026 and Phase 2b alopecia areata data in December 2025. NKTR-0165 is targeted to advance into the clinic in 2026. Preclinical studies for bispecific antibody NKTR-0166 are progressing.
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Figures from SEC filings and company reports. Not investment advice.