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Nektar Therapeutics

Nektar Therapeutics (NKTR) Q3 2025 Earnings

Reported Nov 6, 2025 at 4:24 PM ET · SEC Source

Q3 25 EPS

$-1.87

BEAT +32.94%

Est. $-2.79

Q3 25 Revenue

$11.8M

BEAT +15.62%

Est. $10.2M

vs S&P Since Q3 25

+12.5%

BEATING MARKET

NKTR +23.5% vs S&P +11.0%

Market Reaction

Did NKTR Beat Earnings? Q3 2025 Results

Nektar Therapeutics delivered a stronger-than-expected third quarter for fiscal 2025, with a loss of $1.87 per share coming in well ahead of the consensus estimate of $2.79, a beat of roughly 32.94%, while revenue of $11.79 million topped the $10.20 … Read more Nektar Therapeutics delivered a stronger-than-expected third quarter for fiscal 2025, with a loss of $1.87 per share coming in well ahead of the consensus estimate of $2.79, a beat of roughly 32.94%, while revenue of $11.79 million topped the $10.20 million estimate by 15.62%. The headline numbers were shaped heavily by the December 2024 sale of the company's Huntsville manufacturing facility, which eliminated product sales entirely and drove revenue down 51.1% year over year; Q3 2025 revenue consisted solely of non-cash royalty income of $11.49 million and a modest $300,000 in collaboration fees. On the cost side, total operating expenses fell to $43.46 million from $58.47 million a year ago as R&D and G&A both declined. With $270.20 million in cash and marketable securities at quarter-end, augmented by $38.30 million in October ATM proceeds, management expects liquidity to extend into the second quarter of 2027, as the company awaits topline data from its rezpegaldesleukin alopecia areata trial in December 2025.

Key Takeaways

  • • Revenue decline driven by elimination of product sales following sale of Huntsville manufacturing facility in December 2024
  • • Lower R&D expense due to decreased NKTR-255 development spending, partially offset by increased rezpegaldesleukin and NKTR-0165 expenses
  • • Reduced G&A expense from lower facilities and stock-based compensation costs
  • • Non-cash royalty revenue related to sales of future royalties comprised bulk of Q3 2025 revenue
24/7 Wall St

NKTR YoY Financials

Q3 2025 vs Q3 2024, source: SEC Filings

24/7 Wall St

NKTR Revenue by Segment

With YoY comparisons, source: SEC Filings

Q2 25 Q4 25

“We have made tremendous progress advancing rezpegaldesleukin, and the emerging data from the REZOLVE-AD study continue to demonstrate a highly differentiated profile for this first-in-class, novel regulatory T cell mechanism in moderate-to-severe atopic dermatitis.”

— Howard W. Robin, Q3 2025 Earnings Press Release

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