Companies /Healthcare
Nektar Therapeutics
NASDAQ: NKTR Biotechnology
$38.27
▼ $0.95 (−2.42%) today
Markets closed · 12:55am ET

Nektar Therapeutics (NKTR) Q3 2025 Earnings

Reported Nov 6, 2025, 4:24pm ET · SEC source
$-1.87
Beat +32.94%
EPS · est. $-2.79
$11.8M
Beat +15.62%
Revenue · est. $10.2M
+0.7%
Beating market
NKTR vs S&P since report
1 quarter
Consecutive EPS beats

How Did NKTR Stock React to Q3 2025 Earnings?

% change · around the report
0+3%+6%+9%Nov 6Nov 7report 4:24pm ETearnings+0.2%+7.3%
0+3%+6%+9%Nov 6Nov 7earnings+0.2%+7.3%
NKTR +7.3%S&P 500 +0.2%
0+4%+8%Nov 6Nov 7report 4:24pm ETearnings−0.1%+7.3%
0+4%+8%Nov 6Nov 7earnings−0.1%+7.3%
NKTR +7.3%NASDAQ −0.1%
−8%−4%0+4%Nov 5Nov 14report 4:24pm ETearnings+0.1%−2.7%
−8%−4%0+4%Nov 5Nov 14earnings+0.1%−2.7%
NKTR −2.7%S&P 500 +0.1%
−8%−4%0+4%Nov 5Nov 14report 4:24pm ETearnings−0.4%−2.7%
−8%−4%0+4%Nov 5Nov 14earnings−0.4%−2.7%
NKTR −2.7%NASDAQ −0.4%
+1.54%
Day of report
+3.57%
Next session
+1.27%
One week
+3.16%
30 days

S&P 500 over the same 30 days: +2.47%.

Did NKTR Beat Earnings? Q3 2025 Results

Yes. Nektar Therapeutics reported Q3 2025 earnings of $-1.87 a share on Nov 6, 2025, beating the $-2.79 consensus estimate by 32.9%. Revenue was $11.8M against a $10.2M estimate.

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

“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.”

Nektar Therapeutics CEO, on the earnings call

What Was Nektar Therapeutics's Outlook in Q3 2025?

Nektar expects its cash and investments in marketable securities of $270.2 million (as of September 30, 2025), supplemented by an additional $38.3 million raised via ATM in October 2025, to support operations into the second quarter of 2027. The company expects to report topline data for rezpegaldesleukin in severe-to-very-severe alopecia areata in December 2025. New REZOLVE-AD data on atopic dermatitis and co-morbid asthma were being presented at ACAAI in November 2025.

NKTR YoY Financials

Q3 2025 vs Q3 2024 · SEC filings Q3 2024 Q3 2025
$-40,000,000$-20,000,000$0$20.0M$24.1M$11.8MRevenue$-29,385,786$-31,672,000Operating Income$-34,109,852$-35,522,000Net Income
$-40,000,000$-20,000,000$0$20.0MRevenueOperating IncomeNet Income
NKTR income statement, Q3 2025 versus Q3 2024
Metric Q3 2025 Q3 2024 Year over year
Revenue $11.8M $24.1M −51.1%
Operating Income −$31.7M −$29.4M +7.8%
Net Income −$35.5M −$34.1M +4.1%

NKTR Revenue by Segment

Non-cash Royalty Revenue
Non-cash royalty revenue

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