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Nektar Therapeutics (NKTR) Q4 2025 Earnings
Reported Mar 12, 2026 at 4:45 PM ET · SEC Source
Q4 25 EPS
$-1.78
BEAT +49.07%
Est. $-3.50
Q4 25 Revenue
$21.8M
BEAT +109.52%
Est. $10.4M
vs S&P Since Q4 25
-13.3%
TRAILING MARKET
NKTR -0.7% vs S&P +12.5%
Full Year 2025 Results
FY 25 EPS
$-9.73
FY 25 Revenue
$55.2M
Market Reaction
Did NKTR Beat Earnings? Q4 2025 Results
Nektar Therapeutics delivered a sharper-than-expected quarterly performance in Q4 2025, posting a loss of $1.78 per share against a consensus estimate of $3.50, a beat of 49.07%, while revenue of $21.81 million more than doubled analyst expectations … Read more Nektar Therapeutics delivered a sharper-than-expected quarterly performance in Q4 2025, posting a loss of $1.78 per share against a consensus estimate of $3.50, a beat of 49.07%, while revenue of $21.81 million more than doubled analyst expectations of $10.41 million, even as the top line fell 25.3% year-over-year. The revenue decline reflects a deliberate strategic shift: following the December 2024 sale of its Huntsville manufacturing facility, Nektar's revenue base now rests almost entirely on non-cash royalties, stripping out product sales that padded prior-year figures. The quarter's net loss of $36.08 million also included $8.57 million in non-cash restructuring charges tied to declining San Francisco real estate values. On the pipeline front, positive Phase 2b proof-of-concept data for rezpegaldesleukin in alopecia areata and atopic dermatitis bolstered the company's clinical narrative, with Phase 3 initiation in atopic dermatitis targeted for Q2 2026. A securities fraud lawsuit alleging enrollment protocol violations in the REZOLVE-AA trial adds a layer of legal uncertainty, though Nektar enters the next phase with a substantially reinforced balance sheet after raising approximately $476 million in post-quarter financing.
Key Takeaways
- • Revenue decline driven by elimination of product sales following December 2024 sale of Huntsville manufacturing facility
- • G&A expense reduction due to decreased facilities and stock-based compensation costs
- • Non-cash royalty revenue comprised nearly all of 2025 revenue
- • Q4 2024 benefited from one-time $40.4 million gain on Huntsville facility sale
NKTR YoY Financials
Q4 2025 vs Q4 2024, source: SEC Filings
NKTR Revenue by Segment
With YoY comparisons, source: SEC Filings
“2025 was a pivotal year for Nektar as we saw successful and transformative Phase 2 data readouts for rezpegaldesleukin. The data highlighted the promise and differentiation of our novel Treg mechanism in two inflammatory dermatological disease settings of atopic dermatitis and alopecia areata. In early 2026, we reported the 52-week treatment data for rezpegaldesleukin. These data provide hope that complete clearance of disease could be possible for patients with monthly and quarterly maintenance dosing of rezpegaldesleukin. With our strengthened financial position following the recent financing, we look forward to initiating our Phase 3 program in atopic dermatitis in June of this year, while we continue to advance our earlier TNFR2 agonist antibody and bispecific program toward the clinic.”
— Howard W. Robin, Q4 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% |