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Nektar Therapeutics

Nektar Therapeutics (NKTR) Q1 2026 Earnings

Reported May 7, 2026 at 4:30 PM ET · SEC Source

Q1 26 EPS

$-1.82

MISS 22.97%

Est. $-1.48

Q1 26 Revenue

$10.9M

BEAT +1.59%

Est. $10.7M

vs S&P Since Q1 26

-24.8%

TRAILING MARKET

NKTR -23.7% vs S&P +1.1%

Market Reaction

Did NKTR Beat Earnings? Q1 2026 Results

Nektar Therapeutics delivered a mixed first quarter for fiscal 2026, posting a narrower net loss but missing earnings expectations by a wide margin while its revenue came in modestly ahead of forecasts. The clinical-stage biotech reported a loss per … Read more Nektar Therapeutics delivered a mixed first quarter for fiscal 2026, posting a narrower net loss but missing earnings expectations by a wide margin while its revenue came in modestly ahead of forecasts. The clinical-stage biotech reported a loss per share of $1.82, falling short of the $1.48 consensus estimate by 22.97%, even as revenue of $10.86 million edged past expectations by 1.59% and grew 3.8% year-over-year. The deeper-than-expected per-share loss reflected a sharp increase in R&D spending, with costs climbing to $35.68 million from $30.48 million a year ago as the company accelerates Phase 3 preparations for rezpegaldesleukin in atopic dermatitis. That investment backdrop is central to the company's forward story: management expects to initiate the ZENITH-AD Phase 3 program by July 2026, with an FDA End-of-Phase 2 meeting for alopecia areata planned for this quarter. With cash and investments exceeding $1 billion following a pair of equity offerings, and a new CFO recently appointed to help steward that capital, Nektar enters its most consequential clinical stretch well-funded, if still loss-generating.

Key Takeaways

  • • Significant decrease in G&A expenses due to lower legal costs
  • • Increased R&D spending to support Phase 3 preparation for rezpegaldesleukin in atopic dermatitis
  • • Substantial capital raises through equity offerings strengthening balance sheet

NKTR Forward Guidance & Outlook

Nektar expects 2026 to be a defining year for the company. Key upcoming milestones include initiation of the ZENITH-AD Phase 3 program for rezpegaldesleukin in moderate-to-severe atopic dermatitis by July 2026, an End-of-Phase 2 meeting with the FDA for alopecia areata in Q2 2026, 24-week off-treatment observation data from REZOLVE-AA in Q4 2026, 52-week off-treatment observation data from REZOLVE-AD in Q1 2027, initial Phase 2 data in Type 1 Diabetes in 2027, and preclinical data from the NKTR-0165 TNFR2 agonist antibody program at a scientific conference in H2 2026. With over $1 billion in cash and investments following equity offerings, the company is well positioned to fund late-stage development.

24/7 Wall St

NKTR YoY Financials

Q1 2026 vs Q1 2025, source: SEC Filings

24/7 Wall St

NKTR Revenue by Segment

With YoY comparisons, source: SEC Filings

Q2 25 Q4 25

“2026 is shaping up to be a defining year for Nektar and for our lead biologic candidate rezpegaldesleukin. We have now shown that longer-term treatment with rezpegaldesleukin continues to deepen clinical responses in two distinct immune-mediated diseases, reinforcing our belief that this novel Treg mechanism can transform the treatment paradigm for autoimmune disease. The Phase 3 ZENITH-AD program in atopic dermatitis will initiate by July, and we will have our End-of-Phase 2 meeting for alopecia areata this quarter. With a substantially strengthened balance sheet and over one billion dollars in cash and investments, we are well positioned to advance rezpegaldesleukin into late-stage development with strong scientific and clinical conviction.”

— Howard W. Robin, Q1 2026 Earnings Press Release

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