Nektar Therapeutics
Q1 2026 Earnings
Market Reaction
S&P 500 over the same 30 days: −1.65%.
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 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.
- 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
“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.”
Nektar Therapeutics CEO, on the earnings call
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.
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Figures from SEC filings and company reports. Not investment advice.