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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
-17.5%
TRAILING MARKET
NKTR -16.6% vs S&P +1.0%
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.
NKTR YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
NKTR Revenue by Segment
With YoY comparisons, source: SEC Filings
“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
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% |