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Nektar Therapeutics NKTR

Healthcare — Biotechnology

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Insider Decisions

Total sells
2.43
in millions of $
Nov 25 Feb 26 May 26 Aug 26
Buy — — — — — — — — — — — —
Sell — 3 — 1 2 — — 2 3 — 2 —
Insider Ownership
0.00%

Capital & Financial Ratios

Market Cap
2,330.00
Revenue
54.59
Net Income
(157.13)
Free Cash Flow
(234.03)
Net Debt
(684.34)
Current Ratio
10.42
Debt/Equity
0.00
P/E ratio
0.00
P/S ratio
41.39
P/B ratio
2.50
Past 5Y EPS Growth
25.49%
This Y EPS Growth
15.94%
Next Y EPS Growth
(28.79%)
Next 5Y EPS Growth
(4.16%)
in millions of $

Dividends

Payout Ratio
0.00
Annual Dividend Rate
—
Annual Dividend Yield
—
total individual payouts
2025 ‡‡‡
2024 ‡‡‡
2023 ‡‡‡
2022 ‡‡‡
2021 ‡‡‡
2020 ‡‡‡
2019 ‡‡‡
2017 ‡‡‡
predictions in italic, special payouts not included in total or ratios

Assets vs Liabilities

2023 2024 2025 Q'26
Cash 303.62 255.23 245.75 684.34
Receivables 1.21 — — —
Inventory 16.10 — — —
Other 9.78 6.07 20.51 55.06
330.70 261.29 266.27 739.40
2023 2024 2025 Q'26
Payables 9.85 11.56 10.77 24.89
ST’ Debt — — — —
Other — — — —
51.27 61.40 53.54 70.99
in millions of $

Compound Annual Growth

10y 5y 3y
Sales ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Cash Flow ‡‡‡ ‡‡‡ ‡‡‡
Earnings ‡‡‡ ‡‡‡ ‡‡‡
Book Value ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡

Revenue

Mar Jun Sep Dec Year
’26 10.86 10.13 — —
—
’25 10.46 11.18 11.79 21.81
55.23
’24 21.64 23.49 24.12 29.18
98.43
’23 21.59 20.50 24.14 23.89
90.12
’22 24.82 21.59 23.63 22.02
92.06
’21 23.65 28.33 24.92 25.01
101.91
’20 50.57 48.85 30.03 23.46
152.92
in millions of $

Operating Cash Flow

Mar Jun Sep Dec Year
’26 (44.30) (75.77) — —
—
’25 (49.05) (45.74) (48.76) (64.96)
(208.51)
’24 (47.89) (37.70) (43.93) (46.19)
(175.71)
’23 (51.91) (51.52) (42.12) (47.05)
(192.61)
’22 (88.42) (74.99) (82.89) (57.70)
(304.01)
’21 (77.08) (82.90) (101.14) (151.54)
(412.66)
’20 (78.07) (83.90) (52.67) (98.63)
(313.29)
in millions of $

Free Cash Flow

Mar Jun Sep Dec Year
’26 (44.32) (75.86) — —
—
’25 (49.05) (45.77) (48.87) (64.98)
(208.68)
’24 (48.04) (37.89) (44.60) (46.65)
(177.18)
’23 (52.35) (51.68) (40.91) (47.28)
(192.23)
’22 (92.63) (75.77) (83.07) (45.02)
(296.49)
’21 (79.96) (86.18) (104.07) (157.43)
(427.65)
’20 (78.97) (86.60) (54.58) (100.39)
(320.54)
in millions of $

EPS

Mar Jun Sep Dec Year
’26 (1.82) (1.23) — —
—
’25 (3.60) (2.95) (1.87) (1.78)
(9.73)
’24 (2.85) (3.75) (2.70) 0.45
(8.70)
’23 (10.94) (4.05) (3.60) (3.30)
(21.74)
’22 (7.35) (12.74) (4.65) (4.80)
(29.53)
’21 (10.19) (10.34) (10.49) (11.84)
(42.88)
’20 (11.69) (6.75) (9.15) (9.75)
(37.33)

Target Price Range

High
‡‡‡‡‡
‡‡‡‡‡
Average
‡‡‡‡‡
‡‡‡‡‡
Low
‡‡‡‡‡
‡‡‡‡

Recommendation Rating

1.3
1
Buy
2
3
Hold
4
5
Sell
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 29.85 6.15 7.20 6.45 — — —
Low Price
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 210.90 47.85 28.95 66.92 — — —
High Price
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 216 137 61 63 — — —
Employees
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 0.43 0.66 1.61 0.88 — — —
Revenue/Emp
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 92.06 90.12 98.43 55.23 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Revenue
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 76.50% 62.53% 68.82% 100.00% — — —
Gross Margin
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (364.98) (276.26) (119.20) (155.49) ‡‡‡‡‡ — —
EBT
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (396.48%) (306.54%) (121.10%) (281.52%) ‡‡‡ ‡‡‡ ‡‡‡
EBT Margin
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (368.20) (276.06) (118.96) (164.08) ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Net Income
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 13.03 84.32 4.39 1.03 — — —
Depreciation
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 7.38 7.11 7.18 3.27 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Revenue/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (29.53) (21.74) (8.70) (9.73) ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Earnings/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (24.36) (15.20) (12.82) (12.36) — — —
Cash Flow/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 0.60 0.03 (0.11) (0.01) ‡‡‡ ‡‡‡ ‡‡‡
Capex/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (23.75) (15.17) (12.92) (12.37) — — —
Free CF/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 29.37 10.34 4.43 5.32 ‡‡‡‡‡ — —
Book Value/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 12.48 12.67 13.71 16.87 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Shares
‡‡‡ ‡‡‡ ‡‡‡‡‡ ‡‡‡ ‡‡‡ ‡‡‡ 0.00 0.00 0.00 0.00 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
PE Ratio
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 4.45 1.24 1.94 12.91 ‡‡‡ ‡‡‡ ‡‡‡
PS Ratio
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 1.12 0.86 3.15 7.94 ‡‡‡ ‡‡‡ ‡‡‡
PB Ratio
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 1.77 0.59 1.84 12.90 ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
EV/Sales
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (0.55) (0.28) (1.02) (3.41) — — —
EV/FCF
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (304.01) (192.61) (175.71) (208.51) ‡‡‡ ‡‡‡ ‡‡‡
Op' Cash Flow
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 7.52 0.38 (1.47) (0.17) ‡‡‡‡‡ — —
Capex
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (296.49) (192.23) (177.18) (208.68) ‡‡‡‡‡ — —
FCF
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 477.76 279.43 199.89 212.73 — — —
Working Cap'
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 258.00 — — — — — —
Total Debt
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (246.98) (303.62) (255.23) (245.75) — — —
Net Debt
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 366.64 130.99 60.74 89.83 — — —
Sh' Equity
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (40.29%) (49.80%) (33.90%) (56.17%) ‡‡‡‡‡ — —
ROA
‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (196.47%) 0.00% 0.00% 0.00% — — —
ROIC
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (70.39%) (110.95%) (124.10%) (217.94%) ‡‡‡‡‡ — —
ROE
predictions in italic, sparklines do not include predictions

Analyst Commentary (Summary)

Nektar Therapeutics (NKTR) exemplifies biotech’s high-stakes volatility, surging 5,470% to a $1,670 peak in 2018 on blockbuster BMS partnership revenue of $1.193 billion and rare profitability, only to crater 97% after clinical setbacks like the BMS termination and Lilly exit. Today, with shares trading 40-60% below analyst targets—ranging from modest to aggressive 130% upside—the market discounts persistent revenue contraction (down 41% to $90.1 million in 2023) and deepening losses amid aggressive cost cuts, including a 92% employee reduction to 61.

Despite cash burn, negative margins, and insider selling signaling caution, NKTR’s cash-rich balance sheet (negative net debt) and high gross margins (68.8%) provide a runway for pipeline revival. Analyst forecasts project further revenue dips to $36 million by 2027 with widening losses, but undiluted optimism hinges on assets like NKTR-0165 and oncology programs delivering catalysts akin to 2018’s explosive gains—positioning NKTR as a speculative gem for bold investors eyeing disruptive immunotherapy breakthroughs.

Read full commentary →

Nektar Therapeutics (NKTR) Latest News

News by impact score

Fine-tune

27 Aug

4 , 9:56 AM
Nektar Therapeutics' billion-dollar balance sheet faces a multi-year test amid ongoing financial and operational pressures. Prolonged scrutiny of NKTR's large cash position signals major risks to long-term strategy and market valuation.

25 Aug

4 , 8:30 AM
Nektar Therapeutics reported positive 16-week induction results from its Phase 2b REZOLVE-AD study of Rezpegaldesleukin in moderate-to-severe atopic dermatitis, published in The Lancet. Positive phase 2b data publication for Rezpegaldesleukin in atopic dermatitis can materially lift pipeline prospects and investor sentiment for NKTR.

20 Aug

3 transcript www.fool.com, 7:34 PM
Nektar Therapeutics held its Q2 2026 earnings call, covering quarterly financial results, pipeline updates and strategic outlook. Quarterly earnings calls deliver financial metrics and guidance that can shift near-term investor sentiment and valuation.

14 Aug

4 , 1:01 AM
Nektar Therapeutics Q2 2026 earnings call highlights momentum in Respeg Phase 3 development. Respeg Phase 3 momentum signals substantial progress in key drug development likely to shift company trajectory and investor sentiment.

3 , 10:09 PM
Nektar Therapeutics (NKTR) may be 52% undervalued after posting a Q2 earnings surprise. Q2 earnings surprise and valuation gap can shift near-term investor sentiment and share price.

3 , 11:12 AM
Nektar Therapeutics launches new Phase 3 trial while its stock appears overvalued and stretched. New Phase 3 trial offers moderate operational progress without altering long-term trajectory amid stretched valuation.

3 transcript app.moby.co, 8:30 AM
Nektar Therapeutics reported Q2 2026 financial results and discussed operational updates and future plans during its earnings call. Quarterly earnings calls deliver financial metrics and strategy updates that can shift near-term market sentiment for NKTR.

13 Aug

3 transcript www.marketbeat.com, 10:04 PM
Nektar Therapeutics Q2 earnings call covered financial results, pipeline updates and strategic outlook for NKTR. Q2 earnings data and pipeline commentary can shift near-term sentiment and valuation but rarely reset long-term trajectory alone.

3 , 5:35 PM
Nektar Therapeutics (NKTR) posted a Q2 loss and missed revenue estimates. Q2 loss and missed revenue estimates indicate financial underperformance likely to pressure near-term stock valuation.

3 , 4:15 PM
Nektar Therapeutics announced its second quarter 2026 financial results. Quarterly financial results update company performance metrics that can shift near-term investor sentiment.

22 Jul

4 , 9:52 AM
Nektar Therapeutics launches Phase III program for Rezpeg in atopic dermatitis, driving NKTR stock higher. Phase III start for Rezpeg marks major pipeline advance likely to shift Nektar trajectory and sentiment.

21 Jul

4 , 7:00 AM
Nektar Therapeutics initiates Phase 3 ZENITH AD program to evaluate Rezpegaldesleukin, a novel regulatory T-cell biologic, in patients with moderate-to-severe atopic dermatitis. Phase 3 start for Rezpegaldesleukin marks major clinical advancement with direct path to potential regulatory approval and new revenue.

5 Jun

3 Insider Monkey, 11:55 AM
Nektar Therapeutics (NKTR) stands out among mid-cap healthcare stocks due to its advancing drug pipeline, strategic partnerships and growth opportunities in biotech therapeutics. Positive positioning of NKTR pipeline and strategy supports moderate investor sentiment and potential market upside.

23 May

3 www.fool.com, 4:48 PM
A fund placed a $10 million bet on Nektar Therapeutics ahead of a key Phase 3 launch. Single fund investment ahead of Phase 3 may lift short-term sentiment but leaves core trial risks unchanged.

12 May

4 Simply Wall St., 8:26 PM
Nektar Therapeutics (NKTR) valuation rises on strong REZPEG prospects and recent share price momentum. Strong REZPEG prospects and share price momentum represent major positive catalysts for NKTR's trajectory and investor sentiment.

8 May

3 , 12:52 PM
Nektar Therapeutics posted Q1 earnings and revenues below estimates, directing investor focus to pipeline progress. Q1 earnings and revenue shortfalls signal potential near-term pressure on performance amid pipeline evaluation.

3 app.moby.co, 8:30 AM
Nektar Therapeutics released a summary of its Q1 2026 earnings call, covering financial results, operational updates, and forward guidance. Q1 earnings call summary details financial performance and strategic updates with moderately noticeable influence on NKTR's trajectory.

3 www.marketbeat.com, 7:07 AM
Nektar Therapeutics released Q1 earnings call highlights covering financial results, pipeline progress, and strategic updates. Q1 earnings highlights detail financial performance and pipeline developments, exerting moderate influence on investor sentiment and company trajectory.

7 May

4 transcript www.fool.com, 6:53 PM
Nektar Therapeutics (NKTR) released its Q1 2026 earnings call transcript, detailing quarterly financial results, pipeline updates, and management commentary on future outlook. Q1 2026 earnings disclosure includes financial metrics and strategic guidance capable of significantly shifting investor sentiment and stock trajectory.

3 PR Newswire, 4:15 PM
Nektar Therapeutics (NKTR) reported first quarter 2026 financial results. Quarterly financial results reporting affects key financial performance metrics and investor sentiment.

2 May

4 Simply Wall St., 12:14 PM
Rezpegaldesleukin's advancing clinical story is positively recasting Nektar Therapeutics' (NKTR) overall narrative, highlighting renewed potential in immunology and shifting investor sentiment toward growth. Rezpegaldesleukin's progress represents a major strategic pivot with significant potential to alter NKTR's trajectory and market performance.

25 Apr

4 www.marketbeat.com, 11:03 AM
Nektar Therapeutics released 52-week REZOLVE-AA trial data showing rezpegaldesleukin (rezpeg) significantly increased SALT ≤20 responses in alopecia areata patients compared to placebo, with durable efficacy and favorable safety. Positive phase 2b data in alopecia areata positions rezpeg as a potential best-in-class IL-2 therapy, likely driving pipeline advancement, partnerships, and stock re-rating for NKTR.

23 Apr

4 PR Newswire, 4:15 PM
Nektar Therapeutics closed a $373.8 million public offering of common stock, including the full exercise of underwriters' option to purchase additional shares. Raising $373.8 million through a public offering significantly strengthens Nektar Therapeutics' balance sheet and funds key R&D initiatives.

21 Apr

4 PR Newswire, 9:30 PM
Nektar Therapeutics priced an upsized $325 million public offering of common stock. Upsized $325 million offering provides substantial capital infusion, extending runway for pipeline development and improving financial stability.

20 Apr

4 www.fool.com, 7:33 PM
Nektar Therapeutics stock surged more than 150% after announcing positive topline results from the Phase 2b REZOLVE-AD trial of rezpegaldesleukin, showing statistically significant EASI score improvements and a favorable safety profile in moderate-to-severe atopic dermatitis patients. Positive Phase 2b trial data in atopic dermatitis could drive partnerships, regulatory advancement, and revenue potential, significantly boosting NKTR's market performance.

4 , 4:01 PM
Nektar Therapeutics announces proposed public offering of common stock. Public offering enables capital raise for operations but dilutes shares and pressures stock price significantly.

4 , 12:40 PM
Nektar Therapeutics extends its 129% two-month stock rally with positive alopecia news. Alopecia development news propels continued stock surge, indicating major pipeline advancement.

4 , 12:18 PM
Nektar Therapeutics (NKTR) stock soared after positive hair loss trial results, though the treatment isn't a cure for baldness. Positive trial results drove a stock surge, indicating significant potential for pipeline expansion and investor interest despite limitations.

4 www.biopharmadive.com, 8:01 AM
Nektar Therapeutics (NKTR) stock surges again after its alopecia drug shows new promise in an extension study. Promising extension study data on alopecia drug signals major pipeline progress, potentially altering NKTR's trajectory and boosting investor sentiment.

4 , 7:30 AM
Nektar Therapeutics announced 52-week topline results from the 16-week blinded treatment extension of the REZOLVE-AA trial, showing deepening responses in patients with severe-to-very-severe alopecia areata treated with rezpegaldesleukin. 52-week data demonstrating deepened responses in severe alopecia areata positions rezpegaldesleukin as a potential breakthrough, significantly enhancing NKTR's clinical pipeline and investor outlook.
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