Nektar Therapeutics (NKTR)
NASDAQ:NKTR
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Nektar Therapeutics
(NASDAQ:NKTR)
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Rating:57Neutral
Price Target:
$76.00
▲(7.09% Upside)
Action:ReiteratedDate:03/14/26
The score is held back primarily by weak financial performance (recurring losses, declining 2025 revenue, and substantial cash burn). Offsetting this, technicals are strong with price well above key moving averages and supportive momentum, while the latest earnings call was positive on clinical progress and funding (enabling Phase 3) but tempered by higher 2026 spending guidance and execution risk.
Positive Factors
Proof-of-concept in Alopecia Areata
Topline Phase 2b data showing meaningful clinical effect and acceptable safety provides de-risking ahead of Phase 3. Proof-of-concept strengthens the program's regulatory and commercial prospects, improving partner interest and the long-term likelihood of a viable approved therapy.
Negative Factors
High leverage on balance sheet
Material leverage increases financial vulnerability if development timelines slip or revenues underperform. High debt-to-equity and negative ROE constrain strategic options, raise financing costs, and can force unfavorable financing or asset sales, undermining long-term program execution.
Read all positive and negative factors
Positive Factors
Negative Factors
Proof-of-concept in Alopecia Areata
Topline Phase 2b data showing meaningful clinical effect and acceptable safety provides de-risking ahead of Phase 3. Proof-of-concept strengthens the program's regulatory and commercial prospects, improving partner interest and the long-term likelihood of a viable approved therapy.
Read all positive factors
Nektar Therapeutics (NKTR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.04B
Dividend YieldN/A
Average Volume (3M)1.21M
Price to Earnings (P/E)―
Beta (1Y)3.78
Revenue Growth-32.79%
EPS Growth36.87%
CountryUS
Employees61
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-1.78
Shares Outstanding28,687,963
10 Day Avg. Volume777,786
30 Day Avg. Volume1,205,779
Financial Highlights & Ratios
PEG Ratio-0.36
Price to Book (P/B)7.94
Price to Sales (P/S)12.91
P/FCF Ratio-3.42
Enterprise Value/Market Cap0.77
Enterprise Value/Revenue28.50
Enterprise Value/Gross Profit28.60
Enterprise Value/Ebitda-12.80
Forecast
1Y Price Target
$127.33Price Target Upside79.41% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering8
EPS Forecast (FY)-10.1
Revenue Forecast (FY)$41.23M
Nektar Therapeutics Business Overview & Revenue Model
Company Description
Nektar Therapeutics, a biopharmaceutical company, focuses on discovering and developing medicines in areas of unmet medical need in the United States and internationally. The company's products include Bempegaldesleukin, a CD122-preferential inter...
How the Company Makes Money
Nektar Therapeutics primarily generates revenue from (1) collaboration and partnership arrangements and (2) royalties from partnered products, where applicable. Collaboration revenue can include upfront payments, research funding, and milestone pa...
Nektar Therapeutics Earnings Call Summary
Earnings Call Date:Mar 12, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 07, 2026
Earnings Call Sentiment Positive
The call conveyed a largely positive clinical and strategic narrative: Respag delivered compelling Phase 2b results with durable efficacy, deepening responses (including up to a fivefold increase in EASI-100), a sizable safety database (>1,000 patients; ~381 patient-years), and FDA alignment to proceed to phase 3 (first randomization in June 2026). The company also strengthened its balance sheet with ~ $476M raised since year-end, enabling phase 3 investments. Offsetting factors include substantial ongoing losses (2025 net loss $164.1M), a sharp projected increase in R&D spend in 2026 (guidance $200M–$250M), rising non-cash interest expense, some safety/tolerability signals (ISRs), pending litigation, and multi-year timelines to approval, creating execution and cash-burn risk. On balance, the positive clinical progress and recent financings meaningfully outweigh the near-term financial and execution risks, but investors should monitor phase 3 execution, 2026 burn, and upcoming 52-week AA data and other catalysts.Positive Updates
Positive Phase 2b Clinical Results in Atopic Dermatitis and Alopecia Areata
First positive 2b results reported for Respag (Rezpeg) in atopic dermatitis (AD) and alopecia areata (AA), validating the Treg mechanism and positioning the program as a late-stage novel MOA candidate.
Negative Updates
Significant Net Losses and Ongoing High Burn
Full-year 2025 net loss was $164.1M (loss per share $9.73); Q4 2025 net loss was $36.1M (loss per share $1.78), highlighting continued negative operating results.
Read all updates
Q4-2025 Updates
Positive
Negative
Positive Phase 2b Clinical Results in Atopic Dermatitis and Alopecia Areata
First positive 2b results reported for Respag (Rezpeg) in atopic dermatitis (AD) and alopecia areata (AA), validating the Treg mechanism and positioning the program as a late-stage novel MOA candidate.
Read all positive updates
Company Guidance
Management provided preliminary 2026 financial guidance and reviewed 2025 results: year-end 2025 cash and investments were $245.8M with no debt (since year-end the company has raised ~ $476M additional net cash—~$432M from a public offering and ~$44M from ATM), Q4 2025 revenue was $21.8M and full-year revenue $55.2M; Q4 R&D was $29.7M and FY R&D $117.3M; Q4 G&A was $11.2M and FY G&A $68.7M; Q4 non‑cash interest expense $9.8M and FY non‑cash interest $26.2M; Q4 net loss $36.1M ($1.78/sh) and FY net loss $164.1M ($9.73/sh). For 2026 they expect non‑cash royalty revenue of $40–45M; full‑year R&D expense of $200–250M (including ~$5–10M of non‑cash depreciation and stock‑based compensation); G&A of $60–65M (including ~ $5M of non‑cash depreciation and stock‑based compensation); full‑year non‑cash interest expense of $30–35M; no significant gain/loss on the equity‑method investment; and year‑end 2026 cash and investments of approximately $400–460M, with phase 3 startup activity underway and first patient randomization planned for June.Nektar Therapeutics Financial Statement Overview
Summary
Income Statement
24
Negative
Balance Sheet
41
Neutral
Cash Flow
18
Very Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 55.23M | 98.43M | 90.12M | 92.06M | 101.91M |
| Gross Profit | 55.23M | 67.74M | 53.48M | 70.42M | 77.01M |
| EBITDA | -129.74M | -86.70M | -243.11M | -323.87M | -461.82M |
| Net Income | -164.08M | -118.96M | -276.06M | -368.20M | -523.84M |
Balance Sheet | |||||
| Total Assets | 280.41M | 303.85M | 398.03M | 710.60M | 1.12B |
| Cash, Cash Equivalents and Short-Term Investments | 245.75M | 255.23M | 303.62M | 504.98M | 733.96M |
| Total Debt | 148.91M | 102.56M | 117.78M | 131.50M | 143.18M |
| Total Liabilities | 190.57M | 243.11M | 267.05M | 343.96M | 437.68M |
| Stockholders Equity | 89.83M | 60.74M | 130.99M | 366.64M | 679.51M |
Cash Flow | |||||
| Free Cash Flow | -208.68M | -177.18M | -193.47M | -309.68M | -427.65M |
| Operating Cash Flow | -208.51M | -175.71M | -192.61M | -304.01M | -412.66M |
| Investing Cash Flow | -1.20M | 142.57M | 139.56M | 365.83M | 202.78M |
| Financing Cash Flow | 180.57M | 42.12M | 30.00K | 1.51M | 36.24M |
Nektar Therapeutics Technical Analysis
Positive
70.97
Price Trends
58.04
Positive
55.39
Positive
45.62
Positive
Market Momentum
3.49
Positive
56.28
Neutral
47.80
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NKTR, the sentiment is Positive. The current price of 70.97 is below the 20-day moving average (MA) of 71.53, above the 50-day MA of 58.04, and above the 200-day MA of 45.62, indicating a bullish trend. The MACD of 3.49 indicates Positive momentum. The RSI at 56.28 is Neutral, neither overbought nor oversold. The STOCH value of 47.80 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for NKTR.
Nektar Therapeutics Risk Analysis
Nektar Therapeutics disclosed 46 risk factors in its most recent earnings report. Nektar Therapeutics reported the most risks in the "Legal & Regulatory" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Nektar Therapeutics Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
67 Neutral | $8.43B | -21.87 | -58.74% | ― | 364.98% | -25.33% | |
57 Neutral | $2.04B | -5.95 | -399.10% | ― | -32.79% | 36.87% | |
57 Neutral | $1.24B | -5.55 | -38.79% | ― | ― | 4.29% | |
56 Neutral | $1.52B | -42.49 | -25.49% | ― | ― | 15.84% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
50 Neutral | $1.54B | -14.96 | -57.48% | ― | 1137.19% | 70.51% | |
47 Neutral | $1.17B | -14.03 | -84.99% | ― | 103.75% | 33.84% |
* Healthcare Sector Average
NKTR
Nektar Therapeutics
70.97
59.60
524.35%
WVE
Wave Life Sciences
6.20
-2.81
-31.19%
TRVI
Trevi Therapeutics
11.80
5.28
80.98%
ORIC
Oric Pharmaceuticals
12.38
6.09
96.82%
NUVB
Nuvation Bio
4.42
2.55
136.36%
PRAX
Praxis Precision Medicines
302.69
263.84
679.12%
Nektar Therapeutics Corporate Events
Business Operations and StrategyPrivate Placements and Financing
Nektar Therapeutics Prices Upsized Public Equity Offering
Positive
Feb 13, 2026
On February 11, 2026, Nektar Therapeutics priced an upsized underwritten public offering of common stock and pre-funded warrants expected to raise about $400 million in gross proceeds and approximately $432 million in estimated net proceeds after ...
Business Operations and StrategyProduct-Related Announcements
Nektar Advances Rezpegaldesleukin After Positive Phase 2b Data
Positive
Feb 10, 2026
On February 10, 2025, Nektar Therapeutics reported positive 36-week blinded maintenance results from its 52-week Phase 2b REZOLVE-AD trial of rezpegaldesleukin in 393 patients with moderate-to-severe atopic dermatitis. Monthly and quarterly dosing...
Business Operations and StrategyProduct-Related Announcements
Nektar Therapeutics Announces Phase 2b Trial Results
Positive
Dec 16, 2025
On December 16, 2025, Nektar Therapeutics announced the topline results from the 36-week induction treatment period of its Phase 2b REZOLVE-AA trial for the treatment of severe-to-very-severe alopecia areata. The trial demonstrated that both doses...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.