Nektar Therapeutics (NKTR) AI Stock Analysis

• Market Cap: $1.17B
• Dividend Yield: N/A
• Average Volume (3M): 637.51K
• Price to Earnings (P/E): ―
• Beta (1Y): 4.12
• Revenue Growth: -32.79%
• EPS Growth: 36.87%
• Country: US
• Employees: 61
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -1.87
• Shares Outstanding: 20,341,589
• 10 Day Avg. Volume: 463,004
• 30 Day Avg. Volume: 637,511
• PEG Ratio: 0.03
• Price to Book (P/B): 3.15
• Price to Sales (P/S): 1.94
• P/FCF Ratio: -1.08
• Enterprise Value/Market Cap: 0.83
• Enterprise Value/Revenue: 15.57
• Enterprise Value/Gross Profit: 17.85
• Enterprise Value/Ebitda: -11.26
• 1Y Price Target: $97.63
• Price Target Upside: 78.48% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 9
• EPS Forecast (FY): -9.99
• Revenue Forecast (FY): $42.18M

• Rating: 52 Neutral
• Price Target: $58.00 ▲(6.03% Upside)

Nektar Therapeutics' overall stock score is primarily impacted by its weak financial performance, characterized by declining revenue and high leverage. However, the positive outlook from recent clinical trial results and a strong cash position provide some optimism. Technical indicators and valuation metrics are mixed, reflecting uncertainty in the stock's near-term performance.

Positive Factors

Pipeline Progress

The advancement of REZPEG into new indications like type 1 diabetes demonstrates Nektar's commitment to expanding its therapeutic reach, potentially leading to new revenue streams and strengthening its market position.

Strong Financial Position

A strong cash position with no debt extends Nektar's financial runway, providing stability and flexibility to invest in R&D and strategic initiatives, crucial for long-term growth and resilience.

Promising Phase IIb Results

Positive trial results for REZPEG in atopic dermatitis enhance Nektar's competitive edge, supporting the drug's potential approval and commercialization, which could drive future revenue growth.

Negative Factors

Declining Revenue

Declining revenue indicates challenges in current product sales and market penetration, which may impact Nektar's ability to fund ongoing operations and R&D without strategic adjustments.

High Leverage

High leverage can strain financial resources, limiting Nektar's ability to invest in growth opportunities and increasing vulnerability to economic downturns, potentially impacting long-term sustainability.

Negative Cash Flow

Negative cash flow reflects operational inefficiencies and financial strain, necessitating strategic changes to improve liquidity and ensure the company's ability to fund its pipeline and operational needs.

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 interleukin-2 (IL-2) pathway agonist, which is in phase 3 clinical trial to treat metastatic melanoma, renal cell carcinoma, muscle-invasive bladder cancer, squamous cell carcinoma of the head and neck, and adjuvant melanoma; phase 2 clinical trial for the treatment of renal cell carcinoma, non-small cell lung cancer, and urothelial cancer; phase 1/2A clinical trial to treat squamous cell carcinoma of the head and neck; phase 1/2 clinical trial for the treatment of solid tumors; and phase 1B clinical trial to treat COVID-19. It is also developing NKTR-358, a cytokine Treg stimulant that is in phase 2 clinical trial for the treatment of systemic lupus erythematosus and ulcerative colitis, as well as phase 1B clinical trial to treat atopic dermatitis and psoriasis; NKTR-255, an IL-15 receptor agonist, which is in phase 1/2 clinical trial for the treatment of non-Hodgkin's lymphoma and multiple myeloma, and head and neck cancer and colorectal cancer; and NKTR-262, a toll-like receptor agonist that is in phase 1/2 clinical trial to treat solid tumors, as well as various other drug candidates. The company has collaboration agreements with Takeda Pharmaceutical Company Ltd.; AstraZeneca AB; UCB Pharma S.A.; F. Hoffmann-La Roche Ltd; Bausch Health Companies Inc.; Pfizer Inc.; Amgen Inc.; UCB Pharma (Biogen); Bristol-Myers Squibb Company; Baxalta Incorporated; Eli Lilly and Company; Merck KGaA; and SFJ Pharmaceuticals, Inc. Nektar Therapeutics was incorporated in 1990 and is headquartered in San Francisco, California.

How the Company Makes Money

Nektar Therapeutics generates revenue through a combination of product sales, collaboration agreements, and royalties. The company's revenue model is primarily driven by its lead product candidates, which, upon receiving regulatory approval, contribute to sales revenue. Additionally, Nektar engages in strategic partnerships and collaborations with other pharmaceutical companies, which typically involve upfront payments, milestone payments upon achieving specific development goals, and royalties on future sales of products developed under these collaborations. These partnerships enhance Nektar's financial stability and provide funding for its research and development efforts, thereby serving as significant revenue streams.

Nektar Therapeutics Financial Statement Overview

Summary

Nektar Therapeutics faces significant financial challenges, including declining revenue, high leverage, and negative profitability metrics. The company needs to address operational inefficiencies and manage its debt levels to improve financial health. Cash flow issues further exacerbate the situation, requiring strategic adjustments to stabilize and grow the business.

Income Statement

Nektar Therapeutics has experienced declining revenue with a negative growth rate of -16.46% in the TTM period. The company shows weak profitability with negative net profit margins and EBIT margins, indicating operational challenges. The gross profit margin remains relatively stable, but the overall financial health is impacted by consistent losses.

Balance Sheet

The balance sheet reveals a high debt-to-equity ratio of 1.08 in the TTM, indicating significant leverage. Return on equity is negative, reflecting ongoing losses. The equity ratio is not explicitly calculated, but the company's financial stability is under pressure due to high leverage and negative equity returns.

Cash Flow

Cash flow analysis shows negative operating cash flow and free cash flow, with a slight improvement in free cash flow growth. The operating cash flow to net income ratio is negative, indicating cash flow challenges. The free cash flow to net income ratio is slightly above 1, suggesting some alignment between cash flow and reported earnings.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	62.60M	98.43M	90.12M	92.06M	101.91M	152.91M
Gross Profit	54.62M	67.74M	53.48M	70.42M	77.01M	133.44M
EBITDA	-86.58M	-86.70M	-243.11M	-323.87M	-461.82M	-394.33M
Net Income	-120.74M	-118.96M	-276.06M	-368.20M	-523.84M	-444.44M
Balance Sheet
Total Assets	301.35M	303.85M	398.03M	710.60M	1.12B	1.54B
Cash, Cash Equivalents and Short-Term Investments	270.21M	255.23M	303.62M	504.98M	733.96M	1.06B
Total Debt	91.92M	102.56M	117.78M	131.50M	143.18M	150.29M
Total Liabilities	216.26M	243.11M	267.05M	343.96M	437.68M	461.47M
Stockholders Equity	85.09M	60.74M	130.99M	366.64M	679.51M	1.08B
Cash Flow
Free Cash Flow	-190.35M	-177.18M	-193.47M	-309.68M	-427.65M	-320.55M
Operating Cash Flow	-189.74M	-175.71M	-192.61M	-304.01M	-412.66M	-313.29M
Investing Cash Flow	58.65M	142.57M	139.56M	365.83M	202.78M	496.21M
Financing Cash Flow	141.98M	42.12M	30.00K	1.51M	36.24M	-80.35M

Nektar Therapeutics Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 54.70
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NKTR, the sentiment is Neutral. The current price of 54.7 is below the 20-day moving average (MA) of 58.08, below the 50-day MA of 58.52, and above the 200-day MA of 30.43, indicating a neutral trend. The MACD of -0.55 indicates Positive momentum. The RSI at 39.75 is Neutral, neither overbought nor oversold. The STOCH value of 23.81 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for NKTR.

Nektar Therapeutics Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
WVE	67 Neutral	$3.38B	―	-86.51%	―	103.75%	33.84%
PRAX	58 Neutral	$6.54B	―	-75.20%	―	364.98%	-25.33%
TRVI	55 Neutral	$1.32B	-25.81	-36.87%	―	―	15.84%
NKTR	52 Neutral	$1.17B	―	-180.24%	―	-32.79%	36.87%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
NUVB	45 Neutral	$2.70B	―	-52.49%	―	1137.19%	70.51%
ORIC	43 Neutral	$987.53M	―	-39.73%	―	―	4.29%

Nektar Therapeutics Corporate Events

Nektar Therapeutics Announces Chief Legal Officer Departure

On November 21, 2025, Nektar Therapeutics announced the departure of Mark A. Wilson as Chief Legal Officer, effective December 31, 2025, with no disagreements cited. Elizabeth Zhang, Vice President, Legal and Corporate Counsel, will assume his responsibilities, bringing experience from Cravath, Swaine & Moore LLP and Gibson, Dunn & Crutcher LLP.

Nektar Therapeutics Reveals Promising Phase 2b Trial Results

On November 8, 2025, Nektar Therapeutics presented new data from their Phase 2b REZOLVE-AD trial at the ACAAI Annual Scientific Meeting, showing that rezpegaldesleukin significantly improved asthma symptoms in patients with atopic dermatitis and a history of asthma. The trial results demonstrated statistically significant improvements in asthma control and atopic dermatitis disease control, supporting the potential of rezpegaldesleukin as a unique treatment option in these conditions. The findings indicate a promising future for rezpegaldesleukin in treating T-cell mediated inflammatory diseases, with plans to advance into Phase 3 studies.

Nektar Therapeutics Reveals Promising Phase 2b Study Results

On September 18, 2025, Nektar Therapeutics announced new data from its ongoing REZOLVE-AD Phase 2b study of rezpegaldesleukin, a potential first-in-class therapy for atopic dermatitis. The study’s results highlight rezpegaldesleukin’s efficacy in restoring immune balance by inducing regulatory T cells, offering potential long-term control for patients with moderate-to-severe atopic dermatitis who have not responded to traditional therapies.