Nektar Therapeutics (NKTR)
NASDAQ:NKTR
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Nektar Therapeutics
(NASDAQ:NKTR)
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Rating:57Neutral
Price Target:
$67.00
▼(-21.05% Downside)
Action:Reiterated
Date:05/14/26
The score is supported mainly by the earnings call: strengthened liquidity and advancing late-stage clinical plans with positive Phase IIb data and defined timelines. Offsetting this, financial performance remains weak due to large ongoing losses and heavy cash burn, while technical signals indicate soft near-term momentum and valuation is difficult to anchor given negative earnings.
Positive Factors
Clinical validation & Phase III pathway
Durable Phase IIb efficacy and a defined Phase III program materially de‑risk the lead asset over the next 2–3 years. A clear, timed registrational pathway enables focused trial execution, predictable resource planning, and strengthens partnering/commercial prospects if pivotal endpoints replicate Phase II durability.
Negative Factors
Persistent cash burn
Sustained negative operating and free cash flow implies continued reliance on external financing or run‑rate depletion of reserves. Even with current liquidity, ongoing burn increases financing frequency risk, potential dilution, and constrains flexibility to fund additional programs or respond to setbacks without raising costly capital.
Read all positive and negative factors
Positive Factors
Negative Factors
Clinical validation & Phase III pathway
Durable Phase IIb efficacy and a defined Phase III program materially de‑risk the lead asset over the next 2–3 years. A clear, timed registrational pathway enables focused trial execution, predictable resource planning, and strengthens partnering/commercial prospects if pivotal endpoints replicate Phase II durability.
Read all positive factors
Nektar Therapeutics (NKTR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.19B
Dividend YieldN/A
Average Volume (3M)1.17M
Price to Earnings (P/E)―
Beta (1Y)3.61
Revenue Growth-36.24%
EPS Growth11.52%
CountryUS
Employees61
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-8.42
Shares Outstanding33,786,034
10 Day Avg. Volume902,087
30 Day Avg. Volume1,170,177
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 Cap0.58
Enterprise Value/Revenue23.00
Enterprise Value/Gross Profit23.14
Enterprise Value/Ebitda-10.65
Forecast
1Y Price Target
$154.33Price Target Upside81.87% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering8
EPS Forecast (FY)-9.06
Revenue Forecast (FY)$41.22M
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:May 07, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 06, 2026
Earnings Call Sentiment Positive
The call delivered strong clinical progress and a clear, accelerated path to Phase III for REZPEG in atopic dermatitis and alopecia areata, supported by robust Phase IIb data (durable and deepening responses, EASI‑100 increases, SALT‑20 gains) and a fortified balance sheet (> $1B pro forma). Key positives include well‑defined Phase III designs, meaningful market opportunity, favorable safety signals versus JAK inhibitors, and additional pipeline and TrialNet collaboration in type 1 diabetes. Main concerns are typical biotech risks: ongoing net losses and increasing R&D spend as Phase III programs start, noncash interest expense, remaining regulatory/endpoint design questions (especially for AA and potential moderate AA expansion), and operational enrollment/execution risk for global trials. On balance, the positives (clinical validation, financing, program advancement) outweigh the near‑term financial and execution risks.Positive Updates
Positive Phase IIb Clinical Data in Atopic Dermatitis
REZPEG Phase IIb (REZOLVE-AD) showed durable and deepening efficacy through a 36-week maintenance period; maintenance data included up to a fivefold increase in EASI-100 (complete skin clearance) rates and sustained improvements in EASI-75, EASI-90, vIGA and itch over time. Approximately 60% of patients who had an EASI-75 or vIGA at re-randomization achieved IGA 0/1 in maintenance.
Negative Updates
Ongoing Net Losses and Increasing Expenses
Net loss for Q1 2026 was $44.9 million (loss per share $1.82). R&D expense for Q1 was $35.7 million with full‑year R&D guidance of $200–$250 million; G&A Q1 was $13.4 million with full‑year guidance of $60–$65 million. Management expects R&D expense to increase quarter‑over‑quarter as Phase III studies commence.
Read all updates
Q1-2026 Updates
Positive
Negative
Positive Phase IIb Clinical Data in Atopic Dermatitis
REZPEG Phase IIb (REZOLVE-AD) showed durable and deepening efficacy through a 36-week maintenance period; maintenance data included up to a fivefold increase in EASI-100 (complete skin clearance) rates and sustained improvements in EASI-75, EASI-90, vIGA and itch over time. Approximately 60% of patients who had an EASI-75 or vIGA at re-randomization achieved IGA 0/1 in maintenance.
Read all positive updates
Company Guidance
On the call management gave detailed financial and clinical guidance: financials — Q1 cash and investments $731.6M, raised ≈$525M net in Q1 plus ≈$351M in April (company cited ≈$783M raised since year‑end), current cash >$1B, expect to end 2026 with $800–$825M and a cash runway into Q3 2028; Q1 non‑cash royalty revenue $10.9M with full‑year revenue guidance $40–$45M; Q1 R&D $35.7M with FY R&D $200–$250M (incl. $5–$10M non‑cash), Q1 G&A $13.4M with FY G&A $60–$65M (incl. ≈$5M non‑cash); Q1 non‑cash interest $7.9M and FY interest $30–$35M; Q1 net loss $44.9M or $1.82/sh. Clinical timelines and design — ZENITH‑AD Phase III to start by July 2026 with first Phase‑III readout mid‑2028 and BLA goal in 2029; program = three pivotal trials (two global biologic‑naive studies of ~510 patients each 12+ years and one ~510 patient biologic‑experienced study), randomized 2:1 to 24 µg/kg Q2W vs placebo with a 24‑week induction and 28‑week maintenance evaluating monthly and quarterly dosing to week 52, ~150 sites/study with ~15–25% North America, 40–55% Europe, 20–30% APAC. Alopecia areata — Phase IIb enrolled 92 adults; 52‑week blinded extension (31 patients) produced new SALT‑20 responses of 29% (18 µg/kg) and 31% (24 µg/kg) between weeks 36–52 with 94% extension completion; plan Phase III in early 2027 as a ~600‑patient, 52‑week trial (ages 12+, SALT ≥50) testing 24 µg/kg. Other programs — TrialNet T1D study randomized 2:1 Q2W for 6 months across age cohorts (18–45 → 12 → 8) with 12‑month C‑peptide primary and initial data in 2027; NKTR‑0165 preclinical data H2 2026 and NKTR‑0166 IND activity planned in 2027.Nektar Therapeutics Financial Statement Overview
Summary
Income Statement
28
Negative
Balance Sheet
62
Positive
Cash Flow
18
Very Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 55.63M | 55.23M | 98.43M | 90.12M | 92.06M | 101.91M |
| Gross Profit | 55.29M | 55.23M | 67.74M | 53.48M | 70.42M | 77.01M |
| EBITDA | -120.11M | -129.74M | -86.70M | -243.11M | -323.87M | -461.82M |
| Net Income | -158.10M | -164.08M | -118.96M | -276.06M | -368.20M | -523.84M |
Balance Sheet | ||||||
| Total Assets | 763.27M | 280.41M | 303.85M | 398.03M | 710.60M | 1.12B |
| Cash, Cash Equivalents and Short-Term Investments | 568.60M | 245.75M | 255.23M | 303.62M | 504.98M | 733.96M |
| Total Debt | 143.43M | 148.91M | 102.56M | 117.78M | 131.50M | 143.18M |
| Total Liabilities | 187.06M | 190.57M | 243.11M | 267.05M | 343.96M | 437.68M |
| Stockholders Equity | 576.22M | 89.83M | 60.74M | 130.99M | 366.64M | 679.51M |
Cash Flow | ||||||
| Free Cash Flow | -203.94M | -208.68M | -177.18M | -193.47M | -309.68M | -427.65M |
| Operating Cash Flow | -203.76M | -208.51M | -175.71M | -192.61M | -304.01M | -412.66M |
| Investing Cash Flow | -395.68M | -1.20M | 142.57M | 139.56M | 365.83M | 202.78M |
| Financing Cash Flow | 710.11M | 180.57M | 42.12M | 30.00K | 1.51M | 36.24M |
Nektar Therapeutics Technical Analysis
Negative
84.86
Price Trends
77.84
Negative
66.34
Negative
58.54
Positive
Market Momentum
-4.48
Positive
28.96
Positive
21.89
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NKTR, the sentiment is Negative. The current price of 84.86 is above the 20-day moving average (MA) of 74.37, above the 50-day MA of 77.84, and above the 200-day MA of 58.54, indicating a neutral trend. The MACD of -4.48 indicates Positive momentum. The RSI at 28.96 is Positive, neither overbought nor oversold. The STOCH value of 21.89 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 | $2.01B | -45.14 | -24.53% | ― | ― | 27.89% | |
64 Neutral | $9.76B | -30.96 | -43.02% | ― | -100.00% | -24.90% | |
57 Neutral | $2.19B | -10.15 | -87.00% | ― | -36.24% | 11.52% | |
55 Neutral | $1.27B | -7.17 | -56.41% | ― | -31.58% | -27.41% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
51 Neutral | $1.67B | -11.37 | -44.10% | ― | 1205.52% | 81.79% | |
46 Neutral | $874.72M | -6.59 | -35.33% | ― | ― | 23.91% |
* Healthcare Sector Average
NKTR
Nektar Therapeutics
64.88
52.93
443.11%
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6.58
0.33
5.28%
TRVI
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14.14
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123.73%
ORIC
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8.45
-0.02
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NUVB
Nuvation Bio
4.78
2.44
104.27%
PRAX
Praxis Precision Medicines
349.97
310.15
778.88%
Nektar Therapeutics Corporate Events
Executive/Board ChangesPrivate Placements and Financing
Nektar Therapeutics Establishes New Equity Distribution Agreement
Neutral
May 8, 2026
On May 8, 2026, Nektar Therapeutics entered into an equity distribution agreement with Guggenheim Securities and H.C. Wainwright, allowing the company to sell up to $150 million of common stock from time to time through at-the-market and other per...
Business Operations and StrategyPrivate Placements and Financing
Nektar Therapeutics Prices Upsized Public Equity Offering
Positive
Apr 23, 2026
On April 21, 2026, Nektar Therapeutics priced an upsized underwritten public offering of 3,532,609 shares of common stock at $92.00 per share, with underwriters exercising in full a 30-day option for an additional 529,891 shares the following day....
Business Operations and StrategyProduct-Related Announcements
Nektar Reports Strong Phase 2b Data in Alopecia Areata
Positive
Apr 20, 2026
On April 20, 2026, Nektar Therapeutics reported 52-week topline data from the blinded 16-week extension of its Phase 2b REZOLVE-AA trial of rezpegaldesleukin in 92 patients with severe-to-very-severe alopecia areata, showing deepening responses wi...
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.