Nektar Therapeutics (NKTR)
NASDAQ:NKTR
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Nektar Therapeutics
(NASDAQ:NKTR)
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Rating:54Neutral
Price Target:
$85.00
▲(0.16% Upside)
Action:ReiteratedDate:05/08/26
The score is held back primarily by weak financial performance (persistent losses and significant cash burn). Offsetting this, the latest earnings call provided strong clinical and execution milestones plus a substantially strengthened cash position and multi-year runway. Technicals are moderately supportive (above longer-term averages with neutral momentum), while valuation remains constrained by loss-making fundamentals and no dividend data.
Positive Factors
Clinical validation — REZPEG (Atopic Dermatitis)
Durable, deepening Phase IIb AD data materially improves the probability of a successful registrational program. Sustained EASI-75/100 and maintenance responses support a clear Phase III design and strengthen commercial positioning versus intermittent-response therapies, reducing late-stage technical risk and underpinning long-term market adoption.
Negative Factors
High and persistent cash burn
Operating and free cash flow have been deeply negative, meaning losses translate into real cash outflows. Even with current liquidity, multi‑year Phase III programs and manufacturing investments will continue large burn rates; sustaining operations without successful readouts may require further financings or partner deals, pressuring long‑term capital structure.
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Positive Factors
Negative Factors
Clinical validation — REZPEG (Atopic Dermatitis)
Durable, deepening Phase IIb AD data materially improves the probability of a successful registrational program. Sustained EASI-75/100 and maintenance responses support a clear Phase III design and strengthen commercial positioning versus intermittent-response therapies, reducing late-stage technical risk and underpinning long-term market adoption.
Read all positive factors
Nektar Therapeutics (NKTR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.72B
Dividend YieldN/A
Average Volume (3M)759.68K
Price to Earnings (P/E)―
Beta (1Y)3.63
Revenue Growth-36.24%
EPS Growth11.52%
CountryUS
Employees61
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-8.42
Shares Outstanding33,212,257
10 Day Avg. Volume569,059
30 Day Avg. Volume759,677
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 Cap0.56
Enterprise Value/Revenue27.57
Enterprise Value/Gross Profit34.41
Enterprise Value/Ebitda-12.67
Forecast
1Y Price Target
$155.86Price Target Upside83.66% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering9
EPS Forecast (FY)-9.26
Revenue Forecast (FY)$41.52M
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.
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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
24
Negative
Balance Sheet
41
Neutral
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 | 44.58M | 55.23M | 67.74M | 53.48M | 70.42M | 77.01M |
| EBITDA | -121.05M | -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 | 83.16M | 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 | -159.63M | -208.68M | -177.18M | -193.47M | -309.68M | -427.65M |
| Operating Cash Flow | -159.46M | -208.51M | -175.71M | -192.61M | -304.01M | -412.66M |
| Investing Cash Flow | -44.89M | -1.20M | 142.57M | 139.56M | 365.83M | 202.78M |
| Financing Cash Flow | 180.56M | 180.57M | 42.12M | 30.00K | 1.51M | 36.24M |
Nektar Therapeutics Technical Analysis
Positive
84.86
Price Trends
70.72
Positive
58.35
Positive
50.48
Positive
Market Momentum
3.93
Negative
68.93
Neutral
91.50
Negative
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 84.86 is above the 20-day moving average (MA) of 75.82, above the 50-day MA of 70.72, and above the 200-day MA of 50.48, indicating a bullish trend. The MACD of 3.93 indicates Negative momentum. The RSI at 68.93 is Neutral, neither overbought nor oversold. The STOCH value of 91.50 is Negative, 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 | $2.06B | -32.92 | -24.53% | ― | ― | 27.89% | |
64 Neutral | $9.20B | -25.13 | -43.02% | ― | -100.00% | -24.90% | |
55 Neutral | $1.38B | -13.91 | -56.41% | ― | -31.58% | -27.41% | |
54 Neutral | $2.72B | -9.91 | -87.00% | ― | -36.24% | 11.52% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
51 Neutral | $1.67B | 69.02 | -44.10% | ― | 1205.52% | 81.79% | |
46 Neutral | $916.13M | -9.34 | -35.33% | ― | ― | 23.91% |
* Healthcare Sector Average
NKTR
Nektar Therapeutics
81.89
71.17
663.76%
WVE
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7.18
0.58
8.79%
TRVI
Trevi Therapeutics
14.50
7.80
116.42%
ORIC
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8.85
3.44
63.59%
NUVB
Nuvation Bio
4.79
2.64
122.79%
PRAX
Praxis Precision Medicines
330.02
291.60
758.98%
Nektar Therapeutics Corporate Events
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...
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...
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.