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Nektar Therapeutics Reports Fourth Quarter and Full Year 2025 Financial Results
SAN FRANCISCO, March 12, 2026 /PRNewswire/ -- Nektar Therapeutics (Nasdaq: NKTR) today reported financial results for the fourth quarter ended December 31,
About this update from Nektar Therapeutics
[{"type":"text","content":"SAN FRANCISCO, March 12, 2026 /PRNewswire/ -- Nektar Therapeutics (Nasdaq: NKTR) today reported financial results for the fourth quarter ended December 31, 2025.\n \n \n \n \n \n \n \nCash and investments in marketable securities on December 31, 2025 were $245.8 million as compared to $269.1 million on December 31, 2024. Cash and investments at December 31, 2025 excludes net proceeds of approximately $432 million from the $460 million secondary offering completed by the Company in February 2026, and also excludes net proceeds of $44 million from sales of shares in February and March 2026 under the Company's existing $110 million at-the-market offering facility that was established in November 2025.\"2025 was a pivotal year for Nektar as we saw successful and transformative Phase 2 data readouts for rezpegaldesleukin,\" said Howard W. Robin, President and CEO of Nektar. \"The data highlighted the promise and differentiation of our novel Treg mechanism in two inflammatory dermatological disease settings of atopic dermatitis and alopecia areata. In early 2026, we reported the 52-week treatment data for rezpegaldesleukin. These data provide hope that complete clearance of disease could be possible for patients with monthly and quarterly maintenance dosing of rezpegaldesleukin. With our strengthened financial position following the recent financing, we look forward to initiating our Phase 3 program in atopic dermatitis in June of this year, while we continue to advance our earlier TNFR2 agonist antibody and bispecific program toward the clinic.\"Summary of Financial ResultsRevenue in the fourth quarter of 2025 was $21.8 million as compared to $29.2 million in the fourth quarter of 2024. Revenue for the full year of 2025 was $55.2 million compared to $98.4 million in 2024. Revenue primarily decreased year-over-year because we no longer recognize product sales due to the December 2024 sale of the Huntsville manufacturing facility, as well as a decrease in non-cash royalty revenue.Total operating costs and expenses in the fourth quarter of 2025 were $49.5 million as compared to $14.8 million in the fourth quarter of 2024. Total operating costs and expenses for 2025 were $195.3 million compared to $203.6 million in 2024. In the fourth quarter of 2024, we recorded a one-time $40.4 million gain from the sale of the Huntsville manufacturing...