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what it is
Nektar is a drug developer trying to turn immune-system science into approved medicines, with one lead candidate doing most of the heavy lifting.
how it gets paid
Last year Nektar Therapeutics made $55M in revenue.
why growth slowed
Revenue fell 43.9% last year. $33M mattered because it is more than half of the company's $55M trailing revenue.
what just happened
The latest quarter showed $33M in revenue, but the bigger truth is that one good quarter does not fix a deeply unprofitable model.
At a glance
C+ balance sheet — struggling to keep the lights on
10/100 earnings predictability — expect surprises
-$8.70 fy2024 eps est
$98M fy2024 rev est
n/a operating margin
xvary composite: 41/100 — below average
What they do
Nektar is a drug developer trying to turn immune-system science into approved medicines, with one lead candidate doing most of the heavy lifting.
Nektar’s edge is focus, not scale. It has 61 employees, yet its lead drug rezpegaldesleukin is already in 2 Phase 2b trials, which tells you the whole company is built around getting one shot on goal right. Immunotherapy → drugs that steer your immune system → so what: if rezpegaldesleukin works, you are paying for a specialized pipeline instead of a sprawling lab empire.
How they make money
$55M
annual revenue · revenue declined -43.9% last year
total revenue
$55M
43.9%
The products that matter
lead autoimmune program
rezpegaldesleukin (REZPEG)
$2B equity story
REZPEG is the reason a company with $98M of estimated revenue can still command about $2B in market value. If the data hit, the whole stock gets re-underwritten.
primary catalyst
legacy revenue stream
Royalty revenue
$40M · flat
This $40M stream helps, but flat growth tells you it is not the thing investors are really paying for.
funding support
partner and other revenue
Collaboration & other
$15M · -44%
At $15M and down 44%, this is too small and too volatile to carry the valuation. It is supplemental cash, not the thesis.
secondary
Key numbers
-253.7%
operating margin
Operating margin → profit after running the business → so what: Nektar is losing about $2.54 for every $1 of sales.
$55M
ttm revenue
That is the current sales base supporting a roughly $2B market cap, which is a very expensive promise.
$145M
long-term debt
Debt is manageable on paper, but losses make every borrowed dollar feel heavier.
61
employees
This is a tiny company carrying a public-market valuation in the billions, which shows how much rests on a few trial readouts.
Financial health
C+
strength
- balance sheet grade C+ — weak — may struggle to fund operations
- risk rank 4 — safer than 20% of stocks
- price stability 5 / 100
- long-term debt $145M (7% of capital)
C+ — below average. watch for debt servicing and cash burn.
Total return vs. market
Return history isn't available for NKTR right now.
source: institutional data · return history unavailable
What just happened
beat estimates
The latest quarter showed $33M in revenue, but the bigger truth is that one good quarter does not fix a deeply unprofitable model.
Revenue rose 184% vs. prior year to $33M, according to SEC data. But the company still posted a steep loss, which keeps the stock tied to pipeline headlines more than business quality.
$33M
revenue
$8.14
eps
+184%
revenue growth
the number that mattered
$33M mattered because it is more than half of the company's $55M trailing revenue, which tells you results are lumpy and hard to trust.
source: company earnings report, 2026
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What could go wrong
the #1 risk here is REZPEG clinical disappointment. This company does not have another mature business line large enough to hide behind if the lead program stumbles.
med
REZPEG does not produce convincing data
This is a single-asset-heavy setup. With no approved product and a 30.6x sales multiple, weak or ambiguous results would force the market to rethink what exactly it is paying for.
Impact: the valuation premium rests on future pipeline value, not on today's $98M revenue base.
med
cash burn compresses the timetable
Cash and equivalents were $245.8M, down from $269.1M, while projected annual R&D spending runs $200–250M and 2026 earnings are still expected at -$199.6M. If timelines slip, financing flexibility gets worse fast.
Impact: dilution risk rises when the company needs capital before the next catalyst improves bargaining power.
med
legacy revenue proves too small to matter
Royalty revenue was $40M and collaboration and other revenue was $15M, down 44%. Those lines help fund operations, but they are not large or durable enough to anchor a $2B valuation.
Impact: if pipeline enthusiasm fades, there is not much operating support underneath the stock.
Put the numbers together and the picture is simple: $245.8M of cash and $145M of debt can support development for a while, but this remains a trial-timing story with a thin commercial backstop.
source: institutional data · regulatory filings · risk analysis
Pay attention to
trend
cash versus spending
$245.8M of cash against projected annual R&D spending of $200–250M is the operating clock. If spending rises without a clearer catalyst path, the financing risk gets louder.
calendar
the next REZPEG update
This is the event that matters most. You do not need ten KPIs when one dataset can reset the valuation.
risk
dilution pressure
Watch whether management starts sounding like it is extending runway rather than advancing the program. In this corner of biotech, the wording usually tells on the balance sheet.
metric
earnings predictability
10 / 100 is already telling you this will not behave like a normal operating company. If that remains low while the cash pile shrinks, the stock stays headline-driven.
Analyst rankings
short-term outlook
mixed
analyst target data is thin here. in human-speak, the street does not have a clean shared view.
risk profile
volatile
A 1.9 beta and 5 / 100 price stability translate to one thing: this is a catalyst stock, not a sleep-well stock.
chart momentum
stock-specific
The 52-week range of $6–$77 says the chart follows trial narrative more than broad market rhythm.
earnings predictability
10/100
That score means reported numbers can swing around because milestone timing matters more than mature operations.
source: institutional data
Institutional activity
institutional ownership data for NKTR is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$53
current price
n/a
target midpoint · n/a from current
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