Nektar Therapeutics (NKTR)
Market Price (4/25/2026): $91.19 | Market Cap: $1.9 BilSector: Health Care | Industry: Biotechnology
Nektar Therapeutics (NKTR)
Market Price (4/25/2026): $91.19Market Cap: $1.9 BilSector: Health CareIndustry: Biotechnology
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Megatrend and thematic driversMegatrends include Precision Medicine, and Aging Population & Chronic Disease. Themes include Targeted Therapies, Biopharmaceutical R&D, Show more. | Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 18% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -131 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -237% Stock price has recently run up significantly12M Rtn12 month market price return is 728% Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -44%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -12%, Rev Chg QQuarterly Revenue Change % is -25% Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 23% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -378%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -378% Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 96% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -13% High stock price volatilityVol 12M is 188% Key risksNKTR key risks include [1] a critical dependence on the clinical success of its lead candidate, Show more. |
| Megatrend and thematic driversMegatrends include Precision Medicine, and Aging Population & Chronic Disease. Themes include Targeted Therapies, Biopharmaceutical R&D, Show more. |
| Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 18% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -131 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -237% |
| Stock price has recently run up significantly12M Rtn12 month market price return is 728% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -44%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -12%, Rev Chg QQuarterly Revenue Change % is -25% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 23% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -378%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -378% |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 96% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -13% |
| High stock price volatilityVol 12M is 188% |
| Key risksNKTR key risks include [1] a critical dependence on the clinical success of its lead candidate, Show more. |
Qualitative Assessment
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Nektar Therapeutics (NKTR) stock has gained about 115% since 12/31/2025 because of the following key factors:
1. Positive Clinical Trial Data for Rezpegaldesleukin and Resulting Analyst Upgrades.
Nektar Therapeutics reported significant positive clinical trial results for its lead product candidate, rezpegaldesleukin (REZPEG). In December 2025, the company announced positive topline results from the 36-week induction period of the Phase 2b REZOLVE-AA Study for severe-to-very-severe alopecia areata. This was followed by the presentation of new maintenance data in February 2026 from the REZOLVE-AD Phase 2b Study in atopic dermatitis, showing durable responses. Most recently, on April 20, 2026, Nektar released new 52-week topline results from the REZOLVE-AA study, demonstrating that 29% and 31% of patients in different dosage groups achieved a SALT Score of ≤20, indicating significant hair regrowth, which supports advancing the drug into late-stage development. This announcement led to an approximately 18% surge in the stock price on April 21, 2026, and an approximately 22% rise on April 20, 2026. These positive clinical outcomes prompted several analyst upgrades and increased price targets, with BTIG raising its price target to $178 from $151 on April 20, 2026, and B. Riley Financial increasing its target to $150.00 from $105.00 on February 23, 2026.
2. Strong Q4 2025 Financial Results Exceeding Estimates.
Nektar Therapeutics announced stronger-than-expected financial results for the fourth quarter of 2025 on March 12, 2026. The company reported an earnings per share (EPS) of -$1.78, significantly beating the analyst consensus estimate of -$2.52 by $0.74. Additionally, Nektar's revenue reached $21.81 million, surpassing analyst estimates of $10.61 million by $11.19 million. Following this positive earnings report, Nektar's shares gained 4.1% the day after the announcement.
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1. Positive Clinical Trial Data for Rezpegaldesleukin and Resulting Analyst Upgrades.
Nektar Therapeutics reported significant positive clinical trial results for its lead product candidate, rezpegaldesleukin (REZPEG). In December 2025, the company announced positive topline results from the 36-week induction period of the Phase 2b REZOLVE-AA Study for severe-to-very-severe alopecia areata. This was followed by the presentation of new maintenance data in February 2026 from the REZOLVE-AD Phase 2b Study in atopic dermatitis, showing durable responses. Most recently, on April 20, 2026, Nektar released new 52-week topline results from the REZOLVE-AA study, demonstrating that 29% and 31% of patients in different dosage groups achieved a SALT Score of ≤20, indicating significant hair regrowth, which supports advancing the drug into late-stage development. This announcement led to an approximately 18% surge in the stock price on April 21, 2026, and an approximately 22% rise on April 20, 2026. These positive clinical outcomes prompted several analyst upgrades and increased price targets, with BTIG raising its price target to $178 from $151 on April 20, 2026, and B. Riley Financial increasing its target to $150.00 from $105.00 on February 23, 2026.
2. Strong Q4 2025 Financial Results Exceeding Estimates.
Nektar Therapeutics announced stronger-than-expected financial results for the fourth quarter of 2025 on March 12, 2026. The company reported an earnings per share (EPS) of -$1.78, significantly beating the analyst consensus estimate of -$2.52 by $0.74. Additionally, Nektar's revenue reached $21.81 million, surpassing analyst estimates of $10.61 million by $11.19 million. Following this positive earnings report, Nektar's shares gained 4.1% the day after the announcement.
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Stock Movement Drivers
Fundamental Drivers
The 116.8% change in NKTR stock from 12/31/2025 to 4/24/2026 was primarily driven by a 163.8% change in the company's P/S Multiple.| (LTM values as of) | 12312025 | 4242026 | Change |
|---|---|---|---|
| Stock Price ($) | 42.28 | 91.68 | 116.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 63 | 55 | -11.8% |
| P/S Multiple | 12.8 | 33.8 | 163.8% |
| Shares Outstanding (Mil) | 19 | 20 | -6.8% |
| Cumulative Contribution | 116.8% |
Market Drivers
12/31/2025 to 4/24/2026| Return | Correlation | |
|---|---|---|
| NKTR | 116.8% | |
| Market (SPY) | 4.2% | 10.6% |
| Sector (XLV) | -6.9% | 5.1% |
Fundamental Drivers
The 61.1% change in NKTR stock from 9/30/2025 to 4/24/2026 was primarily driven by a 215.5% change in the company's P/S Multiple.| (LTM values as of) | 9302025 | 4242026 | Change |
|---|---|---|---|
| Stock Price ($) | 56.90 | 91.68 | 61.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 75 | 55 | -26.3% |
| P/S Multiple | 10.7 | 33.8 | 215.5% |
| Shares Outstanding (Mil) | 14 | 20 | -30.7% |
| Cumulative Contribution | 61.1% |
Market Drivers
9/30/2025 to 4/24/2026| Return | Correlation | |
|---|---|---|
| NKTR | 61.1% | |
| Market (SPY) | 7.0% | 17.3% |
| Sector (XLV) | 4.0% | 8.0% |
Fundamental Drivers
The 798.8% change in NKTR stock from 3/31/2025 to 4/24/2026 was primarily driven by a 2229.0% change in the company's P/S Multiple.| (LTM values as of) | 3312025 | 4242026 | Change |
|---|---|---|---|
| Stock Price ($) | 10.20 | 91.68 | 798.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 98 | 55 | -43.9% |
| P/S Multiple | 1.4 | 33.8 | 2229.0% |
| Shares Outstanding (Mil) | 14 | 20 | -31.2% |
| Cumulative Contribution | 798.8% |
Market Drivers
3/31/2025 to 4/24/2026| Return | Correlation | |
|---|---|---|
| NKTR | 798.8% | |
| Market (SPY) | 28.1% | 19.3% |
| Sector (XLV) | 0.1% | 18.3% |
Fundamental Drivers
The 769.5% change in NKTR stock from 3/31/2023 to 4/24/2026 was primarily driven by a 2248.2% change in the company's P/S Multiple.| (LTM values as of) | 3312023 | 4242026 | Change |
|---|---|---|---|
| Stock Price ($) | 10.54 | 91.68 | 769.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 92 | 55 | -40.0% |
| P/S Multiple | 1.4 | 33.8 | 2248.2% |
| Shares Outstanding (Mil) | 13 | 20 | -38.3% |
| Cumulative Contribution | 769.5% |
Market Drivers
3/31/2023 to 4/24/2026| Return | Correlation | |
|---|---|---|
| NKTR | 769.5% | |
| Market (SPY) | 79.8% | 21.6% |
| Sector (XLV) | 16.6% | 20.1% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| NKTR Return | -21% | -83% | -75% | 65% | 203% | 116% | -64% |
| Peers Return | 10% | 17% | -3% | 4% | 24% | 5% | 69% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 4% | 89% |
Monthly Win Rates [3] | |||||||
| NKTR Win Rate | 33% | 25% | 50% | 42% | 58% | 75% | |
| Peers Win Rate | 50% | 57% | 48% | 58% | 60% | 50% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| NKTR Max Drawdown | -36% | -85% | -81% | -13% | -47% | -17% | |
| Peers Max Drawdown | -11% | -9% | -20% | -18% | -15% | -4% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -7% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: INCY, BMY, AMGN, GILD, REGN. See NKTR Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 4/24/2026 (YTD)
How Low Can It Go
| Event | NKTR | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -98.3% | -25.4% |
| % Gain to Breakeven | 5923.2% | 34.1% |
| Time to Breakeven | Not Fully Recovered days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -48.2% | -33.9% |
| % Gain to Breakeven | 93.2% | 51.3% |
| Time to Breakeven | Not Fully Recovered days | 148 days |
| 2018 Correction | ||
| % Loss | -85.4% | -19.8% |
| % Gain to Breakeven | 583.3% | 24.7% |
| Time to Breakeven | Not Fully Recovered days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -81.4% | -56.8% |
| % Gain to Breakeven | 438.5% | 131.3% |
| Time to Breakeven | 510 days | 1,480 days |
Compare to INCY, BMY, AMGN, GILD, REGN
In The Past
Nektar Therapeutics's stock fell -98.3% during the 2022 Inflation Shock from a high on 2/17/2021. A -98.3% loss requires a 5923.2% gain to breakeven.
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About Nektar Therapeutics (NKTR)
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.
AI Analysis | Feedback
Nektar Therapeutics is:
- An R&D powerhouse for new drugs, similar to the innovation arm of a major pharmaceutical company like Pfizer or Eli Lilly.
- A biotech company focused on building a pipeline of future medicines, much like a smaller, earlier-stage Amgen or Gilead Sciences.
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```html- Bempegaldesleukin: A CD122-preferential interleukin-2 (IL-2) pathway agonist in various clinical trials for cancers and COVID-19.
- NKTR-358: A cytokine Treg stimulant in clinical trials for autoimmune and inflammatory conditions like lupus, ulcerative colitis, atopic dermatitis, and psoriasis.
- NKTR-255: An IL-15 receptor agonist in clinical trials for non-Hodgkin's lymphoma, multiple myeloma, head and neck cancer, and colorectal cancer.
- NKTR-262: A toll-like receptor agonist in clinical trials for solid tumors.
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Major Customers of Nektar Therapeutics (NKTR)
Nektar Therapeutics sells primarily to other companies, specifically through collaboration agreements for the discovery and development of medicines. Its major customers/partners, as identified from the provided information, are:- Takeda Pharmaceutical Company Ltd. (Symbol: TAK)
- AstraZeneca AB (Symbol: AZN)
- UCB Pharma S.A. (Symbol: UCB)
- F. Hoffmann-La Roche Ltd (Symbol: ROG)
- Bausch Health Companies Inc. (Symbol: BHC)
- Pfizer Inc. (Symbol: PFE)
- Amgen Inc. (Symbol: AMGN)
- Biogen Inc. (Symbol: BIIB)
- Bristol-Myers Squibb Company (Symbol: BMY)
- Baxalta Incorporated (Note: Baxalta was acquired by Shire in 2016, which was subsequently acquired by Takeda Pharmaceutical Company Ltd. in 2019.)
- Eli Lilly and Company (Symbol: LLY)
- Merck KGaA (Symbol: MRK - German Merck, distinct from Merck & Co. Inc.)
- SFJ Pharmaceuticals, Inc. (Private Company)
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Howard W. Robin, President & Chief Executive Officer
Howard W. Robin joined Nektar Therapeutics in January 2007. He has over 40 years of experience in the biopharmaceutical industry, managing clinical development and commercial operations. Prior to Nektar, Mr. Robin served as President and Chief Executive Officer of Sirna Therapeutics, a clinical-stage biotechnology company, which he successfully re-launched and led to its acquisition by Merck for $1.1 billion. Before Sirna, he spent 20 years at Berlex Laboratories, the U.S. pharmaceutical subsidiary of Schering AG. At Berlex, he was Corporate Vice President and General Manager of their U.S. Therapeutics division, responsible for the development of drugs such as Betaseron® and Fludara®, which generated annual global sales exceeding $800 million. He also served as Vice President of Finance and Business Development and CFO of Berlex. Earlier in his career, Mr. Robin was a Senior Associate with Arthur Andersen and Co.
Sandra Gardiner, Acting Chief Financial Officer
Sandra Gardiner was appointed Acting Chief Financial Officer of Nektar Therapeutics in April 2023. She is a partner at FLG Partners, a leading CFO services firm in Silicon Valley. She brings over 30 years of experience as an Executive Vice President and Chief Financial Officer at both private and public companies within the Life Sciences sector.
Jonathan Zalevsky, Ph.D., Chief Research & Development Officer
Jonathan Zalevsky was appointed Nektar's Chief Research & Development Officer in October 2019, where he leads all aspects of the R&D organization, including research, clinical development, regulatory affairs, and biologics process development. He joined Nektar in 2015 and served as Chief Scientific Officer from 2017. Before joining Nektar, Dr. Zalevsky was Global Vice President and Head of the Inflammation Drug Discovery Unit at Takeda Pharmaceuticals, where he was responsible for an immunology pipeline from early target discovery to late-stage development. Prior to Takeda, he worked in research and development at Xencor, overseeing the discovery and development of Xencor's first four clinical-stage assets.
Brian Kotzin, M.D., Interim Chief Medical Officer
Brian Kotzin was appointed as Interim Chief Medical Officer in February 2025. He previously served as Senior Vice President for Nektar Therapeutics from 2017 to 2023, holding various leadership positions including Chief Medical Officer and Head of Clinical Development from 2021 to 2023. From 2004 to 2015, Dr. Kotzin was Vice President, Global Clinical Development and Head of the Inflammation Therapeutic Area at Amgen Inc., where he directed global development efforts for product candidates in inflammation. During his time at Amgen, he also served as Vice President of Translational Sciences and Head of Medical Sciences. Prior to entering the life sciences industry, he held several professorial positions at the University of Colorado Health Sciences Center, focusing his research on the immunopathogenesis of disease.
Robert Bacci, Chief People Officer and Head of Quality & Facilities
Robert Bacci joined Nektar in 2001 and was appointed Chief People Officer and Head of Quality & Facilities in 2024. In this role, he oversees human resources, quality assurance, facilities management, and environmental strategy. Prior to his current appointment, Mr. Bacci served as Senior Vice President of Human Resources and Facilities Operations, overseeing site operations in Huntsville, Alabama.
AI Analysis | Feedback
The key risks to Nektar Therapeutics (NKTR) are primarily centered on the inherent uncertainties of biopharmaceutical development and commercialization, as well as its financial sustainability and market position.
- Clinical Trial Failure and Regulatory Approval Risk: Nektar Therapeutics' future success is heavily dependent on the successful completion of clinical trials for its pipeline candidates, especially its lead compound, rezpegaldesleukin (also known as Bempegaldesleukin), which is in late-stage development. Any setbacks in these trials, or the inability to obtain regulatory approvals, would significantly harm the company's business prospects. Previous failures of Bempegaldesleukin in combination trials have already led to substantial negative impacts on the company.
- Financial and Capital Requirements Risk: As a clinical-stage biopharmaceutical company with no marketed products, Nektar Therapeutics operates with consistent net losses and requires substantial capital to fund its ongoing research and development activities. The company is in a "cost-cutting and pipeline-prioritization mode" and faces the risk of not having access to sufficient capital to meet its business plan, which could impede its ability to bring drug candidates to market and potentially lead to shareholder dilution if additional funds are raised.
- Competition, Market Acceptance, and Partnership/Legal Risks: The biopharmaceutical industry is highly competitive, posing a threat that Nektar's drug candidates could be rendered obsolete or uncompetitive by rival therapies. Even if approved, Nektar's drugs must achieve market acceptance against established biologics and new mechanisms, particularly in crowded therapeutic areas like autoimmune diseases. Furthermore, the company faces risks associated with its collaborations, as evidenced by past partnership dissolutions. Ongoing litigation, such as the lawsuit with Eli Lilly and Company, introduces additional uncertainties regarding development, intellectual property, and potential financial liabilities.
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Nektar Therapeutics focuses on developing medicines for areas of unmet medical need. The addressable markets for their main products in various stages of clinical trials are as follows:Bempegaldesleukin (CD122-preferential interleukin-2 (IL-2) pathway agonist)
- Metastatic Melanoma: The global market size for metastatic melanoma is projected to reach approximately $14.95 billion by 2030. Another estimate indicates the global metastatic melanoma therapeutics market size was $9.29 billion in 2025 and is expected to grow to $16.46 billion by 2030.
- Renal Cell Carcinoma: The global renal cell carcinoma market was valued at $754.63 million in 2024 and is projected to reach $1.19 billion by 2032. Other estimates for the global renal cell carcinoma market size include $4.6 billion in 2023, projected to reach $7.3 billion by 2034, and for advanced renal cell carcinoma treatment, over $7.02 billion in 2025, projected to reach $12.34 billion by 2035.
- Muscle-Invasive Bladder Cancer: The global muscle-invasive bladder cancer therapeutics market was valued at $1.21 billion in 2024 and is predicted to reach $3.66 billion by 2032. Another report states the global market size was $960.3 million in 2024 and is projected to reach $4.9 billion by 2035.
- Squamous Cell Carcinoma of the Head and Neck: The global market for Squamous Cell Carcinoma of the Head and Neck Treatment was valued at $12.00 billion in 2022 and is expected to reach $24.80 billion by 2030. Another source reports a global market size of $2.41 billion in 2024, expected to reach $3.94 billion by 2030.
- Adjuvant Melanoma: The global melanoma therapeutics market, which includes adjuvant melanoma, was valued at $7.39 billion in 2025 and is expected to reach approximately $17.93 billion by 2034. Another source indicates a market size of $9.16 billion in 2024, growing to $21.79 billion by 2033.
NKTR-358 (cytokine Treg stimulant)
- Systemic Lupus Erythematosus: The global systemic lupus erythematosus market size was valued at $2.60 billion in 2023 and is projected to reach $4.26 billion by 2030. Other estimates for the global systemic lupus erythematosus treatment market include approximately $2.7 billion in 2023, growing to $5.1 billion by 2032, and exceeding $3.12 billion in 2025, reaching $6.8 billion by 2035.
- Ulcerative Colitis: The global ulcerative colitis market was valued at $8.3 billion in 2025 and is estimated to grow to $14.5 billion in 2035. Another report indicates a global market size of $8.70 billion in 2026, expected to reach $15.30 billion by 2033.
NKTR-255 (IL-15 receptor agonist)
- Non-Hodgkin's Lymphoma: The global non-Hodgkin lymphoma therapeutics market size was valued at $9.14 billion in 2022 and is expected to reach $16.64 billion by 2032. Another source reports a global market size of $11.59 billion in 2025, projected to grow to $19.44 billion by 2034.
- Multiple Myeloma: The global multiple myeloma market size was valued at $29.24 billion in 2025 and is projected to reach $44.19 billion by 2034. Another estimate indicates a global market size of $27.75 billion in 2024, projected to grow to $49.89 billion by 2034. The market size across the 7 major markets (United States, EU4 (Germany, France, Italy, and Spain), and the United Kingdom, and Japan) was approximately $21.30 billion in 2023.
NKTR-262 (toll-like receptor agonist)
- Solid Tumors: A specific global addressable market size for "solid tumors" as a general category for NKTR-262 is not readily available, as solid tumors encompass a wide range of cancer types.
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Nektar Therapeutics (NKTR) anticipates several key drivers for future revenue growth over the next two to three years, primarily stemming from the progression of its clinical pipeline and ongoing collaborations. Here are the expected drivers of future revenue growth:- Advancement of Rezpegaldesleukin (REZPEG) into Phase 3 clinical trials for atopic dermatitis and subsequent positive data readouts. Nektar plans to initiate Phase 3 trials for REZPEG in atopic dermatitis in June 2026, with initial data from these trials anticipated in mid-2028. Successful progression through these pivotal studies is expected to trigger significant milestone payments from potential partners and lay the groundwork for eventual product sales, thereby driving future revenue growth.
- Expansion of Rezpegaldesleukin (REZPEG) into additional autoimmune and inflammatory indications. Beyond atopic dermatitis, REZPEG has demonstrated positive Phase 2b results in alopecia areata and is currently under evaluation in a Phase 2 clinical trial for Type 1 diabetes, with data expected in 2027. Positive clinical advancements in these additional areas could broaden REZPEG's market potential, attracting new collaborations or expanding existing ones, and generating further milestone payments.
- Progress of NKTR-255 (IL-15 receptor agonist) through ongoing clinical trials in oncology. NKTR-255, an investigational IL-15 receptor agonist, is currently being evaluated in Phase 1/2 clinical trials for various oncology indications, including non-Hodgkin's lymphoma, multiple myeloma, and head and neck and colorectal cancers, in collaboration with partners. Positive clinical data and subsequent advancements in these trials could lead to milestone payments from these existing collaboration agreements.
- Realization of non-cash royalty revenue from existing collaboration agreements. Nektar expects to generate between $40 million and $45 million in non-cash royalty revenue for the full year 2026. While this represents an existing revenue stream, sustained or increased performance of the underlying partnered products could contribute to revenue, and the emergence of new products from current collaborations could further enhance this revenue component over the next 2-3 years.
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Share Issuance
- In February 2026, Nektar Therapeutics completed a public offering, generating approximately $460 million in gross proceeds from the sale of common stock and pre-funded warrants, with net proceeds of about $432 million.
- The company closed a public offering of its common stock in July 2025, raising $115 million in gross proceeds and approximately $107.5 million in net proceeds.
- Nektar utilized an at-the-market (ATM) offering facility, established in November 2025, which generated approximately $44 million in net proceeds from sales in February and March 2026, and an additional $38.3 million in net proceeds in October 2025.
Outbound Investments
- In the first quarter of 2025, Nektar Therapeutics began accounting for its investment in Gannet BioChem, a new portfolio company, under the equity method.
- This equity method investment resulted in a non-cash loss of $8.7 million for Nektar Therapeutics for the full year 2025.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 112.53 |
| Mkt Cap | 98.5 |
| Rev LTM | 21,892 |
| Op Inc LTM | 6,391 |
| FCF LTM | 5,933 |
| FCF 3Y Avg | 6,137 |
| CFO LTM | 7,468 |
| CFO 3Y Avg | 7,141 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 1.7% |
| Rev Chg 3Y Avg | 4.1% |
| Rev Chg Q | 3.6% |
| QoQ Delta Rev Chg LTM | 0.9% |
| Op Inc Chg LTM | 17.8% |
| Op Inc Chg 3Y Avg | 9.6% |
| Op Mgn LTM | 26.0% |
| Op Mgn 3Y Avg | 22.2% |
| QoQ Delta Op Mgn LTM | 0.3% |
| CFO/Rev LTM | 28.4% |
| CFO/Rev 3Y Avg | 30.5% |
| FCF/Rev LTM | 26.1% |
| FCF/Rev 3Y Avg | 26.4% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 98.5 |
| P/S | 5.2 |
| P/Op Inc | 13.9 |
| P/EBIT | 13.0 |
| P/E | 17.1 |
| P/CFO | 14.4 |
| Total Yield | 6.9% |
| Dividend Yield | 1.5% |
| FCF Yield 3Y Avg | 5.0% |
| D/E | 0.1 |
| Net D/E | 0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 0.5% |
| 3M Rtn | 0.2% |
| 6M Rtn | 25.1% |
| 12M Rtn | 26.8% |
| 3Y Rtn | 41.6% |
| 1M Excs Rtn | -8.2% |
| 3M Excs Rtn | -3.4% |
| 6M Excs Rtn | 16.5% |
| 12M Excs Rtn | -5.1% |
| 3Y Excs Rtn | -31.5% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Focuses on applying our expertise to develop novel drug candidates | 90 | ||||
| License, collaboration and other revenue | 2 | 0 | 56 | 17 | |
| Non-cash royalty revenue related to the sales of future royalties | 70 | 78 | 49 | 36 | |
| Product sales | 20 | 24 | 18 | 20 | |
| Royalty revenue | 31 | 41 | |||
| Total | 90 | 92 | 102 | 153 | 115 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Focuses on applying our expertise to develop novel drug candidates | -264 | ||||
| Total | -264 |
Price Behavior
Price Behavior
| Market Price | $91.68 | |
| Market Cap ($ Bil) | 1.9 | |
| First Trading Date | 05/03/1994 | |
| Distance from 52W High | -8.6% | |
| 50 Days | 200 Days | |
| DMA Price | $75.59 | $52.26 |
| DMA Trend | up | up |
| Distance from DMA | 21.3% | 75.4% |
| 3M | 1YR | |
| Volatility | 125.1% | 188.4% |
| Downside Capture | -1.74 | 0.71 |
| Upside Capture | 146.36 | 336.80 |
| Correlation (SPY) | 10.4% | 21.1% |
NKTR Betas & Captures as of 3/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.41 | 0.90 | 0.68 | 1.22 | 1.93 | 2.01 |
| Up Beta | -0.53 | 1.04 | 1.01 | 3.66 | 1.64 | 1.97 |
| Down Beta | 3.65 | 8.05 | 4.15 | 2.74 | 1.37 | 1.37 |
| Up Capture | 118% | 107% | 55% | 35% | 1313% | 4190% |
| Bmk +ve Days | 7 | 16 | 27 | 65 | 139 | 424 |
| Stock +ve Days | 9 | 22 | 31 | 60 | 124 | 337 |
| Down Capture | 24% | -494% | -263% | -14% | 129% | 112% |
| Bmk -ve Days | 12 | 23 | 33 | 58 | 110 | 323 |
| Stock -ve Days | 13 | 20 | 32 | 66 | 127 | 398 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with NKTR | |
|---|---|---|---|---|
| NKTR | 878.3% | 188.2% | 1.80 | - |
| Sector ETF (XLV) | 7.7% | 15.8% | 0.28 | 15.9% |
| Equity (SPY) | 34.0% | 12.6% | 2.05 | 20.4% |
| Gold (GLD) | 42.9% | 27.2% | 1.29 | -7.3% |
| Commodities (DBC) | 46.4% | 18.0% | 1.97 | -16.1% |
| Real Estate (VNQ) | 14.2% | 13.3% | 0.74 | 11.1% |
| Bitcoin (BTCUSD) | -16.6% | 42.1% | -0.32 | 6.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with NKTR | |
|---|---|---|---|---|
| NKTR | -18.8% | 121.6% | 0.31 | - |
| Sector ETF (XLV) | 5.1% | 14.6% | 0.17 | 21.2% |
| Equity (SPY) | 12.7% | 17.1% | 0.58 | 24.1% |
| Gold (GLD) | 21.2% | 17.8% | 0.97 | 1.6% |
| Commodities (DBC) | 14.5% | 19.1% | 0.62 | 1.9% |
| Real Estate (VNQ) | 3.7% | 18.8% | 0.10 | 21.3% |
| Bitcoin (BTCUSD) | 7.0% | 56.3% | 0.34 | 11.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with NKTR | |
|---|---|---|---|---|
| NKTR | -7.9% | 97.0% | 0.31 | - |
| Sector ETF (XLV) | 9.3% | 16.5% | 0.46 | 24.0% |
| Equity (SPY) | 14.9% | 17.9% | 0.71 | 25.1% |
| Gold (GLD) | 13.9% | 15.9% | 0.73 | 0.6% |
| Commodities (DBC) | 10.1% | 17.8% | 0.47 | 5.6% |
| Real Estate (VNQ) | 5.4% | 20.7% | 0.23 | 19.4% |
| Bitcoin (BTCUSD) | 68.3% | 66.9% | 1.07 | 8.1% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 3/12/2026 | 4.1% | 6.4% | 14.3% |
| 11/6/2025 | 1.5% | -2.1% | 6.6% |
| 8/7/2025 | 6.0% | 22.7% | 103.8% |
| 3/12/2025 | -0.6% | 9.4% | -39.1% |
| 11/7/2024 | 2.2% | -14.6% | -26.3% |
| 8/8/2024 | -8.3% | -1.7% | -2.5% |
| 3/4/2024 | -1.8% | -7.6% | 15.6% |
| 11/7/2023 | -8.8% | -6.9% | -7.4% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 13 | 8 | 7 |
| # Negative | 8 | 13 | 14 |
| Median Positive | 4.5% | 8.3% | 13.7% |
| Median Negative | -5.3% | -6.9% | -19.1% |
| Max Positive | 10.4% | 22.7% | 103.8% |
| Max Negative | -19.2% | -19.1% | -47.4% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2025 | 03/13/2026 | 10-K |
| 09/30/2025 | 11/07/2025 | 10-Q |
| 06/30/2025 | 08/08/2025 | 10-Q |
| 03/31/2025 | 05/09/2025 | 10-Q |
| 12/31/2024 | 03/14/2025 | 10-K |
| 09/30/2024 | 11/08/2024 | 10-Q |
| 06/30/2024 | 08/09/2024 | 10-Q |
| 03/31/2024 | 05/10/2024 | 10-Q |
| 12/31/2023 | 03/05/2024 | 10-K |
| 09/30/2023 | 11/08/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/10/2023 | 10-Q |
| 12/31/2022 | 02/28/2023 | 10-K |
| 09/30/2022 | 11/04/2022 | 10-Q |
| 06/30/2022 | 08/05/2022 | 10-Q |
| 03/31/2022 | 05/06/2022 | 10-Q |
Industry Resources
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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