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Analogy 1: Think of them as a 'next-generation' Gilead (Kite Pharma) or Novartis, but focusing on off-the-shelf natural killer (NK) cell therapies for cancer.

Analogy 2: The Moderna of cancer cell therapy, developing innovative 'off-the-shelf' natural killer (NK) cell treatments.

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• NKX019: An investigational allogeneic, CD19-directed CAR NK cell therapy being developed for the treatment of B-cell malignancies, such as non-Hodgkin lymphoma.
• NKX046: An investigational allogeneic, CD38-directed CAR NK cell therapy in development for the treatment of multiple myeloma and other CD38-positive hematologic malignancies.

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Nkarta (NKTX) is a clinical-stage biopharmaceutical company focused on developing off-the-shelf natural killer (NK) cell therapies for cancer. As a clinical-stage company, it does not currently have commercialized products and therefore does not have traditional "customers" purchasing products or services.

Instead, Nkarta generates revenue primarily through collaboration agreements with other companies to fund its research and development efforts. Its major revenue-generating collaboration partner is:

• CRISPR Therapeutics AG (CRSP)

This collaboration involves upfront payments, milestone payments, and potential royalties, which constitute the primary source of revenue for Nkarta at its current stage of development.

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• Catalent, Inc. (CTLT)
• WuXi Advanced Therapies Inc. (Parent company: WuXi AppTec Co., Ltd., WXATF)

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Paul Hastings Chief Executive Officer

Paul Hastings was appointed CEO of Nkarta in February 2018. He has a distinguished career in the biopharmaceutical industry, having previously served as Chairman and CEO of OncoMed Pharmaceuticals, President and CEO of QLT, and President and CEO of Axys Pharmaceuticals, which was acquired by Celera Corporation. He also held the roles of President of Chiron BioPharmaceuticals, a division of Chiron Corporation, and President and CEO of LXR Biotechnology.

Alyssa Levin Chief Financial and Business Officer

Alyssa Levin was appointed Chief Financial and Business Officer of Nkarta, effective July 1, 2023. Prior to joining Nkarta, Ms. Levin served as the Chief Financial Officer at Viacyte, a biotechnology company, where she oversaw financial strategy and planning and led the company's successful merger with Vertex Pharmaceuticals in 2022. Her previous roles include Chief Financial Officer and Senior Vice President of Operations at Tentarix Biotherapeutics from 2020 to 2022, and Chief Financial Officer at Bird Rock Bio, Inc. from 2019 to 2020. Ms. Levin's experience also encompasses financial advisory roles at PricewaterhouseCoopers and The Siegfried Group, where she advised clients on IPO and M&A processes.

Nadir Mahmood, Ph.D. President

Nadir Mahmood, Ph.D., joined Nkarta as President in July 2024, sharing executive leadership responsibilities with CEO Paul J. Hastings. In this role, he is responsible for driving the strategic focus, operational excellence, and overall business and technical success at Nkarta. Dr. Mahmood was previously the Chief Executive Officer of Rezo Therapeutics, a private-stage drug-discovery company. Before his tenure at Rezo, he served as Chief Financial and Business Officer at Nkarta, where he played a direct role in corporate strategy, including the company's private and public financings.

David R. Shook, M.D. Chief Medical Officer, Head of Research & Development

David R. Shook, M.D., was promoted to Chief Medical Officer, Head of Research & Development in July 2024. This expanded role reflects his oversight of the R&D organization, in addition to his prior responsibilities leading clinical development, regulatory, and translational science functions.

Ralph Brandenberger, Ph.D. Chief Technical Officer

Ralph Brandenberger, Ph.D., was promoted to Chief Technical Officer in July 2022. He oversees technical operations, including process and analytical development, supply chain, manufacturing, and quality for Nkarta's engineered NK cell therapy candidates. Dr. Brandenberger has more than 20 years of experience in process and analytical development and biopharmaceutical manufacturing, with deep expertise in end-to-end technical operations and the successful scale-up of complex cell therapy agents. Before joining Nkarta in April 2018, he held leadership roles in process development, technical operations, and manufacturing of cellular therapeutics at Neurona Therapeutics, Baxter Healthcare, and Geron Corp., and began his scientific career at Celera Genomics.

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The key risks to Nkarta's (NKTX) business are primarily associated with the inherent challenges of clinical-stage biopharmaceutical development, intense competition in the cell therapy market, and ongoing financial sustainability as a pre-revenue company.

1. Clinical Trial Uncertainties and Regulatory Hurdles: As a clinical-stage biopharmaceutical company, Nkarta's success is heavily dependent on the successful development, regulatory approval, and commercialization of its product candidates, especially NKX019. There are significant risks associated with clinical trials, including the possibility of unfavorable or insufficient safety and efficacy results, delays in initiating or completing trials, and the high attrition rate of drug candidates in early development phases. The company's recent strategic shift to prioritize the development of NKX019 for autoimmune diseases, rather than lymphoma, introduces new uncertainties and potential delays in obtaining meaningful clinical data. Delays in data readouts or the presentation of data that is not robust enough to act as a significant catalyst could negatively impact the company's prospects.

2. Intense Competition: Nkarta operates in a highly competitive cell therapy landscape, particularly within the autoimmune disease space. The company faces significant competition from other biopharmaceutical companies that are developing similar products, including other allogeneic CAR therapies. The ability of Nkarta's CAR-NK approach to differentiate itself effectively in terms of efficacy, safety, and accessibility against existing and emerging treatments is crucial for its future market share and success.

3. Financial Risks and Lack of Profitability: Nkarta is a pre-revenue company that has consistently incurred substantial operating losses since its inception. While the company has implemented restructuring efforts, including workforce reductions, to extend its cash runway, it continues to burn through cash to fund its extensive research and development activities. Although current estimates suggest a cash runway into 2029, any unforeseen clinical setbacks or delays could accelerate its cash utilization, potentially leading to the need for additional funding through dilutive equity offerings or other financing arrangements. The significant cash burn relative to its market capitalization is highlighted as an extremely high-risk factor for investors.

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The emergence of allogeneic CAR-T cell therapies demonstrating superior efficacy and/or durability compared to NK cell therapies in clinical trials poses a clear emerging threat to Nkarta. While Nkarta's natural killer (NK) cell therapies are designed to be an "off-the-shelf" solution, offering advantages over autologous CAR-T therapies in terms of accessibility and manufacturing, companies like Allogene Therapeutics and CRISPR Therapeutics are progressing their own allogeneic CAR-T programs. If these allogeneic CAR-T platforms achieve significantly better and more sustained clinical responses, especially in similar indications (e.g., CD19-positive hematological malignancies) while maintaining acceptable safety profiles, they could become the preferred "off-the-shelf" cell therapy option. This would directly undermine Nkarta's competitive positioning and the perceived advantages of its NK cell platform, potentially limiting its market penetration and long-term viability against a more potent and equally accessible alternative.

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Nkarta (NKTX) is primarily focused on developing NKX019, a chimeric antigen receptor (CAR) NK cell therapy, for various indications, particularly autoimmune diseases and B-cell malignancies. The addressable markets for their main product candidates are as follows:

• NKX019 for Lupus Nephritis (LN):
  • The anticipated total addressable market for LN is 7 million patients in the U.S..
  • The global Lupus Nephritis market size was approximately $2.31 billion in 2024 and is projected to reach over $4.17 billion by 2031, growing at a Compound Annual Growth Rate (CAGR) of 8.80% from 2024 to 2031. North America accounts for more than 40% of this global revenue, with a market size of approximately $925.80 million in 2024.
  • Another estimate places the lupus nephritis market at $2.4 billion across the top 7 markets (US, EU4, UK, and Japan) in 2024, with a projected growth to $6.0 billion by 2035 at a CAGR of 8.7%. The United States represents the largest market for its treatment.
  • The lupus nephritis market is also projected to reach $3.2 billion by 2030.
• NKX019 for Non-Hodgkin Lymphoma (NHL):
  • The NHL market is valued at $9.5 billion and is estimated to grow at a 7.4% CAGR from 2024 to 2032.
  • The global non-Hodgkin's Lymphoma market size is estimated to reach $20 billion by 2036.

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Nkarta (NKTX), a clinical-stage biopharmaceutical company, currently generates no revenue. Therefore, its future revenue growth over the next 2-3 years will be entirely contingent upon the successful advancement and potential commercialization of its product candidates, primarily NKX019, in clinical development.

Here are 3-5 expected drivers of future revenue growth for Nkarta:

1. Successful Clinical Development and Commercialization of NKX019 in Autoimmune Diseases: Nkarta's primary strategic focus and the most significant driver of potential future revenue is the successful outcome of its ongoing clinical trials for NKX019 in various autoimmune indications. The company is actively enrolling patients in the Ntrust-1 trial (including lupus nephritis and primary membranous nephropathy) and the Ntrust-2 trial, with preliminary clinical data expected in the second half of 2025. Positive results from these trials, along with investigator-sponsored trials for systemic lupus erythematosus and myasthenia gravis, are critical for regulatory approval and subsequent market entry.
2. Market Adoption of Off-the-Shelf Allogeneic NK Cell Therapy: Nkarta positions itself as a leader in engineered, off-the-shelf, on-demand, allogeneic natural killer (NK) cell therapies. This "off-the-shelf" characteristic offers significant logistical and accessibility advantages compared to autologous cell therapies, where patient-specific cells are modified. If NKX019 demonstrates strong efficacy and safety, its readily available nature could drive substantial market adoption and, consequently, revenue growth upon commercialization.
3. Advancements and Optimization of Lymphodepletion Regimen: Nkarta has been working to optimize the lymphodepletion regimen for its NK cell therapies, including exploring a cyclophosphamide-only ("Cy-only") or fludarabine-free approach. A simpler, potentially safer, and more convenient lymphodepletion regimen could broaden the patient population eligible for treatment, enhance the therapy's overall profile, and streamline the regulatory pathway, thereby contributing to greater market penetration and revenue.

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Share Issuance

• In March 2024, Nkarta completed an underwritten offering of common stock and pre-funded warrants, generating approximately $240.1 million in gross proceeds.
• The offering in March 2024 included participation from a syndicate of new and existing institutional investors.
• The number of outstanding shares has significantly increased, from 32.95 million in 2021 to 73.97 million as of November 2025.

Inbound Investments

• The March 2024 underwritten offering, which generated approximately $240.1 million, saw participation from several institutional investors, including Adage Capital Partners LP, Boxer Capital, Commodore Capital, Cormorant Asset Management, EcoR1 Capital, Janus Henderson Investors, OrbiMed, RA Capital Management, Ridgeback Capital Investments, Samsara BioCapital, SR One, and a leading mutual fund.

Capital Expenditures

• Nkarta's capital expenditures for the last 12 months (prior to November 2025) were approximately $2.54 million.
• Proceeds from the March 2024 offering were intended, in part, to fund the continued buildout of internal manufacturing capabilities.