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Nektar Therapeutics (NKTR) stock

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NASDAQ: NKTR Nasdaq Biotechnology Next results ~November 12, 2026

C Fundamentals grade

Nektar Therapeutics is a US-listed company in the biotechnology industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$29

Valuation models combined (2)

Base case. Range ~$8.0–$34. Weighted average of 2 models (growth cash-flow model, forward price-to-sales vs peers), the growth cash-flow model counting double.

Price vs value

No Buy/Hold/Sell rating is issued: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Nektar Therapeutics valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 3 selling0 purchases and 16 sales by directors and officers, last 12 monthsInsider trades
  • Funds170 adding, 81 cuttingOf 54 active managers that changed their stake, 30 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Nektar Therapeutics files

Where Nektar Therapeutics stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $55m, down 27.2% on a year earlier, a smaller fall than the 36.2% decline a quarter earlier. Free-cash-flow margin fell to -428.7% from -248.3% a year earlier. Operating margin narrowed to -257.8% from -134.5%. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 2 of our 2 financial-health checks. Our revenue-to-maturity cash-flow model value is $0.27 a share, against a share price of $39.44.

Source: 10-Q filed August 14, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 12, 2026 (estimated)

Nektar Therapeutics's trailing-twelve-month revenue fell 27.2% year on year, with a free-cash-flow margin of -428.7%. Where it stands out: gross margin of 100.0% ranks 1 of 75 biotechnology companies we cover.

Current signal Balance sheet growing far ahead of sales: Total assets grew 428% year over year while revenue fell 27% — the balance sheet is expanding 455 points faster than the business it supports.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Net cash. Cash exceeds long-term debt by $0.0bn.

Things to watch

  • Results due soon. Results are expected around 5 November; the share price can move sharply on the day.
  • Revenue shrinking. Revenue fell 27.2% over the last 12 months.
  • Loss-making. Operating margin is -257.8%: costs exceed revenue.
  • Margins narrowing. Operating margin is down 123.3 points on a year ago.
  • Burning cash. Free cash flow was -428.7% of revenue over the last 12 months.
  • Heavy stock-based pay. Stock pay equals 22.0% of revenue, against a median of 19.2% for biotechnology companies we cover: a real cost that cash-flow figures leave out.

Latest results: FY2026 Q2

Filed August 14, 2026
Earnings per share
-$1.23 against an average estimate of -$1.93: beat by 36.4%
Revenue
$10m, down 9.3% on a year earlier
Share reaction
-4.0% in the first session after the results on August 13, 2026, against +0.5% for the S&P 500
Next report
November 12, 2026; average EPS estimate -$2.11

Nektar Therapeutics' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-4.9%
  • 1 week-1.3%
  • 1 month-15.2%
  • This year-12.6%
  • 1 year-43.1%
  • 5 years-85.5%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$54.6M
Operating margin
-257.8%
Net margin
-287.8%
EPS (TTM, diluted)
$-6.47

Growth

Revenue growth
−27.2%
Change in growth rate
+9.1 pts

Cash

Free cash flow (TTM)
-$234M
FCF margin
-428.7%
Stock pay % of revenue
22.0%

Earnings

Last results
August 13, 2026
Next results (est.)
November 5, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Announcement
  2. Announcement
  3. Announcement
  4. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Nektar Therapeutics valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Valuation models

We value Nektar Therapeutics as an operating company, with every model that fits that kind of business. Cost of equity 12.1%: the 10-year Treasury yield (4.9%) plus a beta of 1.59 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$34 ~$31–$37 Primary model, counts double
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. — Does not apply: no positive earnings in the latest twelve months
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: the model gives no positive value
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Forward price-to-sales vs peers Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$8.0 ~$8.2–$31 Included, half weight
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. — Does not apply: revenue and margins don't support a positive value
Combined value Weighted average of the models that apply: the primary model (growth cash-flow model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$29 ~$8.0–$34 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Nektar Therapeutics with Biotechnology in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$252.75$184.05$895.80$493.05$323.85$255.00$202.65$33.90$8.40$13.95$42.28$36.95
Market value$2.2bn$1.7bn$9.3bn$5.9bn$3.8bn$3.0bn$2.5bn$423m$106m$191m$713m$897m
+ Net debt (− = net cash)$200m$195m$248m−$195m−$96m−$199m−$25m−$88m−$35m−$44m−$15m−$39m
Enterprise value$2.4bn$1.9bn$9.6bn$5.7bn$3.7bn$2.8bn$2.5bn$335m$71m$147m$698m$858m
Multiples
Price / sales 9.7x10.4x30.3x5.0x33.0x19.9x24.3x4.6x1.2x1.9x12.9x16.4x
Price / earnings ———8.7x————————
Price / free cash flow ———8.4x————————
EV / EBITDA ———8.2x————————

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

18 /100

Weak moat

How hard Nektar Therapeutics's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median -39.3% of total assets over 10 years.

  • Pricing power 12 / 20

    Gross margin has been a median 78.9%, moving by 26.5 percentage points (standard deviation) across 10 years.

  • Durability 10 / 20

    Operating margin has been a median -258.0%; its worst year was -514.8%.

  • Cash conversion 1 / 20

    Free cash flow was positive in 1 of 10 years, at a median -264.0% of revenue.

  • Discipline 0 / 20

    The diluted share count rose 106.0% over five years; stock-based pay has been a median 39.0% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (23 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 12, 2026, after the close. Analysts expect revenue of $10m and EPS of −$2.11 (range −$3.07 to −$1.61) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current −$8.08 +17% $42m −24%
Next −$10.50 −30% $53m +28%

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −10.3% on 90 days ago. In the last 30 days, 2 analysts raised Nektar Therapeutics's forecast and 0 cut it.

Consensus EPS forecast Nektar Therapeutics, last 90 days
−$15.00 −$10.00 −$5.00 $0.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: −$9.01 Current fiscal year, 60 days ago: −$8.18 Current fiscal year, 30 days ago: −$8.09 Current fiscal year, 7 days ago: −$8.08 Current fiscal year, Now: −$8.08 −$8.08 Next fiscal year, 90 days ago: −$10.85 Next fiscal year, 60 days ago: −$10.54 Next fiscal year, 30 days ago: −$10.25 Next fiscal year, 7 days ago: −$10.50 Next fiscal year, Now: −$10.50 −$10.50

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago −$9.01−$10.85
60 days ago −$8.18−$10.54
30 days ago −$8.09−$10.25
7 days ago −$8.08−$10.50
Now −$8.08−$10.50

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 −$1.93 −$1.23 +36.4%
Mar 2026 −$1.56 −$1.82 −16.8%
Dec 2025 −$2.47 −$1.78 +28.1%
Sept 2025 −$2.61 −$1.87 +28.3%

Adjusted EPS as companies report it, against the average analyst estimate.

Analyst recommendations

15 analysts, Oct 2026
Buy1173%
Hold427%
Sell00%

Monthly trend

  1. Oct 202610415
  2. Sep 202619212
  3. Aug 202619212
  4. Jul 202619111

Counts of recommendations published by analysts covering Nektar Therapeutics, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
22.6%
of tradable shares
Days to cover
3.62
at average volume
Short interest, 1 month
+22%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
0.4%
of shares
Employees
63
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
NKTR−21%−83%−75%+66%+203%−13%
Industry peers (median)−36%−56%−17%−29%−5%−27%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
NKTR33%25%42%42%58%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
NKTR−58%−85%−87%−51%−59%−64%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 100% from March 8, 2018 to November 28, 2023. Getting back needed a 25719% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$35.12 – $100.35
From 52-week high
−63.2%
vs 50-day average
−32.8%
vs 200-day average
−43.2%
Volatility (1 year)
85%
Beta vs S&P 500
1.03

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
5 up, 7 down
typical move ±3.9%
After a week
7 up, 5 down
typical move ±7.7%
After a month
5 up, 7 down
typical move ±26.1%
Results releasedNext dayS&P 500 next day5 days21 days
August 13, 2026 −4.0% +0.5% −2.0% −9.9%
May 7, 2026 −3.8% +0.5% −12.6% −33.5%
March 12, 2026 −0.1% −2.1% +2.1% +9.7%
November 6, 2025 +3.2% −1.0% −0.6% +5.6%
August 7, 2025 +2.7% +0.7% +18.9% +97.5%
May 8, 2025 −3.3% +0.6% +11.5% −3.9%
March 12, 2025 0.0% −0.8% +9.8% −39.0%
November 7, 2024 +0.7% +1.2% −15.8% −27.3%
August 8, 2024 −5.9% +2.8% +0.8% 0.0%
May 9, 2024 +7.3% +0.7% +9.8% −26.2%
March 4, 2024 +12.8% −1.1% +6.4% +33.3%
January 10, 2024 −3.6% +0.5% −1.8% +26.8%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Fundamentals

Revenue (TTM) Nektar Therapeutics
$40M $60M $80M $100M FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $88.3M Revenue (TTM), FY23 Q4: $90.1M Revenue (TTM), FY24 Q1: $90.2M Revenue (TTM), FY24 Q2: $93.2M Revenue (TTM), FY24 Q3: $93.1M Revenue (TTM), FY24 Q4: $98.4M Revenue (TTM), FY25 Q1: $87.2M Revenue (TTM), FY25 Q2: $74.9M Revenue (TTM), FY25 Q3: $62.6M Revenue (TTM), FY25 Q4: $55.2M Revenue (TTM), FY26 Q1: $55.6M Revenue (TTM), FY26 Q2: $54.6M $54.6M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $88.3M
FY23 Q4 $90.1M
FY24 Q1 $90.2M
FY24 Q2 $93.2M
FY24 Q3 $93.1M
FY24 Q4 $98.4M
FY25 Q1 $87.2M
FY25 Q2 $74.9M
FY25 Q3 $62.6M
FY25 Q4 $55.2M
FY26 Q1 $55.6M
FY26 Q2 $54.6M
Revenue growth, TTM YoY Nektar Therapeutics
-60% -40% -20% 0% 20% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: -7.1% Revenue growth, TTM YoY, FY23 Q4: -2.1% Revenue growth, TTM YoY, FY24 Q1: 1.5% Revenue growth, TTM YoY, FY24 Q2: 6.2% Revenue growth, TTM YoY, FY24 Q3: 5.5% Revenue growth, TTM YoY, FY24 Q4: 9.2% Revenue growth, TTM YoY, FY25 Q1: -3.2% Revenue growth, TTM YoY, FY25 Q2: -19.6% Revenue growth, TTM YoY, FY25 Q3: -32.8% Revenue growth, TTM YoY, FY25 Q4: -43.9% Revenue growth, TTM YoY, FY26 Q1: -36.2% Revenue growth, TTM YoY, FY26 Q2: -27.2% -27.2%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 -7.1%
FY23 Q4 -2.1%
FY24 Q1 1.5%
FY24 Q2 6.2%
FY24 Q3 5.5%
FY24 Q4 9.2%
FY25 Q1 -3.2%
FY25 Q2 -19.6%
FY25 Q3 -32.8%
FY25 Q4 -43.9%
FY26 Q1 -36.2%
FY26 Q2 -27.2%
Operating margin (TTM) Nektar Therapeutics
-400% -300% -200% -100% 0% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: -320.2% Operating margin (TTM), FY23 Q4: -292.6% Operating margin (TTM), FY24 Q1: -182.3% Operating margin (TTM), FY24 Q2: -175.6% Operating margin (TTM), FY24 Q3: -164.3% Operating margin (TTM), FY24 Q4: -106.9% Operating margin (TTM), FY25 Q1: -131.0% Operating margin (TTM), FY25 Q2: -134.5% Operating margin (TTM), FY25 Q3: -156.7% Operating margin (TTM), FY25 Q4: -253.7% Operating margin (TTM), FY26 Q1: -242.0% Operating margin (TTM), FY26 Q2: -257.8% -257.8%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 -320.2%
FY23 Q4 -292.6%
FY24 Q1 -182.3%
FY24 Q2 -175.6%
FY24 Q3 -164.3%
FY24 Q4 -106.9%
FY25 Q1 -131.0%
FY25 Q2 -134.5%
FY25 Q3 -156.7%
FY25 Q4 -253.7%
FY26 Q1 -242.0%
FY26 Q2 -257.8%
FCF margin (TTM) Nektar Therapeutics
-600% -400% -200% 0% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: -231.6% FCF margin (TTM), FY23 Q4: -214.7% FCF margin (TTM), FY24 Q1: -209.8% FCF margin (TTM), FY24 Q2: -188.3% FCF margin (TTM), FY24 Q3: -190.9% FCF margin (TTM), FY24 Q4: -180.0% FCF margin (TTM), FY25 Q1: -204.2% FCF margin (TTM), FY25 Q2: -248.3% FCF margin (TTM), FY25 Q3: -304.1% FCF margin (TTM), FY25 Q4: -377.8% FCF margin (TTM), FY26 Q1: -366.6% FCF margin (TTM), FY26 Q2: -428.7% -428.7%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 -231.6%
FY23 Q4 -214.7%
FY24 Q1 -209.8%
FY24 Q2 -188.3%
FY24 Q3 -190.9%
FY24 Q4 -180.0%
FY25 Q1 -204.2%
FY25 Q2 -248.3%
FY25 Q3 -304.1%
FY25 Q4 -377.8%
FY26 Q1 -366.6%
FY26 Q2 -428.7%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 72 159 71 81 149 201 231 165 308 1,193 115 153 102 92 90 98 55 55
Gross profit — — — — — — — 135 277 1,169 93 133 77 70 56 68 55 —
EBITDA −80 −12 −109 −127 −106 −4 −18 −100 −47 697 −429 −413 −433 −364 −257 −101 −139 −140
Operating income −95 −28 −124 −141 −120 −16 −29 −113 −60 688 −440 −425 −446 −376 −264 −105 −140 −141
Net income −103 −38 −134 −172 −162 −54 −81 −154 −97 681 −441 −444 −524 −368 −276 −119 −164 −157
Diluted EPS −$1.11 −$0.40 −$17.85 −$22.50 −$1.40 −$0.42 −$0.61 −$1.10 −$0.62 $3.78 −$2.52 −$2.49 −$2.86 −$1.97 −$1.45 −$8.68 −$9.73 −$6.47
Growth (year on year)
Revenue — +121.1% −55.1% +13.6% +83.4% +34.8% +15.0% −28.3% +86.0% +287.8% −90.4% +33.4% −33.4% −9.7% −2.1% +9.2% −43.9% −27.2%
EBITDA — — — — — — — — — — −161.6% — — — — — — —
Operating income — — — — — — — — — — −164.0% — — — — — — —
Net income — — — — — — — — — — −164.7% — — — — — — —
Diluted EPS — — — — — — — — — — −166.7% — — — — — — —
Margins
Gross margin — — — — — — — 81.7% 90.1% 98.0% 81.4% 87.3% 75.6% 76.5% 62.5% 68.8% 100.0% —
EBITDA margin −111.6% −7.4% −152.5% −156.0% −71.1% −1.8% −7.8% −60.2% −15.3% 58.4% −374.3% −269.8% −425.0% −395.4% −284.8% −102.7% −251.8% −256.5%
Operating margin −132.3% −17.8% −173.4% −173.9% −80.7% −8.2% −12.7% −68.2% −19.4% 57.6% −383.9% −278.0% −437.8% −408.6% −292.6% −106.9% −253.7% −257.8%
Net margin −142.5% −23.9% −187.4% −211.7% −108.8% −26.9% −35.2% −92.8% −31.4% 57.1% −384.5% −290.6% −514.0% −400.0% −306.3% −120.9% −297.1% −287.8%
Free-cash-flow margin 32.5% −54.9% −172.7% −172.9% −28.6% −75.7% −36.5% −74.6% −29.3% 59.0% −309.7% −209.6% −419.6% −336.4% −214.7% −180.0% −377.8% −428.7%
Cash flow
Cash from operations 40 −56 −114 −130 −39 −142 −73 −117 −80 718 −329 −313 −413 −304 −193 −176 −209 −234
Capital spending 16 31 10 11 4 10 11 6 10 14 26 7 15 6 1 1 0 0
Free cash flow 23 −87 −123 −140 −43 −152 −84 −123 −90 704 −355 −321 −428 −310 −193 −177 −209 −234
Stock-based pay 10 17 19 16 18 17 20 26 37 88 100 94 95 57 33 22 13 12
Free cash flow after stock pay 13 −105 −142 −157 −60 −169 −104 −149 −127 616 −455 −415 −522 −367 −227 −199 −221 −246
Balance sheet
Cash 50 18 15 25 39 12 56 60 5 195 96 199 25 88 35 44 15 39
Total debt 0 0 240 149 161 — 256 255 253 0 0 0 0 0 0 0 0 0
Net debt (negative = net cash) −50 −18 225 124 122 −12 200 195 248 −195 −96 −199 −25 −88 −35 −44 −15 −39
Diluted shares — — 8m 8m 8m 8m 9m 9m 10m 12m 12m 12m 12m 12m 13m 14m 17m 24m
Returned to shareholders
Buybacks — — — — — — — — — — — — — — 0 3 0 —
Total returned — — — — — — — — — — — — — — 0 3 0 —

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 2 checks passed · June 30, 2026
What it owns · $1.1bn
Short-term assets $739mLonger-term assets $356m
What it owes, and who funded it · $1.1bn
Short-term liabilities $71mLonger-term liabilities $121mShareholders' equity $903m
  • Short-term assets cover short-term liabilities $739m of assets due within a year against $71m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $739m short-term assets against $121m of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Nektar Therapeutics's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2025 Q4 TTM
Buybacks (TTM)
$0
Returned to shareholders
0%
of free cash flow
Buybacks, last 3 fiscal years
$3M
Total shareholder yield
0.0%
dividends 0.0% + buybacks 0.0% of market value
R&D spending
241.4%
of revenue

Competitors: side by side with peers

Closest by revenue in biotechnology
Last 12 months unless stated NKTR TNGX SIGA GOSS OCUL IVVD Median
Revenue, last 12 months $55m $54m $54m $53m $52m $58m $56m
Revenue growth, last 12 months −27.2% 121.5% −70.1% 32.4% −8.1% 26.3% 12.6%
Revenue growth, 3-year average −14.6% 16.9% −18.1% — −1.6% — 13.7%
Revenue growth, latest quarter −9.3% −100.0% −49.5% −19.6% 0.1% 21.2% 10.2%
Gross margin 100.0% — 54.4% — 87.1% — 82.9%
Operating margin −257.8% −253.4% −20.8% −311.7% −603.0% −192.8% −189.4%
Operating margin, 3-year average −189.3% −404.1% 31.6% −252.1% −397.7% <−999% −363.5%
Net margin −287.8% −229.9% −5.2% −235.0% −579.1% −183.9% −169.8%
Cash from operations / revenue −428.3% −267.4% −37.6% −305.2% −457.7% −185.8% −168.0%
Free-cash-flow margin −428.7% −268.1% −38.2% −305.2% −490.1% −187.9% −162.4%
Free-cash-flow margin, 3-year average −288.4% −388.7% 23.6% −231.0% −318.3% <−999% −310.0%
Stock pay / revenue 22.0% 74.9% 6.5% 26.9% 102.4% 19.2% 20.0%
Change in share count 6.2% 21.8% 0.1% 14.3% 26.4% 14.0% 8.2%

Median of all 184 companies we cover in biotechnology. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

184 biotechnology companies
Measure Company Peer median Rank
Revenue growth Growth -27.2% 12.6% 127 of 172
Change in growth rate Growth +9.1pp -0.1pp 48 of 172
Gross margin Profitability 100.0% 82.4% 1 of 75
Operating margin Profitability -257.8% -189.4% 98 of 175
Net margin Profitability -287.8% -157.3% 109 of 180
Free-cash-flow margin Cash generation -428.7% -145.4% 126 of 176
Stock pay as % of revenue Cash generation 22.0% 19.2% 94 of 179

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Non Cash Royalty Revenue Related To Sale of Future Royalties $54.9M 99.5% ▼ 14.5%
Non Cash Royalties $54.9M 99.9% ▼ 14.6%
Products $0 0.0% ▼ 100.0%
License Collaboration and Other Revenue $300,000 0.5% ▼ 49.7%

From Nektar Therapeutics's 10-K filed March 13, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$2.5B
Institutions reporting
239
Shares held vs prior quarter
▲ 34.5%
Positions opened / closed
70 / 40

Top buyers and sellers, Q2 2026: 170 institutions bought and 81 sold ; the biggest buyer was Blackrock, Inc (+2.2M shares) and the biggest seller Invesco Ltd (−488K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
FMR LLC $354M 5.1M 14.1% ▲ 17.8%
Two Seas Capital LP $216M 3.1M 8.6% ▲ 57.8%
Blackrock, Inc. $205M 2.9M 8.2% ▲ 324.7%
Bvf Inc $167M 2.4M 6.7% ▼ 6.6%
Vanguard Capital Management LLC $104M 1.5M 4.2% ▲ 25.0%
Two Sigma Investments, LP $83.9M 1.2M 3.3% ▲ 29.1%
Vestal Point Capital, LP $69.8M 1.0M 2.8% ▲ 250.9%
Morgan Stanley $65.4M 937K 2.6% ▲ 42.0%
State Street Corp $63.5M 910K 2.5% ▲ 271.7%
Geode Capital Management, LLC $61.5M 881K 2.5% ▲ 154.1%
Prosight Management, LP $56.5M 810K 2.3% ▲ 10.2%
Armistice Capital, LLC $50.5M 724K 2.0% ▲ 25.3%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Nektar Therapeutics's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $2.4M 16 trades by 3 insiders · 86% under pre-set plans
Net ▼ $2.4M net selling
Insider Date Trade Shares Price Value
Robin Howard W President & CEO August 18, 2026 Sell 418 $71.98 $30,088
Zalevsky Jonathan Chief R&D Officer August 18, 2026 Sell 186 $71.98 $13,388
Zalevsky Jonathan Chief R&D Officer June 30, 2026 Sell pre-set plan 5,681 $70.00 $397,670
Robin Howard W President & CEO June 17, 2026 Sell pre-set plan 4,500 $61.65 $277,425
Robin Howard W President & CEO June 17, 2026 Sell pre-set plan 5,500 $60.81 $334,455
Robin Howard W President & CEO June 16, 2026 Sell pre-set plan 4,697 $60.71 $285,155
Robin Howard W President & CEO June 16, 2026 Sell pre-set plan 5,303 $59.97 $318,021
Zalevsky Jonathan Chief R&D Officer June 15, 2026 Sell pre-set plan 5,538 $60.71 $336,212
Robin Howard W President & CEO May 19, 2026 Sell 444 $65.51 $29,086
Zalevsky Jonathan Chief R&D Officer May 19, 2026 Sell 199 $65.51 $13,036
Robin Howard W President & CEO February 18, 2026 Sell 423 $73.00 $30,879
Zalevsky Jonathan Chief R&D Officer February 18, 2026 Sell 180 $73.00 $13,140

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 2 trades and filings

No trades in Nektar Therapeutics disclosed in the last 12 months; 2 earlier trades on record.

  • Josh Gottheimer(D-NJ 5):Sale (full), $1,001 - $15,000, traded June 21, 2018, filed October 2, 2018
  • Josh Gottheimer(D-NJ 5):Purchase, $1,001 - $15,000, traded June 6, 2018, filed October 2, 2018

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around November 5, 2026 estimated from the company's past filing pattern, not announced

  • August 13, 2026
  • May 7, 2026
  • March 12, 2026
  • November 6, 2025
  • August 7, 2025
  • May 8, 2025

Recent SEC filings

Data status

When each part of this page on Nektar Therapeutics was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Nektar Therapeutics in brief

What does Nektar Therapeutics do?
Nektar Therapeutics is a US-listed company in the biotechnology industry. Its financial year ends in December.
What is Nektar Therapeutics's stock ticker?
Nektar Therapeutics trades under the ticker NKTR on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Nektar Therapeutics's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Nektar Therapeutics reported revenue of $54.6M, 27.2% lower than a year earlier, according to its SEC filings.
What is Nektar Therapeutics's free cash flow?
Nektar Therapeutics's free-cash-flow margin is -428.7% of revenue over the trailing twelve months, ranking 126 of the 176 biotechnology companies we cover.
Who are Nektar Therapeutics's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are FMR LLC, Two Seas Capital LP and Blackrock, Inc. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Nektar Therapeutics's market cap?
On November 2, 2026, Nektar Therapeutics's market capitalisation was about $897M and net debt of -$39.3M. Market figures come from third-party market data and may be delayed.
Who are Nektar Therapeutics's competitors?
In our Biotechnology peer group, the companies closest to Nektar Therapeutics are Tango Therapeutics, Inc., Siga Technologies Inc, Gossamer Bio, Inc., Ocular Therapeutix, Inc and Invivyd, Inc. The side-by-side comparison below sets their revenue, margins and growth against Nektar Therapeutics's.
Are insiders buying or selling Nektar Therapeutics stock?
Over the last 12 months, Nektar Therapeutics's directors and officers reported 0 open-market purchases and 16 sales on Form 4. The insider trading page charts every trade.
When is Nektar Therapeutics's next earnings date?
Around November 12, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Nektar Therapeutics announces its own schedule.