Nektar Therapeutics Reports 51% Revenue Decline in Q3 2025, Focuses on Clinical Pipeline

Nektar Therapeutics reported a significant decline in financial performance for the third quarter of 2025, with total revenue of $11.8 million, a 51% decrease from $24.1 million in the same period of 2024. The drop was primarily attributed to the absence of product sales following the sale of its manufacturing facility in December 2024, which eliminated product sales revenue and associated costs. Non-cash royalty revenue also fell by 27% to $11.5 million, while license and collaboration revenue decreased by 21% to $0.3 million. For the nine months ended September 30, 2025, total revenue was $33.4 million, down 52% from $69.3 million in the prior year.

Operating expenses for the third quarter decreased by 26% to $43.5 million, compared to $58.5 million in the same quarter of 2024. This reduction was driven by lower research and development costs, which fell by 22% to $27.3 million, and a 15% decrease in general and administrative expenses to $16.1 million. The company reported a net loss of $35.5 million for the quarter, a slight improvement from the $37.1 million loss in the prior year. For the nine-month period, the net loss was $128.0 million, compared to $126.2 million in the same period of 2024.

Strategically, Nektar has focused on advancing its clinical pipeline, particularly the drug candidate rezpegaldesleukin, which is currently undergoing Phase 2b trials for multiple autoimmune conditions. The company has initiated collaborations, including a partnership with TrialNet to evaluate rezpegaldesleukin in patients with type 1 diabetes. Additionally, Nektar has made significant organizational changes, including a restructuring plan aimed at prioritizing key research and development efforts, which has resulted in a reduction of its workforce and operational costs.

As of September 30, 2025, Nektar had approximately $270.2 million in cash and investments, which it believes will be sufficient to fund operations for at least the next twelve months. The company has also engaged in various financing activities, including a public offering that raised approximately $107.2 million in July 2025 and additional sales of common stock under an at-the-market offering agreement, generating net proceeds of $34.3 million in the third quarter. Looking ahead, Nektar anticipates continued investment in its drug development programs, particularly for rezpegaldesleukin and other candidates, while navigating the challenges of clinical trials and regulatory approvals.