Nektar Therapeutics reported a net loss of $164.1 million for the fiscal year ending December 31, 2025, a 38% increase from the previous year's loss of $119 million. Total revenue for the year was $55.2 million, a significant decline of 44% compared to $98.4 million in 2024. This decrease was primarily attributed to the absence of product sales following the sale of its manufacturing facility in December 2024, which eliminated revenue from product sales and cost of goods sold. Non-cash royalty revenue also fell by 15% to $54.9 million, reflecting the end of royalty terms for several products.
In terms of operational changes, Nektar has undergone significant restructuring, including workforce reductions and the consolidation of its San Francisco operations. The company has initiated two Phase 2b clinical studies for its lead drug candidate, rezpegaldesleukin, targeting moderate-to-severe atopic dermatitis and severe-to-very severe alopecia areata. The FDA granted Fast Track designation for rezpegaldesleukin for both indications, which may expedite its development and review process. The company also regained full rights to rezpegaldesleukin after terminating its collaboration agreement with Eli Lilly in April 2023.
Nektar's employee headcount as of December 31, 2025, was 63, with 39 employees engaged in research and development activities. The company continues to invest in its pipeline of immunotherapy drug candidates, including NKTR-255 and NKTR-0165, while also exploring potential collaborations to fund its research and development efforts. The company’s cash and investments in marketable securities totaled approximately $245.8 million at year-end, which it believes will be sufficient to meet its liquidity requirements for at least the next 12 months.
Looking ahead, Nektar anticipates increased research and development expenses in 2026 as it initiates a Phase 3 program for rezpegaldesleukin. The company expects to continue incurring substantial losses as it advances its drug candidates through clinical development. The future success of Nektar's drug candidates remains uncertain, with the potential for significant fluctuations in revenue based on the outcomes of clinical trials and the establishment of new collaboration agreements.
About NEKTAR THERAPEUTICS
Nektar Therapeutics is a biopharmaceutical company focused on discovering and developing immunotherapy medicines. Its pipeline includes drug candidates targeting autoimmune diseases and cancer, utilizing innovative immunomodulatory agents and PEGylation technology. The company advances its research through clinical trials, collaborations, and licensing, aiming to deliver targeted, long-lasting therapies that modulate immune responses for improved patient outcomes worldwide.
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