Nkarta, Inc. (NKTX), a clinical-stage biopharmaceutical company specializing in allogeneic, off-the-shelf engineered natural killer (NK) cell therapies, reported a net loss of $104.1 million for the year ended December 31, 2025, compared to a net loss of $108.8 million for the previous year. The company's accumulated deficit reached $648.3 million as of December 31, 2025. Nkarta has not generated any revenue from product sales to date, as it does not have any products approved for sale. The company's research and development expenses were $90.4 million for 2025, a decrease from $96.7 million in 2024, primarily due to lower personnel costs and reduced manufacturing expenses related to deprioritized programs, offset by increased clinical spending on NKX019 for autoimmune diseases.
General and administrative expenses remained relatively stable, increasing slightly to $31.6 million in 2025 from $31.5 million in 2024. This increase was primarily due to severance expenses resulting from a reduction in workforce, offset by lower personnel-related expenses and rent. Interest income decreased to $15.5 million in 2025 from $19.3 million in 2024, reflecting lower average investment balances and yields. Other income, net, increased to $2.4 million in 2025, primarily due to the recognition of employee retention tax credits and sublease income. As of December 31, 2025, Nkarta's cash, cash equivalents, restricted cash, and investments totaled $295.1 million.
Operationally, Nkarta is focused on advancing its lead program, NKX019, for the treatment of autoimmune diseases, including lupus nephritis (LN), primary membranous nephropathy (pMN), systemic sclerosis (scleroderma), idiopathic inflammatory myopathy (myositis), and antineutrophil cytoplasmic antibody (ANCA)-associated vasculitis (AAV). The company has deprioritized its oncology programs, NKX019 and NKX101, to concentrate resources on autoimmune indications. In May 2025, Nkarta modified the lymphodepleting conditioning (LD) regimen in its Ntrust-1 and Ntrust-2 clinical trials to use a combination of fludarabine (Flu) and cyclophosphamide (Cy), with an option for patients with cytopenias to receive Cy alone. In November 2025, the company reported deep B-cell depletion in patients treated with NKX019 and Flu/Cy LD.
Looking ahead, Nkarta anticipates that operating expenses will increase significantly as it continues clinical development, seeks regulatory approvals, expands manufacturing capabilities, and establishes a commercial organization. The company plans to continue assessing opportunities for further expansion of NKX019 into additional indications with supportive data for its mechanism. Nkarta believes its current cash resources will be sufficient to fund operations for at least the next 12 months. However, the company acknowledges the need for additional funding in the future, which may be sought through equity offerings, debt financings, or strategic partnerships.
About Nkarta, Inc.
Nkarta, Inc. develops allogeneic, off-the-shelf natural killer (NK) cell therapies targeting autoimmune diseases and cancers. Its proprietary platform engineers NK cells with enhanced recognition, persistence, and cryopreservation capabilities. The company’s lead candidate, NKX019, targets CD19-positive B cells to treat autoimmune conditions like lupus and scleroderma. Focused on scalable manufacturing and innovative cell engineering, Nkarta aims to provide broadly accessible, disease-modifying immunotherapies.
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