Nektar Therapeutics (NASDAQ: NKTR) is a biopharmaceutical company that develops drug candidates using advanced polymer conjugate technologies. Revenue is generated through royalties on partnered drugs, collaboration agreements with pharmaceutical companies, and at-the-market equity issuances to fund operations. Nektar operates in the research and development stage for its pipeline assets while collecting royalties from approved products including ADYNOVATE/ADYNOVI and MOVANTIK/MOVANTIG, though rights to royalties on those products were sold to Healthcare Royalty Management (HCR) under a 2020 purchase and sale agreement. The company filed its 10-K for fiscal year ended December 31, 2025 on March 13, 2026. Nektar has an active legal dispute with Eli Lilly and Company stemming from a collaboration agreement, with a jury trial scheduled for September 8, 2026. The company has executed at-the-market equity offerings, raising $72.5 million net in September and October 2025 under the April 2025 ATM Sales Agreement, and entered a November 2025 ATM Sales Agreement allowing up to $110.0 million in additional common stock offerings.

Revenue model

Royalties on partnered and licensed drug products, collaboration and partnership agreements with pharmaceutical companies, and proceeds from at-the-market equity offerings. Rights to royalties on ADYNOVATE/ADYNOVI and MOVANTIK/MOVANTIG from and after October 1, 2020 were sold to HCR, with a cap removed in exchange for a $15.0 million payment to Nektar in March 2024.

Products and services

Polymer conjugate drug development platform applied to pipeline drug candidates across multiple clinical stages. Approved partnered products include ADYNOVATE/ADYNOVI, MOVANTIK/MOVANTIG, CIMZIA, and MIRCERA, though royalty rights on these have been monetized through sales to third parties. Pipeline includes Phase 3 and earlier-stage candidates.

Customers and end markets

Pharmaceutical and biopharmaceutical company partners. End markets include patients in therapeutic areas addressed by partnered and proprietary drug candidates. Collaboration with Eli Lilly and Company is a material partnership relationship currently subject to litigation.

Value-chain role

Drug discovery and development organization that out-licenses or co-develops assets with larger pharmaceutical partners. Nektar provides polymer conjugate chemistry expertise and clinical-stage drug candidates; commercial manufacturing and marketing are generally handled by partners.

Geographic exposure

Headquartered in the United States. Subject to EU and UK GDPR regulations indicating some operations or data processing touching European jurisdictions. Royalties referenced as worldwide sales.

Source: SEC 10-K, filed 2026-03-13

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