Nektar Therapeutics

nektar.com

What Do They Do?

Develops immunotherapy drug candidates for autoimmune and inflammatory diseases and cancer, working with pharmaceutical and biotechnology partners.

How Do They Make Money?

Nektar's royalty revenue is tied to partner-drug sales and is reported as non-cash for royalty rights previously sold. Other collaboration agreements can bring upfront license payments, research reimbursements or co-funding, milestone payments and royalties.

revenue

Segment	Share	How money arrives
Product sales Sold outright	0.0% FY2022: 22%	Sold outright
Non-cash royalty revenue related to the sales of future royalties Licensed	99% FY2022: 76%	Licensed
License, collaboration and other revenue Licensed	0.5% FY2022: 2.1%	Licensed

Who Are Their Customers?

Pharmaceutical and biotechnology companies are Nektar's collaboration partners; revenue comes through long-term agreements involving licenses, research, milestones and royalties.

Customers above 10% of revenue, FY2025

of revenue from three customers (45%, 37%, 14%)

FY2024: 96% from five customers

Do Revenues Turn Into Profits?

No. It lost $164.1M in FY2025.

Operating income, FY2025

−254% of revenue

▲ +33% (Loss) vs FY2024 (−$105.2M, −107%)

Net income, FY2025

−297% of revenue

▲ +38% (Loss) vs FY2024 (−$119M, −121%)

Free cash flow, FY2025

−378% of revenue

▲ +18% (Loss) vs FY2024 (−$177.2M, −180%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▼ −9%; vs $11.2M in Q2 FY2025
Net income: ▼ −2% (Loss); vs −$41.6M in Q2 FY2025

Non-cash royalty revenue related to the sales of future royalties share of revenue vs 100.0% in Q2 FY2025

May 8, 2026 Interim CFO Sandra Gardiner stepped down Linda Rubinstein took over as interim CFO on May 15, 2026.

Shrinking. Revenue fell 46% in 4 years, from $101.9M in FY2021 to $55.2M in FY2025, about 14% a year.

PEG-reagent sales The older report describes manufacturing PEG reagents and collaboration supply agreements that could generate manufacturing revenue; the latest says Nektar no longer sells PEG reagents and that substantially all revenue is non-cash royalties.

Revenue over time

Product sales Non-cash royalty revenue related to the sales of future royalties License, collaboration and other revenue

$200M$100M$0

FY2021 FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with Regeneron, Leo Pharma, Eli Lilly, Galderma, Apogee Therapeutics, Janssen Pharmaceuticals, AstraZeneca, Sangamo Therapeutics, Quell Therapeutics, Sonoma Biotherapeutics, GentiBio, Kyvema Therapeutics, Tract Therapeutics, Sanofi, ImmunityBio, Nkarta, NKMax America, Roche/Genentech, TRexBio, and Odyssey Therapeutics

Comments