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Jun 30, 2025
Nektar Q2 2025 Earnings Report
Nektar Therapeutics reported its second quarter 2025 financial results, highlighting a decrease in revenue and net loss compared to the previous year, alongside progress in its clinical development programs.
Key Takeaways
Nektar Therapeutics reported a significant decrease in revenue for Q2 2025, down to $11.2 million from $23.5 million in Q2 2024, primarily due to the sale of its Huntsville manufacturing facility. Despite the revenue decline, the company reduced its net loss to $41.6 million from $52.4 million in the prior year's quarter, driven by lower operating costs and expenses. The company also announced positive Phase 2b data for rezpegaldesleukin in atopic dermatitis and secured Fast Track designation for the same drug in alopecia areata.
Revenue for Q2 2025 was $11.2 million, a decrease from $23.5 million in Q2 2024, mainly due to the cessation of product sales after the Huntsville manufacturing facility sale.
Net loss for Q2 2025 improved to $41.6 million, or $2.95 per share, compared to a net loss of $52.4 million, or $3.76 per share, in Q2 2024.
Operating costs and expenses significantly decreased to $47.4 million in Q2 2025 from $73.3 million in Q2 2024, largely due to the elimination of cost of goods sold.
Nektar announced positive 16-week induction data from the Phase 2b study of rezpegaldesleukin in atopic dermatitis and received Fast Track designation for the drug in alopecia areata.
Forward Guidance
Nektar Therapeutics expects its cash and investments in marketable securities, including proceeds from the recent secondary offering, to fund operations into the first quarter of 2027. The company anticipates reporting 52-week data for rezpegaldesleukin in atopic dermatitis in early 2026 and Phase 2b data for alopecia areata in December 2025. They also plan to advance NKTR-0165 into the clinic in 2026.
Positive Outlook
- Cash and investments are expected to support operations into Q1 2027, bolstered by $107.5 million net proceeds from a secondary offering.
- Anticipated reporting of 52-week data for rezpegaldesleukin in atopic dermatitis in early 2026.
- Expected reporting of Phase 2b data for rezpegaldesleukin in alopecia areata in December 2025.
- Plans to advance the next T reg program, NKTR-0165, into the clinic in 2026.
- Significant progress is being made on advancing preclinical studies with a new bispecific antibody, NKTR-0166.
Challenges Ahead
- The therapeutic potential of drug candidates is subject to change as research and development continue.
- Investigational agents are subject to substantial risks, including negative safety and efficacy findings in future clinical studies.
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