Release details
Nektar Therapeutics Reports Second Quarter 2025 Financial Results
Cash and investments in marketable securities on
"This quarter, we announced transformative data for rezpegaldesleukin from the Phase 2b study in patients with moderate to severe atopic dermatitis," said Howard
"We are proceeding in our IND-enabling studies for our next T reg program, NKTR-0165, which targets the TNFR2 receptor to stimulate tissue-specific T regulatory cells," continued Robin. "Our goal is to advance NKTR-0165 into the clinic in 2026. Finally, we are making significant progress on advancing preclinical studies with a new bispecific antibody, NKTR-0166, which combines the TNFR2 epitope with a validated antibody target."
Summary of Financial Results
Revenue in the second quarter of 2025 was
Total operating costs and expenses in the second quarter of 2025 were
R&D expense in the second quarter of 2025 was
G&A expense was
Non-cash restructuring and impairment charges were not material in the second quarter and first half of 2025. Non-cash restructuring and impairment charges in the second quarter of 2024 were $13.3 million and $14.3 million in the first half of 2024. These non-cash charges were related to the declining San Francisco commercial real estate market and real estate lease obligations held by Nektar.
In the first quarter of 2025, we began accounting for our investment in the new portfolio company, Gannet BioChem, under the equity method of accounting which calculates our gain or loss based on the change in our share of Gannet BioChem's equity each quarter. This resulted in non-cash losses from the equity method investment of
Net loss for the second quarter of 2025 was
_________________________ |
1 The per share amounts have been retrospectively adjusted to reflect a one-for-fifteen reverse stock split completed on |
Recent Business Highlights
- In July of 2025, the
U.S. Food and Drug Administration (FDA) granted Fast Track designation for rezpegaldesleukin for the treatment of severe-to-very severe alopecia areata (AA) in adults and pediatric patients 12 years of age and older who weigh at least 40 kilograms. - In July of 2025, Nektar announced the successful closing of a public offering of its common stock including the full exercise of underwriters' option to purchase additional shares, raising $115 million in gross proceeds.
- In June of 2025, Nektar announced that the REZOLVE-AD study achieved statistical significance on the primary endpoint at week 16 for mean percent change in EASI score from baseline for all rezpegaldesleukin arms versus placebo and achieved statistical significance for key secondary endpoints at week 16, including EASI-75, EASI-90, Itch NRS, vIGA-AD and BSA. The rapid onset of EASI reduction and magnitude of itch improvement show potential differentiation of this novel regulatory T-cell mechanism as a first and best-in-class immune-modulator.
- In June of 2025, Nektar collaborators at the
Fred Hutchinson Cancer Center presented oral data for NKTR-255 as adjunctive treatment to cell therapy at the 30th AnnualEuropean Hematological Association (EHA) Congress entitled, "Enhanced CAR T-cell Expansion and Durable Complete Responses with NKTR-255 Plus Lisocabtagene Maraleucel in Relapsed/Refractory Large B-cell Lymphoma."
Conference Call to Discuss Second Quarter 2025 Financial Results
Nektar management will host a conference call to review the results beginning at
This press release and live audio-only webcast of the conference call can be accessed through a link that is posted on the Home Page and Investors section of the Nektar website: https://ir.nektar.com/. The web broadcast of the conference call will be available for replay through
To access the conference call by phone, please pre-register at Nektar Earnings Call Registration. All registrants will receive dial-in information and a PIN allowing them to access the live call.
About
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements which can be identified by words such as: "will," "expect," "develop," "potential," "advance," "plan," "target," "believe," and similar references to future periods. Examples of forward-looking statements include, among others, statements regarding the therapeutic potential of, and future development plans for, rezpegaldesleukin, NKTR-0165, NKTR-0166, NKTR-422, and NKTR-255. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results to differ materially from those indicated in the forward-looking statements include, among others: (i) our statements regarding the therapeutic potential of rezpegaldesleukin, NKTR-0165, NKTR-0166, NKTR-422 and NKTR-255 are based on preclinical and clinical findings and observations and are subject to change as research and development continue; (ii) rezpegaldesleukin, NKTR-0165, NKTR-0166, NKTR-422 and NKTR-255 are investigational agents and continued research and development for these drug candidates is subject to substantial risks, including negative safety and efficacy findings in future clinical studies (notwithstanding positive findings in earlier preclinical and clinical studies); (iii) rezpegaldesleukin, NKTR-0165, NKTR-0166, NKTR-422 and NKTR-255 are in clinical development and the risk of failure is high and can unexpectedly occur at any stage prior to regulatory approval; (iv) the timing of the commencement or end of clinical trials and the availability of clinical data may be delayed or unsuccessful due to regulatory delays, slower than anticipated patient enrollment, manufacturing challenges, changing standards of care, evolving regulatory requirements, clinical trial design, clinical outcomes, competitive factors, or delay or failure in ultimately obtaining regulatory approval in one or more important markets; (v) a Fast Track designation does not increase the likelihood that rezpegaldesleukin will receive marketing approval in
Contacts:
For Investors:
cdavis@lifesciadvisors.com
212-915-2577
Ahu Demir, Ph.D.
ademir@lifesciadvisors.com
212-915-3820
For Media:
603-714-2638
CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||||
(In thousands) | ||||||||||
(Unaudited) | ||||||||||
ASSETS | ||||||||||
Current assets: | ||||||||||
Cash and cash equivalents | $ 42,988 | $ 44,252 | ||||||||
Short-term investments | 132,915 | 210,974 | ||||||||
Other current assets | 10,663 | 6,066 | ||||||||
Total current assets | 186,566 | 261,292 | ||||||||
Long-term investments | - | 13,869 | ||||||||
Property and equipment, net | 2,988 | 3,411 | ||||||||
Operating lease right-of-use assets | 7,585 | 8,413 | ||||||||
Equity method investment in Gannet BioChem | 5,371 | 12,218 | ||||||||
Other assets | 5,024 | 4,647 | ||||||||
Total assets | $ 207,534 | $ 303,850 | ||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | ||||||||||
Current liabilities: | ||||||||||
Accounts payable | 14,281 | 11,560 | ||||||||
Accrued expenses | 35,099 | 29,972 | ||||||||
Operating lease liabilities, current portion | 22,011 | 19,868 | ||||||||
Total current liabilities | 71,391 | 61,400 | ||||||||
Operating lease liabilities, less current portion | 74,145 | 82,696 | ||||||||
Liabilities related to the sales of future royalties, net | 80,573 | 91,776 | ||||||||
Other long-term liabilities | 5,636 | 7,241 | ||||||||
Total liabilities | 231,745 | 243,113 | ||||||||
Commitments and contingencies | ||||||||||
Stockholders' equity: | ||||||||||
Preferred stock | - | - | ||||||||
Common stock | 1 | 1 | ||||||||
Capital in excess of par value | 3,667,487 | 3,659,885 | ||||||||
(3,000) | (3,000) | |||||||||
Accumulated other comprehensive income (loss) | (14) | 61 | ||||||||
Accumulated deficit | (3,688,685) | (3,596,210) | ||||||||
Total stockholders' equity (deficit) | (24,211) | 60,737 | ||||||||
Total liabilities and stockholders' equity | $ 207,534 | $ 303,850 | ||||||||
(1) The consolidated balance sheet at | ||||||||||
of the information and notes required by generally accepted accounting principles in | ||||||||||
(2) All share and per share amounts have been retrospectively adjusted to reflect a one-for-fifteen reverse stock split | ||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||
(In thousands, except share and per share information) | ||||||||||||||
(Unaudited) | ||||||||||||||
Three months ended | Six months ended | |||||||||||||
2025 | 2024(2) | 2025 | 2024(2) | |||||||||||
Revenue: | ||||||||||||||
Product sales | $ - | $ 6,640 | $ - | $ 12,674 | ||||||||||
Non-cash royalty revenue related to the sales of future royalties | 11,175 | 16,790 | 21,635 | 32,298 | ||||||||||
License, collaboration and other revenue | - | 59 | - | 156 | ||||||||||
Total revenue | 11,175 | 23,489 | 21,635 | 45,128 | ||||||||||
Operating costs and expenses: | ||||||||||||||
Cost of goods sold | - | 9,740 | - | 18,274 | ||||||||||
Research and development | 29,886 | 29,724 | 60,366 | 57,132 | ||||||||||
General and administrative | 17,072 | 20,510 | 41,418 | 40,659 | ||||||||||
Restructuring and impairment | 447 | 13,289 | 616 | 14,264 | ||||||||||
Total operating costs and expenses | 47,405 | 73,263 | 102,400 | 130,329 | ||||||||||
Loss from operations | (36,230) | (49,774) | (80,765) | (85,201) | ||||||||||
Non-operating income (expense): | ||||||||||||||
Non-cash interest expense on liabilities related to the sales of future royalties | (5,394) | (6,408) | (10,368) | (11,939) | ||||||||||
Interest income | 1,969 | 3,901 | 4,843 | 8,121 | ||||||||||
Other income (expense), net | 260 | (36) | 526 | (135) | ||||||||||
Total non-operating income (expense), net | (3,165) | (2,543) | (4,999) | (3,953) | ||||||||||
Loss before provision (benefit) for income taxes and equity method investment | (39,395) | (52,317) | (85,764) | (89,154) | ||||||||||
Provision (benefit) for income taxes | (188) | 46 | (136) | 11 | ||||||||||
Loss before equity method investment | (39,207) | (52,363) | (85,628) | (89,165) | ||||||||||
Loss from equity method investment | (2,386) | - | (6,847) | - | ||||||||||
Net loss | $ (41,593) | $ (52,363) | $ (92,475) | $ (89,165) | ||||||||||
Basic and diluted net loss per share | $ (2.95) | $ (3.76) | $ (6.57) | $ (6.63) | ||||||||||
Weighted average shares outstanding used in computing basic and diluted | 14,087,307 | 13,921,378 | 14,074,545 | 13,452,164 | ||||||||||
(2) All share and per share amounts have been retrospectively adjusted to reflect a one-for-fifteen reverse stock split | ||||||||||||||
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