Filing Flows

Filing Flows › Health Care › Nektar Therapeutics (NKTR)

Nektar Therapeutics (NKTR) earnings and revenue breakdown

Latest: Q2 2026 · 10-Q filed Aug 14, 2026 · Nektar Therapeutics (NKTR) Q2 2026 earnings results →

Q2 2026 Revenue down 9% year over year to $10.1M · 401¢ of every $1 of revenue lost · operating margin -417.9%

Nektar Therapeutics made $10.1M in Q2 2026 (-9% Y/Y). Operating margin -417.9%, net loss $40.6M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 14, 2026.

Revenue$10.1M
Year over year-9%
Operating margin-417.9%
Net earnings−$40.6M
Operating cash flow−$75.8M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $10.1M in Q2 2026, down 9% year over year and down 7% from the previous quarter.

Operating costs exceeded revenue by $42.3M, an operating margin of -417.9%. Total costs grew 11% against a revenue fall of 9%. The fastest-growing cost line was Research & development (+31%). The quarter ended with a net loss of $40.6M, narrower than the previous quarter's $44.9M loss.

Operating cash flow was −$75.8M. Non-cash charges added back $156K of depreciation and amortization and $3.4M of share-based compensation. Working capital and other items used $38.7M. Capital expenditures of $94K exceeded it, leaving free cash flow of −$75.9M.

Quarterly history

Nektar Therapeutics revenue by quarterNektar Therapeutics revenue by quarter$29.2MQ4 2024$10.5MQ1 2025$11.2MQ2 2025$11.8MQ3 2025$21.8MQ4 2025$10.9MQ1 2026$10.1MQ2 2026
Nektar Therapeutics net earnings by quarterNektar Therapeutics net earnings by quarter$7.3MQ4 2024−$50.9MQ1 2025−$41.6MQ2 2025−$35.5MQ3 2025−$36.1MQ4 2025−$44.9MQ1 2026−$40.6MQ2 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q2 202610-QAug 14, 2026$10.1M-9%-417.9%−$40.6M−$75.8M
Q1 202610-QMay 8, 2026$10.9M+4%-359.6%−$44.9M−$44.3M
Q4 202510-KMar 13, 2026$21.8M-25%-126.9%−$36.1M−$65.0M
Q3 202510-QNov 7, 2025$11.8M-51%-268.6%−$35.5M−$48.8M
Q2 202510-QAug 8, 2025$11.2M-52%-324.2%−$41.6M−$45.7M
Q1 202510-QMay 9, 2025$10.5M-52%-425.8%−$50.9M−$49.1M
Q4 202410-KMar 14, 2025$29.2M+22%49.2%$7.3M−$46.2M

Charts

Nektar Therapeutics: revenue growth, year over year and quarter over quarterNektar Therapeutics: revenue growth, year over year and quarter over quarterY/YQ/Q+22%Q4 2024-52%-64%Q1 2025-52%+7%Q2 2025-51%+6%Q3 2025-25%+85%Q4 2025+4%-50%Q1 2026-9%-7%Q2 2026
Latest (Q2 2026): Y/Y -9%, Q/Q -7%.
Nektar Therapeutics: where the cash came from (+) and went (−), TTM to Q2 2026Nektar Therapeutics: where the cash came from (+) and went (−), TTM to Q2 2026Other financing$1.1BOther investing−$844MOperating cash flow−$234MShares issued$5.6MCash drawn (+) / kept (−)$3.7MCapital spending−$244KExchange rates$1K
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Nektar Therapeutics: profit against cash, quarter by quarterNektar Therapeutics: profit against cash, quarter by quarterNet incomeOperating cash flow−$37.1M−$43.9MQ3 2024$7.3M−$46.2MQ4 2024−$50.9M−$49.1MQ1 2025−$41.6M−$45.7MQ2 2025−$35.5M−$48.8MQ3 2025−$36.1M−$65.0MQ4 2025−$44.9M−$44.3MQ1 2026−$40.6M−$75.8MQ2 2026
Latest (Q2 2026): Net income −$40.6M, Operating cash flow −$75.8M.
Nektar Therapeutics: diluted shares by fiscal yearNektar Therapeutics: diluted shares by fiscal year179MFY2020183MFY2021187MFY2022190MFY202314MFY202417MFY2025
-90.6% since FY2020: buybacks shrank the count.
Nektar Therapeutics in its industry: growth against margin (225 companies, SIC 2834)Nektar Therapeutics in its industry: growth against margin (225 companies, SIC 2834)revenue growth, year over year →↑ operating marginmedian +11%median -50%JNJLLYMRKABBVPFEBMYABTREGNTEVAVTRSVRTXBHCZTSONCOGNALNYELANJAZZBMRNPRGOAMRXUTHRRPRXNRIXINSMKeenova Therapeutics plcALKSMDGLPAHCSRPTPTCTINDVBBIOACADCORTPBHANIPKNSAPTGXHRMYIONSAXSMTGTXSUPNTVTXCOLLVREOFAMPHMIRMPCRXRARELQDAARQTIRWDARDXNATRXNCREBSZLABXERSINVACRMDMNKDRYTMURGNPHATAUPHSNDXRIGLLGNDEOLSARWRPGENHROWVNDAOPKSDGRGERNETONAGIOPBYITNGXCYRXCYTKMRVIORGONUVBLFVNSIGAKROSAMRNZVRASPRYHRTXAKBABCYCKPTIGYREMGNXELTPSEPNVRDNLFCRCrinetics Pharmaceuticals, Inc.VSTMKURATBPHLABADCTNAMSFBIOXLODERMARCTRMTIAYTUFHTXENTATNXPOCULASMBWVEAPMDBFRIABEOSTOKLXRXCAPRIDYAZOMDFINBPJANXSBFMGOSSETSTRCUSCPIXLIFDCUEAQSTPRAXWHWKVERUEMMAGENBVRCACELUQUREZYMEEQABCLIMNMKYNBAKTSRNACVSICNTBTRAWISCOEVFMTVRDLPCNCAMPAtaiBeckley Inc.CTMXALMSPMHSACRSVTGNROIVKRROJAGXENSCKRSAABUSPRPHSTTKCPHITRDATXMDGOVXNWBOBIOEUPBIRDOVIDSPRBXBIOPRTAMCRBARVNMNOVSLNIGCBIOALGVNDNTHCPMDSPRORFLCOYASCYXBFRGSXTPBTAIQHCWBSERYARWRNACRGBPAVTXCLNNNTHIHINDAAGHALTONCOCRVOSKVIBOLTBDPTLYELIBOPULMNKTR (-9%, -100%)
Pharmaceutical Preparations; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

The same charts as the app — open one to draw it.

💵Where each $1 goesinteractive

Loading the interactive chart…

🌏Named in Asian annual reportsinteractive

Loading the interactive chart…

🔄Rotation against the market and its industry (RRG)interactive

Loading the interactive chart…

🔍Earnings qualityinteractive

Loading the interactive chart…

⚖️Fair value by methodinteractive

Loading the interactive chart…

🔭Outlook & guidanceinteractive

Loading the interactive chart…

📈Investments: gains and what it boughtinteractive

Loading the interactive chart…

🏭Its industry’s money flow (input-output)interactive

Loading the interactive chart…

Customers and suppliers named in filings

Sells to

About Nektar Therapeutics

Nektar Therapeutics is a clinical-stage biotechnology company focused on developing treatments that address the underlying immunological dysfunction in autoimmune and chronic inflammatory diseases. Nektar’s lead product candidate, rezpegaldesleukin (REZPEG, or NKTR-358), is a novel, first-in-class regulatory T cell stimulator being evaluated in atopic dermatitis, alopecia areata, and Type 1 diabetes mellitus. Nektar’s pipeline also includes preclinical bivalent tumor necrosis factor receptor type II (TNFR2) antibody and bispecific programs, NKTR-0165 and NKTR-0166, and a modified hematopoietic colony stimulating factor (CSF) protein, NKTR-422.

In its own words, from its 8-K, filed Aug 13, 2026.

Nektar Therapeutics against its Pharmaceutical Preparations peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -9% against the peers' median +7%. Operating margin: -417.9% against the peers' median 20.4%.

CompanyQuarterRevenueY/YOp. margin
NKTR Nektar TherapeuticsQ2 2026$10.1M-9%-417.9%
JNJ Johnson & JohnsonQ3 2026$25.4B+6%0.1%
LLY ELI LillyQ3 2026$24.4B+39%34.5%
MRK MerckQ3 2026$18.1B+5%30.7%
ABBV AbbVieQ3 2026$17.4B+10%36.0%
PFE PfizerQ3 2026$16.6B-0.4%20.4%
BMY Bristol Myers SquibbQ3 2026$13.1B+7%19.4%
ABT Abbott LaboratoriesQ3 2026$13.0B+14%10.4%
REGN Regeneron PharmaceuticalsQ3 2026$5.1B+36%40.0%

Source: Nektar Therapeutics 10-Q on SEC EDGAR · CIK 906709 · Pharmaceutical Preparations

13F: who owns NKTR and who is buying

Largest holders of NKTR (13F)Largest holders of NKTR (13F)FMR LLC$354MBlackRock$205MTwo Seas Capital LP$203MBVF$167MVanguard Capital Management LLC$104MTwo Sigma Investments, LP$83.9MVestal Point Capital, LP$69.8MMorgan Stanley$65.4MState Street$63.5MGeode Capital Management, LLC$61.5M
Funds' net buying of NKTR by quarter (13F)Funds' net buying of NKTR by quarter (13F)$197M2025-06$337M2025-09$133M2025-12$645M2026-03$596M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on NKTR

History

Every quarter: Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results · Q4 2024 results

Compare NKTR with

中文版：Nektar Therapeutics（NKTR）财报

Español · Français