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Nektar Therapeutics cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$75.9M in Q2 2026 · −$234M over twelve months

Operating cash flow−$75.8M
Capital spending−$94K
Free cash flow−$75.9M

Analysis

In Q2 2026, Nektar Therapeutics generated −$75.8M of operating cash flow and spent $94K on capital projects, leaving free cash flow of −$75.9M. That is $30.1M less than in Q2 2025 (−$45.8M).

Over the twelve months to Jun 30, 2026, operating cash flow was −$234M; the largest uses were other investing ($844M), operating cash flow ($234M), capital spending ($244K); besides operations, cash came from other financing ($1.1B), shares issued ($5.6M); the cash balance fell by $3.7M.

Operating cash flow was −$75.8M against net income of −$40.6M. The largest differences: prepaid and other assets −$40.8M, payables +$15.1M, stock-based pay +$3.4M.

Free cash flow

Nektar Therapeutics: free cash flow by quarterNektar Therapeutics: free cash flow by quarter−$44.6MQ3 2024−$46.6MQ4 2024−$49.1MQ1 2025−$45.8MQ2 2025−$48.9MQ3 2025−$65.0MQ4 2025−$44.3MQ1 2026−$75.9MQ2 2026
Operating cash flow less capital spending.
Nektar Therapeutics: operating cash flow against capital spendingNektar Therapeutics: operating cash flow against capital spendingOperating cash flowCapital spending−$43.9M$666KQ3 2024−$46.2M$459KQ4 2024−$49.1M$2KQ1 2025−$45.7M$37KQ2 2025−$48.8M$114KQ3 2025−$65.0M$18KQ4 2025−$44.3M$18KQ1 2026−$75.8M$94KQ2 2026
Latest (Q2 2026): Operating cash flow −$75.8M, Capital spending $94K.

Capital allocation, year by year

Nektar Therapeutics: where the cash came from (up) and went (down), by fiscal yearNektar Therapeutics: where the cash came from (up) and went (down), by fiscal yearOperating cash flowShares issuedAsset salesCapital spendingBuybacksFY2021: Operating cash flow −$413MFY2021: Shares issued $33.2MFY2021: Capital spending −$15.0M$33.2MFY2021FY2022: Operating cash flow −$304MFY2022: Shares issued $758KFY2022: Asset sales $13.2MFY2022: Capital spending −$5.7M$14.0MFY2022FY2023: Operating cash flow −$193MFY2023: Shares issued $30KFY2023: Asset sales $1.2MFY2023: Capital spending −$865K$1.3MFY2023FY2024: Operating cash flow −$176MFY2024: Shares issued $118KFY2024: Capital spending −$1.5MFY2024: Buybacks −$3.0M$118KFY2024FY2025: Operating cash flow −$209MFY2025: Shares issued $866KFY2025: Capital spending −$171K$866KFY2025
Over these 5 years operating cash flow totalled −$1.3B; the largest uses were operating cash flow ($1.3B) and capital spending ($23.2M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$684M
Debtnone
Net cash$684M
Cash runway2.9 years

Nektar Therapeutics is burning cash: its operations consume cash, a free cash flow of −$234M a year at the current rate against $684M of cash and investments: a runway of about 2.9 years before any new financing.

Where the cash came from and went

Nektar Therapeutics: sources (+) and uses (−) of cash, Q2 2026Nektar Therapeutics: sources (+) and uses (−) of cash, Q2 2026Other investing−$399MOther financing$364MCash drawn (+) / kept (−)$110MOperating cash flow−$75.8MShares issued$878KCapital spending−$94K
Nektar Therapeutics: sources (+) and uses (−) of cash, TTM to Q2 2026Nektar Therapeutics: sources (+) and uses (−) of cash, TTM to Q2 2026Other financing$1.1BOther investing−$844MOperating cash flow−$234MShares issued$5.6MCash drawn (+) / kept (−)$3.7MCapital spending−$244KExchange rates$1K

From profit to cash

Nektar Therapeutics: net income to operating cash flow, Q2 2026Nektar Therapeutics: net income to operating cash flow, Q2 2026Net income−$40.6MDepreciation & amortization$156KStock-based pay$3.4MPayables$15.1MAccrued liabilities−$2.3MPrepaid and other assets−$40.8MOperating cash flow−$75.8M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q4 202400116-116
Q3 20242150156-4

Every quarter

QuarterOperating cash flowCapital spendingShares issuedCash drawn (+) / kept (−)Free cash flow
Q2 2026−$75.8M−$94K$878K$110M−$75.9M
Q1 2026−$44.3M−$18K$4.1M−$134M−$44.3M
Q4 2025−$65.0M−$18K$410K$25.9M−$65.0M
Q3 2025−$48.8M−$114K$238K$2.0M−$48.9M
Q2 2025−$45.7M−$37K$211K−$4.1M−$45.8M
Q1 2025−$49.1M−$2K$7K$5.4M−$49.1M
Q4 2024−$46.2M−$459K$83K−$14.1M−$46.6M
Q3 2024−$43.9M−$666K$13K−$2.2M−$44.6M

Nektar Therapeutics: income statement and cash flow

Nektar Therapeutics, Q2 2026: revenue $10.1M (-9% year over year), operating margin -417.9%. The chart follows the revenue to costs, profit and cash.

Nektar Therapeutics: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.