Filing Flows › Nektar Therapeutics (NKTR) › Q3 2025
Nektar Therapeutics (NKTR) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 7, 2025
Nektar Therapeutics (NKTR) reported revenue of $11.8M for the third quarter 2025 (Q3 2025), -51% from a year earlier and +6% from the quarter before. Operating margin was -268.6%, net loss $35.5M (301.3% of revenue).
Nektar Therapeutics, Q3 2025: revenue $11.8M (-51% year over year), operating margin -268.6%, net loss $35.5M, operating cash flow −$48.8M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $11.8M | +6% | -51% |
| Operating profit | −$31.7M | — | — |
| Net earnings | −$35.5M | — | — |
| Operating cash flow | −$48.8M | — | — |
What changed
Revenue was $11.8M in Q3 2025, down 51% year over year and up 6% from the previous quarter. Non Cash Royalty Revenue Related to Sale of Future Royalties was the largest line at 98% of revenue. Non Cash Royalty Revenue Related to Sale of Future Royalties lost $4.2M year over year (down 27%), 34% of the total change.
Operating costs exceeded revenue by $31.7M, an operating margin of -268.6%. Total costs fell 26% while revenue fell 51%. The quarter ended with a net loss of $35.5M, narrower than the previous quarter's $41.6M loss.
Operating cash flow was −$48.8M. Non-cash charges added back $196K of depreciation and amortization and $3.1M of share-based compensation. Working capital and other items used $16.5M. Capital expenditures of $114K exceeded it, leaving free cash flow of −$48.9M.
Questions
What was Nektar Therapeutics' revenue in the third quarter 2025?
Nektar Therapeutics (NKTR) reported revenue of $11.8M for the third quarter 2025 (Q3 2025), -51% from a year earlier and +6% from the quarter before.
Was Nektar Therapeutics profitable in the third quarter 2025?
Operating loss was $31.7M (-268.6% of revenue) and net loss $35.5M.