Filing Flows › Nektar Therapeutics (NKTR) › Q4 2025
Nektar Therapeutics (NKTR) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 13, 2026
Nektar Therapeutics (NKTR) reported revenue of $21.8M for the fourth quarter 2025 (Q4 2025), -25% from a year earlier and +85% from the quarter before. Operating margin was -126.9%, net loss $36.1M (165.4% of revenue).
Nektar Therapeutics, Q4 2025: revenue $21.8M (-25% year over year), operating margin -126.9%, net loss $36.1M, operating cash flow −$65.0M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $21.8M | +85% | -25% |
| Operating profit | −$27.7M | — | -293% |
| Net earnings | −$36.1M | — | -597% |
| Operating cash flow | −$65.0M | — | — |
What changed
Revenue was $21.8M in Q4 2025, down 25% year over year and up 85% from the previous quarter.
Operating costs exceeded revenue by $27.7M, an operating margin of -126.9%. Total costs grew 234% against a revenue fall of 25%. The quarter ended with a net loss of $36.1M, wider than the previous quarter's $35.5M loss.
Operating cash flow was −$65.0M. Non-cash charges added back $190K of depreciation and amortization and $2.2M of share-based compensation. Working capital and other items used $31.3M. Capital expenditures of $18K exceeded it, leaving free cash flow of −$65.0M.
Questions
What was Nektar Therapeutics' revenue in the fourth quarter 2025?
Nektar Therapeutics (NKTR) reported revenue of $21.8M for the fourth quarter 2025 (Q4 2025), -25% from a year earlier and +85% from the quarter before.
Was Nektar Therapeutics profitable in the fourth quarter 2025?
Operating loss was $27.7M (-126.9% of revenue) and net loss $36.1M.