# Nektar Therapeutics (NKTR)

> Source: Nexqual · https://nexqual.com/NKTR · data as of 2026-10-29 20:00 UTC · cite as "Nexqual, Nektar Therapeutics (NKTR), nexqual.com/NKTR" · informational, not investment advice.

**Price:** USD 39.18 (+1.63% on the day) · last close of Oct 29, 2026; US market closed, not a live price. Prev close 38.55 · day 38.35–39.89 · 52w 33.4–109 · market cap $1.34B · NCM

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $54.6M, net income -$157M (-287.8% margin), free cash flow -$234M (SEC filings).
- Insider open-market sales, last ~7 months: 7 Form 4 filings, $2.0M; 4 not under a Rule 10b5-1 plan ($86K); 0 by opportunistic insiders, 7 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.20 on a 1–5 scale) (15 analysts), mean target USD 133.08 (range 50–192).
- Total return with dividends: 1Y -38.6% vs S&P 500 +14.8%; 5Y -82.8% vs S&P 500 +79.1%.
- Next earnings: 2026-11-12, EPS estimate USD -2.07, revenue estimate $10.4M. All companies reporting that day: https://nexqual.com/earnings/2026-11-12
- Dividend: NKTR paid no cash dividend in the last five years.
- Short interest: 22.59% of float (as of 2026-10-15), 3.6 days to cover.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $102M | $92.1M | $90.1M | $98.4M | $55.2M | $54.6M |
| Gross profit | $77.0M | $70.4M | $56.4M | $67.7M | $55.2M | — |
| Operating income | -$446M | -$376M | -$264M | -$105M | -$140M | -$141M |
| Net income | -$524M | -$368M | -$276M | -$119M | -$164M | -$157M |
| EPS (diluted) | -$42.90 | -$29.55 | -$21.75 | -$8.68 | -$9.73 | — |
| Free cash flow | -$428M | -$310M | -$193M | -$177M | -$209M | -$234M |
| Gross margin | 75.6% | 76.5% | 62.5% | 68.8% | 100.0% | — |
| Operating margin | -437.8% | -408.6% | -292.6% | -106.9% | -253.7% | -257.8% |
| Net margin | -514.0% | -400.0% | -306.3% | -120.9% | -297.1% | -287.8% |
| Revenue growth | -33.4% | -9.7% | -2.1% | +9.2% | -43.9% | — |
| Cash + short-term investments | $734M | $505M | $304M | $255M | $246M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 24.5x · P/B 1.5x · FCF yield -17.49% · Earnings yield -11.75%

## Insider sales (SEC Form 4, open-market, last ~7 months)
3 of 7 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-18 | Zalevsky Jonathan | Chief R&D Officer | 186 | $13K | 1.9% | No | Routine (sold in Feb & May & Aug & Nov each year 2023–2025) |
| 2026-08-18 | Robin Howard W | President & CEO | 418 | $30K | 0.8% | No | Routine (sold in Feb & May & Aug & Nov each year 2023–2025) |
| 2026-06-30 | Zalevsky Jonathan | Chief R&D Officer | 5,681 | $398K | 36.8% | Yes (adopted March 13, 2026) | Routine (sold in Feb & May & Aug & Nov each year 2023–2025; this trade is outside those months) |
| 2026-06-16…2026-06-17 | Robin Howard W | President & CEO | 20,000 | $1.2M | 26.6% | Yes (adopted March 13, 2026) | Routine (sold in Feb & May & Aug & Nov each year 2023–2025; this trade is outside those months) |
| 2026-06-15 | Zalevsky Jonathan | Chief R&D Officer | 5,538 | $336K | 26.4% | Yes (adopted March 13, 2026) | Routine (sold in Feb & May & Aug & Nov each year 2023–2025; this trade is outside those months) |
| 2026-05-19 | Zalevsky Jonathan | Chief R&D Officer | 199 | $13K | 0.9% | No | Routine (sold in Feb & May & Aug & Nov each year 2023–2025) |
| 2026-05-19 | Robin Howard W | President & CEO | 444 | $29K | 0.6% | No | Routine (sold in Feb & May & Aug & Nov each year 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.20 on a 1–5 scale), 15 analysts; mean target USD 133.08 (low 50, high 192).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-12 | UBS | Initiated | Neutral | $53 |
| 2026-10-12 | Leerink Partners | Initiated | Outperform | $130 |
| 2026-10-09 | BTIG | Reiterated | Buy | $178 |
| 2026-10-09 | Raymond James | Initiated | Market Perform |  |
| 2026-10-02 | HC Wainwright & Co. | Reiterated | Buy | $185 |
| 2026-09-28 | BTIG | Reiterated | Buy | $178 |
| 2026-09-25 | BTIG | Reiterated | Buy | $178 |
| 2026-09-23 | Wedbush | Target lowered | Neutral | $80 → $50 |
| 2026-09-16 | BTIG | Reiterated | Buy | $178 |
| 2026-09-09 | BTIG | Reiterated | Buy | $178 |
| 2026-07-22 | Canaccord Genuity | Initiated | Buy | $153 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-30) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | -38.6% | -82.8% |
| S&P 500 (SPY) | +14.8% | +79.1% |
| Per year | -38.8% | -29.6% |
| Volatility (annualized) | 79.8% | 109.1% |
| Max drawdown | -64.3% (Apr 2026→Oct 2026) | -97.1% (Dec 2021→Nov 2023) |

## Dividends
NKTR paid no cash dividend in the last five years.

## Short interest
6,997,725 shares sold short, 22.59% of the float, as of Oct 15, 2026 (exchange short-interest report, published about twice a month). Prior report (Sep 15, 2026): 5,735,633 shares (+22.0%). Days to cover: 3.6 (short shares ÷ average daily volume).

## Peers (Biotechnology)
ORKA (Oruka Therapeutics, Inc.) USD 96.65 +0.71% · LGND (Ligand Pharmaceuticals Incorpor) USD 317.33 -0.45% · IOVA (Iovance Biotherapeutics, Inc.) USD 9.56 -35.45% · IONS (Ionis Pharmaceuticals, Inc.) USD 44.39 -1.14% · AXSM (Axsome Therapeutics, Inc.) USD 143.45 -0.04% · ABVX (Abivax SA) USD 89.06 -0.87%

## More
Full page: https://nexqual.com/NKTR · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in NKTR's own 10-K filed 2026-03-13 (https://www.sec.gov/Archives/edgar/data/906709/000119312526104547/nktr-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | TAKEDA PHARMACEUTICAL CO LTD (TAK) | "Revenue from Baxalta (a subsidiary of Takeda Pharmaceutical Company Limited), AstraZeneca, and UCB represented 45%, 37%, and 14% of our revenue, respectively, for the year ended December 31, 2025." |
| Customer | Baxalta | "Revenue from UCB, Baxalta, AstraZeneca, Pfizer Inc., and Roche represented 39%, 18%, 17%, 12% and 10% of our revenue, respectively, for the year ended December 31, 2024." |
| Customer | Pfizer (PFE) | "Revenue from UCB, Baxalta, AstraZeneca, Pfizer Inc., and Roche represented 39%, 18%, 17%, 12% and 10% of our revenue, respectively, for the year ended December 31, 2024." |
| Partner | Eli Lilly (LLY) | "Although we previously entered into a license agreement with Eli Lilly and Company (Lilly) in 2017 (the Lilly Agreement) to develop and commercialize rezpegaldesleukin, on April 23, 2023, we received from Lilly a notice …" |
| Partner | Biolojic Design | "We are currently conducting Investigational New Drug (IND) enabling studies for this program, after having exercised an option to gain an exclusive license to specified agonistic antibodies and other materials that were …" |
| Partner | Merck (MRK) | "We are continuing our oncology clinical collaboration with Merck KGaA to evaluate the maintenance regimen of NKTR-255 in combination with avelumab, a PD-L1 inhibitor, in patients with locally advanced or metastatic uroth…" |
| Partner | TCG Crossover Fund II | "On March 4, 2024, we entered into a Securities Purchase Agreement with TCG Crossover Fund II, L.P. (TCG), pursuant to which we issued a pre-funded warrant (the TCG Pre-funded Warrant) to TCG to purchase 1,666,667 shares …" |
| Partner | BTIG | "On November 12, 2025, we also entered into the November 2025 ATM Sales Agreement with Piper Sandler & Co. and BTIG, LLC, relating to the sale of our common stock having an aggregate offering price of up to $110.0 million…" |

## Customer concentration

Period ended 2025-12-31: 45%, 37%, 14% of revenue from unnamed direct customers (10-K, filed 2026-03-13).

## Company outlook (8-K filed 2026-08-13)

- "Importantly, our financial position is strong with over one billion dollars in cash and investments at the end of the quarter, and a cash runway that extends into the third quarter of 2028, past the initial Phase 3 data readouts expected in mid-2028.”"
- "For further information, visit www.nektar.com and follow us on LinkedIn. 3 Cautionary Note Regarding Forward-Looking Statements This press release contains forward-looking statements which can be identified by words such as: “will”, “develop,” “potential,” “expect”, “may,” “plan” and similar references to future periods."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-2.07 | $-2.14 | +$0.07 | $10.4M | 15 |
| Next quarter (ends 2026-12-31) | $-2.76 | $-2.58 | −$0.17 | $10.5M | 15 |
| Current fiscal year (ends 2026-12-31) | $-8.08 | $-9.01 | +$0.93 | $41.8M | 15 |
| Next fiscal year (ends 2027-12-31) | $-10.50 | $-10.85 | +$0.34 | $53.4M | 15 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-12): ±15.4%; last 8 reports averaged ±2.2%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 22 | 77.0% | ±15.4% |
| 2026-12-18 | 50 | 71.4% | ±21.1% |
| 2027-01-15 | 78 | 62.9% | ±23.1% |
| 2027-02-19 | 113 | 72.3% | ±32.6% |
| 2027-03-19 | 141 | 78.1% | ±39.3% |
| 2027-04-16 | 169 | 79.3% | ±43.4% |
| 2027-05-21 | 204 | 78.6% | ±47.1% |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| Aug 13, 2026 | Quarter ended Jun 30, 2026 | −$1.23 | −$1.93 | Beat +36.3% | -4.0% |
| May 7, 2026 | Quarter ended Mar 31, 2026 | −$1.82 | −$1.56 | Miss −16.7% | -3.8% |
| Mar 12, 2026 | Quarter ended Dec 31, 2025 | −$1.78 | −$2.47 | Beat +27.9% | -0.1% |
| Nov 6, 2025 | Quarter ended Sep 30, 2025 | −$1.87 | −$2.61 | Beat +28.4% | +3.2% |
| Aug 7, 2025 | — | — | — | — | +2.7% |
| May 8, 2025 | — | — | — | — | -3.3% |
| Mar 12, 2025 | — | — | — | — | +0.0% |
| Nov 7, 2024 | — | — | — | — | +0.7% |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).

## Recent SEC filings (last 120 days)
| Filed | Form | What it says | Filing |
|---|---|---|---|
| 2026-10-01 | 8-K | Regulation FD disclosure | https://www.sec.gov/Archives/edgar/data/906709/000121390026105453/0001213900-26-105453-index.htm |
| 2026-09-28 | Schedule 13G/A | Two Seas Capital LP, Two Seas Capital GP LLC: 9.8% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/906709/000119312526403411/0001193125-26-403411-index.htm |
| 2026-09-25 | 8-K | Other material event — “In August 2023, Nektar Therapeutics (the "Company") filed a complaint in the U.S. District Court for the Northern District of California (the "District Court") against Eli Lilly and Company ("Lilly") alleging, among other claims, breach of contract and breach of the implied covenant of good faith and fair dealing in connection with the license agreement governing the parties' prior collaboration for the development and commercialization of rezpegaldesleukin (the "License Agreement"). The case, Nektar Therapeutics…” | https://www.sec.gov/Archives/edgar/data/906709/000121390026103215/0001213900-26-103215-index.htm |
| 2026-09-08 | 8-K | Regulation FD disclosure | https://www.sec.gov/Archives/edgar/data/906709/000121390026098042/0001213900-26-098042-index.htm |
| 2026-08-14 | Schedule 13G/A | Two Seas Capital LP, Two Seas Capital GP LLC: 9.1% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/906709/000101143826000548/0001011438-26-000548-index.htm |
| 2026-08-14 | Schedule 13G/A | BIOTECHNOLOGY VALUE FUND L P, BVF I GP LLC: 7.1% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/906709/000092189526002174/0000921895-26-002174-index.htm |
| 2026-08-14 | 10-Q | Quarterly report · period ended Jun 30, 2026 | https://www.sec.gov/Archives/edgar/data/906709/000119312526349805/0001193125-26-349805-index.htm |
| 2026-08-13 | 8-K | Quarterly results | https://www.sec.gov/Archives/edgar/data/906709/000121390026089137/0001213900-26-089137-index.htm |
| 2026-07-31 | Schedule 13G | Vanguard Capital Management: 5.2% of shares, passive 5%+ holder | https://www.sec.gov/Archives/edgar/data/906709/000210011926001473/0002100119-26-001473-index.htm |
| 2026-07-29 | Schedule 13G | BlackRock, Inc.: 7.8% of shares, passive 5%+ holder | https://www.sec.gov/Archives/edgar/data/906709/000201238326002912/0002012383-26-002912-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.