NKTR Stock — Nektar Therapeutics: Cash, EV, Pipeline

What they do

We apply our deep understanding of immunology to identify and create innovative drug candidates and use our drug development expertise to advance these molecules through preclinical and clinical development. Our pipeline of clinical-stage and preclinical-stage immunomodulatory agents targets the treatment of autoimmune diseases (e.g., rezpegaldesleukin and NKTR-0165/0166, respectively) and cancer (e.g.

Source: 10-K FY2025 via SEC EDGAR

Share price

$37.50

Market cap

$1,280.4M

Cash

$1,023.4M

Enterprise value

$314.4M

Balance sheet

Cash	$1,023.4M
Debt	$0.0M
Royalty-sale liability	$57.4M
Net cash	$1,023.4M
Enterprise value	$314.4M
Basic shares	34.1M shares
Fully diluted shares	36.6M shares
Fully diluted market cap	$1,373.7M
Cash per share	$29.99
Quarterly burn	$75.8M
Cash runway	13.5 quarters

Cash figures as of 2026-06-30. Database snapshot: 2026-11-13.

Royalty-sale liability as of 2026-06-30 (10-Q); included in enterprise value.

Share structure

Common

34.1M

Pre-funded warrants

0.0M

Options

2.5M

RSUs

0.0M

Warrants

0.0M

Converts

0.0M

Conv preferred

0.0M

ESPP reserve

—

FDSO

36.6M

Cap table as of 2026-06-30.

Price history

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Next catalyst

rezpegaldesleukin · Est. Jan 1, 2027 · PCD + 6 wks · guided in 7 wks

Recently reported

Rezpegaldesleukin Phase 2 Mixed · 2026-10-01

REZOLVE-AA

Source release →

Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
GUIDEDEst. Jan 1, 2027 in 7 wks PCD + 6 wks · Jan 1–Jan 1	rezpegaldesleukin REZOLVE-AD Phase 2b 52-week off-treatment data in atopic dermatitis	Phase 2b	atopic dermatitis	Q1 2027
Jun 12 - Jul 24 in 19 mo	Rezpegaldesleukin	Phase 3	Moderate-to-Severe Atopic Dermatitis	—
Jul 13 - Aug 24 in 20 mo	Rezpegaldesleukin	Phase 3	Moderate-to-Severe Atopic Dermatitis	—

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

rezpegaldesleukin

Phase 3 · Active Modality: immunomodulatory agent

Aliases NKTR-358

Target interleukin-2 (IL-2) receptor complex

Partnerships TrialNet: collaboration agreement (Feb 2025) to evaluate rezpegaldesleukin in new-onset stage 3 type 1 diabetes; TrialNet conducts the study with funding from the National Institutes of Health

Indications

Moderate-to-severe atopic dermatitis (Phase 3)
Severe-to-very-severe alopecia areata (Phase 2)
New-onset stage 3 type 1 diabetes mellitus (Phase 2)

Status note First two registrational Phase 3 trials (ZENITH AD-1 and ZENITH AD-2) in moderate-to-severe atopic dermatitis initiated Jul 2026. Phase 2b REZOLVE-AD completed; results announced Jun 2025. Topline results from the Phase 2b REZOLVE-AA alopecia areata study announced Dec 16, 2025. Phase 2 study in new-onset stage 3 type 1 diabetes with TrialNet initiated May 2026.

NKTR-0165

Preclinical · Active Modality: antibody

Target tumor necrosis factor (TNF) receptor type II (TNFR2)

Partnerships Biolojic Design, Ltd.: exclusive license (option exercised Dec 2023) to specified agonistic antibodies and other materials for TNFR2 agonism program; up to $18.0M in potential milestones

Indications

Autoimmune diseases (Preclinical)

Status note Preclinical TNFR2 agonist asset; lead research program.

NKTR-0166

Preclinical · Active Modality: antibody

Target tumor necrosis factor (TNF) receptor type II (TNFR2)

Partnerships Biolojic Design, Ltd.: exclusive license (option exercised Dec 2023) to specified agonistic antibodies and other materials for TNFR2 agonism program; up to $18.0M in potential milestones

Indications

Autoimmune diseases (Preclinical)

Status note Preclinical TNFR2 agonist asset.

NKTR-255

Stage not disclosed · Active Modality: investigational biologic

Target interleukin-15 (IL-15) pathway

Indications

Oncology (Stage not disclosed)

Status note Investigational biologic in oncology. Nektar is seeking partnerships for this asset.

Per-asset detail extracted from the 10-Q filed 2026-08-14. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

Pipeline

Lead drug	Rezpegaldesleukin
Lead indication	Moderate-to-Severe Atopic Dermatitis
Lead phase	Phase 3
Active trials	4
Collaborator trials	3

Active clinical trials

Trial	Phase	Status	Role	Sponsor	BP	Condition(s)	Mgmt guide
NCT07690371	Phase 3	Recruiting	Sponsor	NKTR	—	Moderate-to-Severe Atopic Dermatitis	—
NCT07711418	Phase 3	Recruiting	Sponsor	NKTR	—	Moderate-to-Severe Atopic Dermatitis	—
NCT06136741	Phase 2	Active, not recruiting	Sponsor	NKTR	—	Moderate to Severe Atopic Dermatitis	Q1 2027 Est. Jan 1, 2027 · PCD + 6 wks (Jan 1-Jan 1)
NCT06340360	Phase 2	Active, not recruiting	Sponsor	NKTR	—	Alopecia Areata	Q4 2026
NCT05632809	Phase 2	Recruiting	Collaborator	M.D. Anderson Cancer Center	—	Lung Cancer	—
NCT05327530	Phase 2	Active, not recruiting	Collaborator	EMD Serono Research & Development Institute, Inc.	GILD	Locally Advanced or Metastatic Urothelial Carcinoma	—
NCT05359211	Phase 1	Active, not recruiting	Collaborator	Fred Hutchinson Cancer Center	—	Recurrent Diffuse Large B-Cell Lymphoma; Recurrent Diffuse Large B-Cell Lymphoma, Not Otherwise Specified; Recurrent Grade 3b Follicular Lymphoma	—

Sponsor-matched active trials from ClinicalTrials.gov (4 as sponsor, 3 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.

View all 7 active trials for Nektar Therapeutics on ClinicalTrials.gov

Specialist fund holders

Tracked specialist funds: ADAR1 Capital Management, Aisling Capital, Ally Bridge Group, Avoro Capital Advisors, BVF Partners, Baker Bros. Advisors, Boxer Capital, Braidwell LP, Casdin Capital, Cormorant Asset Management, DAFNA Capital, Deerfield Management, EcoR1 Capital, Frazier Life Sciences, Great Point Partners, Ikarian Capital, Logos Global Management, OrbiMed Advisors, Perceptive Advisors, RA Capital Management, RTW Investments, Sphera Biotech, Stonepine Capital, Tang Capital Partners, Vivo Capital.

Fund	Shares	Q/Q change	% of portfolio	Filing
BVF Partners	2,391,075	-168,520	4.27%	2026-08-14
Braidwell LP	473,617	+250,916	1.22%	2026-08-14
OrbiMed Advisors	465,346	+190,346	0.62%	2026-08-14
DAFNA Capital	318,380	+153,202	4.24%	2026-08-14
ADAR1 Capital Management	244,184	+82,932	0.80%	2026-08-14
Great Point Partners	175,000	-141,453	2.88%	2026-08-14
Stonepine Capital	120,654	+35,654	6.41%	2026-08-17

Specialist-fund positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

Latest news

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NKTR — Nektar Therapeutics ☆

What they do

Balance sheet

Share structure

Price history

Next catalyst

Recently reported

Upcoming catalysts

Pipeline assets

Pipeline

Active clinical trials

Specialist fund holders

Latest news

NKTR — Nektar Therapeutics