Revenue has collapsed 43.9% year-over-year to a TTM of $53.0M, while operating margins have deteriorated to -423% in 2026Q2, revealing a severe disconnect between the IP licensing revenue model and the fixed cost of maintaining the R&D platform.
Nektar Therapeutics (NKTR) annual income statement — 30-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 54.59M | 55.23M | 98.43M | 90.12M | 92.06M | 101.91M | 152.91M | 114.62M | 1.19B | 307.71M | 165.44M | 230.78M | 200.71M | 148.92M | 81.19M | 71.48M | 159.04M | 71.93M | 90.19M | 273.03M | 217.72M | 126.28M | 114.27M | 106.26M | 94.84M | 77.47M | 51.63M | 41.36M | 21.8M | 16.25M | 6.9M |
| Revenue Growth % | -27.15% | -43.89% | 9.22% | -2.1% | -9.67% | -33.36% | 33.41% | -90.4% | 287.81% | 86% | -28.32% | 14.99% | 34.77% | 83.42% | 13.59% | -55.05% | 121.1% | -20.24% | -66.97% | 25.4% | 72.41% | 10.51% | 7.54% | 12.03% | 22.43% | 50.05% | 24.83% | 89.76% | 34.13% | 135.49% | 102.94% |
| Cost of Goods Sold | 347K | 0 | 30.69M | 36.64M | 21.64M | 24.9M | 19.48M | 21.37M | 24.41M | 30.55M | 30.21M | 34.1M | 28.53M | 38.51M | 30.43M | 21.89M | 25.67M | 30.95M | 35.04M | 147.52M | 118.09M | 36M | 19.8M | 14.68M | 7.02M | 4.17M | 0 | 0 | 0 | 0 | -1.2M |
| COGS % of Revenue | - | - | 31.18% | 40.66% | 23.5% | 24.43% | 12.74% | 18.65% | 2.05% | 9.93% | 18.26% | 14.78% | 14.22% | 25.86% | 37.48% | 30.63% | 16.14% | 43.02% | 38.85% | 54.03% | 54.24% | 28.51% | 17.33% | 13.81% | 7.4% | 5.38% | - | - | - | - | -17.39% |
| Gross Profit | 54.24M | 55.23M | 67.74M | 53.48M | 70.42M | 77.01M | 133.44M | 93.24M | 1.17B | 277.16M | 135.22M | 196.68M | 172.17M | 110.41M | 50.76M | 49.59M | 133.37M | 40.98M | 55.15M | 125.51M | 99.63M | 90.28M | 94.47M | 91.58M | 87.83M | 73.3M | 51.63M | 41.36M | 21.8M | 16.25M | 8.1M |
| Gross Margin % | 99.36% | 100% | 68.82% | 59.34% | 76.5% | 75.57% | 87.26% | 81.35% | 97.95% | 90.07% | 81.74% | 85.22% | 85.78% | 74.14% | 62.52% | 69.37% | 83.86% | 56.98% | 61.15% | 45.97% | 45.76% | 71.49% | 82.67% | 86.19% | 92.6% | 94.62% | 100% | 100% | 100% | 100% | 117.39% |
| Gross Profit Growth % | - | -18.47% | 26.67% | -24.06% | -8.56% | -42.29% | 43.11% | -92.02% | 321.74% | 104.97% | -31.25% | 14.23% | 55.94% | 117.5% | 2.37% | -62.82% | 225.43% | -25.69% | -56.06% | 25.98% | 10.35% | -4.43% | 3.16% | 4.27% | 19.82% | 41.97% | 24.83% | 89.76% | 34.13% | 100.6% | 80% |
| Operating Expenses | 185.46M | 186M | 172.94M | 190.9M | 310.66M | 523.11M | 513.36M | 533.28M | 480.98M | 320.82M | 248.08M | 226.05M | 188.66M | 230.54M | 190.29M | 173.53M | 149.05M | 136.12M | 137.8M | 161.66M | 258.86M | 265.06M | 168.41M | 157.76M | 187.91M | 184M | 115.48M | 71.95M | 43.78M | 29.97M | 19.6M |
| OpEx % of Revenue | - | 336.77% | 175.7% | 211.83% | 337.47% | 513.32% | 335.72% | 465.27% | 40.31% | 104.26% | 149.95% | 97.95% | 94% | 154.81% | 234.37% | 242.76% | 93.72% | 189.23% | 152.8% | 59.21% | 118.9% | 209.9% | 147.38% | 148.47% | 198.12% | 237.52% | 223.66% | 173.97% | 200.89% | 184.46% | 284.06% |
| Selling, General & Admin | 53.31M | 68.67M | 76.75M | 77.42M | 92.33M | 122.84M | 104.68M | 98.71M | 81.44M | 52.36M | 44.27M | 43.27M | 40.92M | 40.53M | 41.61M | 46.76M | 40.99M | 41.01M | 51.5M | 56.34M | 78.32M | 43.85M | 30.97M | 22.02M | 26.02M | 18.86M | 13.93M | 7.87M | 8.39M | 6.33M | 4M |
| SG&A % of Revenue | - | 124.34% | 77.98% | 85.9% | 100.3% | 120.55% | 68.46% | 86.12% | 6.82% | 17.02% | 26.76% | 18.75% | 20.39% | 27.22% | 51.25% | 65.42% | 25.77% | 57.01% | 57.1% | 20.63% | 35.97% | 34.73% | 27.1% | 20.72% | 27.43% | 24.35% | 26.98% | 19.03% | 38.48% | 38.94% | 57.97% |
| Research & Development | 131.77M | 117.33M | 120.91M | 114.16M | 218.32M | 400.27M | 408.68M | 434.57M | 399.54M | 268.46M | 203.8M | 182.79M | 147.73M | 190.01M | 148.68M | 126.77M | 108.06M | 95.11M | 154.42M | 153.57M | 149.38M | 151.66M | 133.52M | 131.53M | 157.38M | 139.65M | 101.54M | 64.08M | 35.4M | 23.64M | 14.4M |
| R&D % of Revenue | - | 212.43% | 122.84% | 126.68% | 237.17% | 392.78% | 267.26% | 379.15% | 33.48% | 87.24% | 123.19% | 79.2% | 73.61% | 127.59% | 183.12% | 177.34% | 67.95% | 132.22% | 171.22% | 56.25% | 68.61% | 120.1% | 116.85% | 123.78% | 165.94% | 180.27% | 196.68% | 154.95% | 162.41% | 145.52% | 208.7% |
| Other Operating Expenses | 382K | 0 | -24.72M | -676K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 392K | 983K | 0 | 0 | 0 | -68.11M | -48.25M | 31.16M | 69.55M | 3.92M | 4.22M | 4.51M | 25.49M | 0 | 0 | 0 | 0 | 1.2M |
| Operating Income | -131.22M | -130.77M | -105.2M | -137.43M | -240.24M | -446.1M | -379.92M | -440.04M | 687.93M | -59.64M | -112.86M | -29.37M | -16.48M | -120.13M | -141.2M | -123.94M | -28.25M | -95.13M | -82.65M | -36.15M | -159.23M | -182.63M | -73.94M | -66.19M | -100.08M | -256.96M | -66.14M | -40.48M | -21.99M | -13.72M | -11.5M |
| Operating Margin % | -240.38% | -236.77% | -106.88% | -152.49% | -260.97% | -437.76% | -248.45% | -383.92% | 57.65% | -19.38% | -68.22% | -12.73% | -8.21% | -80.67% | -173.91% | -173.39% | -17.77% | -132.25% | -91.65% | -13.24% | -73.14% | -144.63% | -64.71% | -62.29% | -105.52% | -331.7% | -128.1% | -97.89% | -100.89% | -84.46% | -166.67% |
| Operating Income Growth % | - | -24.31% | 23.45% | 42.8% | 46.15% | -17.42% | 13.66% | -163.96% | 1253.44% | 47.15% | -284.24% | -78.17% | 86.28% | 14.92% | -13.93% | -338.64% | 70.3% | -15.1% | -128.65% | 77.3% | 12.81% | -146.99% | -11.72% | 33.87% | 61.05% | -288.52% | -63.37% | -84.1% | -60.23% | -19.34% | -30.68% |
| EBITDA | -130.58M | -129.74M | -100.81M | -129.61M | -228.04M | -431.96M | -367.42M | -429.04M | 696.73M | -47.04M | -99.66M | -16.52M | -3.56M | -105.86M | -126.69M | -108.99M | -11.7M | -80.25M | -60.16M | -7.99M | -126.59M | -156.4M | -54.76M | -47.77M | -81.11M | -216.58M | -56.02M | -33.23M | -18.39M | -11.29M | -10.3M |
| EBITDA Margin % | -239.21% | -234.91% | -102.42% | -143.82% | -247.72% | -423.87% | -240.28% | -374.32% | 58.39% | -15.29% | -60.24% | -7.16% | -1.77% | -71.08% | -156.04% | -152.47% | -7.36% | -111.57% | -66.71% | -2.93% | -58.15% | -123.85% | -47.92% | -44.96% | -85.52% | -279.57% | -108.5% | -80.35% | -84.39% | -69.46% | -149.28% |
| EBITDA Growth % | -32.17% | -28.71% | 22.22% | 43.16% | 47.21% | -17.56% | 14.36% | -161.58% | 1581.09% | 52.8% | -503.38% | -364.19% | 96.64% | 16.45% | -16.25% | -831.19% | 85.42% | -33.39% | -652.6% | 93.69% | 19.06% | -185.64% | -14.63% | 41.11% | 62.55% | -286.64% | -68.57% | -80.68% | -62.96% | -9.57% | -33.77% |
| D&A (Non-Cash Add-back) | 537K | 1.03M | 4.39M | 7.82M | 12.2M | 14.15M | 12.5M | 11M | 8.8M | 12.6M | 13.2M | 12.86M | 12.93M | 14.28M | 14.51M | 14.95M | 16.55M | 14.88M | 22.49M | 28.15M | 32.63M | 26.23M | 19.19M | 18.42M | 18.97M | 40.38M | 10.12M | 7.25M | 3.6M | 2.44M | 1.2M |
| EBIT | -134.93M | -138.03M | -91.09M | -250.92M | -336.07M | -475.97M | -406.83M | -393.7M | 725.5M | -55.12M | -110.47M | -41.77M | -15.67M | -119.01M | -137.9M | -122.74M | -25.88M | -90.6M | -19.95M | -36.15M | -159.23M | -174.77M | -73.94M | -66.19M | -100.08M | -110.7M | -63.85M | -30.59M | -21.99M | -13.72M | -11.5M |
| Net Interest Income | -11.78M | -15.75M | -13.61M | -6.33M | -22.13M | -44.58M | -18.84M | -19K | -5.21M | -36.43M | -39.79M | -37.22M | -37.94M | -39.64M | -30.25M | -7.98M | -9.63M | -8.49M | -2.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 19.18M | 10.44M | 14.5M | 19.01M | 6.78M | 2.73M | 18.28M | 46.34M | 37.57M | 4.52M | 2.39M | 1.68M | 814K | 732K | 3.3M | 2.24M | 1.54M | 3.69M | 12.49M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 30.96M | 26.18M | 28.11M | 25.33M | 28.91M | 47.31M | 37.12M | 46.35M | 42.78M | 40.95M | 42.18M | 38.9M | 38.76M | 40.76M | 33.55M | 10.22M | 11.17M | 12.18M | 15.19M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -25.52M | -33.44M | -14M | -138.83M | -124.75M | -77.18M | -64.03M | -19K | -5.21M | -36.43M | -39.79M | -51.3M | -37.94M | -39.64M | -30.25M | -9.02M | -8.8M | -7.64M | 47.51M | 4.7M | 5.3M | -2.62M | -28.11M | 19.67M | -7.39M | 6.96M | -31.26M | -9.89M | 0 | 0 | 1.6M |
| Pretax Income | -156.74M | -164.21M | -119.2M | -276.26M | -364.98M | -523.28M | -443.95M | -440.05M | 682.73M | -96.08M | -152.65M | -80.67M | -54.43M | -159.77M | -171.45M | -132.96M | -37.06M | -102.77M | 35.14M | -31.45M | -153.93M | -185.25M | -102.05M | -46.51M | -107.47M | -250.01M | -97.4M | -50.37M | 0 | 0 | -9.9M |
| Pretax Margin % | -287.13% | -297.32% | -121.1% | -306.54% | -396.48% | -513.49% | -290.32% | -383.93% | 57.21% | -31.22% | -92.27% | -34.96% | -27.12% | -107.28% | -211.17% | -186.01% | -23.3% | -142.88% | 38.97% | -11.52% | -70.7% | -146.7% | -89.31% | -43.77% | -113.31% | -322.72% | -188.66% | -121.8% | - | - | -143.48% |
| Income Tax | 64K | -138K | -239K | -200K | 3.21M | 557K | 493K | 613K | 1.41M | 616K | 876K | 506K | -512K | 2.25M | 406K | 1.02M | 881K | -253K | -806K | 1.31M | 828K | -137K | -163K | 169K | 0 | 0 | 0 | 7.85M | -3.63M | -3.74M | -1.5M |
| Effective Tax Rate % | -0.04% | 0.08% | 0.2% | 0.07% | -0.88% | -0.11% | -0.11% | -0.14% | 0.21% | -0.64% | -0.57% | -0.63% | 0.94% | -1.41% | -0.24% | -0.77% | -2.38% | 0.25% | -2.29% | -4.16% | -0.54% | 0.07% | 0.16% | -0.36% | 0% | 0% | 0% | -15.59% | - | - | 15.15% |
| Net Income | -157.13M | -164.08M | -118.96M | -276.06M | -368.2M | -523.84M | -444.44M | -440.67M | 681.31M | -96.69M | -153.52M | -81.18M | -53.92M | -162.01M | -171.85M | -133.98M | -37.94M | -102.52M | -34.34M | -32.76M | -154.76M | -185.11M | -101.89M | -46.68M | -107.47M | -250.01M | -97.4M | -38.45M | -18.36M | -9.98M | -10M |
| Net Margin % | -287.84% | -297.07% | -120.86% | -306.31% | -399.98% | -514.03% | -290.65% | -384.47% | 57.09% | -31.42% | -92.8% | -35.17% | -26.86% | -108.79% | -211.67% | -187.43% | -23.85% | -142.52% | -38.07% | -12% | -71.08% | -146.59% | -89.16% | -43.93% | -113.31% | -322.72% | -188.66% | -92.96% | -84.22% | -61.44% | -144.93% |
| Net Income Growth % | -28.51% | -37.92% | 56.91% | 25.03% | 29.71% | -17.86% | -0.86% | -164.68% | 804.62% | 37.02% | -89.12% | -50.56% | 66.72% | 5.73% | -28.27% | -253.15% | 62.99% | -198.58% | -4.81% | 78.83% | 16.4% | -81.68% | -118.26% | 56.56% | 57.01% | -156.67% | -153.34% | -109.46% | -83.87% | 0.17% | -29.87% |
| Net Income (Continuing) | -156.81M | -164.08M | -118.96M | -276.06M | -368.2M | -523.84M | -444.44M | -440.67M | 681.31M | -96.69M | -153.52M | -81.18M | -53.92M | -162.01M | -171.85M | -133.98M | -37.94M | -102.52M | -34.34M | -32.76M | -154.76M | -185.11M | -101.89M | -46.68M | -107.47M | -250.01M | -97.4M | -38.45M | -18.36M | -9.98M | -10M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -4.75 | -9.73 | -8.68 | -21.79 | -29.51 | -42.90 | -37.33 | -37.80 | 56.70 | -9.30 | -16.50 | -9.15 | -6.30 | -21.00 | -22.50 | -17.85 | -6.00 | -16.65 | -5.55 | -5.40 | -25.80 | -32.25 | -19.50 | -12.60 | -29.10 | -70.65 | -34.80 | -16.95 | -8.70 | -5.40 | -6.60 |
| EPS Growth % | 23.17% | -12.1% | 60.17% | 26.16% | 31.21% | -14.92% | 1.24% | -166.67% | 709.68% | 43.64% | -80.33% | -45.24% | 70% | 6.67% | -26.05% | -197.5% | 63.96% | -200% | -2.78% | 79.07% | 20% | -65.38% | -54.76% | 56.7% | 58.81% | -103.02% | -105.31% | -94.83% | -61.11% | 18.18% | -12.82% |
| EPS (Basic) | - | -9.73 | -8.68 | -21.79 | -29.51 | -42.90 | -37.33 | -37.80 | 56.70 | -9.30 | -16.50 | -9.15 | -6.30 | -21.00 | -22.50 | -17.85 | -6.00 | -16.65 | -5.55 | -5.40 | -25.80 | -32.25 | -19.50 | -12.60 | -29.10 | -70.65 | -34.80 | -16.95 | -8.70 | -5.40 | -6.60 |
| Diluted Shares Outstanding | 33.05M | 16.87M | 13.71M | 12.67M | 12.48M | 12.22M | 11.91M | 11.67M | 12.01M | 10.4M | 9.31M | 8.83M | 8.46M | 7.72M | 7.65M | 7.53M | 6.27M | 6.18M | 6.16M | 6.13M | 5.99M | 5.73M | 5.23M | 3.72M | 3.69M | 3.54M | 2.8M | 2.27M | 2.1M | 1.84M | 1.52M |
| Basic Shares Outstanding | 33.05M | 16.87M | 13.71M | 12.67M | 12.48M | 12.22M | 11.91M | 11.67M | 12.01M | 10.4M | 9.3M | 8.83M | 8.46M | 7.72M | 7.65M | 7.53M | 6.27M | 6.18M | 6.16M | 6.13M | 5.99M | 5.73M | 5.23M | 3.72M | 3.69M | 3.54M | 2.8M | 2.27M | 2.1M | 1.84M | 1.52M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying NKTR stock.
For fiscal year 2025, Nektar Therapeutics (NKTR) reported total revenue of $55.2M. This represents a 700.5% increase compared to $6.9M in 1996.
Nektar Therapeutics (NKTR) reported a net loss of $164.1M for the fiscal year ending 2025.
Nektar Therapeutics (NKTR) reported an operating income of $-130.8M, resulting in an operating profit margin of -236.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Nektar Therapeutics (NKTR) generated $55.2M in gross profit for the year, representing a gross profit margin of 100.0%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Imminent liquidity crisis
Metrics are mathematically derived from official filings.
Revenue Collapse Post-Milestone Peak
Nektar's revenue has contracted sharply, with TTM revenue declining 43.9% year-over-year to $53.0M, driven by the exhaustion of large-scale collaboration milestones and a shift to lower-value royalties and service fees.
The quarterly trajectory shows a dramatic deceleration from the $29.2M peak in 2024Q4 to a run-rate near $10M, indicating the company's revenue model is highly non-recurring and dependent on lumpy, non-operational triggers. This pattern suggests the prior growth was not durable but rather the result of specific, non-repeatable partnership events, leaving the current revenue base insufficient to cover the fixed R&D cost structure.
Structural Margin Dichotomy
While gross margins appear artificially strong at 100% due to the IP licensing model, the operating margin has collapsed to -423% in 2026Q2, revealing a severe disconnect between revenue generation and the cost of maintaining the R&D platform.
The 100% gross margin is a structural artifact of the business model, not an indicator of pricing power or operational efficiency. The true margin story is the massive operating loss, where R&D and SG&A expenses of over $50M per quarter dwarf the ~$10M in revenue, indicating the company is spending at a scale appropriate for a much larger revenue base, likely a legacy from its prior partnership phase.
R&D Dominance and Cost Discipline
Research and development expenses consistently represent over 75% of total operating costs, yet the recent sequential decline from $39.1M to $35.7M suggests management is beginning to implement cost discipline in response to the revenue shortfall.
The cost structure is overwhelmingly dominated by R&D, which is typical for a clinical-stage biotech but unsustainable without partnership funding. The modest reduction in R&D spend quarter-over-quarter, alongside a more significant drop in SG&A from $17.1M in 2025Q2 to $12.8M in 2026Q2, appears to be a reactive measure to preserve cash rather than a strategic realignment, as the core pipeline programs still require substantial investment.
Non-Cash Items and EPS Distortion
The reported EPS beat in 2026Q2 (-$1.23 vs. consensus -$2.04) appears driven by lower-than-expected stock-based compensation and non-cash items, not operational improvement, as revenue continued its steep decline.
The quality of earnings is low, as the net loss is heavily influenced by non-cash stock-based compensation, which was $3.4M in the quarter. The significant variance between operating loss and net loss in certain quarters (e.g., 2025Q4) suggests the presence of large non-operating items, likely related to debt or warrant adjustments, which distort the underlying operational performance and make trend analysis challenging.
The 2024Q4 Milestone Peak
The single most important inflection point was 2024Q4, when a $29.2M revenue quarter generated the only positive operating income ($14.3M) in the dataset, representing the final significant milestone payment before the current revenue collapse.
This quarter stands as a clear outlier, driven by a non-recurring collaboration event that temporarily masked the underlying burn rate. The lasting impact was a false signal of profitability, after which the company's financials reverted to a state of deep operating losses, highlighting the fragility of its revenue model and the urgency of its strategic pivot to a single lead asset.
Liquidity Cliff and Pipeline Concentration
The most significant analytical challenge is the apparent liquidity cliff, with reported cash of only $15.1M against quarterly operating cash burn exceeding $40M, suggesting an imminent need for dilutive financing or asset sales.
Short-sellers would focus on the unsustainable cash burn rate relative to the dwindling cash balance, which appears insufficient to fund operations for more than a single quarter without external capital. Furthermore, the strategic pivot to concentrate all value in rezpegaldesleukin creates extreme binary risk; any clinical setback would leave the company with no viable alternative catalysts and a severely impaired balance sheet.