Revenue has experienced a significant downward trajectory, declining by 43.89% on a TTM basis while operating losses remain elevated at $38.3M in 2026Q1.
| 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 | 55.63M | 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 % | -36.24% | -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 | 55.29M | 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 % | 99.38% | 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 | 180.4M | 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 | 57.62M | 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 | 122.53M | 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 | 251K | 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 | -125.11M | -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 % | -224.88% | -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 | -124.36M | -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 % | -223.53% | -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 % | -11.94% | -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) | 751K | 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 | -120.86M | -130.77M | -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 | -17.35M | -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 | 11.81M | 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 | 29.15M | 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 | -33.11M | -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 | -158.22M | -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 % | -284.41% | -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 | -126K | -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 % | 0.08% | 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 | -158.1M | -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 % | -284.18% | -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 % | -18.83% | -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) | -158.1M | -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) | -6.39 | -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 % | 11.65% | -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 | 24.74M | 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 | 24.74M | 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 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Imminent liquidity and solvency
According to recent financial disclosures, Nektar's revenue has experienced a significant downward trend, with quarterly figures dropping from $29.2M in 2024Q4 to $10.9M by 2026Q1, illustrating the volatility inherent in a business model that relies heavily on milestone-based payments rather than consistent, recurring commercial product sales.
The sharp decline in top-line performance suggests that the company is struggling to replace legacy collaboration milestones with new, high-value licensing agreements. This trajectory indicates that the firm's revenue base is highly sensitive to the timing of clinical trial outcomes, which currently appears to be a major headwind for growth durability.
As reported in recent income statements, Nektar has achieved a 100% gross margin in several recent quarters, a phenomenon that stems from its transition to a pure-play intellectual property licensing model where the absence of physical manufacturing costs creates a misleadingly pristine gross profit profile.
While the 100% gross margin is technically impressive, it fails to account for the massive R&D expenditures required to generate the underlying intellectual property. Investors should monitor this metric closely, as it provides no insight into the company's ability to achieve sustainable profitability or cover its substantial operating overhead.
Based on the provided income statement data, Nektar's operating expenses consistently dwarf its gross profit, resulting in persistent operating losses that reached $38.3M in 2026Q1, highlighting a lack of operational leverage as the company fails to scale its research activities efficiently relative to its licensing income.
The inability to align R&D and SG&A costs with the current revenue environment suggests that the company's cost structure remains optimized for a larger, more active pipeline than it currently supports. This misalignment warrants further investigation into management's ability to right-size the organization in the face of declining milestone revenue.
Data from recent filings indicates that R&D spending remains the primary driver of the company's cash burn, with quarterly research costs frequently exceeding $30M, a level of expenditure that appears increasingly unsustainable given the current trajectory of incoming milestone payments and the company's limited cash reserves.
The company's cost structure is heavily weighted toward clinical trial maintenance and specialized personnel, which are fixed in nature and difficult to reduce without compromising the remaining pipeline. This rigid expense profile suggests that the firm may face significant pressure to secure additional financing to maintain its current research trajectory.
As evidenced by the 43.89% decline in TTM revenue and the precarious cash position, the current income statement narrative suggests that Nektar's reliance on lumpy, project-based licensing revenue may be insufficient to support its ongoing operational requirements, raising questions about the long-term viability of its current strategy.
Short-sellers would likely focus on the widening gap between cash burn and revenue generation, which may indicate that the company is approaching a critical inflection point regarding its solvency. The lack of a commercial product floor makes the company particularly vulnerable to further clinical setbacks or delays in partnership-driven milestone triggers.
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.