NEKTAR THERAPEUTICS
NKTR · Pharmaceutical Preparations · 33.8M shares · -47%/yr ↓ buyback · EDGAR filings ↗
Net buyback after stock comp: -$13M (gross $3M, SBC $16M)
Reference price $60.81 · est. market cap ~$2.1B — last insider sale, 2026-06-17 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
D47Cash-burning clinical-stage immunology company whose lead rezpegaldesleukin de-risked on a positive Phase 2b, but legacy oncology assets failed broadly.
Strengths
- Rezpegaldesleukin met its Phase 2b atopic dermatitis primary endpoint (p<0.001) with Fast Track designations in AD and alopecia
- Adequate near-term liquidity (current ratio ~5.0) and full ownership of the rezpeg program
Risks
- Severe cash burn (FCF -$208M, 8.7th pct); runway ~4.7 quarters (37th pct)
- Deeply negative returns (ROE 14.9th pct, net margin -297%) and a graveyard of failed bempegaldesleukin Phase 3s
- Single-asset dependence with Phase 3 funding/execution risk ahead
Notable findings
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Net lossNet loss (net margin -297.1%)
- Cash burnNegative free cash flow (-208.7M)
- Exec changeRecent 8-K item 5.02 8-K ↗
- Buying back stockNet buyback — share count -47%/yr over 4y
- Notable holderHeld by 5 notable fund(s): FMR LLC, CITADEL ADVISORS LLC, STATE STREET CORP +2 more (as of 2026-03-31)
- Insider sellingInsider selling — 10 open-market sale(s) by 2 insider(s) (cluster of 2 insiders, ~$2M, last 6mo) Form 4 ↗
- Trial resultTrial topline data reported — see 8-K for outcome 8-K ↗
- Revenue declineRevenue -50.2% YoY
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
100.0%
Operating margin
-253.7%
Net margin
-297.1%
Return on equity
-182.6%
Return on assets
-58.5%
Revenue growth (QoQ)
-50.2%
Current ratio
5.0×
Free cash flow
-$209M
EBITDA
-$139M
Tangible book value
$90M
Cash & investments
$246M
Cash runway
5q
Stock comp / revenue
22.9%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-17 | ROBIN HOWARD W | Sell | 4.5K | $61.65 |
| 2026-06-17 | ROBIN HOWARD W | Sell | 5.5K | $60.81 |
| 2026-06-16 | ROBIN HOWARD W | Sell | 4.7K | $60.71 |
| 2026-06-16 | ROBIN HOWARD W | Sell | 5.3K | $59.97 |
| 2026-06-15 | Zalevsky Jonathan | Sell | 5.5K | $60.71 |
| 2026-05-19 | ROBIN HOWARD W | Sell | 444 | $65.51 |
| 2026-05-19 | Zalevsky Jonathan | Sell | 199 | $65.51 |
| 2026-02-18 | ROBIN HOWARD W | Sell | 423 | $73.00 |
| 2026-02-18 | Zalevsky Jonathan | Sell | 180 | $73.00 |
| 2026-01-20 | Zalevsky Jonathan | Sell | 3.9K | $35.67 |
| 2025-12-22 | Zalevsky Jonathan | Grant | 6.2K | — |
| 2025-12-22 | ROBIN HOWARD W | Grant | 22K | — |
| 2025-11-25 | Wilson Mark Andrew | Sell | 630 | $54.28 |
| 2025-11-25 | Zalevsky Jonathan | Sell | 1.2K | $54.28 |
| 2025-11-25 | ROBIN HOWARD W | Sell | 2.2K | $54.28 |
| 2025-11-21 | Wilson Mark Andrew | Grant | 1.9K | — |
| 2025-11-21 | Zalevsky Jonathan | Grant | 2.7K | — |
| 2025-11-21 | ROBIN HOWARD W | Grant | 7.1K | — |
| 2025-09-09 | ROBIN HOWARD W | Sell | 1.2K | $48.18 |
| 2025-09-09 | ROBIN HOWARD W | Sell | 2.2K | $47.49 |
| 2025-09-09 | ROBIN HOWARD W | Sell | 2.1K | $45.16 |
| 2025-09-09 | ROBIN HOWARD W | Sell | 1.2K | $46.41 |
| 2025-09-05 | ROBIN HOWARD W | Sell | 3.3K | $37.87 |
| 2025-09-05 | ROBIN HOWARD W | Sell | 1.1K | $39.89 |
| 2025-09-05 | ROBIN HOWARD W | Sell | 2.2K | $38.82 |
| 2025-09-04 | ROBIN HOWARD W | Sell | 1.5K | $33.54 |
| 2025-09-04 | Zalevsky Jonathan | Sell | 793 | $32.43 |
| 2025-09-04 | Zalevsky Jonathan | Sell | 432 | $33.60 |
| 2025-09-04 | Zalevsky Jonathan | Sell | 189 | $34.41 |
| 2025-09-04 | Zalevsky Jonathan | Sell | 307 | $35.69 |
| 2025-09-04 | ROBIN HOWARD W | Sell | 1.9K | $32.37 |
| 2025-09-04 | ROBIN HOWARD W | Sell | 613 | $34.40 |
| 2025-09-04 | ROBIN HOWARD W | Sell | 1.1K | $35.80 |
| 2025-09-02 | Zalevsky Jonathan | Sell | 485 | $30.10 |
| 2025-09-02 | ROBIN HOWARD W | Sell | 1.5K | $30.16 |
| 2025-08-19 | Zalevsky Jonathan | Sell | 725 | $26.59 |
| 2025-08-19 | Wilson Mark Andrew | Sell | 676 | $26.59 |
| 2025-08-19 | ROBIN HOWARD W | Sell | 1.6K | $26.59 |
| 2025-05-19 | Zalevsky Jonathan | Sell | 11K | $0.67 |
| 2025-05-19 | Wilson Mark Andrew | Sell | 10.0K | $0.67 |
| 2025-05-19 | ROBIN HOWARD W | Sell | 23K | $0.67 |
| 2025-02-19 | Zalevsky Jonathan | Sell | 10K | $1.01 |
| 2025-02-19 | Wilson Mark Andrew | Sell | 11K | $1.01 |
| 2025-02-19 | ROBIN HOWARD W | Sell | 24K | $1.01 |
All non-derivative Form 4 activity (SEC), newest first.
Clinical trials
| Trial | Title | Phase | Status | Primary completion |
|---|---|---|---|---|
| NCT06340360 ↗ | A Phase 2b Study to Evaluate Rezpegaldesleukin (Rezpeg) in the Treatment of Severe to Very Severe Alopecia Areata in Adult Patients (Rezolve AA) Alopecia Areata | PHASE2 | Active Not Recruiting | 2025-11-26 |
| NCT06136741 ↗ | A Phase 2b Study to Evaluate Rezpegaldesleukin (Rezpeg) in the Treatment of Adult Patients With Moderate-to-Severe Atopic Dermatitis Moderate to Severe Atopic Dermatitis | PHASE2 | Active Not Recruiting | 2025-05-06 |
| NCT05664217 ↗ | NKTR-255 vs Placebo Following CD19-directed CAR-T Therapy in Patients With Relapsed/Refractory Large B-cell Lymphoma Non-Hodgkin Lymphoma, Relapsed/Refractory Diffuse Large B-cell Lymphoma | PHASE2/PHASE3 | Terminated | 2024-05-22 |
| NCT04136756 ↗ | NKTR-255 in Relapsed/Refractory Multiple Myeloma & Non-Hodgkin Lymphoma Multiple Myeloma, Non-Hodgkin Lymphoma | PHASE1 | Completed | 2023-04-24 |
| NCT04616196 ↗ | Study of NKTR 255 in Combination With Cetuximab in Solid Tumors Head and Neck Squamous Cell Carcinoma, Colorectal Cancer | PHASE1/PHASE2 | Completed | 2023-03-30 |
| NCT05565729 ↗ | A Phase I Study of LY3471851 in Healthy Participants Healthy | PHASE1 | Completed | 2023-02-23 |
| NCT04433585 ↗ | A Study of LY3471851 in Adults With Systemic Lupus Erythematosus (SLE) Systemic Lupus Erythematosus | PHASE2 | Completed | 2023-01-10 |
| NCT04410445 ↗ | Study to Compare Adjuvant Immunotherapy of Bempegaldesleukin Combined With Nivolumab Versus Nivolumab After Complete Resection of Melanoma in Patients at High Risk for Recurrence Melanoma, Melanoma Stage III | PHASE3 | Terminated | 2022-09-22 |
| NCT04677179 ↗ | A Study of LY3471851 in Adult Participants With Moderately to Severely Active Ulcerative Colitis (UC) Colitis, Ulcerative | PHASE2 | Terminated | 2022-08-09 |
| NCT04998487 ↗ | A Single-Dose Study of LY3471851 in Healthy Participants Healthy | PHASE1 | Completed | 2022-07-06 |
| NCT03138889 ↗ | Bempegaldesleukin and Pembrolizumab With or Without Chemotherapy in Locally Advanced or Metastatic Solid Tumors Non-Small Cell Lung Cancer | PHASE1/PHASE2 | Terminated | 2022-07-05 |
| NCT04081350 ↗ | A Study of LY3471851 in Participants With Eczema Dermatitis, Atopic | PHASE1 | Completed | 2022-06-24 |
| NCT03435640 ↗ | REVEAL Study of NKTR-262 in Combination With NKTR-214 and Nivolumab in Patients With Locally Advanced / Metastatic Solid Tumor Malignancies Melanoma, Merkel Cell Carcinoma | PHASE1/PHASE2 | Terminated | 2022-05-09 |
| NCT02983045 ↗ | A Dose Escalation and Cohort Expansion Study of NKTR-214 in Combination With Nivolumab and Other Anti-Cancer Therapies in Patients With Select Advanced Solid Tumors Melanoma, Renal Cell Carcinoma | PHASE1/PHASE2 | Completed | 2022-04-28 |
| NCT04969861 ↗ | BEMPEG With Pembrolizumab vs Pembrolizumab Alone in Patients With Metastatic or Recurrent HNSCC (PROPEL-36) Metastatic Head and Neck Cancer, Recurrent Head and Neck Cancer | PHASE2/PHASE3 | Terminated | 2022-04-22 |
| NCT03785925 ↗ | A Single-Arm Study of Bempegaldesleukin (NKTR-214) Plus Nivolumab in Cisplatin Ineligible Patients Who Have Locally Advanced or Metastatic Urothelial Cancer Urinary Bladder Neoplasm, Neoplasm Metastasis | PHASE2 | Completed | 2022-02-09 |
| NCT03729245 ↗ | A Study of Bempegaldesleukin (NKTR-214: BEMPEG) in Combination With Nivolumab Compared With the Investigator's Choice of a Tyrosine Kinase Inhibitor (TKI) Therapy (Either Sunitinib or Cabozantinib Monotherapy) for Advanced Metastatic Renal Cell Carcinoma (RCC) Renal Cell Carcinoma, Metastatic Renal Cell Carcinoma | PHASE3 | Terminated | 2022-01-07 |
| NCT04119557 ↗ | A Study of LY3471851 in Participants With Psoriasis Psoriasis | PHASE1 | Completed | 2021-07-21 |
| NCT04955262 ↗ | A CD8 Positron Emission Tomography With Computed Tomography (PET/CT) Study Using ⁸⁹Zr Df-IAB22M2C in Patients With Metastatic Melanoma Receiving Bempegaldesleukin (NKTR-214) and Nivolumab Metastatic Melanoma | PHASE1 | Withdrawn | 2021-06-01 |
| NCT04646044 ↗ | A Placebo Controlled Trial of Bempegaldesleukin (BEMPEG; NKTR-214) With Standard of Care in Patients With Mild COVID-19 Covid-19, Coronavirus Disease 2019 | PHASE1 | Completed | 2021-05-11 |
Source: ClinicalTrials.gov (U.S. NIH) · active studies first.
Supply chain
Customers (0)
Suppliers (1)
- Gannet BioChem
Named in the 10-K; linked when we track them.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-05 | Shareholder vote | filing ↗ |
| 2026-05-08 | Material agreementExec/director changeExhibits | filing ↗ |
| 2026-05-07 | ResultsExhibits | filing ↗ |
| 2026-04-23 | Material agreementOtherExhibits | filing ↗ |
| 2026-04-20 | Reg FD | filing ↗ |
| 2026-04-20 | Reg FDOtherExhibits | filing ↗ |
| 2026-03-12 | ResultsExhibits | filing ↗ |
| 2026-02-13 | Material agreementOtherExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-05 | 2026-06-05 | 0001213900-26-065845 ↗ |
| 10-Q | 2026-05-08 | 2026-03-31 | 0001193125-26-212596 ↗ |
| 8-K | 2026-05-08 | 2026-05-08 | 0001193125-26-214976 ↗ |
| 8-K | 2026-05-07 | 2026-05-07 | 0001213900-26-053369 ↗ |
| 8-K | 2026-04-23 | 2026-04-21 | 0001193125-26-171731 ↗ |
| 8-K | 2026-04-20 | 2026-04-20 | 0001193125-26-162763 ↗ |
| 8-K | 2026-04-20 | 2026-04-20 | 0001193125-26-164186 ↗ |
| 10-K | 2026-03-13 | 2025-12-31 | 0001193125-26-104547 ↗ |
| 8-K | 2026-03-12 | 2026-03-12 | 0001213900-26-027026 ↗ |
| 8-K | 2026-02-13 | 2026-02-11 | 0001193125-26-049378 ↗ |
| 8-K | 2026-02-10 | 2026-02-10 | 0001193125-26-044751 ↗ |
| 8-K | 2026-02-10 | 2026-02-10 | 0001193125-26-043755 ↗ |