Financial Data and Key Metrics Changes - The company ended Q1 2025 with $220.7 million in cash and investments, with no debt on the balance sheet, and expects a cash runway extending into Q4 2026 [27] - Q1 2025 revenue was $10.5 million, primarily from non-cash royalty revenue, with expectations to maintain similar revenue levels for the remainder of 2025, totaling approximately $40 million for the full year [27][28] - R&D expenses for Q1 2025 were $30.5 million, with full-year expectations ranging between $110 million and $120 million [28] - The net loss for Q1 was $50.9 million, equating to a net loss per share of $0.24 [31] Business Line Data and Key Metrics Changes - The company is focusing on the development of its immunology pipeline, particularly the advancement of Respag in three Phase II studies [6][10] - The Respag Phase 2b study for atopic dermatitis has enrolled approximately 400 biologic-naive patients, with results expected in June 2025 [14][20] - The company anticipates reporting top-line results for the Respag AA Phase IIb study in alopecia areata in December 2025 [10][21] Market Data and Key Metrics Changes - There are approximately 30 million adult patients with atopic dermatitis in the US, with about half having moderate to severe disease [9] - The company notes that only about 8% of patients with moderate to severe atopic dermatitis are currently treated with biologics, indicating a significant unmet need in the market [10] Company Strategy and Development Direction - The company aims to establish Respag as a first-in-class T regulatory cell therapy to address various immune disorders, differentiating it from existing treatments [6][10] - The strategy includes advancing multiple drug candidates through clinical trials while maintaining a strong financial position to support these initiatives [13][27] - The company plans to explore partnerships for the Phase III program of Respag, given its current financial position [57] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the potential of Respag to address high unmet needs in chronic conditions like atopic dermatitis and alopecia areata [6][10] - The company is optimistic about the upcoming data readouts and their implications for future clinical development [27][90] Other Important Information - The company has implemented measures to control placebo response rates in clinical trials by enrolling a lower percentage of patients from the US and using experienced dermatologists [19][37] - The company recorded a non-cash loss from equity method investment of $4.5 million in Q1 2025, with expectations of a total loss of approximately $10 million for the full year [30] Q&A Session Summary Question: What does the company hope to see in RESOLVE AD to move forward into Phase III? - The company aims to replicate Phase I data and compare results against Dupixent as a benchmark for efficacy [35] Question: What are the expectations for the placebo response in RESOLVE AD? - The company anticipates a lower placebo response than the 47% observed in Phase I, due to proactive measures taken in the study design [37] Question: How many patients have progressed to the maintenance portion of the trial? - The company cannot disclose specific numbers at this time but will provide details in the upcoming top-line results [40] Question: What is the dropout rate for the Phase 1b atopic dermatitis trial? - The dropout rate was approximately 30% for placebo and in the low to mid-20s for Respag arms, with similar reporting expected for the Phase II results [50][51] Question: Will the company pursue an end of Phase II meeting with the FDA after the 36-week AD data? - The company plans to initiate discussions with the FDA based on the 16-week induction data, without waiting for the completion of the maintenance phase [88]

Financial Data and Key Metrics Changes - The company ended Q1 2025 with $220.7 million in cash and investments, with no debt on the balance sheet, and expects a cash runway extending into Q4 2026 [27] - Q1 2025 revenue was $10.5 million, primarily from non-cash royalty revenue, with expectations to maintain similar quarterly revenue levels for the remainder of 2025, totaling approximately $40 million for the full year [27][28] - R&D expenses for Q1 2025 were $30.5 million, with full-year expectations ranging between $110 million and $120 million [28] - The net loss for Q1 was $50.9 million, equating to a net loss per share of $0.24 [31] Business Line Data and Key Metrics Changes - The company is focusing on the development of its immunology pipeline, particularly the advancement of Respag (Rezpeg) in three Phase II studies [6][10] - The Phase 2b study for atopic dermatitis (Resolve AD) aims to establish a dose for Phase III studies, with top-line results expected in June 2025 [8][14] - The company is also advancing NKTR-165, a TNFR2 antagonist antibody, through IND enabling studies, with plans for an IND filing in 2025 [13][24] Market Data and Key Metrics Changes - There are approximately 30 million adult patients with atopic dermatitis in the US, with a significant unmet need for new treatment mechanisms [9] - The company estimates that about 8% of patients with moderate to severe atopic dermatitis are currently treated with biologics, primarily Dupixent, but many do not benefit or become refractory [10] Company Strategy and Development Direction - The company aims to differentiate Respag from existing therapies by targeting underlying disease pathology rather than just controlling symptoms [10] - The strategy includes exploring partnerships for Phase III studies due to the financial position of the company, while retaining significant ownership of the drug [57] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the potential of Respag to address significant unmet needs in chronic conditions, particularly in atopic dermatitis and alopecia areata [6][10] - The company plans to maintain momentum in its development programs and is preparing for an end-of-phase two meeting with the FDA based on upcoming data [87] Other Important Information - The company recorded a non-cash loss from equity method investment of $4.5 million in Q1 2025, with expectations of a total loss of approximately $10 million for the full year [30] - The company is entering a quiet period until the top-line results for the Respag atopic dermatitis study are reported in June [31] Q&A Session Summary Question: What does the company hope to see in RESOLVE AD to move forward into Phase III? - The company aims to replicate Phase I data and achieve efficacy benchmarks comparable to Dupixent [35] Question: What are the expectations for the placebo response in RESOLVE AD? - The company anticipates a lower placebo response than the 47% observed in Phase I, due to proactive measures taken in the study design [37] Question: How many patients have progressed to the maintenance portion of the trial? - The company cannot disclose specific numbers at this time but will provide details in the upcoming top-line results [40] Question: What is the dropout rate for the Phase 1b atopic dermatitis trial? - The dropout rate was approximately 30% for placebo and in the low to mid-20s for Respag arms [50] Question: Will the company seek partnerships after Phase II or take Respag into Phase III independently? - The company is likely to seek partnerships to support the Phase III program while retaining significant ownership of the drug [57]

[PART I: FINANCIAL INFORMATION](index=2&type=section&id=PART%20I%3A%20FINANCIAL%20INFORMATION) This section presents Nektar Therapeutics' unaudited condensed consolidated financial statements and management's analysis [Item 1. Condensed Consolidated Financial Statements — Unaudited](index=6&type=section&id=Item%201.%20Condensed%20Consolidated%20Financial%20Statements%20%E2%80%94%20Unaudited) Presents Nektar Therapeutics' unaudited condensed consolidated financial statements and notes for Q1 2025 and Q1 2024 [Condensed Consolidated Balance Sheets](index=6&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) This section details Nektar Therapeutics' financial position as of March 31, 2025, and December 31, 2024 Condensed Consolidated Balance Sheets (in thousands) | Metric | March 31, 2025 (in thousands) | December 31, 2024 (in thousands) | | :-------------------------------- | :----------------------------- | :----------------------------- | | Cash and cash equivalents | $38,894 | $44,252 | | Short-term investments | $179,738 | $210,974 | | Total current assets | $229,913 | $261,292 | | Total assets | $256,241 | $303,850 | | Total current liabilities | $70,930 | $61,400 | | Liabilities related to sales of future royalties, net | $86,322 | $91,776 | | Total liabilities | $242,503 | $243,113 | | Total stockholders' equity | $13,738 | $60,737 | - Total assets decreased from **$303.85 million** at December 31, 2024, to **$256.24 million** at March 31, 2025, primarily driven by a reduction in cash and cash equivalents and short-term investments[24](index=24&type=chunk) - Total stockholders' equity significantly decreased from **$60.74 million** at December 31, 2024, to **$13.74 million** at March 31, 2025, largely due to the accumulated deficit[24](index=24&type=chunk) [Condensed Consolidated Statements of Operations](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) This section presents Nektar Therapeutics' revenues, expenses, and net loss for Q1 2025 and Q1 2024 Condensed Consolidated Statements of Operations (in thousands) | Metric (in thousands) | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | Change ($) | Change (%) | | :-------------------------------------- | :-------------------------------- | :-------------------------------- | :--------- | :--------- | | Product sales | $— | $6,034 | $(6,034) | (100)% | | Non-cash royalty revenue | $10,460 | $15,508 | $(5,048) | (33)% | | Total revenue | $10,460 | $21,639 | $(11,179) | (52)% | | Research and development | $30,480 | $27,408 | $3,072 | 11% | | General and administrative | $24,346 | $20,149 | $4,197 | 21% | | Total operating costs and expenses | $54,995 | $57,066 | $(2,071) | (4)% | | Loss from operations | $(44,535) | $(35,427) | $(9,108) | 26% | | Net loss | $(50,882) | $(36,802) | $(14,080) | 38% | | Basic and diluted net loss per share | $(0.24) | $(0.19) | $(0.05) | 26% | - Total revenue decreased by **52%** year-over-year, primarily due to the cessation of product sales following the manufacturing facility sale and a **33%** decrease in non-cash royalty revenue[26](index=26&type=chunk)[125](index=125&type=chunk)[128](index=128&type=chunk) - Net loss increased by **38%** to **$50.88 million**, driven by higher operating losses and a new loss from equity method investment[26](index=26&type=chunk)[125](index=125&type=chunk) [Condensed Consolidated Statements of Comprehensive Loss](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Loss) Outlines Nektar Therapeutics' net loss and other comprehensive income (loss) for Q1 2025 and Q1 2024 Condensed Consolidated Statements of Comprehensive Loss (in thousands) | Metric (in thousands) | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :-------------------------------- | :-------------------------------- | :-------------------------------- | | Net loss | $(50,882) | $(36,802) | | Other comprehensive income (loss) | $(22) | $(483) | | Comprehensive loss | $(50,904) | $(37,285) | - Comprehensive loss increased to **$50.90 million** in Q1 2025 from **$37.29 million** in Q1 2024, primarily reflecting the higher net loss[28](index=28&type=chunk) [Condensed Consolidated Statements of Stockholders' Equity](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Stockholders'%20Equity) Details changes in Nektar Therapeutics' stockholders' equity from Q4 2024 to Q1 2025 Condensed Consolidated Statements of Stockholders' Equity (in thousands) | Metric (in thousands) | Balance at December 31, 2024 | Balance at March 31, 2025 | | :-------------------------------- | :--------------------------- | :------------------------ | | Common Stock Amount | $19 | $19 | | Capital in Excess of Par Value | $3,659,867 | $3,663,772 | | Treasury Stock Amount | $(3,000) | $(3,000) | | Accumulated Other Comprehensive Income/(Loss) | $61 | $39 | | Accumulated Deficit | $(3,596,210) | $(3,647,092) | | Total Stockholders' Equity | $60,737 | $13,738 | - Total stockholders' equity decreased significantly from **$60.74 million** at December 31, 2024, to **$13.74 million** at March 31, 2025, mainly due to the accumulated deficit from the net loss[30](index=30&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=10&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Presents Nektar Therapeutics' cash flows from operating, investing, and financing activities for Q1 2025 and 2024 Condensed Consolidated Statements of Cash Flows (in thousands) | Metric (in thousands) | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :-------------------------------- | :-------------------------------- | :-------------------------------- | | Net cash used in operating activities | $(49,053) | $(47,888) | | Net cash provided by investing activities | $43,689 | $19,258 | | Net cash provided by financing activities | $7 | $42,003 | | Net increase (decrease) in cash and cash equivalents | $(5,358) | $13,365 | | Cash and cash equivalents at end of period | $38,894 | $48,642 | - Net cash used in operating activities remained high at **$49.05 million** in Q1 2025, comparable to **$47.89 million** in Q1 2024[32](index=32&type=chunk)[158](index=158&type=chunk) - Net cash provided by investing activities increased significantly to **$43.69 million** in Q1 2025 from **$19.26 million** in Q1 2024, primarily due to higher maturities of investments[32](index=32&type=chunk)[159](index=159&type=chunk) - Net cash provided by financing activities decreased substantially to **$0.007 million** in Q1 2025 from **$42.00 million** in Q1 2024, as the prior year included proceeds from a pre-funded warrant and sale of future royalties[32](index=32&type=chunk)[160](index=160&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Provides detailed explanations and disclosures supporting Nektar Therapeutics' condensed consolidated financial statements [Note 1 — Organization and Summary of Significant Accounting Policies](index=11&type=section&id=Note%201%20%E2%80%94%20Organization%20and%20Summary%20of%20Significant%20Accounting%20Policies) Describes Nektar Therapeutics' business, key drug candidates, financial outlook, and significant accounting policies - Nektar

Financial Data and Key Metrics Changes - The company ended Q1 2025 with $220.7 million in cash and investments, with no debt on the balance sheet, and expects a cash runway extending into Q4 2026 [26] - Q1 2025 revenue was $10.5 million, primarily from non-cash royalty revenue, with expectations to maintain similar revenue levels for the remainder of 2025, totaling approximately $40 million for the full year [26][27] - R&D expenses for Q1 2025 were $30.5 million, with full-year expectations ranging between $110 million and $120 million [27] - The net loss for Q1 was $50.9 million, equating to a net loss per share of $0.24 [30] Business Line Data and Key Metrics Changes - The company is focusing on the development of its immunology pipeline, particularly the advancement of Respag (Rezpeg) in three Phase II studies [5][6] - The Phase 2b study for atopic dermatitis (Resolve AD) aims to demonstrate efficacy and safety, with top-line results expected in June 2025 [6][12] - The company is also advancing NKTR-165, a TNFR2 antagonist antibody, through IND enabling studies, with plans for an IND filing in 2025 [11][24] Market Data and Key Metrics Changes - There are approximately 30 million adult patients with atopic dermatitis in the US, with a significant unmet need for new treatment mechanisms [7] - About 8% of patients with moderate to severe atopic dermatitis are currently treated with biologics, primarily Dupixent, but many do not benefit or become refractory [8] Company Strategy and Development Direction - The company aims to establish Rezpeg as a first-in-class T regulatory cell therapy for various immune disorders, differentiating it from existing biologics by targeting underlying disease pathology [8][10] - The strategy includes exploring partnerships for Phase III studies due to the financial position of the company, while retaining significant ownership of the drug [56] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the potential of Rezpeg to address high unmet needs in chronic conditions like atopic dermatitis and alopecia areata [5][10] - The company plans to maintain momentum in its development programs and is preparing for an end-of-phase two meeting with the FDA based on upcoming data [85] Other Important Information - The company recorded a non-cash loss from equity method investment of $4.5 million in Q1 2025, with expectations of a total loss of approximately $10 million for the full year [29] - The company is entering a quiet period in June 2025 until the top-line results for the Respeg atopic dermatitis study are reported [31] Q&A Session Summary Question: What does the company hope to see in RESOLVE AD to move forward into Phase III? - The company aims to replicate Phase I data and achieve efficacy comparable to Dupixent, ideally identifying one dose level for Phase III [34][35] Question: What are the expectations for the placebo response in RESOLVE AD? - The company anticipates a lower placebo response rate than the 47% observed in Phase 1b, having taken measures to control this in the current study [36] Question: Can the company disclose how many patients have progressed to the maintenance portion of the trial? - The company cannot disclose that information at this time but will provide details in the upcoming top-line results [40] Question: What is the dropout rate for the Phase 1b atopic dermatitis trial? - The dropout rate was approximately 30% for placebo and in the low to mid-20s for Respeg arms, with plans to report dropout rates in the upcoming results [50][51] Question: Will the company pursue an end-of-phase two meeting with the FDA after the 36-week AD data? - The company plans to initiate discussions with the FDA based on the top-line data from the upcoming study, without waiting for the completion of the maintenance phase [85]

Exhibit 99.1 Nektar Therapeutics Reports First Quarter 2025 Financial Results SAN FRANCISCO, May 8, 2025 -- Nektar Therapeutics (Nasdaq: NKTR) today reported financial results for the first quarter ended March 31, 2025. Cash and investments in marketable securities on March 31, 2025 were $220.7 million as compared to $269.1 million on December 31, 2024. Nektar's cash and marketable securities are expected to support strategic development activities and operations into the fourth quarter of 2026. "We are on ...

Wall Street expects a year-over-year increase in earnings on lower revenues when Nektar Therapeutics (NKTR) reports results for the quarter ended March 2025. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.The earnings report might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the ...

Core Viewpoint - Nektar Therapeutics has experienced a significant decline in share price, losing approximately 38.8% over the past month, which is worse than the S&P 500 performance [1] Group 1: Earnings and Estimates - The consensus estimate for Nektar has increased by 12.5% over the past month, indicating a positive trend in estimates [2] - Nektar's most recent earnings report is crucial for understanding potential catalysts for the stock [1] Group 2: VGM Scores - Nektar has a Growth Score of D, a Momentum Score of A, and a Value Score of D, placing it in the bottom 40% for the value investment strategy [3] - The overall VGM Score for Nektar is C, which is relevant for investors not focused on a single strategy [3] Group 3: Outlook - The upward trend in estimates for Nektar is promising, and the stock holds a Zacks Rank of 3 (Hold), suggesting an expectation of in-line returns in the coming months [4] Group 4: Industry Comparison - Nektar is part of the Zacks Medical - Drugs industry, where Catalyst Pharmaceutical has seen a 2.8% increase in share price over the past month [5] - Catalyst reported revenues of $141.82 million for the last quarter, reflecting a year-over-year growth of 28.3% [5] - Catalyst is expected to post earnings of $0.53 per share for the current quarter, representing a 39.5% increase from the previous year, with a Zacks Rank of 3 (Hold) [6]

Company Overview - Nektar Therapeutics is a clinical-stage biotechnology company focused on developing treatments for autoimmune and chronic inflammatory diseases [3] - The company's lead product candidate, rezpegaldesleukin (REZPEG or NKTR-358), is a first-in-class regulatory T cell stimulator currently in two Phase 2b clinical trials for atopic dermatitis and alopecia areata [3] - Nektar's pipeline includes a preclinical bivalent tumor necrosis factor receptor type II (TNFR2) antibody, bispecific programs NKTR-0165 and NKTR-0166, and a modified hematopoietic colony stimulating factor (CSF) protein, NKTR-422 [3] - The company is also evaluating NKTR-255, an investigational IL-15 receptor agonist aimed at enhancing the immune system's ability to combat cancer, in several ongoing clinical trials [3] Upcoming Events - Nektar Therapeutics will participate in the H.C. Wainwright 3rd Annual Autoimmune & Inflammatory Disease Virtual Conference on March 27, 2025, at 2:00 p.m. Eastern Time [1] - The fireside chat will be accessible via a webcast link and will also be available for replay for 30 days [1] Investor Relations - Investors interested in one-on-one meetings with company management during the conference can contact their respective H.C. Wainwright representative [2]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 Form 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the fiscal year ended December 31, 2024 or ☐ TRANSITION REPORTS PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the transition period from to Commission File Number: 0-24006 NEKTAR THERAPEUTICS (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation ...

Core Viewpoint - Nektar Therapeutics reported a quarterly loss of $0.15 per share, missing the Zacks Consensus Estimate of a loss of $0.13 per share, and showing an improvement from a loss of $0.22 per share a year ago [1] Financial Performance - The company posted revenues of $29.18 million for the quarter ended December 2024, missing the Zacks Consensus Estimate by 25.23%, but showing an increase from year-ago revenues of $23.89 million [2] - Nektar's earnings surprise was -15.38%, and it had previously reported a loss of $0.18 per share against an expected loss of $0.23 per share, resulting in a surprise of 21.74% [1][3] Stock Performance - Nektar shares have declined approximately 11.9% since the beginning of the year, compared to a decline of 5.3% for the S&P 500 [3] - The company's current consensus EPS estimate for the upcoming quarter is -$0.19 on revenues of $20.72 million, and for the current fiscal year, it is -$0.80 on revenues of $76.8 million [7] Industry Outlook - The Medical - Drugs industry, to which Nektar belongs, is currently ranked in the top 35% of over 250 Zacks industries, indicating a favorable outlook [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact Nektar's stock performance [5][6]