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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO Commission File Number 001-39370 Nkarta, Inc. (Exact name of registrant as specified in its charter) Delaware 47-4515206 (State or other jurisdiction of incorpo ...

Exhibit 99.1 Nkarta Reports Fourth Quarter and Full Year 2025 Financial Results and Corporate Highlights SOUTH SAN FRANCISCO, Calif., March 25, 2026 -- Nkarta, Inc. (Nasdaq: NKTX), a clinical-stage biotechnology company developing engineered natural killer (NK) cell therapies to treat autoimmune diseases, today reported financial results for the fourth quarter and year ended December 31, 2025. "2025 was a year of strategic importance for Nkarta as we onboarded a clinical team with deep autoimmune experience ...

Dose escalation for NKX019 advanced to 4 billion cells per dose on days 0, 3 and 7 for a total of 12 billion cells per cycleInitial clinical data from Ntrust-1 and Ntrust-2 targeted for presentation at a medical conference in 2026Cash balance of $295.1 million on December 31, 2025, including cash, cash equivalents and investments, is expected to fund operations into 2029 SOUTH SAN FRANCISCO, Calif., March 25, 2026 (GLOBE NEWSWIRE) -- Nkarta, Inc. (Nasdaq: NKTX), a clinical-stage biotechnology company develo ...

Summary of Nkarta's Conference Call Company Overview - **Company**: Nkarta - **Focus**: Development of AlloCAR NK program and NKX019 targeting autoimmune diseases Key Points Transition and Strategy - Nkarta has undergone a significant transformation, focusing on the AlloCAR NK program and NKX019, shifting from an oncology-centric approach to a concentrated effort on autoimmune diseases [3][5][10] - The company has streamlined its focus to one target with six initial indications, emphasizing the importance of having sufficient capital to support data generation without the need for immediate fundraising [10][11] Clinical Development and Team Changes - The team has transitioned from oncology specialists to experts in immunology and autoimmune diseases, including hiring a new Chief Medical Officer (CMO) with rheumatology experience [15][17] - The manufacturing process has been optimized by having lab personnel directly manage and execute tasks, enhancing efficiency [18][19] NK Cell Advantages - NK cells are positioned as advantageous for outpatient settings due to their safety profile, with no observed cytokine release syndrome (CRS) or neurotoxicity in autoimmune trials [26][27] - The combination of NK cells with lymphodepletion (using fludarabine and cyclophosphamide) is believed to enhance B-cell depletion, which is crucial for achieving durable clinical remissions [29][30] Clinical Trials and Data Expectations - Nkarta is currently in the process of dose escalation, aiming for a regimen of 4 billion cells administered three times, with the goal of demonstrating best responses in upcoming clinical updates [46][47] - The company anticipates that the data will support the efficacy and safety of their NK cell therapy, with a focus on identifying the most promising indications for further development [52][58] Regulatory Environment - Nkarta has established a positive relationship with the FDA, with consistent communication and protocol amendments, which is crucial for navigating the regulatory landscape [76][77] - The company is optimistic about leveraging safety data from oncology trials to support their autoimmune indications [71][75] Patient Engagement and Enrollment - Nkarta has improved patient enrollment by addressing bottlenecks and enhancing communication with patient advocacy groups, making patients more aware of the potential benefits of cell therapies [92][95] - The company is committed to supporting patients throughout their clinical trial journey, including providing fertility preservation options and logistical assistance [101][103] Future Outlook - Nkarta's cash runway extends into 2029, allowing for the advancement of pivotal trials without immediate financial pressure [59][62] - The company is focused on narrowing down indications based on clinical data and patient enrollment trends, aiming for timely milestones in their development pipeline [54][56] Unique Positioning - Nkarta believes that their NK cell therapy could bridge the gap between community settings and specialized centers, offering a flexible treatment option for patients with autoimmune diseases [32][34] - The potential for long-term drug-free remissions with NK cell therapy is seen as a transformative opportunity for patients, particularly younger individuals seeking alternatives to chronic immunosuppressive treatments [36][37] Additional Insights - The rheumatology field is becoming increasingly competitive, with more clinical trials and interest from investors, which could benefit Nkarta as they navigate their development strategy [84][86] - The company is exploring various autoimmune indications, including systemic lupus erythematosus (SLE), with promising early data suggesting the efficacy of NK cells in these settings [87][88] This summary encapsulates the key discussions and insights from Nkarta's conference call, highlighting the company's strategic focus, clinical development plans, and the potential advantages of their NK cell therapies in treating autoimmune diseases.

Nkarta (NasdaqGS:NKTX) FY Conference Summary Company Overview - Nkarta is an autoimmune company focused on discovering and developing natural killer (NK) cells for therapeutic use. [7] - The company is currently conducting two clinical trials: Ntrust-1 and Ntrust-2. [7] - **Ntrust-1**: Targets CD19 with allogeneic off-the-shelf NK cells in lupus nephritis. - **Ntrust-2**: A basket study targeting the same NK cell therapy in scleroderma, myositis, and vasculitis. [7] Clinical Trials and Development - Nkarta aims to provide updates on the data from both studies by mid-2026, focusing on proof of concept for advancing to pivotal trials. [7][8] - The company has initiated dose escalation in its trials, moving from an initial dose of 1 billion cells to 2 billion cells, with plans to escalate to 4 billion cells per dose. [17][19] - The total planned dosing for the next level is 12 billion cells across multiple administrations. [23] Advantages of NK Cell Therapy - NK cells are readily accessible and do not require apheresis, allowing for outpatient administration. [10] - The therapy has shown no cytokine release syndrome or neurotoxicity in treated patients, making it safer compared to other therapies. [10] - The short-lived effect of NK cells is considered beneficial for autoimmune diseases, allowing for immediate B-cell depletion. [10] Dosing Regimen - The dosing regimen includes lymphodepletion using fludarabine and cyclophosphamide, followed by NK cell administration on days 0, 3, and 7. [30] - The company has shifted from using cyclophosphamide alone to a combination with fludarabine to achieve complete B-cell depletion. [44][55] Market Position and Competition - Nkarta is aware of other companies exploring reduced lymphodepletion regimens but emphasizes the importance of complete B-cell depletion for durability of response. [55][60] - The company is monitoring competitors and their approaches, particularly in the context of NK cell therapies. [112] Financial Position - As of the end of Q3 2025, Nkarta reported approximately $316 million in cash, providing a runway until 2029. [170] - The company is not in immediate need of financing and is focused on executing its clinical programs. [172] Future Outlook - Nkarta plans to provide updates on both clinical trials and regulatory interactions throughout 2026. [172] - The company aims to target rheumatology medical meetings for data updates. [166] Biomarkers and Efficacy Tracking - Efficacy tracking will depend on the indication, with specific biomarkers being used for lupus nephritis and systemic sclerosis. [295] - The company intends to validate various biomarkers as it progresses in clinical development. [299] Conclusion - Nkarta is positioned to advance its NK cell therapies for autoimmune diseases, with a strong focus on safety, accessibility, and efficacy. The company is preparing for significant data releases in 2026 while maintaining a solid financial foundation. [170][172]

Summary of Nkarta Conference Call Company Overview - **Company**: Nkarta - **Focus**: Development of NK cell therapies, particularly in the context of autoimmune diseases and cancer Key Points Industry and Product Development - **Lymphodepletion Regimen**: The company switched from cyclophosphamide (Cy) alone to a combination of fludarabine and cyclophosphamide (Flu/Cy) based on feedback from rheumatologists, aiming for better patient outcomes [2][4][8] - **Data Presentation**: The company decided to delay data presentation until a robust dataset with Flu/Cy is available, emphasizing the importance of presenting meaningful data rather than limited results from Cy alone [4][5] - **B-cell Depletion**: All patients treated with Flu/Cy have shown complete B-cell depletion, which is crucial for achieving durable remissions [4][5] Clinical Trials and Enrollment - **Trial Structure**: The company has integrated oversight of multiple trials into a single safety database, allowing for more efficient patient enrollment and data collection [11][12] - **Enrollment Pace**: The pace of patient enrollment has significantly improved since switching to the Flu/Cy regimen, with expectations to reach the highest dose cohort by January [9][10] - **Indications Studied**: The Ntrust program includes five indications: lupus nephritis, primary membranous nephropathy, scleroderma, ANCA-associated vasculitis, and myositis [15][16] Competitive Landscape - **Differentiation**: The company aims to differentiate its NK cell therapy from bispecific therapies and traditional small molecules by achieving higher response rates and durable remissions [22][23][27] - **Regulatory Engagement**: The FDA has indicated openness to exploring additional indications, which could enhance the company's therapeutic offerings [19] Financial Position - **Cash Balance**: Nkarta ended the third quarter with approximately $315 million in cash, providing a runway into 2029, allowing for flexibility in operational decisions and potential pivotal trials [36][38] Future Outlook - **Redosing Strategy**: The company plans to harmonize redosing strategies across its programs, with the potential for patients to receive semi-regular redosing rather than chronic therapy [29][30] - **Safety Profile**: The NK cell therapy has shown a favorable safety profile with minimal neurotoxicity and slight cytokine release syndrome (CRS), positioning it well in the treatment landscape [35] Conclusion - Nkarta is strategically positioning itself in the NK cell therapy market by focusing on robust clinical data, efficient trial management, and a strong financial foundation, while also addressing the competitive landscape with a differentiated product offering.

Core Insights - Nkarta, Inc. is a clinical-stage biopharmaceutical company focused on developing engineered natural killer (NK) cell therapies for autoimmune diseases [1][3] - The company will participate in the Evercore 8th Annual Healthcare Conference on December 4, 2025, featuring a fireside chat at 10:50 a.m. ET [2] - Nkarta aims to create allogeneic, off-the-shelf NK cell therapies by utilizing its cell expansion and cryopreservation platform combined with proprietary cell engineering technologies [3] Company Overview - Nkarta is advancing a pipeline of NK cell therapies designed for deep therapeutic activity and broad outpatient access [3] - The company emphasizes the importance of its proprietary technologies in enhancing the effectiveness of its therapies [3] - For further information, Nkarta maintains a dedicated section on its website for investors [2][3]

Core Insights - Nkarta Inc. (NKTX) is focusing on a strategic pivot towards autoimmune diseases, which has generated an optimistic outlook for the company in 2025 [1] Company Overview - Nkarta Inc. has been analyzed multiple times in 2025, consistently leading to a positive perspective regarding its future endeavors in the biotech sector [1] Industry Context - The article emphasizes the importance of understanding the science behind biotech investments, highlighting the need for thorough due diligence to avoid potential pitfalls in the industry [1]

Core Insights - Nkarta Inc. (NKTX) is focusing on a strategic pivot towards autoimmune diseases, which has generated an optimistic outlook for the company in 2025 [1] Company Overview - Nkarta Inc. has been analyzed multiple times in 2025, consistently leading to a positive perspective regarding its new direction in the autoimmune disease sector [1] Analyst Background - The analysis is conducted by an individual with a PhD in biochemistry and extensive experience in evaluating clinical trials and biotech firms, emphasizing the importance of understanding the science behind investment opportunities [1]