Nektar(NKTR) - 2025 Q4 - Annual Results

Financial Performance - Revenue for Q4 2025 was $21.8 million, down 25.5% from $29.2 million in Q4 2024; full year revenue decreased to $55.2 million from $98.4 million in 2024[4] - Total operating costs and expenses in Q4 2025 were $49.5 million, significantly higher than $14.8 million in Q4 2024; full year operating costs decreased to $195.3 million from $203.6 million in 2024[5] - Net loss for Q4 2025 was $36.1 million, compared to a net income of $7.3 million in Q4 2024; full year net loss was $164.1 million, worsening from a net loss of $119.0 million in 2024[10] - Total revenue for the twelve months ended December 31, 2025, was $55,232,000, a decrease of 43.9% compared to $98,427,000 for the same period in 2024[27] - Net loss for the twelve months ended December 31, 2025, was $164,076,000, compared to a net loss of $118,961,000 in 2024, representing a 38.0% increase in losses[27] - Basic and diluted earnings per share for the twelve months ended December 31, 2025, were $(9.73), compared to $(8.68) in 2024, indicating a worsening in per-share losses[27] Expenses - R&D expenses for Q4 2025 were $29.7 million, slightly up from $28.7 million in Q4 2024; full year R&D expenses decreased to $117.3 million from $120.9 million in 2024[6] - G&A expenses in Q4 2025 were $11.2 million, down from $17.1 million in Q4 2024; full year G&A expenses decreased to $68.7 million from $76.8 million in 2024[7] - Research and development expenses for the twelve months ended December 31, 2025, were $117,330,000, a slight decrease of 3.1% from $120,908,000 in 2024[27] Assets and Liabilities - Total assets decreased to $280,406,000 as of December 31, 2025, down from $303,850,000 in 2024, reflecting a decline of 7.7%[24] - Total liabilities decreased to $190,574,000 as of December 31, 2025, down from $243,113,000 in 2024, a reduction of 21.6%[24] - Cash and cash equivalents decreased significantly to $15,116,000 in 2025 from $44,252,000 in 2024, a decline of 65.9%[24] - Total stockholders' equity increased to $89,832,000 as of December 31, 2025, compared to $60,737,000 in 2024, reflecting a growth of 47.9%[24] Future Plans and Milestones - Nektar plans to initiate its Phase 3 program for rezpegaldesleukin in atopic dermatitis in June 2026, following positive Phase 2 data[3] - Upcoming milestones include topline data from the Phase 2b REZOLVE-AA study in April 2026 and commencement of Phase 3 studies for rezpegaldesleukin in Q2 2026[17] Investment and Non-Cash Losses - Nektar's investment in Gannet BioChem resulted in non-cash losses of $1.3 million in Q4 2025 and $8.7 million for the full year[9] - The company reported a non-cash royalty revenue of $54,932,000 for the twelve months ended December 31, 2025, down from $64,267,000 in 2024, a decrease of 14.5%[27] - Product sales for the three months ended December 31, 2025, were $0, down from $12,874,000 in the same period of 2024[27]