Nektar Q2 Loss Narrower Than Expected, Revenues Fall Y/Y

Core Insights - Nektar Therapeutics reported a narrower loss of $2.95 per share for Q2 2025, compared to a loss of $3.76 per share in the same quarter last year, and better than the Zacks Consensus Estimate of a loss of $3.13 [1][6] - Total revenues for Q2 2025 decreased by 52.4% year over year to $11.2 million, slightly exceeding the Zacks Consensus Estimate of $11 million, primarily due to the sale of the Huntsville manufacturing facility [2][6] - The company’s shares have increased by 56% year to date, outperforming the industry’s rise of 5.5% [2] Financial Performance - Research and development (R&D) expenses were $29.9 million, reflecting a year-over-year increase of approximately 0.7% [3] - General and administrative (G&A) expenses decreased by around 16.6% year over year to $17.1 million [3] - As of June 30, 2025, Nektar had cash and cash equivalents and marketable securities totaling $175.9 million, down from $220.7 million as of March 31, 2025 [3] Pipeline Developments - Nektar's lead pipeline candidate, rezpegaldesleukin (rezpeg), is being developed for various autoimmune and inflammatory diseases, with ongoing Phase IIb trials for atopic dermatitis and alopecia areata [7][8] - The Phase IIb REZOLVE-AD study for moderate-to-severe atopic dermatitis met its primary and key secondary endpoints in June 2025 [7] - The FDA granted Fast Track designation to rezpeg for treating severe-to-very severe alopecia areata, in addition to its previous designation for moderate-to-severe atopic dermatitis [8] Strategic Developments - Nektar regained full rights to rezpeg from Eli Lilly in April 2023, allowing the company to take charge of its clinical development without owing any royalty payments [9]