---
schema_version: "secwatch.filing_event.v1"
accession: "0001213900-26-027026"
form_type: "8-K"
ticker: "NKTR"
cik: "0000906709"
company_name: "NEKTAR THERAPEUTICS"
filed_at: "2026-03-12T23:59:59+00:00"
generated_at: "2026-05-15T14:37:20.183624+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# Nektar reports Q4 2025 net loss $36.1M ($1.78/sh); cash $245.8M plus $460M Feb 2026 offering

## Summary
- Revenue Q4 2025 $21.8M vs $29.2M YoY; full year $55.2M vs $98.4M.
- Net loss Q4 2025 $36.1M ($1.78/sh) vs net income $7.3M ($0.52/sh) in Q4 2024; full year net loss $164.1M.
- Cash and investments $245.8M at Dec 31, 2025; subsequent $460M secondary offering and $44M ATM in Feb/Mar 2026.
- Phase 2b data for rezpegaldesleukin in atopic dermatitis and alopecia areata reported; Phase 3 to start Q2 2026.
- Research collaboration with UCSF for NKTR-0165 in multiple sclerosis announced.

## SEC filing metadata
- accession: 0001213900-26-027026
- form_type: 8-K
- ticker: NKTR
- cik: 0000906709
- company_name: NEKTAR THERAPEUTICS
- filed_at: 2026-03-12T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/906709/000121390026027026/0001213900-26-027026-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/906709/000121390026027026/ea0281334-8k_nektar.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001213900-26-027026
- JSON: https://secwatch.observer/filing/0001213900-26-027026.json
- Plain text: https://secwatch.observer/filing/0001213900-26-027026.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.