Nektar Q2 2026: cash $1.02B, net loss $40.6M, Phase 3 ZENITH AD initiated

NEKTAR THERAPEUTICS

Cash and investments $1,023.4M at June 30, 2026 vs $245.8M at Dec 31, 2025; runway into Q3 2028.
Q2 revenue $10.1M (vs $11.2M); net loss $40.6M ($1.23/share) vs $41.6M ($2.95/share) year-ago.
R&D expense $39.1M (up from $29.9M) on Phase 3 ZENITH AD and manufacturing; G&A down to $12.8M.
Initiated first two Phase 3 ZENITH AD trials in atopic dermatitis in July 2026; BLA submission planned 2029.
April 2026 offering raised $373.8M gross; positive 52-week REZOLVE-AA results announced.

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