NEKTAR THERAPEUTICS
Financial highlights
| Metric | FY 12/31/25 | FY 12/31/24 | FY 12/31/23 | FY 12/31/22 | FY 12/31/21 |
|---|---|---|---|---|---|
| Income Statement | |||||
| Revenue | $55.2M | $98.4M | $90.1M | $92.1M | $101.9M |
| Cost of revenue | $0 | $30.7M | $33.8M | $21.6M | $24.9M |
| Research and development | $117.3M | $120.9M | $114.2M | $218.3M | $400.3M |
| Operating income | -$140.1M | -$105.2M | -$263.7M | -$376.2M | -$446.1M |
| Interest expense | — | — | — | $0 | $0 |
| Pretax income | -$155.5M | -$119.2M | -$276.3M | -$365.0M | -$523.3M |
| Income tax expense | -$138,000 | -$239,000 | -$200,000 | $3.2M | $557,000 |
| Net income | -$164.1M | -$119.0M | -$276.1M | -$368.2M | -$523.8M |
| Balance Sheet | |||||
| Cash and equivalents | $15.1M | $44.3M | $35.3M | $88.2M | $25.2M |
| Current assets | $266.3M | $261.3M | $330.7M | $546.0M | $795.6M |
| Total assets | $280.4M | $303.9M | $398.0M | $710.6M | $1.1B |
| Current liabilities | $53.5M | $61.4M | $51.3M | $68.2M | $85.2M |
| Total liabilities | $190.6M | $243.1M | $267.0M | $344.0M | $437.7M |
| Stockholders' equity | $89.8M | $60.7M | $131.0M | $366.6M | $679.5M |
| Cash Flow Statement | |||||
| Cash from operations | -$208.5M | -$175.7M | -$192.6M | -$304.0M | -$412.7M |
| Depreciation and amortization | $1.0M | $4.1M | $7.0M | $12.2M | $13.0M |
| Stock-based compensation | $12.6M | $21.6M | $33.4M | $57.3M | $94.7M |
| Capital expenditure | $171,000 | $1.5M | $865,000 | $5.7M | $15.0M |
| Free cash flow | -$208.7M | -$177.2M | -$193.5M | -$309.7M | -$427.6M |
| Share repurchases | $0 | $3.0M | $0 | — | — |
| Impairments | $4.4M | $0 | $76.5M | $65.8M | $0 |
Shares outstanding 33.8M · Free float 27.2%
Annual filing data through FY ended December 31, 2025; float as of July 11, 2026.