Nektar Therapeutics (NKTR) financial statements
Nektar Therapeutics reported revenue of $55M in fiscal 2025, down 11.5% a year over 9 years.
Net income was -$164M and the operating margin -253.7%, against -68.2% in 2016.
Free cash flow was -$209M.
The diluted share count rose 81% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Nektar Therapeutics's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $165M | $308M | $1.2B | $115M | $153M | $102M | $92M | $90M | $98M | $55M |
| Cost of revenue | $30M | $31M | $24M | $21M | $19M | $25M | $22M | $34M | $31M | $0 |
| Gross profit | $135M | $277M | $1.2B | $93M | $133M | $77M | $70M | $56M | $68M | $55M |
| Research and development | $204M | $268M | $400M | $435M | $409M | $400M | $218M | $114M | $121M | $117M |
| Selling, general and admin | $44M | $52M | $81M | $99M | $105M | $123M | $92M | $77M | $77M | $69M |
| Operating income | -$113M | -$60M | $688M | -$440M | -$425M | -$446M | -$376M | -$264M | -$105M | -$140M |
| Interest expense | $22M | $22M | $22M | $21M | $7M | $0 | $0 | — | — | — |
| Pre-tax income | -$153M | -$96M | $683M | -$440M | -$444M | -$523M | -$365M | -$276M | -$119M | -$155M |
| Income tax | $876,000 | $616,000 | $1M | $613,000 | $493,000 | $557,000 | $3M | -$200,000 | -$239,000 | -$138,000 |
| Net income | -$154M | -$97M | $681M | -$441M | -$444M | -$524M | -$368M | -$276M | -$119M | -$164M |
| EPS (diluted) | -$16.50 | -$9.30 | $56.70 | -$37.80 | -$37.35 | -$42.90 | -$29.55 | -$21.75 | -$8.68 | -$9.73 |
| Diluted shares | 9M | 10M | 12M | 12M | 12M | 12M | 12M | 13M | 14M | 17M |
| Gross margin | 81.7% | 90.1% | 98.0% | 81.4% | 87.3% | 75.6% | 76.5% | 62.5% | 68.8% | 100.0% |
| Operating margin | -68.2% | -19.4% | 57.6% | -383.9% | -278.0% | -437.8% | -408.6% | -292.6% | -106.9% | -253.7% |
| Net margin | -92.8% | -31.4% | 57.1% | -384.5% | -290.6% | -514.0% | -400.0% | -306.3% | -120.9% | -297.1% |
Balance sheet
Fiscal years, from Nektar Therapeutics's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $389M | $296M | $1.3B | $1.3B | $1.1B | $734M | $505M | $304M | $255M | $246M |
| Receivables | $16M | $5M | $43M | $37M | $39M | $22M | $6M | $1M | $0 | — |
| Inventory | $11M | $11M | $11M | $13M | $15M | $16M | $19M | $16M | $0 | $0 |
| Total current assets | $426M | $327M | $1.4B | $1.4B | $1.1B | $796M | $546M | $331M | $261M | $266M |
| Property, plant and equipment | $66M | $47M | $49M | $66M | $60M | $61M | $32M | $19M | $3M | $2M |
| Goodwill | $77M | $77M | $77M | $77M | $77M | $77M | $77M | $0 | — | — |
| Total assets | $569M | $509M | $2.2B | $2.0B | $1.5B | $1.1B | $711M | $398M | $304M | $280M |
| Total current liabilities | $72M | $56M | $82M | $354M | $116M | $85M | $68M | $51M | $61M | $54M |
| Total liabilities | $481M | $421M | $433M | $572M | $461M | $438M | $344M | $267M | $243M | $191M |
| Shareholders' equity | $88M | $88M | $1.7B | $1.4B | $1.1B | $680M | $367M | $131M | $61M | $90M |
| Net debt | -$60M | -$5M | -$195M | -$96M | -$199M | -$25M | -$88M | -$35M | -$44M | -$15M |
Cash flow
Fiscal years, from Nektar Therapeutics's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$117M | -$80M | $718M | -$329M | -$313M | -$413M | -$304M | -$193M | -$176M | -$209M |
| Capital spending | $6M | $10M | $14M | $26M | $7M | $15M | $6M | $865,000 | $1M | $171,000 |
| Free cash flow | -$123M | -$90M | $704M | -$355M | -$321M | -$428M | -$310M | -$193M | -$177M | -$209M |
| Stock-based compensation | $26M | $37M | $88M | $100M | $94M | $95M | $57M | $33M | $22M | $13M |
| Share buybacks (net) | — | — | — | — | — | — | — | $0 | -$3M | $0 |
| Free cash flow margin | -74.6% | -29.3% | 59.0% | -309.7% | -209.6% | -419.6% | -336.4% | -214.7% | -180.0% | -377.8% |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for NKTR.
Open NKTR in InvestinglyQuestions
What was Nektar Therapeutics's revenue in 2025?
$55M in fiscal 2025, from its 10-K filing.
How much free cash flow does Nektar Therapeutics generate?
-$209M in fiscal 2025 (operating cash flow minus capital spending).
From Nektar Therapeutics's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.