Nektar Therapeutics reported its third‑quarter 2025 financial results on November 6, 2025. Revenue for the quarter was $11.8 million, down 51% from $24.1 million in the same period a year earlier, while the company posted a net loss of $35.5 million versus $37.1 million a year ago. Research and development expense fell to $27.3 million from $35.0 million, and general and administrative costs dropped to $16.1 million from $19.0 million.
The company highlighted that its cash and investments rose to $270.2 million, supported by $107.2 million in net proceeds from a secondary offering and $34.3 million from an at‑the‑market offering, with an additional $38.3 million raised later in October. Management projects the cash runway to extend into the second quarter of 2027, providing a financial cushion for ongoing clinical programs.
Nektar emphasized progress on its lead immunology asset, rezpegaldesleukin (REZPEG), noting that new data will be presented at the ACAAI meeting and that December topline results for the alopecia areata study are expected. The company remains focused on advancing its immunology pipeline, with R&D spending reflecting investment in REZPEG and other programs.
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