Nektar Therapeutics
NKTRHealthcare|Biotechnology|USA
$70.36
-2.55 (-3.50%)
Tangible Book
$19.55
Financials
Financial Snapshot
Market Cap
$2.38B
Enterprise Value
$485.4M
Revenue (TTM)
$55.6M
Net Income (TTM)
$-158.1M
Cash & Equivalents
—
Net Cash/Share
$12.95
Free Cash Flow (TTM)
$-203.9M
Operating CF (TTM)
$-203.8M
Debt/Equity
0.14
Cash Runway & Burn Rate
Cash on Hand
$0.00
Quarterly Burn
$50.9M
Monthly Burn
$17.0M
Est. Runway
—
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $389.1M | $296.1M | $1.34B | $1.32B | $1.06B | $734.0M | $505.0M | $303.6M | $255.2M | $245.8M | $568.6M | |
| Operating Cash Flow | $-117.0M | $-80.4M | $718.2M | $-328.7M | $-313.3M | $-412.7M | $-304.0M | $-192.6M | $-175.7M | $-208.5M | $-203.8M | |
| Free Cash Flow | $-123.4M | $-90.1M | $704.0M | $-355.0M | $-320.5M | $-427.6M | $-309.7M | $-193.5M | $-177.2M | $-208.7M | $-203.9M | |
| Capital Expenditure | $-6.4M | $-9.7M | $-14.2M | $-26.3M | $-7.3M | $-15.0M | $-5.7M | $-865.0K | $-1.5M | $-171.0K | $-187.0K | |
| Financing Cash Flow | $203.6M | $54.4M | $852.0M | $23.4M | $-80.4M | $36.2M | $1.5M | $30.0K | $42.1M | $180.6M | $710.1M |
R&D Spending
R&D (TTM)
$122.5M
R&D Intensity
220.2%
R&D Growth YoY
+4.4%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $165.4M | $307.7M | $1.19B | $114.6M | $152.9M | $101.9M | $92.1M | $90.1M | $98.4M | $55.2M | $55.6M | |
| R&D Expense | $203.8M | $268.5M | $399.5M | $434.6M | $408.7M | $400.3M | $218.3M | $114.2M | $120.9M | $117.3M | $122.5M | |
| R&D % of Revenue | 123.2% | 87.2% | 33.5% | 379.1% | 267.3% | 392.8% | 237.2% | 126.7% | 122.8% | 212.4% | 220.2% | |
| SG&A | $44.3M | $52.4M | $81.4M | $98.7M | $104.7M | $122.8M | $92.3M | $77.4M | $76.8M | $68.7M | $57.8M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $165.4M | $307.7M | $1.19B | $114.6M | $152.9M | $101.9M | $92.1M | $90.1M | $98.4M | $55.2M | $55.6M | |
| Cost of Goods Sold | $30.2M | $30.5M | $24.4M | $21.4M | $19.5M | $24.9M | $21.6M | $33.8M | $30.7M | $0.00 | $0.00 | |
| Gross Profit | $135.2M | $277.2M | $1.17B | $93.2M | $133.4M | $77.0M | $70.4M | $56.4M | $67.7M | $55.2M | $55.6M | |
| R&D | $203.8M | $268.5M | $399.5M | $434.6M | $408.7M | $400.3M | $218.3M | $114.2M | $120.9M | $117.3M | $122.5M | |
| SG&A | $44.3M | $52.4M | $81.4M | $98.7M | $104.7M | $122.8M | $92.3M | $77.4M | $76.8M | $68.7M | $57.8M | |
| Operating Income | $-112.9M | $-43.7M | $687.9M | $-440.0M | $-379.9M | $-446.1M | $-240.2M | $-135.2M | $-129.9M | $-130.8M | $-124.7M | |
| Interest Expense | $-42.2M | $-41.0M | $-42.8M | $-46.4M | $-37.1M | $-47.3M | $-28.9M | $-25.3M | $-28.1M | $-26.2M | $-29.2M | |
| Pretax Income | $-152.6M | $-96.1M | $682.7M | $-440.1M | $-443.9M | $-523.3M | $-365.0M | $-276.3M | $-119.2M | $-155.5M | $-152.2M | |
| Net Income | $-153.5M | $-96.7M | $681.3M | $-440.7M | $-444.4M | $-523.8M | $-368.2M | $-276.1M | $-119.0M | $-164.1M | $-158.1M | |
| EPS (Diluted) | -16.50 | -9.30 | 56.70 | -37.80 | -37.35 | -42.90 | -29.55 | -21.75 | -8.68 | -9.73 | -4.68 | |
| EBITDA | $-95.1M | $-40.4M | $736.4M | $-380.5M | $-392.6M | $-461.8M | $-323.0M | $-243.1M | $-86.7M | $-128.3M | $-122.3M | |
| Shares Out. (M) | 9.31 | 10.40 | 12.01 | 11.67 | 11.90 | 12.22 | 12.48 | 12.67 | 13.71 | 16.87 | 24.74 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $59.6M | $4.8M | $194.9M | $96.4M | $199.0M | $25.2M | $88.2M | $35.3M | $44.3M | $15.1M | $149.6M | |
| Marketable Securities | $329.5M | $291.4M | $1.14B | $1.23B | $862.9M | $708.7M | $416.8M | $268.3M | $211.0M | $230.6M | $419.0M | |
| Total Current Assets | $426.0M | $326.8M | $1.44B | $1.42B | $1.14B | $795.6M | $546.0M | $330.7M | $261.3M | $266.3M | $589.0M | |
| Total Assets | $568.9M | $508.9M | $2.15B | $1.98B | $1.54B | $1.12B | $710.6M | $398.0M | $303.9M | $280.4M | $763.3M | |
| Total Current Liabilities | $72.2M | $56.2M | $82.0M | $353.9M | $115.8M | $85.2M | $68.2M | $51.3M | $61.4M | $53.5M | $57.7M | |
| Long-Term Debt | $243.5M | $245.2M | $246.9M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Liabilities | $480.7M | $421.0M | $432.6M | $572.0M | $461.5M | $437.7M | $344.0M | $267.0M | $243.1M | $190.6M | $187.1M | |
| Stockholders' Equity | $88.1M | $87.8M | $1.72B | $1.41B | $1.08B | $679.5M | $366.6M | $131.0M | $60.7M | $89.8M | $576.2M | |
| Retained Earnings | $-2.02B | $-2.12B | $-1.42B | $-1.86B | $-2.31B | $-2.83B | $-3.20B | $-3.48B | $-3.60B | $-3.76B | $-3.81B |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $-117.0M | $-80.4M | $718.2M | $-328.7M | $-313.3M | $-412.7M | $-304.0M | $-192.6M | $-175.7M | $-208.5M | $-203.8M | |
| Capital Expenditure | $-6.4M | $-9.7M | $-14.2M | $-26.3M | $-7.3M | $-15.0M | $-5.7M | $-865.0K | $-1.5M | $-171.0K | $-187.0K | |
| Free Cash Flow | $-123.4M | $-90.1M | $704.0M | $-355.0M | $-320.5M | $-427.6M | $-309.7M | $-193.5M | $-177.2M | $-208.7M | $-203.9M | |
| Investing Cash Flow | $-82.4M | $-28.8M | $-1.38B | $206.9M | $496.2M | $202.8M | $365.8M | $139.6M | $142.6M | $-1.2M | $-395.7M | |
| Financing Cash Flow | $203.6M | $54.4M | $852.0M | $23.4M | $-80.4M | $36.2M | $1.5M | $30.0K | $42.1M | $180.6M | $710.1M | |
| Issuance of Stock | $189.3M | $0.00 | $790.2M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $180.8M | $563.8M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $-3.0M | $0.00 | $142.6M | |
| Issuance of Debt | $0.00 | $0.00 | $0.00 | $0.00 | $146.3M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Payments of Debt | $-5.9M | $-5.1M | $0.00 | $0.00 | $-396.3M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $25.9M | $36.6M | $88.1M | $99.8M | $94.3M | $94.7M | $57.3M | $33.4M | $21.6M | $12.6M | $12.1M | |
| Net Change in Cash | $4.1M | $-54.9M | $190.1M | $-98.5M | $102.6M | $-173.7M | $63.0M | $-53.0M | $9.0M | $-29.1M | $110.7M |
Dilution Tracker
Shares outstanding grew 102.4% over 5 years — significant dilution
Shares Outstanding
25M
5-Year Share Growth
+102.4%
Stock Issuance (TTM)
$563.8M
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 9.31 | 10.40 | 12.01 | 11.67 | 11.90 | 12.22 | 12.48 | 12.67 | 13.71 | 16.87 | 24.74 | |
| YoY Change % | — | 11.7% | 15.5% | -2.8% | 2.0% | 2.6% | 2.1% | 1.5% | 8.2% | 23.0% | 46.6% | |
| Stock Issuance | $189.3M | $0.00 | $790.2M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $180.8M | $563.8M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $-3.0M | $0.00 | $142.6M | |
| Stock Based Comp. | $25.9M | $36.6M | $88.1M | $99.8M | $94.3M | $94.7M | $57.3M | $33.4M | $21.6M | $12.6M | $12.1M |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 81.7% | 90.1% | 98.0% | 81.4% | 87.3% | 75.6% | 76.5% | 62.5% | 68.8% | 0.0% | 0.0% | |
| Operating Margin % | -68.2% | -14.2% | 57.6% | -383.9% | -248.5% | -437.8% | -261.0% | -150.0% | -132.0% | -236.8% | -224.1% | |
| Net Margin % | -92.8% | -31.4% | 57.1% | -384.5% | -290.6% | -514.0% | -400.0% | -306.3% | -120.9% | -297.1% | -284.2% | |
| EBITDA Margin % | -57.5% | -13.1% | 61.7% | -332.0% | -256.8% | -453.2% | -350.9% | -269.8% | -88.1% | -232.3% | -219.8% | |
| FCF Margin % | -74.6% | -29.3% | 59.0% | -309.7% | -209.6% | -419.6% | -336.4% | -214.7% | -180.0% | -377.8% | -366.6% | |
| ROE % | -324.7% | -109.9% | 75.5% | -28.2% | -35.8% | -59.6% | -70.4% | -110.9% | -124.1% | -217.9% | -106.7% | |
| ROA % | -28.8% | -17.9% | 51.2% | -21.4% | -25.3% | -39.4% | -40.3% | -49.8% | -33.9% | -56.2% | -43.7% | |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - | - |
Valuation
P/E (TTM)At Loss
HistoricalAt Loss / 9.95 / 13.60
Industry Med.27.51
P/S24.05
Historical0.98 / 11.55 / 56.23
Industry Med.9.49
P/B3.60
Historical0.37 / 3.21 / 1104.29
Industry Med.2.93
EV/EBITDA-15.47
Historical-423.60 / -4.87 / 10.98
Industry Med.13.02
EV/Revenue34.00
Historical-2.59 / 11.36 / 55.59
Industry Med.8.59
P/FCF—
Historical7.71 / 9.74 / 13.40
Industry Med.27.13
Intrinsic Value Models
Tangible Book
$19.55
Net Current Assets
$13.640
Median P/S Value
$31.57
Net-Net Working Capital
$12.95
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| PE Ratio | At Loss | At Loss | 8.70 | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | |
| PS Ratio | 10.35 | 30.27 | 4.96 | 32.95 | 19.85 | 24.30 | 4.59 | 1.19 | 1.94 | 12.91 | 24.05 | |
| PB Ratio | 21.33 | 108.48 | 3.32 | 2.71 | 2.84 | 3.69 | 1.16 | 0.83 | 2.84 | 9.59 | 3.60 | |
| EV/EBITDA | -18.23 | -234.66 | 6.27 | -7.60 | -5.48 | -4.15 | -0.16 | 0.32 | -0.23 | -5.47 | -15.47 | |
| EV/Revenue | 10.48 | 30.79 | 3.87 | 25.24 | 14.06 | 18.79 | 0.57 | -0.86 | 0.20 | 12.70 | 34.00 |
Analyst Estimates & Quality
Altman Z-Score
1.02
Distress
Piotroski F-Score
3
Weak
Beneish M-Score
0.80
Possible Manipulator
Forward Estimates
| Metric | Current Year | Next Year | 2 Years Out |
|---|---|---|---|
| Revenue | $41.03M | $36.91M | $46.57M |
| Net Income | $-250.03M | $-355.79M | $-408.62M |
| EPS | -9.01 | -11.08 | -11.70 |
| Book Value per Share | 5.70 | 6.00 | 0.00 |
| Operating Cash Flow per Share | -8.35 | -8.95 | 0.00 |
| Operating CF | $-206.55M | $-221.39M | $0.00M |
Dividends
Revenue Segments
By Business
| Segment | 2025 |
|---|---|
| Applying our expertise to develop novel drug candidates | $55.2M |
By Geography
| Segment | 2025 |
|---|---|
| Rest of World | $55.2M |