Nkarta, Inc.
NKTXHealthcare|Biotechnology|US
$1.73
+0.16 (+10.19%)
Tangible Book / Share
$2.89
Cash / Share
$2.10
Financials
Financial Snapshot
Market Cap
$123.9M
Enterprise Value
$147.6M
Revenue (TTM)
$0.00
Net Income (TTM)
-$128.9M
Cash & Investments
$156.6M
Net Cash
$84.6M
Free Cash Flow (TTM)
-$102.3M
Operating CF (TTM)
-$99.9M
Debt/Equity
0.33
Cash Runway & Burn Rate
Cash on Hand
$156.6M
Quarterly Burn
$25.0M
Monthly Burn
$8.3M
Est. Runway
~6.3 quarters
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $7.9M | $37.0M | $314.9M | $238.1M | $352.1M | $248.2M | $267.4M | $276.3M | $156.6M | |
| Operating Cash Flow | -$5.2M | -$18.4M | -$43.5M | -$67.9M | -$57.0M | -$86.2M | -$99.7M | -$88.7M | -$99.9M | |
| Free Cash Flow | -$5.9M | -$20.3M | -$51.0M | -$73.0M | -$104.1M | -$114.3M | -$104.1M | -$89.9M | -$102.3M | |
| Capital Expenditure | -$757.9K | -$1.9M | -$7.5M | -$5.0M | -$47.1M | -$28.1M | -$4.4M | -$1.2M | -$2.4M | |
| Financing Cash Flow | $87.5K | $49.6M | $329.8M | $1.2M | $219.0M | $691.0K | $226.1M | $141.0K | $889.0K |
R&D Spending
R&D (TTM)
$106.4M
R&D Intensity
—
R&D Growth vs Prior
+17.7%
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6.5M | $115.4K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| R&D Expense | $4.3M | $17.2M | $36.2M | $63.4M | $90.9M | $90.9M | $96.7M | $90.4M | $106.4M | |
| R&D % of Revenue | 64.9% | 14921.3% | — | — | — | — | — | — | — | |
| SG&A | $2.7M | $5.2M | $15.3M | $23.0M | $28.1M | $34.9M | $31.4M | $31.6M | $32.0M |
Income Statement
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6.5M | $115.4K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Cost of Revenue | $4.3M | $17.2K | $0.00 | $0.00 | $0.00 | $5.9M | $0.00 | $9.2M | $2.3M | |
| Gross Profit | $2.3M | $98.2K | $0.00 | $0.00 | $0.00 | -$5.9M | $0.00 | -$9.2M | -$2.3M | |
| R&D | $4.3M | $17.2M | $36.2M | $63.4M | $90.9M | $90.9M | $96.7M | $90.4M | $106.4M | |
| SG&A | $2.7M | $5.2M | $15.3M | $23.0M | $28.1M | $34.9M | $31.4M | $31.6M | $32.0M | |
| Operating Income | -$356.4K | -$22.3M | -$51.5M | -$86.4M | -$119.0M | -$131.7M | -$128.2M | -$121.2M | -$140.7M | |
| Interest Expense | $0.00 | $473.0K | $0.00 | $0.00 | $5.6M | $0.00 | $0.00 | $0.00 | $0.00 | |
| Pretax Income | -$274.5K | -$21.1M | -$91.4M | -$86.1M | -$113.8M | -$117.5M | -$108.8M | -$104.1M | -$128.9M | |
| Net Income | -$274.5K | -$21.1M | -$91.4M | -$86.1M | -$113.8M | -$117.5M | -$108.8M | -$104.1M | -$128.9M | |
| EPS (Diluted) | -0.01 | -2.55 | -1.59 | -2.62 | -2.61 | -2.40 | -1.60 | -1.41 | -1.73 | |
| EBITDA | -$91.3K | -$20.2M | -$50.7M | -$84.3M | -$105.6M | -$120.5M | -$99.6M | -$94.9M | -$124.1M | |
| Shares Out. (M) | 50.27 | 8.98 | 31.80 | 32.86 | 43.63 | 49.01 | 67.87 | 73.99 | 74.64 |
Balance Sheet
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $7.9M | $20.6M | $96.7M | $60.8M | $37.5M | $31.0M | $27.9M | $39.6M | $48.4M | |
| Short-Term Investments | $0.00 | $16.4M | $218.2M | $177.3M | $314.6M | $217.1M | $239.5M | $236.6M | $108.3M | |
| Total Current Assets | $8.2M | $37.5M | $318.8M | $245.8M | $360.7M | $253.1M | $273.3M | $282.5M | $162.5M | |
| Total Assets | $9.6M | $48.4M | $337.6M | $273.9M | $472.9M | $378.9M | $501.2M | $404.2M | $308.5M | |
| Total Current Liabilities | $2.1M | $8.2M | $8.8M | $12.9M | $22.0M | $23.3M | $18.9M | $22.3M | $28.1M | |
| Long-Term Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $64.6M | |
| Total Liabilities | $15.0M | $73.9M | $16.4M | $22.9M | $100.7M | $105.6M | $93.2M | $91.9M | $92.7M | |
| Stockholders' Equity | -$5.4M | -$25.5M | $321.2M | $251.0M | $372.2M | $273.3M | $408.0M | $312.3M | $215.7M | |
| Retained Earnings | -$5.6M | -$26.7M | -$118.0M | -$204.1M | -$317.9M | -$435.4M | -$544.2M | -$648.3M | -$749.8M |
Cash Flow Statement
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$5.2M | -$18.4M | -$43.5M | -$67.9M | -$57.0M | -$86.2M | -$99.7M | -$88.7M | -$99.9M | |
| Capital Expenditure | -$757.9K | -$1.9M | -$7.5M | -$5.0M | -$47.1M | -$28.1M | -$4.4M | -$1.2M | -$2.4M | |
| Free Cash Flow | -$5.9M | -$20.3M | -$51.0M | -$73.0M | -$104.1M | -$114.3M | -$104.1M | -$89.9M | -$102.3M | |
| Investing Cash Flow | -$757.9K | -$18.3M | -$210.1M | $32.5M | -$184.7M | $79.0M | -$129.6M | $100.3M | $87.3M | |
| Financing Cash Flow | $87.5K | $49.6M | $329.8M | $1.2M | $219.0M | $691.0K | $226.1M | $141.0K | $889.0K | |
| Issuance of Stock | $87.5K | $0.00 | $265.1M | $1.2M | $217.2M | $691.0K | $225.1M | $141.0K | $64.0K | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | $0.00 | $49.5M | $64.3M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $182.5K | $947.0K | $6.7M | $14.5M | $16.9M | $17.2M | $16.7M | $8.6M | $7.4M | |
| Net Change in Cash | -$5.9M | $12.9M | $76.2M | -$34.2M | -$22.7M | -$6.5M | -$3.2M | $11.8M | -$11.8M |
Dilution Tracker
Shares outstanding grew 132.7% over 5 years — significant dilution
Shares Outstanding
72M
5-Year Share Growth
+132.7%
Stock Issuance (TTM)
$64.0K
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 50.27 | 8.98 | 31.80 | 32.86 | 43.63 | 49.01 | 67.87 | 73.99 | 74.64 | |
| Change vs Prior % | — | -82.1% | 254.0% | 3.3% | 32.8% | 12.3% | 38.5% | 9.0% | 0.9% | |
| Stock Issuance | $87.5K | $0.00 | $265.1M | $1.2M | $217.2M | $691.0K | $225.1M | $141.0K | $64.0K | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $182.5K | $947.0K | $6.7M | $14.5M | $16.9M | $17.2M | $16.7M | $8.6M | $7.4M |
Margins & Profitability
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 35.1% | 85.1% | — | — | — | — | — | — | — | |
| Operating Margin % | -5.4% | -19368.7% | — | — | — | — | — | — | — | |
| Net Margin % | -4.2% | -18265.7% | — | — | — | — | — | — | — | |
| EBITDA Margin % | -1.4% | -17508.4% | — | — | — | — | — | — | — | |
| FCF Margin % | -90.7% | -17588.9% | — | — | — | — | — | — | — | |
| ROE % | 5.1% | 82.7% | -28.4% | -34.3% | -30.6% | -43.0% | -26.7% | -33.3% | -48.6% | |
| ROA % | -2.9% | -43.5% | -27.1% | -31.4% | -24.1% | -31.0% | -21.7% | -25.8% | -41.8% | |
| ROIC % | -4.7% | -53.6% | -15.6% | -32.8% | -26.1% | -36.4% | -26.3% | -31.2% | -48.9% | |
| R&D / Revenue % | 64.9% | 14921.3% | — | — | — | — | — | — | — |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0.0% | -98.2% | -100.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| Gross Profit | 0.0% | -95.7% | -100.0% | 0.0% | 0.0% | 0.0% | 100.0% | 0.0% | |
| Operating Income | 0.0% | -6169.8% | -130.5% | -67.8% | -37.6% | -10.7% | 2.6% | 5.5% | |
| Net Income | 0.0% | -7577.8% | -333.5% | 5.8% | -32.3% | -3.2% | 7.4% | 4.3% | |
| EPS (Diluted) | 0.0% | -46263.6% | 37.6% | -64.8% | 0.4% | 8.0% | 33.3% | 11.9% | |
| Operating Cash Flow | 0.0% | -254.3% | -136.9% | -56.1% | 16.1% | -51.2% | -15.7% | 11.0% | |
| Free Cash Flow | 0.0% | -241.6% | -151.4% | -43.0% | -42.7% | -9.8% | 8.9% | 13.6% | |
| R&D Expense | 0.0% | 304.9% | 110.4% | 75.1% | 43.3% | 0.0% | 6.4% | -6.5% | |
| SG&A Expense | 0.0% | 97.7% | 191.4% | 50.6% | 21.9% | 24.3% | -9.8% | 0.4% | |
| Total Assets | 0.0% | 404.0% | 597.5% | -18.9% | 72.7% | -19.9% | 32.3% | -19.4% | |
| Book Value / Share | 0.0% | -2542.7% | 456.1% | -24.4% | 11.7% | -34.6% | 7.8% | -29.8% | |
| Debt | 0.0% | -42.6% | 22.2% | 39.7% | 565.7% | 6.5% | -9.1% | -4.8% | |
| Diluted Shares | 0.0% | -82.1% | 254.0% | 3.3% | 32.8% | 12.3% | 38.5% | 9.0% |
Valuation
P/E (TTM)At Loss
P/S0.00
P/B0.60
10Y Low / Med / High0.41 / 1.18 / 6.08
EV/EBITDAAt Loss
EV/Revenue0.00
P/FCFAt Loss
Intrinsic Value Models (per share)
Tangible Book / Share
$2.89
Net Current Assets / Share
$0.98
Graham Net-Net
$0.86
Cash / Share
$2.10
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -8709.09 | -18.78 | -38.66 | -5.86 | -2.30 | -2.75 | -1.56 | -1.31 | -1.00 | |
| P/S Ratio | 367.62 | 3729.22 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| P/B Ratio | -446.24 | -16.89 | 6.08 | 2.01 | 0.70 | 1.18 | 0.41 | 0.44 | 0.60 | |
| EV/EBITDA | -26430.08 | -20.64 | -36.80 | -5.41 | -2.90 | -3.16 | -2.22 | -1.83 | -1.19 | |
| EV/Revenue | 368.36 | 3613.86 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Analyst Estimates & Quality
Altman Z-Score
-3.48
Distress
Piotroski F-Score
1
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $2.3M | $6.5M | $4.3M |
| Net Income | -$126.7M | -$132.1M | -$100.0M |
| EPS | $-1.67 | $-1.52 | $-1.33 |
| # Analysts (EPS) | 3 | 4 | 4 |