Revenue
$55.23M
Fiscal year ended 2025-12-31Operating income
-$140.10M
Fiscal year ended 2025-12-31Free cash flow
-$208.68M
Fiscal year ended 2025-12-31Valuation, from the filing
| Public float | $318.00M | Market value of stock held by non-affiliates, as stated on the cover page for 2025-06-30 |
|---|---|---|
| Float per share | $11.08 | Float divided by shares outstanding in the same filing. A floor under the share price on that date, not the price itself. |
| Float / revenue | 5.8× | A lower bound on the multiple, because affiliate holdings are excluded. |
| Float / equity | 3.5× | A lower bound on the multiple, because affiliate holdings are excluded. |
Every figure here is drawn from the 10-K cover page and the statements behind it, so each one traces to a filing. Public float counts only stock held by non-affiliates, which makes these floors rather than estimates: a high multiple is conclusive, a low one may mean cheap or may mean closely held. The float was measured on 2025-06-30, not today, and each multiple below it uses the figures for the fiscal year ending 2025-12-31 — the year that filing covered.
How this compares in its industry
Percentile among the Pharmaceutical Preparations filers on this site, highest value first. A high percentile means a large figure, which is good for a margin and not for leverage — the ranking says where the company sits, not whether that is where it should be.
| Measure | Reported | Percentile | |
|---|---|---|---|
| Gross margin | 100.0% | 97th | |
| CapEx / revenue | 0.3% | 21th | |
| Revenue YoY growth | -43.9% | 26th | |
| FCF margin | -377.8% | 37th | |
| Current ratio | 4.97x | 60th | |
| Net margin | -297.1% | 44th | |
| R&D / revenue | 212.4% | 54th | |
| Operating margin | -253.7% | 49th |
NEKTAR THERAPEUTICS (NKTR) reported revenue of $55.23M and net income of -$164.08M for the fiscal year ended 2025-12-31. This page shows 10 annual periods of income statement, balance sheet and cash flow figures normalized from NEKTAR THERAPEUTICS’s SEC filings, each linked to the filing it came from. It is classified by the SEC under Pharmaceutical Preparations.
Income
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $55.23M | $98.43M | $90.12M | $92.06M | $101.91M | $152.92M | $114.62M | $1.19B | $307.71M | $165.44M |
| Cost of revenue | $0 | $30.69M | $33.77M | $21.64M | $24.90M | $19.48M | $21.37M | $24.41M | $30.55M | $30.22M |
| Gross profit | $55.23M | $67.74M | $56.35M | $70.42M | $77.01M | $133.44M | $93.24M | $1.17B | $277.16M | $135.22M |
| Operating income | -$140.10M | -$105.20M | -$263.68M | -$376.17M | -$446.10M | -$425.11M | -$440.04M | $687.93M | -$59.64M | -$112.86M |
| Net income | -$164.08M | -$118.96M | -$276.06M | -$368.20M | -$523.84M | -$444.44M | -$440.67M | $681.31M | -$96.69M | -$153.52M |
| Research & development | $117.33M | $120.91M | $114.16M | $218.32M | $400.27M | $408.68M | $434.57M | $399.54M | $268.46M | $203.80M |
| Weighted-average diluted shares | shares 16.87M | shares 13.71M | shares 190.00M | shares 187.14M | shares 183.30M | shares 178.58M | shares 174.99M | shares 180.12M | shares 155.95M | shares 139.60M |
| Pretax income | -$164.21M | -$119.20M | -$276.26M | -$364.98M | -$523.28M | -$443.95M | -$440.05M | $682.72M | -$96.08M | -$152.65M |
| Income tax expense | -$138.00K | -$239.00K | -$200.00K | $3.22M | $557.00K | $493.00K | $613.00K | $1.41M | $616.00K | $876.00K |
| Diluted EPS | $-9.73 | $-8.68 | $-1.45 | $-1.97 | $-2.86 | $-2.49 | $-2.52 | $3.78 | $-0.62 | $-1.10 |
| Selling, general & administrative | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| General & administrative | $68.67M | $76.75M | $77.42M | $92.33M | $122.84M | $104.68M | $98.71M | $81.44M | $52.36M | $44.28M |
| Selling & marketing | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
Balance
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $15.12M | $44.25M | $35.28M | $88.23M | $25.22M | $198.96M | $96.36M | $194.90M | $4.76M | $59.64M |
| Total assets | $280.41M | $303.85M | $398.03M | $710.60M | $1.12B | $1.54B | $1.98B | $2.15B | $508.87M | $568.87M |
| Current assets | $266.27M | $261.29M | $330.70M | $545.97M | $795.58M | $1.14B | $1.42B | $1.44B | $326.82M | $425.95M |
| Total liabilities | $190.57M | $243.11M | $267.05M | $343.96M | $437.68M | $461.47M | $571.96M | $432.60M | $421.04M | $480.75M |
| Current liabilities | $53.54M | $61.40M | $51.27M | $68.20M | $85.20M | $115.78M | $353.89M | $82.00M | $56.16M | $72.22M |
| Total equity incl. NCI | $89.83M | $60.74M | $130.99M | $366.64M | $679.51M | $1.08B | $1.41B | $1.72B | $87.83M | $88.12M |
| Temporary (mezzanine) equity | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Inventory | $0 | $0 | $16.10M | $19.20M | $15.80M | $15.29M | $12.66M | $11.38M | $10.73M | $11.11M |
| Accounts receivable | Unavailable | $0 | $1.20M | $5.98M | $22.49M | $38.89M | $36.80M | $43.21M | $5.01M | $15.68M |
| Goodwill | Unavailable | Unavailable | $0 | $76.50M | $76.50M | $76.50M | $76.50M | $76.50M | $76.50M | $76.50M |
| Long-term debt | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Accounts payable | $10.77M | $11.56M | $9.85M | $12.98M | $9.75M | $22.14M | $19.23M | $5.85M | $4.78M | $2.82M |
Cash flow
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$208.51M | -$175.71M | -$192.61M | -$304.01M | -$412.66M | -$313.29M | -$328.68M | $718.21M | -$80.41M | -$117.02M |
| Capital expenditures | $171.00K | $1.47M | $865.00K | $5.68M | $14.99M | $7.26M | $26.28M | $14.24M | $9.68M | $6.39M |
| Investing cash flow | -$1.20M | $142.57M | $139.56M | $365.84M | $202.78M | $496.21M | $206.89M | -$1.38B | -$28.81M | -$82.40M |
| Financing cash flow | $180.57M | $42.12M | $30.00K | $1.51M | $36.24M | -$80.35M | $23.36M | $851.97M | $54.39M | $203.62M |
| Net change in cash | -$29.14M | $8.98M | -$52.95M | $63.01M | -$173.74M | $102.59M | -$98.54M | $190.14M | -$54.88M | $4.07M |
| Stock-based compensation | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Common dividends paid | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Common share repurchases | $0 | $3.00M | $0 | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Depreciation & amortization | $1.03M | $4.39M | $7.00M | $12.20M | $13.00M | $12.50M | $11.00M | $8.80M | $12.60M | $13.20M |
Derived
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Free cash flow | -$208.68M | -$177.18M | -$193.47M | -$309.68M | -$427.65M | -$320.54M | -$354.97M | $703.98M | -$90.09M | -$123.42M |
| Gross margin | 100.0% | 68.8% | 62.5% | 76.5% | 75.6% | 87.3% | 81.4% | 98.0% | 90.1% | 81.7% |
| Operating margin | -253.7% | -106.9% | -292.6% | -408.6% | -437.8% | -278.0% | -383.9% | 57.6% | -19.4% | -68.2% |
| FCF margin | -377.8% | -180.0% | -214.7% | -336.4% | -419.6% | -209.6% | -309.7% | 59.0% | -29.3% | -74.6% |
| SBC / revenue | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Current ratio | 4.97x | 4.26x | 6.45x | 8.00x | 9.34x | 9.83x | 4.02x | 17.53x | 5.82x | 5.90x |
| Revenue YoY growth | -43.9% | 9.2% | -2.1% | -9.7% | -33.4% | 33.4% | -90.4% | 287.8% | 86.0% | Unavailable |
| Net margin | -297.1% | -120.9% | -306.3% | -400.0% | -514.0% | -290.6% | -384.5% | 57.1% | -31.4% | -92.8% |
| R&D / revenue | 212.4% | 122.8% | 126.7% | 237.2% | 392.8% | 267.3% | 379.1% | 33.5% | 87.2% | 123.2% |
| CapEx / revenue | 0.3% | 1.5% | 1.0% | 6.2% | 14.7% | 4.7% | 22.9% | 1.2% | 3.1% | 3.9% |
| Long-term debt / equity | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Effective tax rate | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | 0.2% | Unavailable | Unavailable |
Amounts are abbreviated; the exact reported value is carried in each cell. — means unavailable, not zero. Open NKTR in the interactive workspace to inspect any figure back to its filing.
Source filings
10-Q · Filed 2026-08-14View SEC filing
10-Q · Filed 2026-05-08View SEC filing
10-K · Filed 2026-03-13View SEC filing
10-Q · Filed 2025-11-07View SEC filing
10-Q · Filed 2025-08-08View SEC filing
10-Q · Filed 2025-05-09View SEC filing
Every accounting identity this site checks — the balance sheet, the gross profit bridge and the cash flow statement — reconciles in every period shown.