Nektar Therapeutics Reports Q3 2025 Financial Results and Progress on Drug Development
Nektar Therapeutics, a biotechnology firm based in San Francisco, has recently disclosed its financial results for the third quarter of 2025, shedding light on both its monetary performance and advancements in its drug development programs. Reporting a revenue of $11.8 million for the third quarter, compared to $24.1 million during the same period last year, the company's decline in revenue can be attributed to the divestment of its Huntsville manufacturing facility in December 2024.
At the end of Q3, Nektar held $270.2 million in cash and investments in marketable securities, slightly up from $269.1 million at the start of the year. The company’s funding has been bolstered by $107.2 million in net proceeds from a secondary stock offering in July 2025, and an additional $38.3 million raised from an at-the-market offering that concluded in October 2025. Nektar anticipates that its current cash reserves will suffice to sustain its operations through the second quarter of 2027.
Howard W. Robin, President and CEO of Nektar, expressed optimism over the company’s leading candidate, rezpegaldesleukin, underscoring positive results emerging from the REZOLVE-AD study. This investigational product, which employs a novel mechanism targeting regulatory T cells, aims to offer a unique treatment option for patients suffering from moderate-to-severe atopic dermatitis—a condition that also correlates with asthma in approximately a quarter of affected individuals.
Nektar plans to present significant findings about rezpegaldesleukin at the upcoming ACAAI Scientific Meeting, scheduled for November 8, 2025. The research highlights that rezpegaldesleukin is capturing attention in the competitive landscape, especially as it appears to offer efficacy signals not observed with other biologics currently under development or recently approved.
Notably, this year's Nobel Prize in Physiology or Medicine recognized breakthroughs in understanding the role of FOXP3-positive regulatory T cells in immune tolerance. Nektar found it humbling that their research on rezpegaldesleukin was mentioned in the Nobel Committee's background materials.
In terms of operational costs, Nektar reported a total of $43.5 million for Q3 2025, down from $58.5 million the previous year. This reduction is directly linked to the cessation of product sales and a reduction in research and development expenses. Although total operating expenses decreased, R&D spending still amounted to $27.3 million in Q3, reflecting ongoing efforts in multiple trials including for alopecia areata and Type 1 diabetes, showcasing Nektar’s commitment to tackling complex health challenges.
Despite a net loss of $35.5 million for the quarter, down from a loss of $37.1 million a year earlier, Nektar remains focused on its innovative drug pipeline, which includes a promising portfolio of investigational immunotherapies. With current losses not including any significant restructuring charges and a reduction in general and administrative expenses, the company is strategically positioning itself for potential recovery as clinical trials progress.
Looking ahead, Nektar is poised to continue providing updates on its research outcomes, with topline data from the alopecia areata trials expected in December. As the landscape of immune-based therapies evolves, Nektar Therapeutics is committed to forging paths towards significant breakthroughs in treatment, highlighted by its focus on rezpegaldesleukin’s therapeutic potential. This indicates Nektar's determination not just to address immediate challenges, but also to transform how chronic immune conditions are treated in the future.
At the end of Q3, Nektar held $270.2 million in cash and investments in marketable securities, slightly up from $269.1 million at the start of the year. The company’s funding has been bolstered by $107.2 million in net proceeds from a secondary stock offering in July 2025, and an additional $38.3 million raised from an at-the-market offering that concluded in October 2025. Nektar anticipates that its current cash reserves will suffice to sustain its operations through the second quarter of 2027.
Howard W. Robin, President and CEO of Nektar, expressed optimism over the company’s leading candidate, rezpegaldesleukin, underscoring positive results emerging from the REZOLVE-AD study. This investigational product, which employs a novel mechanism targeting regulatory T cells, aims to offer a unique treatment option for patients suffering from moderate-to-severe atopic dermatitis—a condition that also correlates with asthma in approximately a quarter of affected individuals.
Nektar plans to present significant findings about rezpegaldesleukin at the upcoming ACAAI Scientific Meeting, scheduled for November 8, 2025. The research highlights that rezpegaldesleukin is capturing attention in the competitive landscape, especially as it appears to offer efficacy signals not observed with other biologics currently under development or recently approved.
Notably, this year's Nobel Prize in Physiology or Medicine recognized breakthroughs in understanding the role of FOXP3-positive regulatory T cells in immune tolerance. Nektar found it humbling that their research on rezpegaldesleukin was mentioned in the Nobel Committee's background materials.
In terms of operational costs, Nektar reported a total of $43.5 million for Q3 2025, down from $58.5 million the previous year. This reduction is directly linked to the cessation of product sales and a reduction in research and development expenses. Although total operating expenses decreased, R&D spending still amounted to $27.3 million in Q3, reflecting ongoing efforts in multiple trials including for alopecia areata and Type 1 diabetes, showcasing Nektar’s commitment to tackling complex health challenges.
Despite a net loss of $35.5 million for the quarter, down from a loss of $37.1 million a year earlier, Nektar remains focused on its innovative drug pipeline, which includes a promising portfolio of investigational immunotherapies. With current losses not including any significant restructuring charges and a reduction in general and administrative expenses, the company is strategically positioning itself for potential recovery as clinical trials progress.
Looking ahead, Nektar is poised to continue providing updates on its research outcomes, with topline data from the alopecia areata trials expected in December. As the landscape of immune-based therapies evolves, Nektar Therapeutics is committed to forging paths towards significant breakthroughs in treatment, highlighted by its focus on rezpegaldesleukin’s therapeutic potential. This indicates Nektar's determination not just to address immediate challenges, but also to transform how chronic immune conditions are treated in the future.
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