NEKTAR THERAPEUTICS
Financial highlights
| Metric | FY December 31, 2025 | FY December 31, 2024 | FY December 31, 2023 | FY December 31, 2022 | FY December 31, 2021 |
|---|---|---|---|---|---|
| Revenue | $55.2M | $98.4M | $90.1M | $92.1M | $101.9M |
| Operating income | -$140.1M | -$105.2M | -$263.7M | -$376.2M | -$446.1M |
| Cost of revenue | $0 | $30.7M | $33.8M | $21.6M | $24.9M |
| Cash from operations | -$208.5M | -$175.7M | -$192.6M | -$304.0M | -$412.7M |
| Capital expenditure | $171,000 | $1.5M | $865,000 | $5.7M | $15.0M |
| Free cash flow | -$208.7M | -$177.2M | -$193.5M | -$309.7M | -$427.6M |
| Share repurchases | $0 | $3.0M | $0 | — | — |
| Impairments | $4.4M | $0 | $76.5M | $65.8M | $0 |
| Total assets | $280.4M | $303.9M | $398.0M | $710.6M | $1.1B |
| Total liabilities | $190.6M | $243.1M | $267.0M | $344.0M | $437.7M |
Shares outstanding 33.8M · Free float 27.2%
Annual filing data through FY ended December 31, 2025; float as of July 11, 2026.