NKTR Stock — Nektar Therapeutics: Cash, EV, Pipeline

Share price

$67.10

Market cap

$2,291.0M

Cash

$1,023.4M

Enterprise value

$1,267.6M

Balance sheet

Cash	$1,023.4M
Debt	$0.0M
Net cash	$1,023.4M
Enterprise value	$1,267.6M
Basic shares	34.1M shares
Fully diluted shares	37.2M shares
Fully diluted market cap	$2,498.2M
Cash per share	$29.97

Cash figures as of 2026-06-30. Database snapshot: 2026-09-21.

Price history

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Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
Jun 12 - Jul 24	Rezpegaldesleukin	Phase 3	Moderate-to-Severe Atopic Dermatitis	—
Jul 13 - Aug 24	Rezpegaldesleukin	Phase 3	Moderate-to-Severe Atopic Dermatitis	—

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

rezpegaldesleukin

Phase 3 · Active Modality: immunomodulatory agent

Aliases NKTR-358

Target interleukin-2 (IL-2) receptor complex

Partnerships TrialNet: collaboration agreement (Feb 2025) to evaluate rezpegaldesleukin in new-onset stage 3 type 1 diabetes; TrialNet conducts the study with funding from the National Institutes of Health

Indications

Moderate-to-severe atopic dermatitis (Phase 3)
Severe-to-very-severe alopecia areata (Phase 2)
New-onset stage 3 type 1 diabetes mellitus (Phase 2)

Status note First two registrational Phase 3 trials (ZENITH AD-1 and ZENITH AD-2) in moderate-to-severe atopic dermatitis initiated Jul 2026. Phase 2b REZOLVE-AD completed; results announced Jun 2025. Topline results from the Phase 2b REZOLVE-AA alopecia areata study announced Dec 16, 2025. Phase 2 study in new-onset stage 3 type 1 diabetes with TrialNet initiated May 2026.

NKTR-0165

Preclinical · Active Modality: antibody

Target tumor necrosis factor (TNF) receptor type II (TNFR2)

Partnerships Biolojic Design, Ltd.: exclusive license (option exercised Dec 2023) to specified agonistic antibodies and other materials for TNFR2 agonism program; up to $18.0M in potential milestones

Indications

Autoimmune diseases (Preclinical)

Status note Preclinical TNFR2 agonist asset; lead research program.

NKTR-0166

Preclinical · Active Modality: antibody

Target tumor necrosis factor (TNF) receptor type II (TNFR2)

Partnerships Biolojic Design, Ltd.: exclusive license (option exercised Dec 2023) to specified agonistic antibodies and other materials for TNFR2 agonism program; up to $18.0M in potential milestones

Indications

Autoimmune diseases (Preclinical)

Status note Preclinical TNFR2 agonist asset.

NKTR-255

Stage not disclosed · Active Modality: investigational biologic

Target interleukin-15 (IL-15) pathway

Indications

Oncology (Stage not disclosed)

Status note Investigational biologic in oncology. Nektar is seeking partnerships for this asset.

Per-asset detail extracted from the 10-Q filed 2026-08-14. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

Pipeline

Lead drug	Rezpegaldesleukin
Lead indication	Moderate-to-Severe Atopic Dermatitis
Lead phase	Phase 3
Active trials	4
Collaborator trials	3

Active clinical trials

Trial	Phase	Status	Role	Sponsor	BP	Condition(s)	Mgmt guide
NCT07690371	Phase 3	Recruiting	Sponsor	NKTR	—	Moderate-to-Severe Atopic Dermatitis	—
NCT07711418	Phase 3	Recruiting	Sponsor	NKTR	—	Moderate-to-Severe Atopic Dermatitis	—
NCT06136741	Phase 2	Active, not recruiting	Sponsor	NKTR	—	Moderate to Severe Atopic Dermatitis	—
NCT06340360	Phase 2	Active, not recruiting	Sponsor	NKTR	—	Alopecia Areata	—
NCT05632809	Phase 2	Recruiting	Collaborator	M.D. Anderson Cancer Center	—	Lung Cancer	—
NCT05327530	Phase 2	Active, not recruiting	Collaborator	EMD Serono Research & Development Institute, Inc.	GILD	Locally Advanced or Metastatic Urothelial Carcinoma	—
NCT05359211	Phase 1	Active, not recruiting	Collaborator	Fred Hutchinson Cancer Center	—	Recurrent Diffuse Large B-Cell Lymphoma; Recurrent Diffuse Large B-Cell Lymphoma, Not Otherwise Specified; Recurrent Grade 3b Follicular Lymphoma	—

Sponsor-matched active trials from ClinicalTrials.gov (4 as sponsor, 3 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.

View all 7 active trials for Nektar Therapeutics on ClinicalTrials.gov

Institutional holders

Fund	Shares	Q/Q change	% of portfolio	Filing
Braidwell LP	473,617	+250,916	1.22%	2026-08-14
OrbiMed Advisors	465,346	+190,346	0.62%	2026-08-14
ADAR1 Capital Management	244,184	+82,932	0.80%	2026-08-14

Institutional holder positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

NKTR — Nektar Therapeutics

Balance sheet

Price history

Upcoming catalysts

Pipeline assets

Pipeline

Active clinical trials

Institutional holders