Abstract
Nektar Therapeutics is scheduled to report its quarterly results on May 7, 2026 Post Market, with investor attention on revenue near 10.64 million US dollars, losses moderating on a per-share basis, operating spending tied to late-stage development, and any updates on the rezpegaldesleukin program and recent capital raises.
Market Forecast
Consensus for the current quarter points to revenue of 10.64 million US dollars, representing a year-over-year decline of 30.74%, while EPS is estimated at -1.595, a year-over-year change of 35.29% and EBIT is projected at a 39.56 million US dollars loss, down 32.68% year over year. Margin forecasts are not broadly published, but the sequential shift implied by the revenue estimate suggests softer top-line contribution from the same drivers that dominated last quarter’s results.
Nektar Therapeutics’s main revenue line remains the non-cash royalty stream related to the sale of future royalties, which last quarter accounted for essentially all revenue and is expected to step down as the amortization schedule progresses. The most promising business is the rezpegaldesleukin program in immune-dermatology, which is currently pre-revenue (0.00 million, year over year 0%), but ongoing clinical readouts this quarter have sharpened expectations for future partnering outcomes and milestone economics.
Last Quarter Review
The previous quarter delivered revenue of 21.81 million US dollars with a gross profit margin of 100.00%, a GAAP net loss attributable to common shareholders of 36.08 million US dollars and a net profit margin of -165.45%, alongside adjusted EPS of -1.78 with a year-over-year change of 25.83% and revenue down 25.25% year over year. A notable business highlight was the substantial top-line outperformance versus prior market expectations, even as operating losses persisted amid development spending. The main revenue stream—non-cash royalties related to the sale of future royalties—contributed 21.81 million US dollars, down 25.25% year over year, and represented the entirety of reported revenue.
Current Quarter Outlook
Main Revenue Line: Royalty and Related Income
The forecast revenue of 10.64 million US dollars implies a step-down from the prior quarter’s 21.81 million US dollars, consistent with a revenue profile dominated by non-cash royalty recognition tied to previously executed royalty monetization. The year-over-year decline of 30.74% reflects a lower contribution from this line versus the comparable period a year ago and leaves headline growth heavily dependent on the cadence of accounting recognition rather than new commercial inflows. Because cost of revenue was minimal last quarter, gross margin may remain mechanically high; however, that does not reduce the impact that lower revenue will have on operating losses this quarter. Investors should expect the magnitude of the top-line to be the single largest driver of quarter-to-quarter variability in reported gross profit, even though the gross margin percentage may remain elevated.
Rezpegaldesleukin Pipeline Momentum
Clinical updates for rezpegaldesleukin in alopecia areata released during April indicated a deepening of response through week 52 in an extension period of a phase 2b study, strengthening the internal case for moving into further development in immune-dermatology. While the program remains pre-revenue in the current quarter and thus does not lift near-term results, investor focus has shifted toward medium-term potential for de-risking, external validation, and eventual business development discussions. The qualitative impact of these data is material to sentiment going into the print, as better clinical durability can raise expectations for future milestones and partnering economics that could offset the structurally declining non-cash royalty revenue base.
Capital and Operating Trajectory
Nektar Therapeutics executed multiple equity offerings in the first months of 2026, including a February financing that closed at approximately 460.00 million US dollars and an April transaction priced for about 325.00 million US dollars, indicating a strengthened balance sheet ahead of pivotal program decisions. Together, these moves improve the company’s ability to fund clinical execution for rezpegaldesleukin while absorbing operating losses, which are forecast at an EBIT loss of 39.56 million US dollars this quarter. The widened projected operating loss year over year (-32.68%) is consistent with a period of heavier clinical activity; investors will listen closely for updates on the pace of R&D spending and whether any cost offsets, milestone receipts, or partnership inflows can moderate losses in the back half of the year.
EPS and Loss Structure
Consensus calls for EPS of -1.595, a year-over-year change of 35.29%, which, coupled with lower revenue and a larger EBIT loss, suggests the quarter could reflect a mix of spending for development milestones and limited income items to soften the loss. The non-cash nature of much of last quarter’s revenue (and its 100.00% gross margin) underscores how the P&L can be influenced by accounting recognition, making EPS particularly sensitive to timing of revenue accruals, non-cash charges, and the absolute level of operating expense. Any management color on expense phasing, trial timelines, and potential non-dilutive sources of funding could be as influential to the stock as the top-line, given the narrowness of the current revenue base.
What Could Move the Stock Post Market
The most consequential swing factors appear to be the magnitude of the revenue step-down versus 10.64 million US dollars, the degree to which operating losses run heavier or lighter than the 39.56 million US dollars EBIT loss expectation, and any new qualitative or quantitative commentary on rezpegaldesleukin’s development path. Given the April financing activity, the market will also parse the updated cash runway and any references to additional capital needs or strategic flexibility for the remainder of 2026. If management provides clearer visibility on upcoming clinical milestones or partnership strategy, that could overshadow near-term revenue volatility and shape full-year expectations.
Analyst Opinions
Bullish views dominate over bearish during the January to April 2026 period, with multiple Buy ratings and target increases contrasted by neutral stances and an absence of outright Sell calls; the ratio of bullish to bearish opinions from the collected items is 3:0. BTIG reiterated a Buy and set a price target of 151.00 US dollars, citing promising rezpegaldesleukin data and a favorable risk-benefit profile in immune-dermatology indications. TD Cowen initiated coverage at Buy, highlighting the perceived blockbuster potential of rezpegaldesleukin in atopic dermatitis and alopecia areata and anticipating that continued clinical progress could unlock business development opportunities. B. Riley raised its price target to 150.00 US dollars and maintained Buy, pointing to strengthened financing, improving optionality, and the prospect that further rezpegaldesleukin updates could re-rate valuation as the program advances. These bullish stances consistently emphasize program momentum, a now more robust capital position following first-quarter financings, and the potential for strategic catalysts to reshape medium-term revenue expectations, even as near-term results remain driven by non-cash royalty recognition and operating losses.Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
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