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Nektar Therapeutics

NKTR Lead: Phase 3 6 Biotech Distilled articles ↓ 28 filings & releases ↓ Cash $39.3M (Jun 30, 2026) ↓ 6 verdicts ↓ 2 timing quotes ↓
DermatologyImmunologyMetabolicOncology Protein

Market cap $1.27B 34.1M shares (10-Q, Aug 7, 2026) × $37.26 close Nov 6, 2026

Most recent annual filing: 2026-03-13

Catalyst timeline

7 trackedQuarter catalyst calendar →
  1. amlitelimab Sanofi filing2H 2026amlitelimab Sanofi filing, 2H 2026, notable
  2. Rezpegaldesleukin trial start2H 2026Rezpegaldesleukin trial start, 2H 2026, routine
  3. undisclosed Treg indication trial start2H 2026undisclosed Treg indication trial start, 2H 2026, routine
  4. Rezpegaldesleukin AD readout1Q 2027Rezpegaldesleukin AD readout, 1Q 2027, major
  5. Rezpegaldesleukin T1D Ph2 interim2027Rezpegaldesleukin T1D Ph2 interim, 2027, notable
  6. AA registrational Phase 3 Ph3Early 2027AA registrational Phase 3 Ph3, Early 2027, routine
  7. Rezpegaldesleukin ZENITH Ph3 toplinemid-2028Rezpegaldesleukin ZENITH Ph3 topline, mid-2028, major

Bar width shows how precise the guidance is — a pin is a stated date, a wide band a six-month window. Deeper blue means more of the thesis rides on the event; it is not a view on the stock.

Pipeline (11 active programs)

Capital (as filed)

Cash
$39.3M cash and cash equivalents · Jun 30, 2026 (10-Q)
Short-term investments
$645M Jun 30, 2026
Long-term investments
$339M Jun 30, 2026
Operating cash flow
−$75.8M quarter Mar 31, 2026 → Jun 30, 2026, year-to-date difference (10-Q)
As stated in coverage
$1.00B cash, runway third quarter of 2028 per the update of Oct 1, 2026 — the company's own words as read there, not the filed figure

Cash, investments and operating cash flow are the company's own XBRL facts as filed with the SEC, each shown with its period end and tag. As-stated figures come from the company's own words as read in Biotech Distilled coverage, dated, and routinely count securities and planned financing that a balance sheet does not. Offering rows are the SEC cover pages as filed. Not investment advice. Figures as of Nov 7, 2026.

Biotech Distilled coverage (6)

Articles open on Substack. Some are subscriber-only; those marked ★ Distilled Pro are for Distilled Pro members.

Verdict history (6 calls)

Every verdict Biotech Distilled has published on Nektar Therapeutics, oldest first — the full history, never a selection. How calls are scored: the track record.

  1. 2026-06-06 Watch Nektar Therapeutics (NKTR) — Scientific Deep Dive for Rezpegaldesleukin and Pipeline Products First-in-class Treg biology and fortress balance sheet are real, but middling efficacy, a post-hoc-rescued AA primary, and a competitor a full development cycle ahead in AD don't justify chasing a 570% move.
  2. 2026-07-24 Watch UPDATE: Nektar Therapeutics (NKTR) - The Phase 3 Clock Starts (and Amlitelimab's Head Start Widens) Phase 3 initiated on schedule with competent design, but mid-2028 topline widens amlitelimab's commercial head start to a full cycle and new money at $69 is paying for M&A tail with no fundamental improvement.
  3. 2026-08-14 Watch UPDATE: Nektar Therapeutics (NKTR) - The Runway Just Got a Deadline Q2 cash of $1B is strong but runway guided only 'into Q3 2028' converts the cushion into a countdown, and at $75.92 the stock still prices meaningful M&A optionality with the pivotal readout two years out.
  4. 2026-09-11 Watch UPDATE: Nektar Therapeutics (NKTR) - The Quiet Period Is the Catalyst The quiet-period 8-K signals the REZOLVE-AA off-treatment readout is weeks away, creating an asymmetric binary where a soft durability result does real damage to the AA thesis while a clean result only directionally de-risks it.
  5. 2026-09-25 Watch UPDATE: Nektar Therapeutics (NKTR) - The Docket Delivers $90M The $90M Lilly jury award is real non-dilutive optionality that softens the runway deadline but is subject to appeal, and the stock at $57 is approaching but not yet at the cash-plus-modest-pipeline revisit level ahead of the still-pending AA durability binary.
  6. 2026-10-02 Watch UPDATE: Nektar Therapeutics (NKTR) - Eight Patients Carry the Durability Story The AA off-treatment durability data points the right way in 5/8 one-year responders but is built on n=8 with a weaker 36-week cohort, leaving the thesis intact but unproven; at ~$0.6B above cash the stock is approaching but not yet at a margin-of-safety entry point.

Every verdict Biotech Distilled has published on this company, in order, with the post it came from — the full history, never a selection. Position figures are the same ones shown on /track-record, computed by the same method. Editorial opinion, not investment advice.

Timing, in the company's words (2 quotes from 2 filings)

Sentences quoted verbatim from the company's SEC filings, newest filing first. Each sits under the filing it appeared in; the "matched to" tag names the calendar row it was read for.

Timing sentences quoted from the company's own SEC filings, each under the filing it appeared in. The 'matched to' tag is the calendar row the sentence was read for; the filing is the source. Not investment advice.

Filings & releases (28)

SEC filings from EDGAR and press releases captured from the company's investor-relations site, newest first. Releases captured from Jul 21, 2026; filings from March 2026. Summaries come from the BD update that read the document; "BD extracted" counts point at the pipeline table above. All companies →

13 more filings (13G holder notices, S-8, proxy material, SEC correspondence …)