{ "ok": true, "cik": "906709", "ticker": "NKTR", "name": "Nektar Therapeutics", "filings": [ { "form": "8-K", "filed": "2026-09-08", "items": [ "7.01 Regulation FD Disclosure", "9.01 Financial Statements and Exhibits" ], "url": "https://www.sec.gov/Archives/edgar/data/906709/000121390026098042/0001213900-26-098042-index.htm" }, { "form": "10-Q", "filed": "2026-08-14", "items": [], "url": "https://www.sec.gov/Archives/edgar/data/906709/000119312526349805/0001193125-26-349805-index.htm" }, { "form": "8-K", "filed": "2026-08-13", "items": [ "2.02 Results of Operations and Financial Condition", "9.01 Financial Statements and Exhibits" ], "url": "https://www.sec.gov/Archives/edgar/data/906709/000121390026089137/0001213900-26-089137-index.htm" }, { "form": "8-K", "filed": "2026-06-05", "items": [ "5.07 Submission of Matters to a Vote of Security Holders" ], "url": "https://www.sec.gov/Archives/edgar/data/906709/000121390026065845/0001213900-26-065845-index.htm" }, { "form": "8-K", "filed": "2026-05-08", "items": [ "1.01 Entry into a Material Definitive Agreement", "5.02 Departure or Election of Directors; Appointment of Officers", "9.01 Financial Statements and Exhibits" ], "url": "https://www.sec.gov/Archives/edgar/data/906709/000119312526214976/0001193125-26-214976-index.htm" }, { "form": "10-Q", "filed": "2026-05-08", "items": [], "url": "https://www.sec.gov/Archives/edgar/data/906709/000119312526212596/0001193125-26-212596-index.htm" } ], "events12m": 17, "sources": { "facts": "https://data.sec.gov/api/xbrl/companyfacts/CIK0000906709.json", "filings": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=906709" }, "license": "Figures as filed with the SEC. Card text CC BY 4.0, POPS4.", "notAdvice": "Reporting, not investment advice. No price targets, no buy or sell views.", "edgar": "🫧 Edgar looked up Nektar Therapeutics ($NKTR). Last filing: 8-K (7.01 Regulation FD Disclosure), 2026-09-08. 17 event filings (8-K) in the past twelve months.", "auditor": { "changes": [], "nonReliance": [], "restatedSince": null }, "metrics": { "fiscalYearEnd": "2025-12-31", "revenue": 55232000, "revenueGrowth1y": -0.4388531602101049, "revenueGrowthPerYear": -0.14198142822393955, "yearsOfData": 5, "operatingMargin": -2.536609212050985, "operatingMarginPrior": -1.068792099728733, "netMargin": -2.9706691772885283, "operatingCashFlow": -208511000, "capitalSpending": 171000, "freeCashFlow": -208682000, "researchAndDevelopment": 117330000, "researchShareOfRevenue": 2.1243119930475087, "cash": 15116000, "longTermDebt": null, "longTermDebtChange": null, "revenueHistory": [ { "fiscalYearEnd": "2021-12-31", "revenue": 101907000 }, { "fiscalYearEnd": "2022-12-31", "revenue": 92055000 }, { "fiscalYearEnd": "2023-12-31", "revenue": 90122000 }, { "fiscalYearEnd": "2024-12-31", "revenue": 98427000 }, { "fiscalYearEnd": "2025-12-31", "revenue": 55232000 } ], "totalEquity": 89832000, "totalAssets": 280406000, "equityRatio": 0.3203640435654016, "returnOnEquity": -1.8264760886989047, "dividendsPaid": null, "payoutRatio": null, "dividendPerShare": null, "dividendYearsRising": null, "dividendCut": null, "priceBased": "Dividend yield, price/earnings and price/book need a share price. The boards carry filings only, so they are not shown.", "range80": { "low": 28467046.77626815, "high": 51115784.496206805, "baseline": 38788727.04219669, "n": 749, "band": "b00" }, "ifPaceHeld": { "low": 28467046.77626815, "high": 51115784.496206805 } }, "edgarette": "🔖 Exposure: revenue $55.2M (FY2025). Experience: revenue down 43.9% on the year, down 14.2% a year over 4 years; operating margin -253.7%, down from -106.9%. Soundness: equity 32.0% of assets, return on equity -182.6%. Credibility: four or more audited years, reasonable weight. Range: 80% of past cases like this landed between $28.5M and $51.1M next year (method v3, set from 749 SEC company-years; on a year the method never saw, 83% landed inside). A range, not a forecast. Against peers (114 filers, $50M+ revenue, pharmaceutical preparations): operating margin -253.7% against a -3.8% median; growth -43.9% against 13.7%.", "peers": { "sic": 2834, "sicDescription": "Pharmaceutical Preparations", "calendarYear": 2025, "minRevenue": 50000000, "depth": 4, "group": "2834", "growth": [ 0.1365, 111 ], "opMargin": [ -0.038, 114 ], "equityRatio": [ 0.4028, 118 ], "returnOnEquity": [ -0.0112, 100 ], "payoutRatio": [ 0.403, 13 ] }, "summary": "Nektar Therapeutics (NKTR) saw revenue fall 43.9% in FY2025 to $55 million, operating margin -254% against a -3.8% median for pharmaceutical preparations, equity 32.0% of assets. Every figure is from the company’s own annual report filed with the SEC.", "chart": "
Nektar Therapeutics against its own record and its peers
Operating marginPeer median -3.8%-253.7%Revenue, on the yearPeer median 13.7%-43.9%Equity of assetsPeer median 40.3%32.0%Return on equityPeer median -1.1%-182.6%Gold tick: the median of 100–118 peers with $50M+ revenue in pharmaceutical preparations
", "chartHorizon": null, "backtest": { "tests": 13, "hits": 4, "rate": 0.3076923076923077, "method": "v3", "note": "hindsight: past years, same calibrated range. The range was calibrated on 2022-2024 SEC data, so years in that window are partly in-sample." }, "registry": { "logged": "2026-09-20T15:18:50.710Z", "hash": "ab31f70a2e62d0f1", "status": "open" }, "caution": "Figures are as filed in audited 10-K reports and can move with restatements, acquisitions, disposals or a change in fiscal year. A range set from how past company-years turned out is not a promise about the next one, and says nothing about the share price.", "schema": "pops4.edgarette.card/1", "card": { "summary": "Nektar Therapeutics (NKTR) saw revenue fall 43.9% in FY2025 to $55 million, operating margin -254% against a -3.8% median for pharmaceutical preparations, equity 32.0% of assets. Every figure is from the company’s own annual report filed with the SEC.", "exposure": { "fiscalYearEnd": "2025-12-31", "revenue": 55232000, "totalDebt": null, "cash": 15116000 }, "experience": { "revenueGrowth1y": -0.4388531602101049, "revenueGrowthPerYear": -0.14198142822393955, "operatingMargin": -2.536609212050985, "operatingMarginPrior": -1.068792099728733, "netMargin": -2.9706691772885283, "freeCashFlow": -208682000 }, "soundness": { "equityRatio": 0.3203640435654016, "returnOnEquity": -1.8264760886989047, "payoutRatio": null, "dividendPerShare": null, "dividendYearsRising": null, "dividendCut": null, "note": "Dividend yield, price/earnings and price/book need a share price. The boards carry filings only, so they are not shown." }, "peers": { "sic": 2834, "sicDescription": "Pharmaceutical Preparations", "calendarYear": 2025, "minRevenue": 50000000, "depth": 4, "group": "2834", "growth": [ 0.1365, 111 ], "opMargin": [ -0.038, 114 ], "equityRatio": [ 0.4028, 118 ], "returnOnEquity": [ -0.0112, 100 ], "payoutRatio": [ 0.403, 13 ] }, "credibility": { "auditedYears": 5, "weight": "reasonable", "standard": "ASOP No. 25", "nonReliance": null, "auditorChange": null }, "range": { "low": 28467046.77626815, "high": 51115784.496206805, "baseline": 38788727.04219669, "coverage": 0.8, "method": "v3", "basis": "next fiscal year revenue: baseline = revenue x (1 + mean of one-year and three-year pace); range = 10th to 90th percentile of how SEC company-years of the same size band actually turned out", "calibratedOn": { "companyYears": 749, "sizeBand": "b00" }, "kind": "a calibrated range, not a forecast; no view on the share price", "track": { "backtest": { "tests": 13, "hits": 4, "rate": 0.3076923076923077, "method": "v3", "note": "hindsight: past years, same calibrated range. The range was calibrated on 2022-2024 SEC data, so years in that window are partly in-sample." }, "registry": { "logged": "2026-09-20T15:18:50.710Z", "hash": "ab31f70a2e62d0f1", "status": "open" }, "scorecard": "https://www.pops4.com/boards/scorecard" } }, "caution": "Figures are as filed in audited 10-K reports and can move with restatements, acquisitions, disposals or a change in fiscal year. A range set from how past company-years turned out is not a promise about the next one, and says nothing about the share price.", "sources": { "facts": "https://data.sec.gov/api/xbrl/companyfacts/CIK0000906709.json", "filings": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=906709" } }, "definitions": { "operatingMargin": "Operating income divided by revenue.", "netMargin": "Net income divided by revenue.", "freeCashFlow": "Cash from operations minus spending on property and equipment.", "researchShareOfRevenue": "Research and development expense for the year as a share of revenue, both as filed.", "equityRatio": "Shareholders equity as a share of total assets, both as filed. Higher means less of the company is owed to someone else.", "returnOnEquity": "Net income for the year against shareholders equity at year end.", "payoutRatio": "Dividends paid as a share of net income, in the year the cash went out.", "dividendYearsRising": "Consecutive years, counted back from the last on record, in which dividend per share rose. A fall ends the run and is reported as dividendCut.", "revenueGrowthPerYear": "Compound annual growth between the first and latest fiscal years shown.", "credibility": "How much weight a record deserves, in the actuarial sense (ASOP No. 25): more audited years, more weight.", "peers": "Medians of SEC filers with $50M+ revenue in the same industry code (SIC), narrowest group with at least 8 filers, calendar-year figures from SEC XBRL frames.", "backtest": "The same if-the-pace-held arithmetic applied to the company's own past years, scored against what it actually reported next. Hindsight, and labelled so." } }