Nektar Therapeutics released its financial results for the third quarter ended September 30, 2026, and provided an update on its clinical development programs. The company reported cash and investments in marketable securities of $952.9 million as of September 30, 2026, a significant increase from $245.8 million on December 31, 2025.
For the third quarter of 2026, revenue was $9.4 million, down from $11.8 million in the prior year period. Total operating costs and expenses were $67.2 million, compared to $43.5 million in the third quarter of 2025. Research and development expenses rose to $44.1 million from $27.3 million, driven by activities supporting Phase 3 programs and manufacturing. General and administrative expenses increased to $24.6 million from $16.1 million, primarily due to higher legal costs.
The company reported a net loss of $55.7 million, or $1.63 per share, for the third quarter of 2026, compared to a net loss of $35.5 million, or $1.87 per share, in the prior year. For the first nine months of 2026, the net loss was $141.2 million, or $4.60 per share.
On the clinical front, Nektar initiated ZENITH AD-3, the third and final registrational trial for rezpegaldesleukin in atopic dermatitis. The company also announced that the global ZENITH AA registrational trial in alopecia areata is on track to begin in December 2026. Rezpegaldesleukin is a novel regulatory T cell stimulator being evaluated for autoimmune and chronic inflammatory diseases.
