Nektar Therapeutics Common Stock (NKTR)

FairStock Score: 11/100 — RISKY

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

As a value investor in the Graham and Buffett tradition, I start with the business, not the story. Nektar is a 63-employee biotech developing immunotherapy and autoimmune candidates. The filed numbers show a company still far from earning power. In fiscal Q2 2026, the quarter ended 2026-06-30, revenue was $10.1 million and net income was -$40.6 million, or diluted EPS -$1.23. Fiscal Q1 2026, the quarter ended 2026-03-31, had revenue of $10.9 million and net income of -$44.9 million. In fiscal year 2025, the year ended 2025-12-31, revenue was $55.2 million and net income was -$164.1 million; in fiscal year 2024, the year ended 2024-12-31, revenue was $98.4 million and net income was -$119.0 million. Revenue is shrinking and losses remain large. The FairStock calculations as of the 2026-10-13 close show a market cap of $1.3 billion, P/B of 1.43, a negative P/E of -6.20, ROE of -35.76%, ROCE of -12.54%, Piotroski F-Score of 3/9, and Altman Z-score of -0.25. Trailing free cash flow was -$234.0 million, a -18.1% FCF yield. Debt-to-equity is modest at 0.15, but that does not offset the cash burn. The competitive moat question is unanswered: there is no profitability record, no dividend, and the Lynch category is none because it lost money in each of the last four years. The pipeline may hold option value, but options are not earnings. At $37.92, the market is paying $1.3 billion for a business with negative margins and declining revenue. Without a clear path to profits or positive cash flow, I see speculation, not a margin of safety. The FairStock Score of 11/100 reinforces caution.

In plain English: Nektar Therapeutics is a small biotech company working on medicines that aim to change the immune system. The business is not profitable and has been losing money, with revenue falling and heavy cash use in the latest reports. Based on those weak numbers, the stock price does not look cheap on the limited information available.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer