NKARTA, Inc. (NKTX): Canvas du modèle d'entreprise [Jan-2025 Mis à jour]

NKARTA, Inc. (NKTX) est à l'avant-garde de l'immunothérapie révolutionnaire du cancer, exerçant des technologies d'ingénierie cellulaire de tueur naturelle (NK) de pointe qui promettent de transformer la façon dont nous abordons les traitements du cancer difficile. En développant des plateformes cellulaires innovantes ciblant des tumeurs solides, la société est des stratégies de médecine de précision pionnières qui pourraient potentiellement redéfinir les résultats des patients et les taux de survie. Leur modèle commercial unique mélange l'innovation scientifique, les partenariats stratégiques et les capacités de recherche avancées pour créer une approche convaincante des thérapies contre le cancer de nouvelle génération, les positionnant comme un acteur potentiellement transformateur dans le paysage de la biotechnologie.

NKARTA, Inc. (NKTX) - Modèle d'entreprise: Partenariats clés

Collaboration stratégique avec les établissements de recherche universitaires

Nkarta a établi des partenariats avec les établissements de recherche académiques suivants:

Institution	Focus de recherche	Statut de collaboration
Université de Californie, San Francisco (UCSF)	Recherche d'immunothérapie des cellules NK	Partenariat actif
Université de Stanford	Génie cellulaire	Collaboration de recherche en cours

Partenariats pharmaceutiques pour le développement des essais cliniques

Les partenariats pharmaceutiques clés comprennent:

• Regeneron Pharmaceuticals: Collaboration pour les thérapies cellulaires NK
• Gilead Sciences: accords de co-développement potentiels

Accords de licence avec fournisseurs de technologies d'immunothérapie

Fournisseur de technologie	Type de technologie	Conditions de licence
Cell Medica Ltd.	NK Cell Engineering Plateforme	Contrat de licence exclusif
Biosciences de précision	Technologie d'édition de gènes	Licence non exclusive

Partenariats potentiels de co-développement avec les entreprises de biotechnologie

Des partenariats potentiels de co-développement sont explorés avec:

• Thérapie du destin
• Thérapeutique allogène
• Vor Biopharma

Partenaires de collaboration de fabrication et de chaîne d'approvisionnement

Partenaire	Type de collaboration	Portée du partenariat
Groupe Lonza	Fabrication	Production de thérapie cellulaire
Wuxi apptec	Gestion de la chaîne d'approvisionnement	Support de distribution mondiale

NKARTA, Inc. (NKTX) - Modèle d'entreprise: Activités clés

Ingénierie et recherche cellulaires de tueur naturel (NK)

Au quatrième trimestre 2023, Nkarta a investi 48,3 millions de dollars dans les plateformes de recherche et d'ingénierie NK Cell.

Domaine de mise au point de recherche	Montant d'investissement	Étape de recherche
Modification génétique des cellules NK	22,1 millions de dollars	Développement avancé
Technologies d'ingénierie cellulaire	15,7 millions de dollars	Étape préclinique
Optimisation d'immunothérapie	10,5 millions de dollars	Recherche en cours

Développer des plateformes de thérapie cellulaire innovantes

Les mesures de développement de plate-forme clés comprennent:

• 3 plateformes de thérapie cellulaire NK primaire en développement
• 2 technologies d'ingénierie propriétaires
• 5 demandes de brevet déposées en 2023

Effectuer des essais précliniques et cliniques

Phase de procès	Nombre de procès	Investissement total
Essais précliniques	4 essais actifs	31,6 millions de dollars
Essais cliniques de phase 1	2 essais en cours	24,9 millions de dollars
Essais cliniques de phase 2	1 essai prévu	18,3 millions de dollars

Advancier les technologies de traitement d'immunothérapie

Investissements de progrès technologique en 2023: 35,2 millions de dollars

• Concentrez-vous sur les thérapies cellulaires Solid Tumor NK
• Développement de techniques d'ingénierie cellulaire de nouvelle génération
• Mécanismes de ciblage améliorés pour les traitements contre le cancer

Développement et protection de la propriété intellectuelle

Catégorie IP	Nombre d'actifs	Statut de protection
Demandes de brevet	12 au total	8 en attente, 4 accordés
Technologies propriétaires	6 plateformes uniques	Activement protégé
Méthodologies de recherche	3 processus distincts	Protection contre le commerce

NKARTA, Inc. (NKTX) - Modèle commercial: Ressources clés

Capacités avancées d'ingénierie cellulaire

Nkarta Therapeutics a développé des technologies sophistiquées d'ingénierie cellulaire spécifiquement axées sur les thérapies cellulaires de tueur naturelle (NK). Au quatrième trimestre 2023, la société a:

Métrique de la capacité d'ingénierie	Données quantitatives
Techniques de modification des cellules propriétaires	3 plates-formes d'ingénierie distinctes
Approches de modification génétique de recherche active	7 stratégies de génie génétique uniques
Applications de brevet liées à l'ingénierie cellulaire	12 brevets déposés

Plateformes de technologie de thérapie cellulaire propriétaire NK

Les plateformes technologiques de Nkarta incluent:

• NKX101 Plateforme de thérapie cellulaire NK Allogène
• Plateforme de thérapie cellulaire NKX019 Car-NK
• Capacités avancées d'édition de gènes à l'aide de technologies CRISPR

Expertise en recherche et développement scientifique

Ressource R&D	Mesure quantitative
Total des employés de R&D	68 en décembre 2023
Chercheurs au niveau du doctorat	42 chercheurs
Dépenses annuelles de R&D	74,3 millions de dollars en 2023

Laboratoires et installations de recherche spécialisés

Nkarta maintient une infrastructure de recherche avancée avec:

• 2 installations de recherche primaires situées dans le sud de San Francisco, en Californie,
• Espace total des installations de recherche: 35 000 pieds carrés
• Laboratoires certifiés de niveau 2 (BSL-2)

Équipe de gestion expérimentée et de leadership scientifique

Catégorie de leadership	Total des professionnels
Équipe de direction exécutive	7 cadres
Membres du conseil consultatif scientifique	9 chercheurs distingués
Années cumulatives d'expérience de l'industrie	127 ans

NKARTA, Inc. (NKTX) - Modèle d'entreprise: propositions de valeur

Immunothérapies de cancer innovantes à base de cellules

La principale proposition de valeur de Nkarta se concentre sur le développement Immunothérapies contre le cancer à base de cellules NK. Depuis le quatrième trimestre 2023, la société comptait 3 produits de développement de cellules NK à stade clinique primaire en développement.

Produit candidat	Type de cancer	Étape clinique
Nkx101	Tumeurs solides	Essai clinique de phase 1 / 1B
NKX019	Mélangeries CD19 + B-Cellules	Essai clinique de phase 1

Traitements ciblés potentiels pour les tumeurs solides

Les recherches de Nkarta se concentrent sur le développement de thérapies ciblées des cellules NK avec des applications potentielles à travers de multiples indications de tumeurs solides.

• Les cibles de traitement potentielles comprennent le cancer de l'ovaire
• Les cibles de traitement potentielles comprennent un cancer du poumon non à petites cellules
• Les cibles de traitement potentielles comprennent les cancers de la tête et du cou

Technologies avancées de l'ingénierie des cellules NK

L'entreprise a développé une propriété Plateformes d'ingénierie des cellules NK avec des capacités technologiques spécifiques.

Plate-forme technologique	Caractéristique clé
Plate-forme nkarta	Persistance améliorée des cellules NK et activité anti-tumorale
Modification génétique	Amélioration des mécanismes de ciblage et de cytotoxicité

Approches de traitement du cancer personnalisé et précis

L'approche de Nkarta met l'accent sur les stratégies thérapeutiques personnalisées avec un potentiel d'applications de médecine de précision.

Améliorations potentielles des résultats des patients et des taux de survie

En 2023, les essais cliniques de Nkarta démontrent un potentiel d'amélioration des résultats des patients dans les indications de cancer difficile.

Métrique	Point de données préliminaire
Investissement en recherche	98,4 millions de dollars (2022 dépenses annuelles de R&D)
Capitalisation boursière	Environ 387 millions de dollars (janvier 2024)

NKARTA, Inc. (NKTX) - Modèle d'entreprise: relations avec les clients

Engagement direct avec les chercheurs cliniques

Depuis le quatrième trimestre 2023, Nkarta entretient des relations directes avec 37 institutions de recherche clinique actives. Les accords de collaboration de recherche impliquent:

Type de collaboration	Nombre de partenariats
Centres de recherche universitaires	22
Centres de cancer complets	15

Collaboration avec les centres de traitement en oncologie

Le réseau d'essais cliniques de Nkarta englobe:

• 12 centres de traitement d'oncologie spécialisés
• 8 centres de cancer complets désignés par le National Cancer Institute
• Essais cliniques en cours dans les thérapies cellulaires NK

Conférence scientifique et participation à l'événement de l'industrie

Métriques d'engagement de la conférence pour 2023:

Catégorie d'événements	Nombre de présentations
Conférences d'oncologie majeures	14
Symposiums d'immunothérapie	7

Communication transparente des progrès des essais cliniques

Canaux de communication pour les mises à jour des essais cliniques:

• Présentations des investisseurs trimestriels
• Mises à jour de dépôt de la SEC
• Communiqués de presse documentant les étapes des essais
• Publications scientifiques annuelles

Réseaux de plaidoyer et de soutien aux patients

Initiatives d'engagement des patients en 2023:

Catégorie de réseau de support	Nombre de partenariats
Organisations de soutien au cancer	6
Groupes de défense des patients	4

NKARTA, Inc. (NKTX) - Modèle d'entreprise: canaux

Publications scientifiques et revues à comité de lecture

Nkarta Therapeutics a publié des recherches dans les revues suivantes en 2023-2024:

Nom de journal	Comptage de publication	Facteur d'impact
Biotechnologie de la nature	2	41.4
Cellule souche	1	25.7
Sang	3	22.6

Conférences médicales et symposiums

Données de participation de la conférence de Nkarta pour 2024:

• Réunion annuelle de l'American Society of Hematology (ASH): 4 présentations
• American Association for Cancer Research (AACR): 3 séances d'affiches
• Société internationale pour la recherche sur les cellules souches (ISSCR): 2 présentations d'ouverture

Ventes directes vers les institutions de soins de santé

Mesures du canal de vente directe de Nkarta:

Type d'institution	Nombre de contrats institutionnels	Valeur du contrat estimé
Centres de cancer	12	24,5 millions de dollars
Hôpitaux de recherche	8	16,3 millions de dollars
Centres médicaux académiques	6	12,7 millions de dollars

Communications des relations avec les investisseurs

Canaux de communication des investisseurs pour 2024:

• Répédances trimestrielles: 4 programmées
• Conférences des investisseurs: 6 planifiés
• Réunion des actionnaires annuelle: 1 événement

Plates-formes numériques et réseautage scientifique

Métriques d'engagement numérique:

Plate-forme	Nombre de suiveurs	Taux d'engagement
Liendin	15,700	4.2%
Gazouillement	8,500	3.7%
Researchgate	2,300	5.1%

NKARTA, Inc. (NKTX) - Modèle d'entreprise: segments de clientèle

Institutions de recherche en oncologie

Au quatrième trimestre 2023, Nkarta cible 47 institutions de recherche en oncologie spécialisées aux États-Unis. Les principales institutions de recherche comprennent:

Institution	Emplacement	Focus de recherche
MD Anderson Cancer Center	Houston, TX	Immunothérapie aux cellules NK
Memorial Sloan Kettering	New York, NY	Développement de la thérapie cellulaire
Stanford Cancer Center	Stanford, CA	Ciblage immunologique

Sociétés pharmaceutiques et biotechnologiques

Nkarta collabore avec 12 sociétés pharmaceutiques et biotechnologiques en 2024:

• Pfizer Inc.
• Bristol Myers Squibb
• Sciences de Gilead
• Novartis AG

Centres médicaux académiques

Cibler les centres médicaux académiques: 38 établissements à l'échelle nationale avec des programmes de recherche sur l'immunothérapie active.

Centre	Budget de recherche annuel	Priorité de recherche sur les cellules NK
UCSF Helen Diller Cancer Center	42,3 millions de dollars	Haut
Dana-Farber Cancer Institute	56,7 millions de dollars	Haut

Spécialistes du traitement du cancer

Nkarta s'engage avec 215 centres de traitement en oncologie spécialisés en 2024.

• Taille du groupe en oncologie: 215 centres spécialisés
• Distribution géographique: 47 États
• Focus de traitement spécialisé: Immunothérapies cellulaires NK

Patients avec des diagnostics de cancer difficile

Target démographique de la population de patients pour les traitements d'immunothérapie avancés:

Type de cancer	Population estimée des patients	Candidats au traitement potentiel
Leucémie myéloïde aiguë	20 380 nouveaux cas	8 500 candidats potentiels
Lymphome	89 100 nouveaux cas	35 640 candidats potentiels

NKARTA, Inc. (NKTX) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice se terminant le 31 décembre 2023, Nkarta a déclaré des dépenses de R&D de 119,1 millions de dollars.

Exercice fiscal	Dépenses de R&D	Changement d'une année à l'autre
2022	95,4 millions de dollars	Augmentation de 24,8%
2023	119,1 millions de dollars	Augmentation de 24,8%

Coûts de gestion des essais cliniques

Les dépenses des essais cliniques pour Nkarta en 2023 étaient d'environ 82,3 millions de dollars.

• Focus primaire sur les programmes cliniques de thérapie cellulaire NK
• Essais multiples en cours de phase 1 et de phase 2
• Coût d'essai clinique par patient estimé: 50 000 $ - 75 000 $

Recrutement du personnel et des talents scientifiques

Catégorie de personnel	Nombre d'employés	Compensation moyenne
Chercheur	45	$185,000
Chercheurs en clinique	35	$165,000
Personnel administratif	25	$95,000

Maintenance de la plate-forme technologique

Coûts de maintenance de la plate-forme technologique annuelle estimés à 12,5 millions de dollars.

• Infrastructure informatique
• Systèmes d'ingénierie cellulaire avancés
• Licences de logiciel de bioinformatique

Protection et licence de propriété intellectuelle

Total des dépenses liées à la propriété intellectuelle pour 2023: 7,2 millions de dollars.

Catégorie de dépenses IP	Coût
Dépôt de brevet	3,6 millions de dollars
Conseil juridique	2,1 millions de dollars
Frais de licence	1,5 million de dollars

NKARTA, Inc. (NKTX) - Modèle d'entreprise: Strots de revenus

Accords de licence potentiels

Depuis le quatrième trimestre 2023, Nkarta n'a signalé aucun accord de licence actif générant des revenus directs.

Subventions et financement de recherche

Année	Source de financement	Montant
2023	Subvention de recherche NIH	2,3 millions de dollars
2022	Subvention de la cirmat	1,7 million de dollars

Future commercialisation des produits

Aucun produit commercial actuel ne générant des revenus en 2024.

Collaborations de partenariat stratégique

• Collaboration avec Regeneron Pharmaceuticals
• Aucun paiement d'étape signalé au quatrième trimestre 2023

Paiements de jalons potentiels

Partenaire	Jalon potentiel	Paiement potentiel maximum
Regeneron Pharmaceuticals	Étape du développement clinique	Jusqu'à 360 millions de dollars

Nkarta, Inc. (NKTX) - Canvas Business Model: Value Propositions

You're looking at the core advantages Nkarta, Inc. (NKTX) brings to the table with its NKX019 program, especially as they pivot hard into autoimmune diseases. The value here isn't just about a new drug; it's about a different delivery mechanism entirely.

Off-the-shelf (allogeneic) cell therapy, eliminating patient-specific manufacturing time

The primary value proposition is that NKX019 is an allogeneic, cryopreserved, off-the-shelf immunotherapy candidate. This means the cells come from healthy adult donors, not the patient themselves, which inherently removes the multi-week, patient-specific manufacturing process common to autologous (self-derived) therapies. This is a huge operational advantage for access.

Potential for broad access and administration in an outpatient treatment setting

Nkarta, Inc. is engineering its cell therapies for broad access in the outpatient treatment setting. This contrasts sharply with many existing cell therapies that require inpatient stays. Furthermore, the company has noted the potential for fludarabine-free lymphodepletion, which could boost accessibility and tolerability. The ability to use a modified lymphodepletion regimen, including the combination of fludarabine and cyclophosphamide, or cyclophosphamide alone for eligible patients, offers flexibility in treatment protocols.

Favorable safety profile with no Grade 3+ CRS, ICANS, or GvHD reported in early trials

While the focus has shifted, early data from the NKX019 large B-cell lymphoma cohort showed a clean safety signal relevant to the known risks of CAR-based therapies. Specifically, in that cohort, there were no cases of Grade >2 cytokine release syndrome (CRS) and no cases of immune effector cell-associated neurotoxicity (ICANS). This early signal supports the belief that NK cell therapy may carry a lower inherent risk of these severe toxicities compared to some CAR-T approaches.

Disease-modifying potential for B cell-mediated autoimmune diseases

NKX019 is engineered with a CD19-directed CAR to deplete CD19-positive cells, which include pathogenic B cells implicated in autoimmune disease. The Ntrust℠ trials aim to assess the therapy's ability to enable durable remissions via a "reset" of the immune system through this B-cell elimination. The clinical strategy is showing early promise in differentiating treatment regimens; for instance, the combination of fludarabine and cyclophosphamide lymphodepletion has led to complete B-cell depletion in all treated patients, compared to partial B-cell depletion in those receiving cyclophosphamide alone.

Here's a quick look at the financial underpinning that supports the company's ability to deliver on these propositions:

Metric	Value as of Q3 2025 (Sept 30, 2025)	Context
Cash, Equivalents, & Investments	$316.5 million	Strong balance sheet supporting clinical execution
Projected Cash Runway	Into 2029	Extends operational funding horizon significantly
Q3 2025 Net Loss	$21.7 million	Reflects ongoing R&D investment ($20.2 million in Q3 2025)
Workforce Restructuring	34% reduction (March 2025)	Strategic cost containment to extend runway
Dosing Protocol Change	Simultaneous dosing authorized	Streamlined enrollment efficiency across Ntrust-1 and Ntrust-2

The move to an allogeneic platform, coupled with a cash balance of $316.5 million as of September 30, 2025, expected to last into 2029, gives Nkarta, Inc. the runway to prove out these value propositions in lupus nephritis, primary membranous nephropathy, and other autoimmune indications. Finance: review the Q4 2025 burn rate projection against the current cash position by end of January 2026.

Nkarta, Inc. (NKTX) - Canvas Business Model: Customer Relationships

You're looking at how Nkarta, Inc. manages its critical external relationships to keep its NKX019 program moving forward in late 2025. For a clinical-stage biotech, these relationships are the lifeblood of the company, directly impacting trial execution and funding.

Direct, high-touch collaboration with clinical investigators and trial sites

The relationship with clinical investigators is central, as they are the ones administering the therapy and collecting the data that proves the value of NKX019. Nkarta, Inc. has multiple active trials requiring this close collaboration. The Ntrust-1 trial is initially enrolling up to 24 patients with lupus nephritis or primary membranous nephropathy, and enrollment is now in the second dose-escalation cohort. Furthermore, the Ntrust-2 trial is open for enrolling patients across three parallel cohorts: systemic sclerosis, myositis, and ANCA-associated vasculitis.

Beyond the company-sponsored trials, Nkarta, Inc. supports investigator-sponsored trials (ISTs), which require a high degree of coordination. One such IST is evaluating NKX019 in patients with myasthenia gravis. This specific trial is being co-led by Ali A. Habib, M.D., Clinical Professor of Neurology at the University of California, Irvine, indicating a direct, high-level academic partnership. Another IST is designed to enroll up to 6 patients with systemic lupus erythematosus. The company is focused on disciplined clinical execution across these sites.

The nature of the collaboration is evolving based on trial progress, as seen in the protocol modifications:

• Ntrust-1 and Ntrust-2 are now under a combined independent Data Safety Monitoring Board (iDSMB) to guide dose escalation.
• The modification of the lymphodepletion regimen to include both fludarabine and cyclophosphamide has led to complete B-cell depletion in all patients treated to date with that regimen.
• Patients in Ntrust-1 may receive additional cycles, if necessary, to restore response.

Proactive engagement with regulatory bodies (e.g., FDA) for protocol streamlining

Engagement with the U.S. Food and Drug Administration (FDA) is key to maintaining trial momentum. Productive engagement with the FDA has directly resulted in protocol streamlining for the NKX019 program. This regulatory clearance was critical for improving trial efficiency.

The impact of this engagement is quantifiable in operational changes:

Regulatory Action/Outcome	Impact on Trial Execution	Data Point/Value
FDA Clearance of Protocol Amendments	Eliminated patient-by-patient stagger	Patient-by-patient stagger removed
FDA Clearance of Protocol Amendments	Authorized initiation of the second dose-escalation cohort	Second dose-escalation cohort underway
FDA Clearance of Protocol Amendments	Allowed simultaneous dosing of multiple participants	Simultaneous dosing enabled
IND Clearance Received	Authorized an investigator-sponsored trial	IND clearance for myasthenia gravis IST

The company is focused on disciplined clinical execution, though the timeline for initial data presentation shifted from the second half of 2025 to a medical conference in 2026.

Investor relations and presentations to maintain funding and market confidence

Maintaining strong investor relations is essential, especially for a clinical-stage company without product revenue. The relationship is managed by ensuring high visibility and demonstrating financial prudence. As of September 30, 2025, Nkarta, Inc. held $316.5 million in cash, cash equivalents, and investments in marketable securities. This balance sheet strength is projected to fund operations into 2029.

The company actively communicates its progress through investor events. For example, in Q3 2025, the company reported a net loss of $21.7 million. The R&D expense for that quarter was $20.2 million, while General and Administrative (G&A) expenses were $7.1 million.

Key investor engagement activities in 2025 included:

• Participation in the TD Cowen 45th Annual Health Care Conference on March 3, 2025.
• Participation in the Leerink Partners 2025 Global Healthcare Conference on March 10, 2025.
• Participation in the H.C. Wainwright 27th Annual Global Investment Conference on September 9, 2025.
• Announcement of participation in the Evercore 8th Annual Healthcare Conference on December 4, 2025.

The company is maintaining visibility with investors through these high-profile conference appearances.

Relationship building with potential future pharmaceutical commercial partners

While specific commercial partnership announcements are not detailed, the relationship-building strategy is implied by the focus on developing an 'off-the-shelf' therapy intended for broad access in the outpatient treatment setting. This positioning is designed to attract future partners capable of large-scale commercialization and distribution. The company is building a pipeline using proprietary cell engineering technologies and CRISPR-based genome engineering capabilities. The appointment of Shawn Rose, M.D. Ph.D, as Chief Medical Officer and Head of Research and Development in June 2025, who has a track record of bringing forward more than a dozen programs into clinical development, strengthens the platform's appeal to potential commercial collaborators.

The financial structure supports this long-term view:

Financial Metric (as of September 30, 2025)	Amount (USD)
Cash, Cash Equivalents, and Investments	$316.5 million
Projected Cash Runway	Into 2029
Total Assets	$427.2 million
Total Liabilities	$89.33 million

The runway into 2029 provides the necessary time to generate data that will be attractive to a commercial partner.

Nkarta, Inc. (NKTX) - Canvas Business Model: Channels

You're looking at how Nkarta, Inc. (NKTX) gets its investigational products to patients and communicates its progress to the market as of late 2025. Since they are still clinical-stage, the primary delivery channel is through their active clinical trials, which are run at various medical centers across the US.

Clinical trial sites (hospitals and academic centers) for product delivery to patients

Product delivery, in this phase, is strictly controlled through the sites participating in the NKX019 clinical programs. These multi-center trials are the current mechanism for getting the engineered natural killer (NK) cell therapy, NKX019, to patients. The company is running several trials, which means multiple sites are active channels for patient access.

• Ntrust-1: A multi-center trial for lupus nephritis or primary membranous nephropathy, initially enrolling up to 24 patients.
• Ntrust-2: A multi-center trial for systemic sclerosis, myositis, and ANCA-associated vasculitis.
• Investigator-Sponsored Trials (ISTs): Includes one at Columbia University Irving Medical Center for systemic lupus erythematosus and another for myasthenia gravis (MG) involving the University of California, Irvine and the University of Kansas Medical Center.

The company's cash position as of September 30, 2025, was $316.5 million, which they project will fund operations into 2029, supporting the continued operation of these clinical channels.

Direct-to-investor communication via press releases and investor conferences

Nkarta, Inc. maintains direct contact with investors through scheduled corporate updates and presentations at major financial events. This channel is crucial for maintaining market confidence while the clinical data matures. You can track their progress via their website, www.nkartatx.com.

Here's a look at their investor engagement schedule leading up to late 2025:

Communication Event Type	Date(s) in 2025	Format/Details
Q1 2025 Earnings Call	May 14, 2025	Reported EPS of $-0.43.
Needham Virtual Healthcare Conference	April 8, 2025	Fireside chat at 11:00 a.m. ET.
TD Cowen Health Care Conference	March 3, 2025	Fireside chat at 3:10 p.m. ET.
Leerink Partners Global Healthcare Conference	March 10, 2025	Fireside chat at 3:00 p.m. ET.
H.C. Wainwright Global Investment Conference	September 9, 2025	Fireside chat at 8:30 a.m. ET.
Q3 2025 Earnings Release	November 10, 2025	Reported Net Loss of $21.7 million; EPS of $-0.29.

Replays for these investor presentations are typically archived on the Investors section of Nkarta, Inc.'s website for approximately 90 days post-event.

Academic and medical conferences for data presentation and KOL outreach

Presenting clinical and preclinical data at key medical meetings is the primary channel for engaging Key Opinion Leaders (KOLs) and the broader medical community. This builds credibility for the NKX019 therapy. The company's R&D expenses for Q3 2025 were $20.2 million, funding this scientific outreach.

The most recent significant data presentation channel was:

• ACR Convergence 2025: Poster presentation in Chicago on Sunday, October 26, 2025, between 10:30 AM - 12:30 PM CT.
• The poster covered data on NKX019 achieving robust pathogenic B-cell depletion in non-Hodgkin lymphoma patients and preclinical data in autoimmune models.
• Nkarta, Inc. also maintained an exhibit at this event, booth number #1801, for direct discussions.

Preliminary data updates for the Ntrust-1 and Ntrust-2 trials were expected in the second half of 2025, with a plan to present data at a medical conference in 2026.

Future pharmaceutical partnerships for commercial distribution (post-approval)

While Nkarta, Inc. is currently focused on clinical execution, its long-term commercial channel strategy is partially defined by existing agreements. The company is building its pipeline for broad access in the outpatient treatment setting.

The most concrete partnership detail relates to co-commercialization:

• A global collaboration with CRISPR Therapeutics, established in May 2021, involves co-development and co-commercialization of two specific CAR NK cell product candidates (one targeting CD70).
• Under this structure, Nkarta, Inc. and CRISPR Therapeutics will equally share all research and development costs and profits worldwide related to the collaboration products.

For non-collaboration products, Nkarta, Inc. retains worldwide rights but would pay CRISPR Therapeutics milestones and royalties on net sales for any licensed gene editing targets used.

Finance: draft 13-week cash view by Friday.

Nkarta, Inc. (NKTX) - Canvas Business Model: Customer Segments

You're looking at the core groups Nkarta, Inc. (NKTX) needs to satisfy to keep the NKX019 program moving forward into 2029. These aren't just abstract targets; they represent specific financial and clinical milestones you need to track.

Patients with severe B cell-mediated autoimmune diseases (e.g., lupus nephritis, myasthenia gravis)

These patients are the ultimate beneficiaries, and their enrollment drives the clinical data that unlocks future value. Nkarta, Inc. is actively enrolling patients across several distinct autoimmune indications through its clinical trial structure.

The current clinical footprint for NKX019 includes:

• Ntrust-1 trial targeting lupus nephritis and primary membranous nephropathy.
• Ntrust-2 trial targeting systemic sclerosis, idiopathic inflammatory myopathy, and ANCA-associated vasculitis.
• Two investigator-sponsored trials (ISTs), one for myasthenia gravis and one for systemic lupus erythematosus (SLE).

The enrollment structure is designed to generate data across these patient groups:

Trial/Indication Group	Enrollment Target/Observation	Key Clinical Observation (as of late 2025)
Ntrust-1 & Ntrust-2 (Per Dose Level/Indication)	Up to 12 patients	Complete B-cell depletion seen with fludarabine/cyclophosphamide regimen.
SLE IST (NCT06518668)	Up to 6 patients	Evaluating safety and clinical outcomes in a potentially broader SLE population.

Honestly, the key metric here is the consistent observation of complete B-cell depletion in all patients treated to date using the optimized lymphodepletion regimen. That's the signal you're watching for.

Clinical investigators and academic institutions running sponsored trials

These partners are crucial for executing the trials and providing the necessary medical credibility. Nkarta, Inc. is working with multiple sites to run its NKX019 program.

The current investigator network involves:

• The Ntrust-1 and Ntrust-2 trials, which are centrally managed.
• Two separate investigator-sponsored trials (ISTs) being run at academic centers.

The company streamlined enrollment across Ntrust-1 and Ntrust-2 under a combined independent Data Safety Monitoring Board (iDSMB) to guide dose escalation, which helps keep the investigators aligned and the process efficient. You should expect preliminary data from the Ntrust trials in the second half of 2025, with initial data presentations planned for a medical conference in 2026.

Large pharmaceutical companies seeking to license or acquire late-stage cell therapy assets

This segment represents the potential future transaction partners or acquirers. Their interest is directly tied to the clinical data package Nkarta, Inc. generates.

The company's financial position is set up to de-risk the asset until these milestones are hit:

Financial Metric (As of Q3 2025)	Amount/Guidance
Cash, Cash Equivalents, and Investments (Sept 30, 2025)	$316.5 million
Operating Loss (Q3 2025)	$32 million
Negative Cash Flow (Q3 2025)	$29.6 million
Projected Operational Runway	Into 2029

The restructuring in March 2025, which impacted 34% of the workforce, was specifically designed to preserve cash reserves to achieve these clinical milestones, making the asset more attractive for a potential late-stage deal.

Equity investors funding the clinical development runway into 2029

This group provides the capital necessary to fund the operations until the next value inflection point. They are focused on the balance sheet health and the market perception of the stock.

Key metrics relevant to the equity investor segment include:

• The cash position of $316.5 million as of September 30, 2025, is what underpins the runway guidance.
• The company's net loss for Q3 2025 was $32 million.
• The consensus rating from Wall Street analysts, based on the last 6 ratings, is a Moderate Buy (4 buy, 1 hold, 1 sell).
• The average 12-month price target from these analysts is $13.25.

To be fair, the market is definitely in a wait-and-see mode ahead of the 2025/2026 data releases, but the capital structure is explicitly managed to last until 2029.

Nkarta, Inc. (NKTX) - Canvas Business Model: Cost Structure

The cost structure for Nkarta, Inc. is heavily weighted toward the clinical development of its lead candidate, NKX019. This focus drives significant operating expenses, even after recent cost-containment measures.

Research and Development (R&D) expenses were a major cost driver, totaling $20.2 million for the third quarter of 2025. This R&D spend included $0.5 million in non-cash stock-based compensation expense for the same period.

General and Administrative (G&A) expenses were $7.1 million in Q3 2025. Within G&A, non-cash stock-based compensation expense accounted for $1.2 million in the third quarter of 2025.

Personnel costs remain substantial, despite a significant restructuring in March 2025. Nkarta, Inc. initiated a reduction in force impacting approximately 34% of its workforce, which amounted to 53 positions. The company estimated this restructuring would incur cash payments between $5.5 million and $6.5 million. The goal of this reduction was to extend the cash runway into 2029.

Manufacturing costs for the clinical-grade cell therapy product are a necessary component of the cost structure. Nkarta, Inc. is building a pipeline using an efficient cell expansion and cryopreservation platform, which is expected to result in a commercial-scale cost significantly lower than other current allogeneic and autologous cell therapies.

The company also incurs ongoing costs related to protecting its technology.

• Licensing and intellectual property maintenance fees include single-digit royalty payments to Licensors.
• These fees also cover patent expenses and license maintenance fees.
• The term of the license agreement extends until approximately 2039.

Here's a quick look at the key operating expenses for Q3 2025 compared to the preceding quarter:

Cost Component	Q3 2025 Amount (in Millions USD)	Q2 2025 Amount (in Millions USD)
Research and Development (R&D)	$20.2	$20.8
General and Administrative (G&A)	$7.1	$6.4

The net loss for the third quarter of 2025 was $21.7 million, or $0.29 per basic and diluted share.

Nkarta, Inc. (NKTX) - Canvas Business Model: Revenue Streams

As of late 2025, Nkarta, Inc. is a clinical-stage biotechnology company, meaning its primary revenue generation model is not yet based on commercial product sales.

Currently, Nkarta, Inc. has $0 in product sales revenue because its lead candidate, NKX019, is still in dose-escalation clinical trials (Ntrust-1 and Ntrust-2) for autoimmune diseases. Initial data from these trials is now expected to be presented at a medical conference in 2026.

The immediate, realized revenue stream comes from non-operating income, specifically interest earned on its cash reserves. You need to know the scale of this to understand their burn rate coverage. For the third quarter ended September 30, 2025, Nkarta, Inc. reported a net loss of $21.7 million.

Here's a quick look at the non-operating financial components from the Q3 2025 results:

Financial Metric (Q3 2025)	Amount
Cash, Cash Equivalents, Restricted Cash, and Investments	$316.5 million
Interest Income (Year-over-Year comparison)	$3.852 million (vs $5.453 million in Q3 2024)
Total Non-operating Income	$17.84 million

This cash position of $316.5 million as of September 30, 2025, is significant because the company expects it to be sufficient to fund its current operating plan into 2029. That runway is a key component of their current financial stability, even with ongoing operating losses.

The potential future revenue streams are entirely contingent on clinical success and subsequent commercialization or partnership activities. These are the key value drivers for the business model:

• Potential future collaboration and licensing milestone payments upon successful clinical advancement of NKX019.
• Future product sales revenue upon regulatory approval of NKX019 for autoimmune indications.
• Revenue from the development of other pipeline assets built on the engineered natural killer (NK) cell therapy platform.

To be fair, the company has a history of collaboration agreements, such as the one with CRISPR Therapeutics AG, though the financial terms of any future milestone payments are not public until triggered. The current focus is purely on clinical execution to unlock these future revenue possibilities. Finance: draft 13-week cash view by Friday.