Nektar Therapeutics (NKTR): Business Model Canvas [Dec-2025 Updated]

You're looking at Nektar Therapeutics right now at a critical inflection point, and honestly, understanding their Business Model Canvas is key to seeing where the next few quarters lead. This clinical-stage biotech has shed complexity for a wholly-owned, high-stakes bet on rezpegaldesleukin (REZPEG), aiming for a first-in-class mechanism to treat autoimmune diseases, which is a massive value proposition if they nail the Phase 3 initiation. To fund this, they are burning through capital-think R&D expenses hitting $87.6 million for the first nine months of 2025-but they have a solid runway, sitting on $270.2 million in cash and investments as of September 30, 2025, while simultaneously managing the distraction of ongoing litigation with Eli Lilly. Dive into the nine blocks below to see exactly how Nektar Therapeutics is structuring its operations, managing its costs, and planning to capture value from this concentrated pipeline.

Nektar Therapeutics (NKTR) - Canvas Business Model: Key Partnerships

You're looking at Nektar Therapeutics' web of external relationships right now, which is critical given their focus on advancing REZPEG and streamlining operations. These partnerships, and even the disputes, define near-term strategy and cash needs.

Clinical Development Collaborations

Nektar Therapeutics is actively using external expertise to push its pipeline, particularly for REZPEG and NKTR-255. The collaboration with TrialNet is a prime example of leveraging a specialized network for a new indication.

• TrialNet for REZPEG in Type 1 Diabetes (T1D): This collaboration, announced in February 2025, involves TrialNet conducting a Phase 2 randomized, double-blind, placebo-controlled study.
• The trial aims to enroll approximately 70 adults and children with new onset stage 3 T1D, with a goal to initiate in 2025.
• Efficacy measurement spans 12 months, including a 6-month treatment period, focusing on preserving C-peptide area under the curve.
• Nektar supplies the drug and support, but critically, it retains all rights to the rezpegaldesleukin program.

For the oncology asset NKTR-255, Nektar relies on Investigator Sponsored Trials (ISTs) and other collaborations to generate data, which is key while they explore strategic partnership options for its development.

Here's a look at the academic and clinical centers involved with NKTR-255, an investigational IL-15 receptor agonist:

Also, Nektar continues to evaluate NKTR-255 in the Merck KGaA-sponsored JAVELIN Bladder Medley trial, combining it with avelumab.

Litigation with Former Partner Eli Lilly

The relationship with former partner Eli Lilly remains a significant factor, centered on the rights and data surrounding REZPEG. Nektar regained full control of REZPEG in April 2023 and owes no royalty payments to Eli Lilly.

The core of the dispute involves Nektar's claim that Eli Lilly published erroneous efficacy data from prior trials, which Nektar alleges was due to 'botched math' and sabotage. The latest procedural update shows the pre-trial hearing, initially set for October 16, has been postponed to a date beyond December 11, 2025, due to a government shutdown. A jury trial is still set for October 2025.

The REZPEG Phase 2b data in Atopic Dermatitis (AD) provides a counterpoint to the past dispute; the top dose showed a 61% improvement in EASI scores versus a 31% improvement for placebo. Still, the outcome of the litigation creates uncertainty for future commercialization planning.

Manufacturing Divestiture

To streamline operations and focus on core R&D, Nektar executed a major partnership/sale involving its manufacturing assets. In November 2024, Nektar agreed to sell its Huntsville, Alabama, manufacturing facility and reagent supply business to Ampersand Capital Partners.

This transaction was structured for immediate cash infusion and future upside:

• Total consideration was valued at $90 million.
• This comprised $70 million in cash proceeds.
• Nektar received a $20 million retained equity position in the newly formed Ampersand portfolio company.
• The facility is a 124,000 square-foot, commercial-scale site.

This strategic divestiture was explicitly stated to extend Nektar's cash runway into the fourth quarter of 2026. Post-closing, Nektar retains all rights to current and future royalty streams from existing PEGylated product license agreements.

Future Commercialization Strategy

With the facility sale bolstering the balance sheet, Nektar's management has signaled a clear path forward for its lead asset, REZPEG. Management believes the upcoming Phase 3 studies will necessitate additional funding and a partnership. The current financial expectation is that cash and investments will total approximately $100 million by the end of 2025.

The partnership strategy appears focused on maximizing value while retaining control. Nektar is actively pursuing partners for global commercialization, aiming to collaborate while retaining significant ownership of its drug candidates.

Finance: draft 13-week cash view by Friday.

Nektar Therapeutics (NKTR) - Canvas Business Model: Key Activities

You're managing a biotech firm with a lead asset showing strong Phase 2b data, but you've got a major lawsuit hanging over the process and need to keep the lights on for the next couple of years. That's the reality for Nektar Therapeutics right now, and their Key Activities reflect this high-stakes balancing act.

Clinical development of rezpegaldesleukin (REZPEG) toward Phase 3 initiation

The primary activity centers on pushing rezpegaldesleukin, or REZPEG, toward a Phase 3 start, which management is targeting for 2026. This push is fueled by compelling data from the Phase 2b REZOLVE-AD study in moderate-to-severe atopic dermatitis, where the drug hit all primary endpoints. Specifically, the 16-week induction period showed up to a 61% improvement in Eczema Area and Severity Index (EASI) scores versus placebo, with a p-value of <0.001 for the mean improvement across all three dose arms.

The FDA granted Fast Track designation for REZPEG in atopic dermatitis in February 2025. Based on the data, the company is advancing the 24 µg/kg q2w dose regimen with a 24-week induction period into the planned Phase 3 studies. You're also waiting on data from the parallel Phase 2b trial in alopecia areata (REZOLVE-AA), with top-line results expected in December 2025. Success here could unlock an additional market opportunity estimated at $1 billion for REZPEG in alopecia areata alone.

Here's a quick look at the near-term clinical milestones:

• End of Phase II meeting with the FDA planned before year-end 2025.
• Top-line results from the Phase 2b RESOLVE-AA study due in December 2025.
• Presentation of 52-week maintenance data from REZOLVE-AD expected in Q1 2026.
• Goal to initiate Phase 3 program in atopic dermatitis in 2026.

Research and development of preclinical candidates like NKTR-0165 and NKTR-0166

While REZPEG is the focus, Nektar Therapeutics is actively advancing its next-generation pipeline, which requires dedicated R&D spending. Research and development expense for the first half of 2025 was $60.4 million, up from $57.1 million for the first half of 2024, partially driven by the development of NKTR-0165.

The key preclinical programs are:

• NKTR-0165: A bivalent antibody agonist targeting the TNFR2 receptor, with a goal to advance into the clinic in 2026.
• NKTR-0166: A unique bispecific antibody combining a TNFR2 agonist epitope with a validated antagonist epitope for rheumatology diseases.

Management of the ongoing lawsuit with former partner Eli Lilly

Managing the legal dispute with former partner Eli Lilly is a significant, non-R&D activity that consumes management time and creates investor uncertainty. The case centers on Nektar Therapeutics' allegations of breach of contract and data manipulation that allegedly scuttled REZPEG's earlier development. The pre-trial hearing, which was previously set for October 2025, has been delayed until at least after December 11, 2025, due to a government shutdown. This delay shifts the immediate focus back to clinical data generation to potentially narrow investor expectations around the litigation outcome.

Investor relations and capital raising to extend cash runway into early 2027

Keeping the balance sheet robust is critical for funding the planned Phase 3 work. Nektar Therapeutics ended the third quarter of 2025 with $270.2 million in cash and investments, up from $269.1 million on December 31, 2024. This position was significantly bolstered by recent financing activities, including a secondary offering closed on July 2, 2025, which brought in approximately $115 million in gross proceeds. Furthermore, an additional $38.3 million in net proceeds was raised from the at-the-market (ATM) offering in October 2025.

The company is in a strong financial position, reporting no debt on its balance sheet. With this capital structure, Nektar Therapeutics expects its cash and investments to support operations into the second quarter of 2027. Management also projects ending 2025 with approximately $240 million in cash and investments.

Here is a snapshot of the capital position as of late 2025:

Honestly, securing that runway into Q2 2027 while remaining debt-free is a major operational win, defintely freeing up bandwidth for the clinical team.

Nektar Therapeutics (NKTR) - Canvas Business Model: Key Resources

You're looking at the core assets Nektar Therapeutics (NKTR) is banking on to drive value, which, for a clinical-stage biotech, means cash reserves and proprietary science. As of late 2025, the key resources are a mix of financial stability and high-potential intellectual property.

The financial foundation is critical for sustaining operations through late-stage development. Nektar Therapeutics reported cash and investments in marketable securities totaling $270.2 million as of September 30, 2025. This compares to $269.1 million at the close of 2024. The company actively bolstered this position in 2025, securing $107.2 million in net proceeds from a secondary offering in July and another $34.3 million from an at-the-market (ATM) offering by the end of the third quarter. They even added another $38.3 million in October 2025 from the ATM program. Honestly, this capital structure is designed to support operations well into the second quarter of 2027.

Here's a quick look at the financial resource snapshot:

The most significant non-financial resource is the wholly-owned, first-in-class drug candidate, rezpegaldesleukin (REZPEG). This asset is the engine of Nektar Therapeutics' near-term future, targeting large autoimmune markets. It is being evaluated across several trials, including Phase 2b studies in moderate-to-severe atopic dermatitis (REZOLVE-AD) and severe alopecia areata (REZOLVE-AA), plus a Phase 2 trial in Type 1 diabetes mellitus. The regulatory momentum is clear: the FDA granted Fast Track designation for REZPEG in alopecia areata in July 2025 and for atopic dermatitis in February 2025.

This platform technology is protected by a deep Intellectual Property portfolio covering PEGylation and novel IL-2/TNFR2 agonists. REZPEG itself is a novel regulatory T cell (Treg) stimulator, targeting the interleukin-2 receptor complex to activate immune-modulating cells. Beyond REZPEG, the pipeline includes NKTR-0165 and NKTR-0166, which are bivalent tumor necrosis factor receptor type II (TNFR2) antibody/bispecific programs.

The capability to advance this science rests on the experienced R&D team focused on immunology and T-regulatory cell science. The company's focus on Treg mechanisms has even been referenced in background documents from the Nobel Committee for discoveries establishing FOXP3-positive Tregs.

You can see the core scientific assets here:

• REZPEG is a first-in-class IL-2 pathway agonist.
• REZPEG is being developed as a self-administered injection.
• Atopic dermatitis, a key indication, affects approximately 30 million people in the United States.
• Pipeline includes TNFR2 antibody candidates NKTR-0165 and NKTR-0166.
• The team's work on Tregs was noted by the Nobel Committee.

Finance: draft 13-week cash view by Friday.

Nektar Therapeutics (NKTR) - Canvas Business Model: Value Propositions

Nektar Therapeutics (NKTR) is advancing rezpegaldesleukin (REZPEG) based on a novel mechanism targeting the interleukin-2 (IL-2) receptor complex to stimulate regulatory T cells (Tregs) for immune rebalancing.

As of late 2025, Nektar Therapeutics held $270.2 million in cash and investments in marketable securities on September 30, 2025. The company expects its cash and investments to support operations into the second quarter of 2027. The market capitalization was reported at approximately $1.06 billion as of November 6, 2025.

The company's Q3 2025 financial results showed a net loss of $35.5 million, or $1.87 basic and diluted loss per share. Total operating costs and expenses for Q3 2025 were $43.5 million. Revenue for the first nine months of 2025 was $33.4 million.

The core value proposition centers on a first-in-class mechanism:

• Stimulation of regulatory T cells (Treg) proliferation.
• Targeting the IL-2 receptor complex to bring the immune system back into balance.
• The platform has the potential to support a franchise of Treg-focused therapies.

Nektar Therapeutics is pursuing rezpegaldesleukin as a potential disease-modifying treatment for moderate-to-severe Atopic Dermatitis (AD), which affects approximately 30 million people in the United States. The U.S. Food and Drug Administration (FDA) granted Fast Track designation for REZPEG in this indication in February 2025.

The Phase 2b REZOLVE-AD study, which involved 393 patients with moderate-to-severe AD, met its primary and key secondary endpoints at 16 weeks.

The differentiated efficacy profile includes rapid onset and potential benefit for patients with co-morbid asthma. The high-dose group showed a 61% mean improvement in symptoms at 16 weeks. For patients with AD and comorbid asthma (99 patients in the study), REZPEG demonstrated statistically significant improvements in mean ACQ-5 scores at the 16-week mark compared to placebo. Interim data for placebo patients crossing over to high-dose REZPEG showed EASI-75 response deepening to 62% at 24 weeks of treatment.

Nektar Therapeutics is expanding the application of this technology into other autoimmune diseases:

• Alopecia Areata (AA): Rezpegaldesleukin is being evaluated in a $\sim$94-patient Phase 2b study for severe AA. Top-line results are anticipated in December 2025. The FDA granted Fast Track designation for severe AA in July 2025.
• Type 1 Diabetes (T1D): Rezpegaldesleukin is being evaluated in a third Phase 2b clinical trial for T1D.
• Preclinical Pipeline: The pipeline includes NKTR-0165, a preclinical bivalent tumor necrosis factor receptor type II (TNFR2) antibody, with an expected IND filing in 2025.

Finance: draft 13-week cash view by Friday.

Nektar Therapeutics (NKTR) - Canvas Business Model: Customer Relationships

You're looking at how Nektar Therapeutics (NKTR) manages its key external relationships as of late 2025. This is all about the interactions that drive clinical progress and secure future value for their pipeline, especially REZPEG.

Direct, high-touch engagement with clinical investigators and key opinion leaders

Engagement centers on presenting compelling clinical data to the investigators running the trials and the Key Opinion Leaders (KOLs) who influence treatment standards. The focus is heavily on the two ongoing Phase 2b studies for rezpegaldesleukin (REZPEG).

Here's a snapshot of the clinical engagement points and data presented through late 2025:

The company is preparing for an End-of-Phase 2 meeting with the FDA for the AD indication before the end of 2025.

Investor communication via earnings calls and scientific conference presentations

Investor communication is dense with financial metrics and pipeline updates, especially following the Q3 2025 report on November 6, 2025. You need to know the cash position to gauge operational runway.

• Cash and investments on September 30, 2025: $270.2 million.
• Expected cash balance by year-end 2025: ~$240 million.
• Cash runway guidance extended into: Q2 2027.
• Q3 2025 Revenue: $11.8 million.
• Q3 2025 Non-GAAP Net Loss per share: $1.85.
• Q3 2025 Net Loss: $35.5 million.
• R&D expense for the first nine months of 2025: $87.6 million.
• G&A expense in Q3 2025: $16.1 million.
• Non-cash royalty revenue expected for full-year 2025: ~$40 million.

Nektar Therapeutics also raised $115 million in gross proceeds from a public offering that closed on July 2, 2025. They sold 4,893,618 shares at $23.50 per share in that offering.

Strategic discussions with potential pharmaceutical licensing partners for REZPEG

The company is actively positioning REZPEG for future partnerships, using clinical data as leverage. The focus is on demonstrating the broad applicability of the T regulatory cell mechanism.

• REZPEG is being evaluated in three Phase 2 studies, including one in partnership with TrialNet for Type 1 Diabetes (T1D).
• The potential market opportunity for REZPEG in Alopecia Areata alone is estimated at an additional $1 billion.
• The broader Atopic Dermatitis market is projected to reach $28.7 billion by 2031.
• The company is targeting an IND submission for its next T reg program, NKTR-0165, by the end of 2025.

Management is focused on retaining significant ownership while pursuing collaborations.

Indirect relationship with patient advocacy groups for autoimmune diseases

The relationship is primarily indirect, driven by the clinical trial design and the ultimate goal of addressing unmet needs in severe diseases. The company acknowledges the impact of these conditions on patients.

• The REZOLVE-AA trial targets severe-to-very-severe Alopecia Areata in adults and pediatric patients 12 years of age and older who weigh at least 40 kilograms.
• The company notes that Alopecia Areata greatly impacts the quality of life and mental health for these patients.
• The AD program addresses a condition affecting approximately 30 million people in the United States.

Nektar Therapeutics states its commitment to making new medicines widely available to patients with debilitating diseases. Finance: review Q4 cash burn projections by next Tuesday.

Nektar Therapeutics (NKTR) - Canvas Business Model: Channels

You're looking at how Nektar Therapeutics (NKTR) gets its science and data out to the world, and how it plans to get its potential drugs to patients. It's all about clinical execution and capital markets access right now.

Global network of clinical trial sites for Phase 2b and future Phase 3 studies

The Phase 2b REZOLVE-AD study for rezpegaldesleukin in atopic dermatitis enrolled patients across approximately 110 sites globally. This global Phase 2b study involved 393 patients with moderate-to-severe atopic dermatitis. The enrollment distribution across geographic regions was as follows:

• 68% enrolled and treated in Europe.
• 16% enrolled and treated in the United States.
• 11% enrolled and treated in Canada.
• 5% enrolled and treated in Australia.

The REZOLVE-AA Phase 2b trial for alopecia areata is also active. Nektar Therapeutics expects to report top-line Phase 2b data for rezpegaldesleukin in alopecia areata in the fourth quarter of 2025.

The company expects the data from the Phase 2b REZOLVE-AD trial will provide everything needed to design the Phase 3 regimen, potentially with just one dose level and regimen.

Scientific and medical conferences (e.g., ACAAI 2025) for data dissemination

Nektar Therapeutics presented new data from the ongoing REZOLVE-AD Phase 2b study in a late-breaking oral abstract presentation at the ACAAI 2025 Annual Scientific Meeting, held in Orlando, USA, from November 6 to 10, 2025. The Abstract ID for this presentation was 7005. The company also presented results from the REZOLVE-AD Phase 2b study at the 2025 European Academy of Dermatology and Venereology (EADV) Congress in Paris, France, from September 17-20, 2025. The oral presentation at EADV was scheduled for Thursday, September 18th at 14:45 - 15:00 pm.

The company reported its Third Quarter 2025 Financial Results on November 6, 2025.

Investor conferences (e.g., Jefferies, Stifel) for capital markets access

Nektar Therapeutics webcasted its participation in the Stifel Virtual Immunology and Inflammation Forum on Monday, September 15, 2025 at 2:30 p.m. Eastern Time / 11:30 a.m. Pacific Time. The company also presented at the H.C. Wainwright 27th Annual Global Investment Conference on Wednesday, September 10, 2025 at 10:30 a.m. Eastern Time / 7:30 a.m. Pacific Time in New York City. Management was scheduled to webcast participation in the Jefferies Global Healthcare Conference in London from November 17-20, 2025, with a fireside chat on Thursday, November 20, 2025, at 11:00 a.m. Greenwich Mean Time / 3:00 a.m. Pacific Time.

The company raised $115 million in gross proceeds from a public offering that closed in July 2025. Cash and investments in marketable securities were $175.9 million on June 30, 2025, before the approximate net proceeds of $107.5 million from the secondary offering closed on July 2, 2025.

Here's a look at the investor engagement schedule for late 2025:

Future commercialization partners for market access and distribution

Nektar Therapeutics has 11 approved partnerships. The lead candidate, rezpegaldesleukin (NKTR-358), is in partnership with Eli Lilly. Under the agreement with Eli Lilly, Nektar is eligible for up to $250 million in development and regulatory milestones. Nektar can receive significant double-digit royalties on global sales of NKTR-358, with the first tier in the mid-teens and the second tier in the low twenties of global sales. Eli Lilly is responsible for all costs of global commercialization, and Nektar has an option to co-promote NKTR-358. The potential peak sales projection for rezpegaldesleukin exceeds $2 billion.

The company's current revenue is approximately $87 million, derived mainly from royalty payments.

Nektar Therapeutics (NKTR) - Canvas Business Model: Customer Segments

You're looking at the core groups Nektar Therapeutics targets with its pipeline assets, primarily rezpegaldesleukin (REZPEG) and NKTR-255, as of late 2025. The focus is heavily weighted toward autoimmune/inflammatory diseases and oncology combinations, supported by a cash position ending Q3 2025 at $270.2 million in cash and investments.

The customer segments are defined by the specific medical need and the clinical stage of the relevant drug candidate. For the autoimmune pipeline, Nektar Therapeutics is developing rezpegaldesleukin as a self-administered injection.

The primary patient segments being actively pursued with rezpegaldesleukin include:

• Patients with moderate-to-severe Atopic Dermatitis (AD).
• Patients with severe Alopecia Areata (AA).
• Patients with new onset Stage 3 Type 1 Diabetes (T1D).

For the oncology segment, the customer is the treating physician/cancer center utilizing NKTR-255 in combination with cellular therapies.

Here's a look at the key patient populations and associated trial metrics as of late 2025:

The segment of large pharmaceutical and biotech companies is targeted through Nektar Therapeutics' pipeline strategy, particularly for late-stage immunology assets like rezpegaldesleukin, for which Nektar regained full rights from Eli Lilly in April 2023. Furthermore, Nektar is advancing preclinical assets, planning to submit an Investigational New Drug (IND) application for NKTR-0165 in the second half of 2025.

For NKTR-255, the customer base extends to centers using cellular therapies, as evidenced by ongoing trials:

• Phase 2 study in R/R LBCL involved 11 patients randomized to NKTR-255.
• Phase 1 trial sponsored by AbelZeta Pharma, Inc. for anti-PD1 resistant metastatic non-small cell lung cancer.

The company's financial guidance for 2025 projected ending the year with approximately $240 million in cash and investments, extending the cash runway into Q2 2027.

Nektar Therapeutics (NKTR) - Canvas Business Model: Cost Structure

You're looking at the major cash outflows for Nektar Therapeutics as of late 2025. For a clinical-stage biotech, the cost structure is dominated by science, not sales, so the R&D line is where most of the money goes.

The primary cost drivers for Nektar Therapeutics are heavily weighted toward advancing its pipeline, particularly rezpegaldesleukin (REZPEG). Here is a breakdown of the reported expenses through the first nine months of 2025.

The R&D expense decrease for the first nine months of 2025, totaling $87.6 million, came mainly from lower spending on NKTR-255, even with increased costs for rezpegaldesleukin and NKTR-0165 development. Honestly, this is the core investment you're tracking.

G&A expenses for the nine months ended September 30, 2025, were $57.5 million. This figure was slightly lower than the prior year, but it's important to note the internal dynamics here.

• G&A decreased due to lower facilities and stock-based compensation expenses.
• This saving was offset by an increase in legal expenses.

The significant clinical trial costs for REZPEG are embedded within the R&D line. Nektar Therapeutics is actively preparing for Phase III development for rezpegaldesleukin, following compelling results from the Phase 2b study in atopic dermatitis and preparing for top-line results from the alopecia areata Phase IIb study expected in December 2025. The company is planning an end of Phase II meeting with the FDA before the end of 2025 to discuss the Phase III program.

You see the impact of the ongoing legal battle with former partner Eli Lilly reflected in the G&A spend. The increase in legal expenses directly contributed to the G&A costs for the first nine months of 2025. The pre-trial hearing for the litigation was delayed until at least after December 11, 2025, due to a government shutdown, keeping this cost variable in the near term.

Finance: draft 13-week cash view by Friday.

Nektar Therapeutics (NKTR) - Canvas Business Model: Revenue Streams

You're looking at the revenue side of Nektar Therapeutics' business model as of late 2025. The story here is a significant shift away from product sales following the divestiture of the Huntsville manufacturing facility in December 2024, making the remaining streams-primarily non-cash royalties and collaboration income-the core focus.

The total revenue recognized for the first nine months of 2025 was reported as $33.4 million. This compares to $69.3 million in the first nine months of 2024, reflecting that change in the business structure. Honestly, the current revenue is almost entirely derived from the success of partnered medicines, not from Nektar Therapeutics' own manufacturing and sales.

The most concrete, recurring financial number you see right now is the non-cash royalty revenue. For the third quarter of 2025, this stream alone hit $11.5 million. Management has maintained its full-year expectation for this specific line item at approximately $40 million for 2025.

Here's a quick look at the revenue breakdown for the third quarter of 2025, showing how reliant the top line is on royalties:

Regarding future revenue potential, you need to watch the clinical catalysts, as these directly unlock the next tiers of payments. The progress with rezpegaldesleukin (REZPEG) is key here. The company is preparing for the December 2025 topline data readout for REZPEG in alopecia areata, a development that could significantly impact future deal structures.

The potential upside is substantial, though not yet booked revenue. Management has outlined the alopecia areata indication as representing an additional $1 billion market opportunity for REZPEG as the first biologic in that setting. This potential market size underpins the value of any future commercialization agreements.

The structure of future income streams depends heavily on securing a new commercialization partner for REZPEG, specifically for indications like alopecia areata. This would bring in two types of future payments:

• Future upfront payments upon signing a new deal.
• Royalties on future net sales from that partner.

You should also track any potential milestone payments from existing collaborations that are tied to clinical or regulatory achievements for their respective partnered assets. While the exact dollar amounts for these potential future milestones aren't published as current assets, they are a critical part of Nektar Therapeutics' expected cash flow generation beyond the current royalty base. The company expects its current cash and investments to support operations into the second quarter of 2027, which gives them time to realize these future milestones.

Finance: draft 13-week cash view by Friday.