Nektar Therapeutics

United States

Biotech & Genomic Medicine▲2

Jury Awards Nektar Therapeutics $90 Million in Eli Lilly Licensing Dispute

A federal jury in California has awarded Nektar Therapeutics $90 million in damages after finding that Eli Lilly breached the implied covenant of good faith and fair dealing. The lawsuit, filed in August 2023, stemmed from a prior licensing agreement between the two companies covering development and commercialization of the drug rezpegaldesleukin. The trial in the U.S. District Court for the Northern District of California began on September 8, and the jury delivered its verdict on September 24. Beyond the $90 million in damages, the court will determine the amount of interest to be added to the award, and the decision remains subject to post-trial proceedings and possible appeal. Separately, Nektar in July 2026 initiated the first two global registrational trials in the Phase 3 ZENITH AD program evaluating rezpegaldesleukin in moderate-to-severe atopic dermatitis, part of a three-study program that also includes ZENITH AD-3.

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LLY · Regulation · Negative Jury found Eli Lilly breached the implied covenant of good faith and fair dealing in the Nektar licensing deal, awarding $90 million in damages.

NKTR · Regulation · Positive Nektar won a $90 million jury award against Eli Lilly over the rezpegaldesleukin licensing agreement.

NKTR · Technology · Positive Nektar initiated the first two global registrational Phase 3 ZENITH AD trials of rezpegaldesleukin in atopic dermatitis.

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United States

Biotech & Genomic Medicine▼

Nektar Therapeutics Falls 11% as Jury Deliberates in Eli Lilly Rezpeg Patent Dispute

Nektar Therapeutics shares sank 11% as a jury deliberated in its patent dispute with Eli Lilly over its Rezpeg drug. The jury in San Francisco federal court has been deliberating since Friday, and the trial started earlier this month. Court observers told Seeking Alpha on Tuesday that the stock may have dropped after the jury asked about low and no damage results in the dispute.

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NKTR · Regulation · Negative Nektar shares fell 11% as the jury deliberates in its Rezpeg patent dispute with Eli Lilly, with questions about low/no damages.

LLY · Regulation · Neutral Eli Lilly is the opposing party in the Rezpeg patent dispute; jury deliberation outcome is uncertain for Lilly.

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United States

NKTR▼

Nektar's Billion-Dollar Cash Faces Multi-Year Test as Phase 3 Trials Advance

Nektar Therapeutics reported a second-quarter net loss of $40.6 million, or $1.23 per share, as it advances its lead drug candidate rezpegaldesleukin into Phase 3 trials for atopic dermatitis and alopecia areata, with a $1.02 billion cash balance providing runway into 2028. The company is enrolling patients in two pivotal atopic dermatitis studies, each with 510 patients, and a third study is set to start by the end of September 2026, with top-line data expected in mid-2028 and a Biologics License Application submission in 2029. For alopecia areata, a single registrational Phase 3 study will enroll 850 patients with a primary endpoint of 80% or more scalp hair coverage at week 52. Operating loss widened to $42.3 million from $36.2 million a year earlier, and full-year R&D guidance is now $210 million to $230 million, while revenue remains minimal at $10.1 million in noncash royalty income. The company raised $373.8 million in gross proceeds from a public offering in April 2026, but faces a jury trial in federal court in San Francisco starting September 8, 2026, and short interest stands at 19.92% of the float.

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NKTR · Capital · Negative Q2 net loss of $40.6M and widened operating loss, with minimal revenue and high R&D spending.

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United States

Biotech & Genomic Medicine▲2

Nektar Q2 Loss Narrows, Revenue Misses, Pipeline Advances

Nektar Therapeutics reported a second-quarter 2026 loss of $1.23 per share, much narrower than the Zacks Consensus Estimate of a loss of $2.06 and the year-ago loss of $2.95 per share. Total revenues came in at $10.1 million, down 9.8% year over year and missing the consensus estimate of $11 million. The company's top line now consists solely of non-cash royalty revenues following the December 2024 sale of its Huntsville manufacturing facility. Nektar expects 2026 non-cash royalty revenues of $40-$45 million, R&D costs of $210-$230 million, G&A expenses of $60-$65 million, and year-end cash of approximately $815-$840 million. The company's lead candidate rezpegaldesleukin, or rezpeg, is advancing with two phase III studies in atopic dermatitis initiated last month and a third study scheduled to begin in September, with top-line data expected in mid-2028.

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NKTR · Capital · Positive Q2 loss narrowed significantly, though revenue missed; pipeline advancing with phase III studies.

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United States

NKTR▲

Applied Materials, Nektar, StoneCo Report Quarterly Results

Applied Materials, Nektar Therapeutics, and StoneCo reported quarterly results, with Applied Materials posting adjusted earnings of $3.5 per share on revenues of $9.12 billion, beating the Zacks Consensus Estimate of $3.38 per share. Nektar Therapeutics reported a narrower-than-expected adjusted loss of $1.23 per share on revenues of $10.13 million, while StoneCo posted adjusted earnings of $0.47 per share on revenues of $709.88 million. The reports come as Wall Street heads for a winning week in which the S&P 500 recorded a new all-time high, and the Commerce Department said retail sales decreased 0.6% in July. After the closing bell, the University of Michigan will report its preliminary August consumer sentiment index, and the Census Bureau will release June business inventories data.

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AMAT · Capital · Positive Applied Materials beat earnings estimates with adjusted EPS of $3.50 vs $3.38 consensus.

NKTR · Capital · Positive Nektar reported a narrower-than-expected adjusted loss of $1.23 per share.

STNE · Capital · Positive StoneCo posted adjusted earnings of $0.47 per share on $709.88M revenue.

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Biotech & Genomic Medicine

Syndax Tops Biotech Takeover Watchlist After AbbVie's Apogee Deal

Syndax Pharmaceuticals ranks as the most likely biotech takeover target following AbbVie's acquisition of Apogee Therapeutics, according to a Wall Street analysis. With a market cap of roughly $1.71 billion, Syndax is the smallest of three highlighted Nasdaq-listed firms and already has two FDA-approved drugs, Revuforj and Niktimvo, generating $64.86 million in total first-quarter revenue, up 223.6% year over year. Its co-commercialization partner Incyte is named as the most logical acquirer, while Nektar Therapeutics and Viking Therapeutics are seen as less urgent targets due to their larger cash reserves and market caps. The Apogee deal has reignited merger and acquisition speculation across the biotech sector, with buyers seeking late-stage clinical data, large addressable markets, and strategic fit in immunology, obesity, or oncology.

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Biotech & Genomic Medicine › Metabolic, Diabetes & Obesity Competition

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APGE · Capital · Positive Apogee is being acquired by AbbVie, a clear positive for shareholders.

SNDX · Capital · Positive Syndax is highlighted as the most likely biotech takeover target, with strong revenue growth and FDA-approved drugs.

INCY · Capital · Positive Incyte is named as the most logical acquirer of Syndax, which could be positive if it pursues a deal.

ABBV · Capital · Positive AbbVie's acquisition of Apogee is a strategic M&A move, but AbbVie is the buyer, not the target; the deal is positive for AbbVie's pipeline expansion.

NKTR · Capital · Neutral Nektar is seen as a less urgent target due to larger cash reserves, but still a potential M&A candidate.

VKTX · Capital · Neutral Mentioned as a less urgent takeover target due to larger cash reserves and market cap, with no direct impact from the Apogee deal.

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