All three tenses have at least two readings, so the archetype blend applies as printed.
Of the nine metrics, 8 read as filed from the record and 1 is an SI estimate, each with its reasoning, its confidence and what would change it on its card.
What did they actually do?
Has it survived what it has been through?
3 warning events since 2017; the latest 2025-04-04.
From the record
Nektar Therapeutics' filings since 2017 show 3 warning events: a notice about its exchange listing (8-K item 3.01, 3 times, the latest 2025-04-04) (its current reports).
A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.
What has it actually done, year after year?
-11.5% a year over 10 filed years; profitable in 1 of 10.
From the record
Nektar Therapeutics' 10 filed years say what it did: revenue went from $165 million in fiscal 2016 to $55 million in fiscal 2025, down 11.5% a year; it rose in 4 of 9 years; the deepest fall was 95% from fiscal 2018 to fiscal 2025; net income was positive in 1 of 10 of those years (its annual reports).
What it rests on
A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.
How has it treated the people who own it?
SI estimate 6.3/10, confidence 35 of 100 (one part).
SI estimate Inferred, not read as filed
From the record
SI estimate, not a filed reading: Nektar Therapeutics's shareholder treatment is put at 6.3 of 10 with a confidence of 35 of 100, because read from one part only, the share count over the years, which ranks in the top 37% of 464 in its family; fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income. A filing that carries the missing parts replaces this estimate with the filed reading.
What are they doing right now?
Is it financially healthy right now?
ROE -183%: lost 183¢ per shareholder dollar. Leverage 68%: owes 68¢ per asset dollar.
From the record
Return on equity: in the fiscal year ended 2025-12-31, Nektar Therapeutics lost about 183 cents for every dollar of shareholders' money, and gross profitability: its products earned about 20 cents per dollar of everything the company owns (revenue less the cost of revenue). Leverage: it owed about 68 cents per dollar of assets, and net share issuance: its share count grew 23.0% over the year (the filed statements).
What it rests on
A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.
How strong is its position in its industry?
bottom 41% of 315 in its family; net margin -297.1%.
From the record
Nektar Therapeutics' standing among 315 graded names in its industry family: revenue of $55 million in fiscal 2025 ranks in the top 43% by size; a net margin of -297.1% ranks in the bottom 42%; revenue growth of -15.7% a year over the last 3 filed years ranks in the bottom 23% (its annual reports).
What it rests on
A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.
What are the people in charge doing?
top 11% of 315 in its family for leadership; chief executive since 2007.
From the record
Nektar Therapeutics' leadership, from its insiders' filings and its current reports: the chief executive on the record is Robin, Howard W (President & CEO, as filed), filing under that title since 2007-01-16, 19.8 years (top 2% of its family); the 9 officers and directors filing in the last fifteen months have been on the record a median of 9.1 years (top 13%); 2 officer or director changes were reported on Form 8-K since 2023-11-13, against the 9 people in charge now (top 19%; fewer changes for each person reads higher) (the Form 4 record, its Form 8-K reports). Years count from a person's first filing in the SEC's data sets, which begin in 2006, so each is a floor.
What it rests on
A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.
What are they set up to do next?
How much room does it have to grow?
top 46% of 273 in its family for room to expand.
From the record
Nektar Therapeutics' room to grow, from the newest filed statements (fiscal 2025): cash of $15 million against no long-term debt tagged leaves 5.4% of its assets as net cash, bottom 20% of its family; cash from operations less capital spending is -377.8% of revenue (bottom 38%); a gross margin of 100% (top 1%); research spending of 212.4% of revenue (top 40%) (its annual report).
What it rests on
A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.
What could actually drive growth from here?
bottom 22% of 306 in its family for growth drivers.
From the record
Nektar Therapeutics' growth drivers, from the filed years to fiscal 2025: revenue grew -15.7% a year over the last three filed years against -11.5% over all 10, slowing (bottom 44% of its family); the newest year grew -43.9% (bottom 19%); research spending grew -18.7% a year (bottom 19%); capital spending grew -68.9% a year (bottom 7%) (its annual reports). Nektar Therapeutics reported 2 product lines in fiscal 2025: Non Cash Royalty Revenue Related to Sale of Future Royalties at $55 million (100%), License Collaboration and Other Revenue at $300 thousand (1%); 0 of 2 grew against the year before (its annual report).
What it rests on
A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.
Did its newest year beat what its own record pointed to?
bottom 36% of 233 in its family for expectations against reality.
From the record
Nektar Therapeutics' newest year against its own record: revenue of $55 million in fiscal 2025 came in 45.7% below the $102 million its prior three years' pace pointed to (bottom 21% of its family); net income of $164 million against a prior three-year average of $254 million (top 39%); a net margin of a loss larger than its revenue against losses larger than its revenue before (bottom 26%) (its annual reports).
What it rests on
A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.
The grade is the company against its own industry, from its filings. It is not a view on the share price. How the grade is made