NKTRNEKTAR THERAPEUTICS

Pharmaceutical Preparations

Revenue: $55M; 44% YoY
Operating margin: -253.7%; 137% YoY
EBITDA: −$139M; 38% YoY
Market cap: $792M
Employees: —
Net debt / EBITDA: —; $94M net debt
AI in 10-K: 4.7; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 2 of 7

TSR below peersYes
5 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$6M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCYes
23% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
0% of assets
Over 40% of assets
Shareholder dissentNo
98% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
—
Bottom quartile of its SIC industry
Quiet on AINo
4.7 per 10K words · 81st pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$792M market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$2M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$102M	$92M	$90M	$98M	$55M	44%
Operating income	−$446M	−$376M	−$264M	−$105M	−$140M	33%
Net income	−$524M	−$368M	−$276M	−$119M	−$164M	38%
Operating cash flow	−$413M	−$304M	−$193M	−$176M	−$209M	19%
Capex	$15M	$6M	$865K	$1M	$171K	88%
Stock-based comp	$95M	$57M	$33M	$22M	$13M	41%
Buybacks	—	—	$0	$3M	$0	100%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $2M · 16
Net: −$2M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$6M	$14M	17	125
FY2024	$4M	$5M	5	93
FY2023	$3M	−$773K	3	94
FY2022	$11M	−$9M	13	90
FY2021	$11M	$8M	79	100