Pulling SEC filings + quote and writing the call…
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $165M | $308M | $1.19B | $115M | $153M | $102M | $92.1M | $90.1M | $98.4M | $55.2M |
| Revenue growth | — | 86.0% | 287.8% | -90.4% | 33.4% | -33.4% | -9.7% | -2.1% | 9.2% | -43.9% |
| Operating income | -$113M | -$59.6M | $688M | -$440M | -$425M | -$446M | -$376M | -$264M | -$105M | -$140M |
| Operating margin | -68.2% | -19.4% | 57.6% | -383.9% | -278.0% | -437.8% | -408.6% | -292.6% | -106.9% | -253.7% |
| Net income | -$154M | -$96.7M | $681M | -$441M | -$444M | -$524M | -$368M | -$276M | -$119M | -$164M |
| Net margin | -92.8% | -31.4% | 57.1% | -384.5% | -290.6% | -514.0% | -400.0% | -306.3% | -120.9% | -297.1% |
| EPS (diluted) | -$1.10 | -$0.62 | $3.78 | -$2.52 | -$2.49 | -$2.86 | -$1.97 | -$1.45 | -$8.68 | -$9.73 |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$117M | -$80.4M | $718M | -$329M | -$313M | -$413M | -$304M | -$193M | -$176M | -$209M |
| Capital expenditures | $6.39M | $9.68M | $14.2M | $26.3M | $7.26M | $15.0M | $5.68M | $865K | $1.47M | $171K |
| Free cash flow | -$123M | -$90.1M | $704M | -$355M | -$321M | -$428M | -$310M | -$193M | -$177M | -$209M |
| Share buybacks | — | — | — | — | — | — | — | $0.00 | $3.00M | $0.00 |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $59.6M | $4.76M | $195M | $96.4M | $199M | $25.2M | $88.2M | $35.3M | $44.3M | $15.1M |
| Total assets | $569M | $509M | $2.15B | $1.98B | $1.54B | $1.12B | $711M | $398M | $304M | $280M |
| Total liabilities | $481M | $421M | $433M | $572M | $461M | $438M | $344M | $267M | $243M | $191M |
| Shareholders' equity | $88.1M | $87.8M | $1.72B | $1.41B | $1.08B | $680M | $367M | $131M | $60.7M | $89.8M |
| Retained earnings | -$2.02B | -$2.12B | -$1.42B | -$1.86B | -$2.31B | -$2.83B | -$3.20B | -$3.48B | -$3.60B | -$3.76B |
| Shares (wtd avg diluted) | 140M | 156M | 180M | 175M | 179M | 183M | 187M | 190M | 13.7M | 16.9M |
Every figure is extracted from NEKTAR THERAPEUTICS’s annual reports as filed with the SEC (XBRL company facts) — no third-party estimates. Fiscal years are labeled by period end; filers occasionally re-tag concepts, so a sparse cell means the company didn’t report that concept for that year. Free cash flow = operating cash flow − capital expenditures.
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