Nektar Therapeutics, a clinical-stage biopharma focused on immunomodulation for autoimmune diseases and cancer, pursued significant pipeline progress in 2025, notably preparing rezpegaldesleukin for Phase 3 trials. However, these clinical strides were matched by escalating research expenditures and widening operating losses. Collaboration revenues shrank from prior years, increasing pressure on cash flows despite equity raises. The company faces ongoing litigation risks and regulatory uncertainties, underscoring a delicate balance between advancing clinical priorities and financial resilience.