Nkarta (NASDAQ: NKTX) reports 2025 loss and extends cash runway to 2029
Rhea-AI Filing Summary
Nkarta, Inc. reported fourth quarter and full year 2025 results and highlighted progress in its NKX019 autoimmune program. Cash, cash equivalents, restricted cash and investments totaled $295.1 million as of December 31, 2025, and are expected to fund operations into 2029.
For 2025, Nkarta recorded a net loss of $104.1 million, or $1.41 per share$90.4 million and general and administrative expenses were $31.6 million. Fourth quarter 2025 net loss was $27.4 million, or $0.37 per share.
Clinically, dose escalation for NKX019 advanced to 4 billion cells per dose on days 0, 3 and 7, for a total of 12 billion cells per cycle in the Ntrust-1 and Ntrust-2 autoimmune trials. Initial clinical data from these trials are planned for presentation at a medical conference in 2026.
Positive
- None.
Negative
- None.
Insights
Nkarta extends cash runway while advancing NKX019 dose escalation in autoimmune trials.
Nkarta ended 2025 with $295.1 million in cash, cash equivalents, restricted cash and investments, and expects this to fund its current operating plan into 2029. Operating expenses were driven mainly by R&D of $90.4 million and G&A of $31.6 million for the year.
The company reported a full year net loss of $104.1 million, or $1.41 per share, which is typical for a clinical-stage biotech building its platform. Total assets were $404.2 million as of December 31, 2025, against liabilities of $91.9 million, leaving substantial stockholders’ equity.
On the clinical side, NKX019 dose escalation reached 4 billion cells per dose on days 0, 3 and 7, totaling 12 billion cells per cycle across Ntrust-1 and Ntrust-2 in autoimmune disease. Initial clinical data are planned for presentation at a medical conference in 2026, so subsequent disclosures around that event will be important for understanding NKX019’s therapeutic profile.
8-K Event Classification
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
(Exact name of Registrant as Specified in Its Charter)
(State or Other Jurisdiction of Incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
|
|
|
|
||
(Address of Principal Executive Offices) |
|
(Zip Code) |
Registrant’s Telephone Number, Including Area Code: (
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
|
Trading Symbol(s) |
|
Name of each exchange on which registered |
|
|
|
|
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On March 25, 2026, Nkarta, Inc. (the “Company”) issued a press release announcing its financial results for the fourth quarter and year ended December 31, 2025. A copy of the Company’s press release is attached hereto as Exhibit 99.1.
The information in Item 2.02 of this Current Report on Form 8-K (including Exhibit 99.1) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be, or be deemed, incorporated by reference in any filings under the Securities Act of 1933, as amended (the “Securities Act”), unless the Company specifically states that the information is to be considered “filed” under the Exchange Act or incorporates it by reference into a filing under the Securities Act or the Exchange Act.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit Number |
|
Description |
|
|
|
99.1 |
|
Press Release, dated March 25, 2026, entitled “Nkarta Reports Fourth Quarter and Full Year 2025 Financial Results and Corporate Highlights” |
104 |
|
Cover Page Interactive Data File (embedded within the Inline XBRL document). |
1
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|
|
Nkarta, Inc. |
|
|
|
|
|
Date: March 25, 2026 |
|
By: |
/s/ Nadir Mahmood |
|
|
|
Nadir Mahmood |
|
|
|
President |
2
Exhibit 99.1
Nkarta Reports Fourth Quarter and Full Year 2025 Financial Results and Corporate Highlights
SOUTH SAN FRANCISCO, Calif., March 25, 2026 -- Nkarta, Inc. (Nasdaq: NKTX), a clinical-stage biotechnology company developing engineered natural killer (NK) cell therapies to treat autoimmune diseases, today reported financial results for the fourth quarter and year ended December 31, 2025.
“2025 was a year of strategic importance for Nkarta as we onboarded a clinical team with deep autoimmune experience, right-sized our workforce to be a responsible steward of investor capital, and continued to advance our CAR-NK cell therapy platform through dose escalation in the clinic,” said Paul J. Hastings, Chief Executive Officer of Nkarta. “Thoughtfully leveraging our safety data, we are now dosing patients at 4 billion cells in a three-dose cycle for a total of 12 billion cells as we look to maximize the depth and durability of B-cell depletion and clinical response, positioning us to unlock the full potential of NKX019 for people living with autoimmune disease.”
“We look forward to sharing a comprehensive clinical update from Ntrust-1 and Ntrust-2 later this year with the aim of presenting a meaningful data set at a medical conference. With cash projected to fund operations into 2029, we remain focused on disciplined clinical execution as we continue enrollment in our Ntrust-1 and Ntrust-2 clinical programs.”
NKX019 Clinical Program Progress and Upcoming Milestones
Fourth Quarter and Full Year 2025 Financial Highlights
Financial Guidance
About the Ntrust℠ Clinical Trials in Autoimmune Disease
Ntrust-1 (NCT06557265) and Ntrust-2 (NCT06733935) are multi-center, open label, dose escalation clinical trials in patients with autoimmune disease receiving lymphodepletion followed by CD19-targeted CAR-NK cell therapy. Both trials will assess the safety of NKX019 in people living with autoimmune diseases as well as its potential to achieve durable remission via a “reset” of the immune system through the elimination of pathogenic B cells.
The Ntrust trials are enrolling up to 12 patients per dose level per disease indication across systemic sclerosis, idiopathic inflammatory myopathy, ANCA-associated vasculitis, lupus nephritis, and primary membranous nephropathy.
In both studies, patients now receive a three-dose cycle of NKX019 on Days 0, 3, and 7 following lymphodepletion with fludarabine and cyclophosphamide or cyclophosphamide alone, if they have significant cytopenia at baseline. Leveraging the engineering of NKX019, no patients in either trial will receive supplemental cytokines or antibody-based therapeutics. This approach is designed to evaluate the single-agent activity of NKX019 and facilitate a more rapid
2
path to regulatory approval. Patients in Ntrust-1 may also receive additional cycles, if necessary, to restore response or enable a deeper response.
About NKX019
NKX019 is an allogeneic, cryopreserved, off-the-shelf immunotherapy candidate that uses natural killer (NK) cells derived from the peripheral blood of healthy adult donors. It is engineered with a humanized CD19-directed chimeric antigen receptor (CAR) for enhanced cell targeting and a proprietary, membrane-bound form of interleukin-15 (IL-15) for greater persistence and activity without exogenous cytokine support. CD19 is a biomarker for normal B cells as well as those implicated in autoimmune disease. Nkarta is evaluating NKX019 in multiple autoimmune conditions.
About Nkarta
Nkarta is a clinical-stage biotechnology company advancing the development of allogeneic, off-the-shelf natural killer (NK) cell therapies for autoimmune diseases. By combining its cell expansion and cryopreservation platform with proprietary cell engineering technologies, Nkarta is building a pipeline of future cell therapies engineered for deep therapeutic activity and intended for broad access in the outpatient treatment setting. For more information, please visit the company’s website at www.nkartatx.com.
Cautionary Note on Forward-Looking Statements
Statements contained in this press release regarding matters that are not historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Words such as "anticipates," "believes," "expects," "intends," “plans,” “potential,” "projects,” “would” and "future" or similar expressions are intended to identify forward-looking statements. Examples of these forward-looking statements include, but are not limited to, statements concerning Nkarta’s expectations regarding any or all of the following: Nkarta’s position, plans, strategies, and timelines for the continued and future clinical development and commercial potential of NKX019 (including the future availability and disclosure of clinical data and other updates from Nkarta’s clinical trials); the therapeutic potential and tolerability of NKX019 for the treatment of autoimmune diseases, including as a result of advancing Nkarta’s dose escalation; and Nkarta’s expected cash runway.
Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. These risks and uncertainties include, among others: Nkarta’s limited operating history and historical losses; Nkarta’s lack of any products approved for sale and its ability to achieve profitability; the risk that the results of preclinical studies and early-stage clinical trials may not be predictive of future results; Nkarta’s ability to raise additional funding to complete the development and any commercialization of its product candidates; Nkarta’s dependence on the clinical success of NKX019; that Nkarta may be delayed in initiating, enrolling patients in or completing its clinical trials; competition from third parties that are developing products for similar uses; Nkarta’s ability to obtain, maintain and protect its intellectual property; Nkarta’s dependence on third
3
parties in connection with manufacturing, clinical trials and pre-clinical studies; the complexity of the manufacturing process for CAR NK cell therapies; and the success of Nkarta’s recent (and any future) cost containment measures.
These and other risks and uncertainties are described more fully in Nkarta’s filings with the Securities and Exchange Commission (“SEC”), including the “Risk Factors” section of Nkarta’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, filed with the SEC on November 10, 2025, and Nkarta’s other documents subsequently filed with or furnished to the SEC. All forward-looking statements contained in this press release speak only as of the date on which they were made. Except to the extent required by law, Nkarta undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made.
Nkarta, Inc.
Condensed Statements of Operations
(in thousands, except share and per share data)
(Unaudited)
|
|
Three Months Ended |
|
|
Year Ended |
|
||||||||||
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
||||
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Research and development |
|
$ |
25,281 |
|
|
$ |
23,127 |
|
|
$ |
90,429 |
|
|
$ |
96,744 |
|
General and administrative |
|
|
5,680 |
|
|
|
7,796 |
|
|
|
31,568 |
|
|
|
31,450 |
|
Total operating expenses |
|
|
30,961 |
|
|
|
30,923 |
|
|
|
121,997 |
|
|
|
128,194 |
|
Loss from operations |
|
|
(30,961 |
) |
|
|
(30,923 |
) |
|
|
(121,997 |
) |
|
|
(128,194 |
) |
Other income, net: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest income |
|
|
3,296 |
|
|
|
4,894 |
|
|
|
15,494 |
|
|
|
19,317 |
|
Other income, net |
|
|
257 |
|
|
|
94 |
|
|
|
2,419 |
|
|
|
87 |
|
Total other income, net |
|
|
3,553 |
|
|
|
4,988 |
|
|
|
17,913 |
|
|
|
19,404 |
|
Net loss |
|
$ |
(27,408 |
) |
|
$ |
(25,935 |
) |
|
$ |
(104,084 |
) |
|
$ |
(108,790 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net loss per share, basic and diluted |
|
$ |
(0.37 |
) |
|
$ |
(0.35 |
) |
|
$ |
(1.41 |
) |
|
$ |
(1.60 |
) |
Weighted average shares used to compute |
|
|
74,044,370 |
|
|
|
73,595,401 |
|
|
|
73,991,197 |
|
|
|
67,865,323 |
|
4
Nkarta, Inc.
Condensed Balance Sheets
(in thousands)
(Unaudited)
|
|
December 31, |
|
|||||
|
|
2025 |
|
|
2024 |
|
||
Assets |
|
|
|
|
|
|
||
Cash, cash equivalents, restricted cash and investments |
|
$ |
295,129 |
|
|
$ |
380,489 |
|
Property and equipment, net |
|
|
66,721 |
|
|
|
74,658 |
|
Operating lease right-of-use assets |
|
|
34,429 |
|
|
|
36,014 |
|
Other assets |
|
|
7,930 |
|
|
|
10,042 |
|
Total assets |
|
$ |
404,209 |
|
|
$ |
501,203 |
|
Liabilities and stockholders' equity |
|
|
|
|
|
|
||
Accounts payable, accrued and other liabilities |
|
$ |
15,464 |
|
|
$ |
12,954 |
|
Operating lease liabilities |
|
|
76,420 |
|
|
|
80,273 |
|
Total liabilities |
|
|
91,884 |
|
|
|
93,227 |
|
Stockholders’ equity |
|
|
312,325 |
|
|
|
407,976 |
|
Total liabilities and stockholders' equity |
|
$ |
404,209 |
|
|
$ |
501,203 |
|
Nkarta Media/Investor Contact:
Nadir Mahmood
Nkarta, Inc.
nmahmood@nkartatx.com
5