Detailed financial statements for Nkarta, Inc. (NKTX): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Nkarta, Inc., a clinical-stage biopharmaceutical company, develops and commercializes natural killer cell therapies for cancer and autoimmune disease treatment. Its lead product candidate is NKX019, a chimeric antigen receptor-natural killer (CAR NK) targeting the CD19 antigen, which is in Phase 1 clinical trial for the treatment of lupus nephritis; systemic sclerosis; idiopathic inflammatory myopathy; and antineutrophil cytoplasmic antibody (ANCA)-associated vasculitis, as w...
Analysis Summary
Trailing-twelve-month margins: gross margin 0.0%, operating margin 0.0%, net margin 0.0%.
At the current price of $2.87, NKTX has negative trailing earnings (P/E not meaningful) and an ROE of -39.64%. Market capitalisation stands at $205M.
Balance sheet quality for NKTX: current ratio of 12.7, net cash position of $199.9M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $6.5M | $115385 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cost of Revenue | $4.3M | $17217 | 0 | 0 | 0 | $5.9M | 0 | $9.2M |
| Gross Profit | $2.3M | $98168 | 0 | 0 | 0 | -$5.9M | 0 | -$9.2M |
| Research & Development | $4.3M | $17.2M | $36.2M | $63.4M | $90.9M | $90.9M | $96.7M | $90.4M |
| Selling, General & Admin | $2.7M | $5.2M | $15.3M | $23.0M | $28.1M | $34.9M | $31.4M | $31.6M |
| Operating Expenses | $6.9M | $22.5M | $51.5M | $86.4M | $119.0M | $125.8M | $128.2M | $112.0M |
| Operating Income | -$356449 | -$22.3M | -$51.5M | -$86.4M | -$119.0M | -$131.7M | -$128.2M | -$121.2M |
| EBITDA | -$91289 | -$20.0M | -$50.7M | -$84.3M | -$105.6M | -$120.5M | -$99.6M | -$94.9M |
| Interest Expense | 0 | $473000 | 0 | 0 | $5.6M | 0 | 0 | 0 |
| Pre-tax Income | -$274503 | -$21.1M | -$91.4M | -$86.1M | -$113.8M | -$117.5M | -$108.8M | -$104.1M |
| Income Tax | 0 | $1.8M | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Income | -$274503 | -$21.1M | -$91.4M | -$86.1M | -$113.8M | -$117.5M | -$108.8M | -$104.1M |
| EPS | $-0.01 | $-2.55 | $-1.59 | $-2.62 | $-2.61 | $-2.40 | $-1.60 | $-1.41 |
| EPS (Diluted) | $-0.01 | $-2.55 | $-1.59 | $-2.62 | $-2.61 | $-2.40 | $-1.60 | $-1.41 |
| Shares Outstanding (Diluted) | $50.3M | $9.0M | $31.8M | $32.9M | $43.6M | $49.0M | $67.9M | $74.0M |
Balance Sheet (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $7.9M | $20.6M | $96.7M | $60.8M | $37.5M | $31.0M | $27.9M | $39.6M |
| Short-term Investments | 0 | $16.4M | $218.2M | $177.3M | $314.6M | $217.1M | $239.5M | $236.6M |
| Receivables | $150000 | 0 | 0 | 0 | $1.3M | $200000 | $200000 | $2.0M |
| Inventory | $117290 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $8.2M | $37.5M | $318.8M | $245.8M | $360.7M | $253.1M | $273.3M | $282.5M |
| Property, Plant & Equipment | $1.3M | $10.2M | $17.9M | $24.5M | $107.7M | $119.3M | $110.7M | $101.2M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $9.6M | $48.4M | $337.6M | $273.9M | $472.9M | $378.9M | $501.2M | $404.2M |
| Accounts Payable | $367172 | $1.9M | $1.2M | $1.1M | $1.8M | $3.7M | $638000 | $2.1M |
| Short-term Debt | 0 | 0 | 0 | 0 | $4.2M | 0 | 0 | 0 |
| Total Current Liabilities | $2.1M | $8.2M | $8.8M | $12.9M | $22.0M | $23.3M | $18.9M | $22.3M |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $15.0M | $73.9M | $16.4M | $22.9M | $100.7M | $105.6M | $93.2M | $91.9M |
| Retained Earnings | -$5.6M | -$26.7M | -$118.0M | -$204.1M | -$317.9M | -$435.4M | -$544.2M | -$648.3M |
| Total Equity | -$5.4M | -$25.5M | $321.2M | $251.0M | $372.2M | $273.3M | $408.0M | $312.3M |
| Total Debt | $12.7M | $7.3M | $8.9M | $12.5M | $82.9M | $88.3M | $80.3M | $76.4M |
| Net Debt | $4.8M | -$29.7M | -$306.0M | -$225.6M | -$269.2M | -$159.8M | -$187.1M | -$199.9M |
| Working Capital | $6.2M | $29.3M | $310.0M | $232.8M | $338.6M | $229.7M | $254.4M | $260.2M |
Cash Flow (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Net Income | -$274503 | -$21.1M | -$91.4M | -$86.1M | -$113.8M | -$117.5M | -$108.8M | -$104.1M |
| Depreciation & Amortization | $183214 | $401000 | $786000 | $1.8M | $2.6M | $5.9M | $2.2M | $4.6M |
| Stock-based Compensation | $182513 | $947000 | $6.7M | $14.5M | $16.9M | $17.2M | $16.7M | $8.6M |
| Change in Working Capital | -$5.3M | $2.2M | -$828000 | -$1.6M | $33.7M | $10.9M | -$12.2M | -$435000 |
| Operating Cash Flow | -$5.2M | -$18.4M | -$43.5M | -$67.9M | -$57.0M | -$86.2M | -$99.7M | -$88.7M |
| Capital Expenditure | -$757880 | -$1.9M | -$7.5M | -$5.0M | -$47.1M | -$28.1M | -$4.4M | -$1.2M |
| Acquisitions | 0 | 0 | $202570 | -$37559 | $137578 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$5.9M | -$20.3M | -$51.0M | -$73.0M | -$104.1M | -$114.3M | -$104.1M | -$89.9M |
Growth & Margins (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | -98.2% | -100.0% | ||||||
| Net Income Growth (YoY) | -7577.8% | -333.5% | +5.8% | -32.3% | -3.2% | +7.4% | +4.3% | |
| EPS Growth (YoY) | -46263.6% | +37.6% | -64.8% | +0.4% | +8.0% | +33.3% | +11.9% | |
| Shares Change (YoY) | -82.1% | +254.0% | +3.3% | +32.8% | +12.3% | +38.5% | +9.0% | |
| FCF Growth (YoY) | -241.6% | -151.4% | -43.0% | -42.7% | -9.8% | +8.9% | +13.6% | |
| Gross Margin | 35.1% | 85.1% | ||||||
| Operating Margin | -5.4% | -19368.7% | ||||||
| EBITDA Margin | -1.4% | -17376.4% | ||||||
| Net Margin | -4.2% | -18265.7% | ||||||
| FCF Margin | -90.7% | -17588.9% | ||||||
| Effective Tax Rate | -0.0% | -8.6% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-0.12 | $-2.26 | $-1.60 | $-2.22 | $-2.39 | $-2.33 | $-1.53 | $-1.22 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $50.3M | $9.0M | $31.8M | $32.9M | $43.6M | $49.0M | $67.9M | $74.0M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | -39.64% |
| Return on Invested Capital | -41.15% |
| Return on Assets | -34.75% |
| Gross Margin | 0.00% |
| Operating Margin | 0.00% |
| Net Margin | 0.00% |
Financial Health
| Debt / Equity | 0.30 |
| Current Ratio | 7.98 |
Key Ratios (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| P/E | -8709.09 | -18.78 | -38.66 | -5.86 | -2.30 | -2.75 | -1.56 | -1.31 |
| P/B | -446.25 | -16.89 | 6.08 | 2.01 | 0.70 | 1.18 | 0.41 | 0.44 |
| P/S | 367.62 | 3729.22 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Margin | 35.1% | 85.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Operating Margin | -5.4% | -19368.7% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net Margin | -4.2% | -18265.7% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
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Explore sector: Healthcare · Biotechnology
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