Nkarta — Third Quarter 2026 Earnings Summary

Financial Performance:

• Reported a net loss of $33.3 million ($0.45 per basic and diluted share) for the three months ended September 30, 2026, compared to a net loss of $21.7 million ($0.29 per share) in the same period of 2025.
• Research and development expenses were $29.5 million for the quarter, an increase from $20.2 million in the third quarter of 2025.
• General and administrative expenses were $6.3 million for the quarter, down from $7.1 million in the third quarter of 2025.
• Total operating expenses for the quarter were $35.8 million, up from $27.3 million in the prior year period.
• Cash, cash equivalents, restricted cash, and investments totaled $216.0 million as of September 30, 2026, a decrease from $295.1 million as of December 31, 2025.
• For the nine months ended September 30, 2026, total operating expenses were $109.8 million compared to $91.0 million in the same period of 2025.
• Net loss for the nine months ended September 30, 2026, was $101.5 million ($1.36 per share), compared to $76.7 million ($1.04 per share) in the prior year period.
• Interest income was $2.2 million for the quarter, down from $3.9 million in the same period of 2025.

Guidance and Future Outlook:

• The company expects its current cash and cash equivalents to fund its operating plan into 2029.

Business Segments and Product Lines:

• NKX019 clinical data for idiopathic inflammatory myopathy (myositis) and systemic sclerosis (scleroderma) is scheduled for presentation at ACR Convergence 2026.
• Presentations at ACR Convergence 2026 include an oral presentation on myositis (November 8), a poster on systemic sclerosis (November 9), and an oral presentation on safety data across autoimmune indications (November 11).
• Enrollment continues in the Ntrust program, a multi-center, open-label, dose-escalation clinical trial evaluating NKX019 in multiple autoimmune diseases.
• Outpatient dosing is currently underway within a network of community-based sites.
• Patients are being dosed at 4 billion cells per dose for three doses (12 billion cells total) across all indications in Ntrust-1 and Ntrust-2.
• The Ntrust trials are enrolling up to 12 patients per dose level per disease indication, with leading indications in myositis and systemic sclerosis, as well as ANCA-associated vasculitis, rheumatoid arthritis, lupus nephritis, and primary membranous nephropathy.

Market and Competitive Landscape:

• NKX019 is positioned as an allogeneic, off-the-shelf immunotherapy candidate designed to eliminate pathogenic B cells driving autoimmune responses.
• The therapy utilizes natural killer (NK) cells derived from healthy adult donors, engineered with a humanized CD19-directed chimeric antigen receptor (CAR) and a proprietary membrane-bound form of interleukin-15 (IL-15).
• The company highlights competition from third parties developing products for similar uses.

Risks and Challenges:

• The company faces risks related to its limited operating history, historical losses, and lack of approved products.
• There is a risk that preclinical and early-stage clinical trial results may not be predictive of future results.
• Initial or preliminary data, including data to be presented at ACR Convergence 2026, reflect limited patient numbers and follow-up and may change as more data becomes available.
• The company depends on the clinical success of NKX019, particularly in myositis and systemic sclerosis.
• Risks include the ability to raise additional funding, delays in initiating or completing clinical trials, and dependence on third parties for manufacturing and clinical studies.
• The complexity of the manufacturing process for CAR-NK cell therapies presents a potential challenge.

Management Commentary and Tone:

• CEO Paul J. Hastings stated that NKX019 is advancing in the company's two lead indications and expressed delight at being selected to present initial clinical data at ACR Convergence 2026.
• Management believes the safety profile of engineered CAR-NK cells could broaden cell therapy access to more patients.
• The company notes that off-the-shelf availability and outpatient dosing are designed to deliver on the potential of reaching patients who cannot travel to academic medical centers.

Other Key Points:

• The company is a clinical-stage biotechnology company developing engineered natural killer (NK) cell therapies to treat autoimmune diseases.
• The Ntrust trials utilize a three-dose cycle of NKX019 following lymphodepletion with fludarabine and cyclophosphamide (or cyclophosphamide alone if significant cytopenia exists).
• Patients in the trials may receive additional cycles if needed to restore or enable a deeper response.
• The company's stock trades on Nasdaq under the ticker symbol NKTX.