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 (R&D) expenses were $29.5 million for the third quarter of 2026, an increase from $20.2 million in the third quarter of 2025.
• General and administrative (G&A) expenses were $6.3 million for the third quarter of 2026, 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, down from $295.1 million as of December 31, 2025.
• Interest income was $2.2 million for the quarter, compared to $3.9 million in the same period last year.
• For the nine months ended September 30, 2026, the company reported a net loss of $101.5 million ($1.36 per share) versus $76.7 million ($1.04 per share) 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.
• Initial clinical data for NKX019 in idiopathic inflammatory myopathy and systemic sclerosis is scheduled for presentation at ACR Convergence 2026.

Business Segments and Product Lines

• NKX019 is an allogeneic, off-the-shelf CAR-NK cell therapy candidate targeting CD19+ B cells in autoimmune diseases.
• Enrollment continues in the Ntrust program, a multi-center, open-label, dose-escalation trial evaluating NKX019 in multiple autoimmune diseases.
• 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.
• Outpatient dosing is underway at a network of community-based sites, expanding access beyond academic medical centers.
• Leading indications for the Ntrust trials include myositis and systemic sclerosis, with additional indications including ANCA-associated vasculitis, rheumatoid arthritis, lupus nephritis, and primary membranous nephropathy.
• The trials assess the safety of NKX019 and its potential to achieve durable remission by eliminating pathogenic B cells.

Market and Competitive Landscape

• The company highlights the potential for off-the-shelf availability and outpatient dosing to broaden cell therapy access to a far larger patient population.
• The press release notes competition from third parties developing products for similar uses as a risk factor.

Risks and Challenges

• The company has a limited operating history and has not yet achieved profitability.
• NKX019 is not yet approved for sale, and results from preclinical studies and early-stage clinical trials may not predict future results.
• Initial clinical data, including data to be presented at ACR Convergence 2026, is based on a limited number of patients with limited follow-up and may change.
• 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 clinical trial initiation or enrollment, and dependence on third parties for manufacturing and clinical trials.
• The manufacturing process for CAR-NK cell therapies is complex.

Management Commentary and Tone

• CEO Paul J. Hastings stated that NKX019 is advancing in its two lead indications and expressed delight at the selection to present initial clinical data at ACR Convergence 2026.
• Management believes the safety profile of engineered CAR-NK cells could broaden access to cell therapy.
• The tone emphasizes the design of the program to deliver on the potential of on-demand availability and outpatient dosing.

Other Key Points

• The company will present initial clinical data in two oral presentations and one poster presentation at ACR Convergence 2026 in Orlando.
• Presentations include an oral presentation on myositis on November 8, a poster on systemic sclerosis on November 9, and an oral presentation of safety data across autoimmune indications on November 11.
• The Ntrust trials utilize a three-dose cycle of NKX019 following lymphodepletion with fludarabine and cyclophosphamide (or cyclophosphamide alone for patients with significant cytopenia).
• Patients may receive additional cycles if needed to restore or deepen response.
• The company's website is www.nkartatx.com.