Dafinchi AI

NKTR

Healthcare

Cash runway extended into Q1 2027 due to recent financing.
Completed a secondary public offering in July 2025, raising approximately $107.5 million net proceeds.
G&A expenses for Q2 2025 were $17.1 million; full-year guidance updated to $70-$75 million.
Nektar ended Q2 2025 with $175.9 million in cash and investments and no debt.
Net loss for Q2 2025 was $41.6 million or $2.95 per share; non-GAAP net loss excluding equity method loss was $39.2 million or $2.78 per share.
Noncash interest expense for Q2 was $5.4 million, expected to total approximately $20 million for 2025.
Noncash loss from equity method investment in Gannet BioChem was $2.4 million in Q2, expected to be about $10 million for the full year.
Noncash royalty revenue was $11.2 million in Q2 2025, expected to total around $40 million for the full year.
R&D expenses for Q2 2025 were $29.9 million; full-year guidance updated to $125-$130 million.

WAT

Healthcare

Free cash flow was $159 million after $23 million capital expenditures; net debt was $1.1 billion at quarter end.
Geographically, Waters Division grew high single digits or better across Americas, Europe, and Asia.
Gross margin was 58.3%, and adjusted operating margin was 29.1%, impacted by regional sales mix and tariff surcharges.
Instruments sales grew mid-single digits, led by high single-digit growth in LC and mass spec portfolios.
Non-GAAP EPS was $2.95, up 12% year-on-year and above the midpoint of guidance; GAAP EPS was $2.47.
Operating tax rate was 17.9%, creating a $0.05 headwind to adjusted EPS, expected to normalize in the second half.
Pharma end market grew low double digits, Industrial grew 6%, academic and government declined low single digits.
Recurring revenue grew 11%, driven by 9% service growth and double-digit chemistry growth.
Waters Corporation reported second quarter 2025 sales of $771 million, up 9% as reported and 8% in constant currency.

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