Nkarta Reports $108.79 Million Net Loss for 2024, Highlights Clinical Trial Developments

Nkarta, Inc., a clinical-stage biopharmaceutical company focused on allogeneic, off-the-shelf engineered natural killer (NK) cell therapies, reported a net loss of $108.79 million for the year ended December 31, 2024, compared to a net loss of $117.5 million in 2023. This improvement of $8.71 million resulted from a decrease in general and administrative expenses, partially offset by a decrease in research and development expenses. The company's accumulated deficit as of December 31, 2024, was $544.2 million. Research and development expenses decreased by $0.1 million to $96.7 million, primarily due to lower costs related to deprioritized NKX101 and CRISPR partnership programs, partially offset by increased spending on NKX019 for autoimmune disease trials.

Significant developments during the year included the initiation of a Phase 1 clinical trial (Ntrust-1) for NKX019 in lupus nephritis patients in June 2024, and the opening of enrollment for a Phase 1 trial (Ntrust-2) for NKX019 in systemic sclerosis, myositis, and ANCA-associated vasculitis patients in December 2024. Additionally, the company announced the dosing of the first patient in an investigator-sponsored trial of NKX019 for systemic lupus erythematosus in November 2024 and the clearance of an Investigational New Drug application for another investigator-sponsored trial in myasthenia gravis patients in December 2024. The company also deprioritized the clinical development of NKX019 for B-cell malignancies and NKX101 for hematologic malignancies.

The company's cash, cash equivalents, restricted cash, and investments totaled $380.5 million as of December 31, 2024. Net cash used in operating activities was $99.7 million for the year ended December 31, 2024, while net cash provided by financing activities was $226.1 million, primarily from a March 2024 public offering that raised $225.1 million in net proceeds. The company's net cash used in investing activities was $129.6 million, primarily due to purchases of marketable securities. As of December 31, 2024, Nkarta employed 157 full-time employees. A reduction in workforce was executed in March 2025.

Nkarta's financial outlook anticipates continued operating losses for the foreseeable future, with expenses expected to increase as clinical development progresses and commercialization efforts begin. The company plans to fund its operations through existing resources and additional capital raises, potentially through equity or debt financing or collaborations. The company stated that its current cash resources are expected to meet its cash needs for at least 12 months from the filing date of the 10-K. The company also noted that it is an "emerging growth company" under the JOBS Act and has opted out of the extended transition period for complying with new or revised financial accounting standards.