Nektar Therapeutics is a biopharmaceutical research company that discovers and develops immunomodulatory medicines designed to selectively induce, amplify, attenuate, or prevent immune responses to treat autoimmune diseases and oncology indications. The company generates revenue through non-cash royalty streams from legacy products sold to investment partners and through licensing and collaboration agreements with multinational pharmaceutical companies including Eli Lilly, under which it receives upfront and milestone payments for the development rights to its drug candidates. Nektar funds its operations and pipeline advancement through equity financing and maintains relationships with pharmaceutical partners who support multi-year development and clinical trial programs.