NEKTAR THERAPEUTICS (NKTR) Company Report

Nektar Therapeutics expects to read out Phase 2b data for its alopecia areata (AA) program, RESPECT, next month (December 2025). The study enrolled patients with severe to very severe AA, benchmarking against low-dose Xeljanz/Olumiant.
The company aims for rezpegaldesleukin to be the first biologic approved in AA, highlighting its potential safety advantage over JAK inhibitors, which carry black box warnings and numerous risk factors. Market research indicates a strong preference for biologics due to safety and convenience.
For atopic dermatitis (AD), Nektar will read out 52-week maintenance data from its Phase 2b study in Q1 2026. The program has shown a differentiating feature by reducing ACQ5 scores in AD patients with comorbid asthma, a capability shared by only two other drugs (JAK inhibitors and Dupixent).
An end-of-Phase 2 meeting with the FDA is planned before year-end to discuss the Phase 3 design for AA. If positive, AA could launch 12-18 months after AD, creating a substantial opportunity with two indications.

Nov 20, 2025, 11:00 AM

Transcript

Nektar Therapeutics Provides Pipeline Updates for Alopecia Areata and Atopic Dermatitis

NKTR

New Projects/Investments

Guidance Update

Nektar Therapeutics expects to read out Phase 2b data for rezpegaldesleukin in alopecia areata (AA) next month (December 2025), with the primary endpoint being the % change from baseline in SALT. The company aims to benchmark against low-dose Xeljanz efficacy while offering a superior safety profile as a potential first biologic in AA.
Market research indicates a strong preference among dermatologists and patients for a biologic with rezpegaldesleukin's profile over JAK inhibitors for AA, citing safety advantages and convenience, which could significantly expand the addressable market.
The company anticipates reading out 52-week maintenance data from its Phase 2b atopic dermatitis (AD) study in Q1 2026, evaluating once-a-month and once-every-three-month dosing regimens and the deepening of responses.
Recent data for rezpegaldesleukin in AD patients with comorbid asthma demonstrated a reduction in ACQ5 scores, a differentiating feature compared to selective IL-13 inhibitors, suggesting broader therapeutic potential in TH2-mediated diseases.
An end-of-Phase 2 meeting with the FDA is planned before the end of 2025 to discuss the Phase 3 design and overall Biologics License Application (BLA) plan for rezpegaldesleukin.

Nov 20, 2025, 11:00 AM

Transcript

Nektar Therapeutics Provides Updates on Alopecia Areata and Atopic Dermatitis Programs

NKTR

New Projects/Investments

Guidance Update

Nektar Therapeutics anticipates top-line Phase 2b data for rezpegaldesleukin in alopecia areata (AA) next month (December 2025), targeting a 20%-25% placebo-adjusted SALT reduction as a benchmark against low-dose Xeljanz.
Rezpegaldesleukin is positioned as a potential first biologic for AA, offering a differentiated safety profile compared to JAK inhibitors, which could significantly expand the market.
For atopic dermatitis (AD), Nektar will release 52-week maintenance data from its Phase 2b study in Q1 2026, following recent data showing rezpegaldesleukin's ability to reduce ACQ5 scores in AD patients with comorbid asthma.
An end-of-Phase 2 meeting with the FDA is planned before the end of 2025 for the AD program, with the potential to launch a second indication (AA) 12-18 months after AD if Phase 2 AA results are positive.

Nov 20, 2025, 11:00 AM

Transcript

Nektar Therapeutics Presents Positive Phase 2b REZOLVE-AD Data for Rezpegaldesleukin

NKTR

New Projects/Investments

Nektar Therapeutics reported new data from its Phase 2b REZOLVE-AD clinical trial for rezpegaldesleukin in moderate-to-severe atopic dermatitis, presented on November 8, 2025.
The study demonstrated statistically significant and clinically meaningful improvements in mean ACQ-5 scores at week 16 versus placebo in patients with atopic dermatitis and a history of asthma, with two dose arms (24 µg/kg q2w and 24 µg/kg q4w) achieving statistical significance.
Data from placebo patients who crossed over to receive high-dose rezpegaldesleukin (24 µg/kg q2w) showed an EASI-75 response rate of 60% and an EASI-90 response rate of 37% at week 24, supporting a 24-week induction period for planned Phase 3 studies.
The company anticipates long-term maintenance data from REZOLVE-AD in Q1 2026 and top-line Phase 2b data for rezpegaldesleukin in alopecia areata in December 2025.

Nov 10, 2025, 11:31 AM

8-K

Nektar Therapeutics Presents Positive Phase 2b Data for Rezpegaldesleukin in Atopic Dermatitis

NKTR

New Projects/Investments

Product Launch

Nektar Therapeutics presented new data from its REZOLVE-AD Phase 2b study for rezpegaldesleukin, demonstrating statistically significant and clinically meaningful improvements in mean ACQ-5 scores at week 16 versus placebo in atopic dermatitis patients with comorbid asthma.
The data supports advancing the rezpegaldesleukin 24 µg/kg q2w dose regimen with a 24-week induction period into planned Phase 3 studies for atopic dermatitis.
Upcoming catalysts include top-line Phase 2b data for rezpegaldesleukin in alopecia areata in December 2025 and long-term maintenance data from the REZOLVE-AD study in Q1 2026.
Rezpegaldesleukin has received Fast Track designation from the FDA for moderate-to-severe atopic dermatitis (February 2025) and severe alopecia areata (July 2025).

Nov 8, 2025, 10:45 PM

Press Release

Nektar Therapeutics Reports Q3 2025 Financials, Updates Cash Runway, and Anticipates Key Clinical Data Readouts

NKTR

Guidance Update

New Projects/Investments

Management Change

Nektar Therapeutics ended Q3 2025 with $270.2 million in cash and investments and no debt, extending its cash runway into Q2 2027. The company updated its year-end cash and investments guidance to approximately $240 million, up from a prior range of $100-$185 million.
Top-line results from the Phase 2b resolved AA study for REZPEG in severe to very severe alopecia areata, which enrolled approximately 90 patients, are expected in December 2025.
The company is preparing to advance its lead program, REZPEG, into Phase 3 development for moderate to severe atopic dermatitis, with an end-of-phase 2 meeting with the FDA anticipated before the end of 2025.
Dr. Mary Tagliaferri has rejoined Nektar Therapeutics as Chief Medical Officer.

Nov 6, 2025, 10:00 PM

Transcript

Nektar Therapeutics Reports Q3 2025 Financial Results and Key Developments

NKTR

Earnings

Guidance Update

New Projects/Investments

Nektar Therapeutics reported revenue of $11.8 million for the third quarter of 2025, a decrease from $24.1 million in the third quarter of 2024, primarily due to no longer recognizing product sales following the sale of its Huntsville manufacturing facility in December 2024.
The company posted a net loss of $35.5 million, or $1.87 basic and diluted loss per share, for Q3 2025.
As of September 30, 2025, cash and investments in marketable securities totaled $270.2 million, including $107.2 million from a secondary offering and $34.3 million from an at-the-market offering, with cash expected to support operations into the second quarter of 2027.
In July 2025, the U.S. Food and Drug Administration (FDA) granted Fast Track designation for rezpegaldesleukin for the treatment of severe-to-very-severe alopecia areata.

Nov 6, 2025, 9:24 PM

8-K

Nektar Therapeutics Reports Q3 2025 Financial Results

NKTR

Earnings

New Projects/Investments

Guidance Update

Nektar Therapeutics reported a net loss of $35.5 million, or $1.87 per share, for the third quarter ended September 30, 2025.
Revenue for Q3 2025 was $11.8 million, a decrease from $24.1 million in Q3 2024, primarily due to the cessation of product sales following the sale of its Huntsville manufacturing facility in December 2024.
The company's cash and investments in marketable securities totaled $270.2 million as of September 30, 2025, and are expected to support operations into the second quarter of 2027.
Nektar raised $107.2 million in net proceeds from a secondary offering in July 2025 and $34.3 million from an at-the-market (ATM) offering, with an additional $38.3 million from the ATM offering in October 2025.
The company highlighted progress for rezpegaldesleukin, including new data presentations for atopic dermatitis and co-morbid asthma, and an FDA Fast Track designation for severe-to-very-severe alopecia areata.

Nov 6, 2025, 9:15 PM

Press Release

Nektar Therapeutics Announces Positive Phase 2b REZOLVE-AD Study Results for Rezpegaldesleukin

NKTR

Nektar Therapeutics reported positive new data from its REZOLVE-AD Phase 2b study of rezpegaldesleukin for moderate-to-severe atopic dermatitis on September 18, 2025.
The study met its primary and key secondary endpoints at week 16, with all rezpegaldesleukin arms showing statistically significant mean improvement in Eczema Area and Severity Index (EASI) compared to placebo.
Interim data for patients who crossed over from placebo to high-dose rezpegaldesleukin demonstrated a deepening of clinical effect, with EASI-75 response reaching 62% and vIGA-AD 0/1 response reaching 38% after 24 weeks of treatment.
The safety profile was consistent with previous data, showing no new safety concerns, and Phase 3 planning for moderate-to-severe atopic dermatitis is currently underway.

Sep 18, 2025, 12:56 PM

8-K

Nektar Therapeutics Presents Positive Phase 2b REZOLVE-AD Study Data

NKTR

Product Launch

New Projects/Investments

Nektar Therapeutics announced positive new data from its REZOLVE-AD Phase 2b study of rezpegaldesleukin for moderate-to-severe atopic dermatitis at the 2025 European Academy of Dermatology and Venereology (EADV) Congress.
The study met its primary and key secondary endpoints at week 16, with all rezpegaldesleukin arms achieving statistical significance over placebo.
Interim data for patients who crossed over from placebo to high-dose rezpegaldesleukin showed a deepening of clinical effect, with EASI-75 response reaching 62% and vIGA-AD 0/1 response reaching 38% after 24 weeks of treatment.
Rezpegaldesleukin has received Fast Track designation from the U.S. Food and Drug Administration (FDA) for moderate-to-severe atopic dermatitis (February 2025) and severe alopecia areata (July 2025).

Sep 18, 2025, 12:45 PM

Press Release

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