Key Takeaways NKTR rose 38.2% on investor optimism for rezpeg in atopic dermatitis compared to a rival candidate.Rezpeg met key goals in a phase IIb study for atopic dermatitis, fueling strong investor interest.Top-line alopecia areata data is due in December 2025, with the FDA Fast Track status adding momentum.Shares of Nektar Therapeutics (NKTR) have rallied 38.2% in the past week due to growing investor optimism related to the company’s lead pipeline candidate, rezpegaldesleukin (rezpeg), which is being ...

Core Viewpoint - Nektar Therapeutics Inc. (NKTR) stock experienced a significant increase despite the absence of company-specific news, likely influenced by the negative performance of Sanofi SA following the COAST 1 trial results [1] Group 1: Trial Results and Comparisons - The COAST 1 trial demonstrated that amlitelimab met all primary and key secondary endpoints, showing statistically significant skin clearance and disease severity improvement compared to placebo at Week 24 for patients aged 12 years and older with moderate-to-severe atopic dermatitis [2] - Although the trial met its endpoints, the benefit magnitude of amlitelimab was below investor expectations when compared to Phase 2 benchmarks and approved treatments like Dupixent [3] - On the EASI-75 score, amlitelimab showed a 20% improvement over placebo, significantly lower than the 39% improvement reported in the previous Phase 2b study [4] Group 2: Other Relevant Studies - Nektar's ongoing Phase 2b REZOLVE-AD study of rezpegaldesleukin showed statistically significant data, with patients experiencing a 53% to 61% improvement in symptoms after 16 weeks, compared to a 31% improvement in the placebo group [4] - At week 16, a high dose of 24 µg/kg q2w achieved statistical significance on EASI-90, indicating a substantial reduction in disease severity [5] Group 3: Stock Performance - NKTR stock rose by 24.27%, reaching $35.48 during the last trading session [5]

Company Participation in Conferences - Nektar Therapeutics will webcast its participation in the H.C. Wainwright 27th Annual Global Investment Conference from September 8-10, 2025, and the Stifel Virtual Immunology and Inflammation Forum from September 15-16, 2025 [1][4] - Presentations will be accessible via webcast links and on the Investor Events section of the Nektar website, with replays available for 30 days [2] Company Overview - Nektar Therapeutics is a clinical-stage biotechnology company focused on developing treatments for autoimmune and chronic inflammatory diseases [3] - The lead product candidate, rezpegaldesleukin (REZPEG or NKTR-358), is a first-in-class regulatory T cell stimulator currently in two Phase 2b clinical trials for atopic dermatitis and alopecia areata [3] - The pipeline includes a preclinical bivalent TNFR2 antibody, bispecific programs NKTR-0165 and NKTR-0166, and a modified CSF protein NKTR-422 [3] - Nektar is also evaluating NKTR-255, an investigational IL-15 receptor agonist, in several ongoing clinical trials aimed at enhancing the immune system's ability to combat cancer [3]

Core Insights - Nektar Therapeutics has sufficient financial resources to fund its operations into early 2027, with a strong positive investor reaction following its latest quarterly earnings report [1][4] - The company reported total revenue of just under $11.2 million for the second quarter, significantly lower than the nearly $23.5 million reported in the same period of 2024, primarily deriving from noncash royalty revenue [2][4] - Nektar's net loss for the second quarter was slightly over $39 million, equating to $2.78 per share, which was higher than analysts' projections of a net loss of only $0.20 per share [4][5] Financial Performance - Total revenue for the second quarter was just under $11.2 million, down from nearly $23.5 million in the same quarter of 2024 [2] - The company's cash and investments in marketable securities were reported at just under $176 million at the end of the quarter, supplemented by approximately $107.5 million expected from a recent secondary share issue [4] - The net loss for the second quarter was slightly over $39 million, or $2.78 per share [4] Market Reaction - Following the earnings report, Nektar's share price increased by 6%, outperforming the S&P 500 index, which gained only 0.8% [1] Future Prospects - Nektar highlighted several potential tailwinds, including the U.S. FDA granting Fast Track designation for its investigational drug rezpegaldesleukin, aimed at treating severe-to-very-severe alopecia areata [6]

Core Insights - Nektar Therapeutics reported a narrower loss of $2.95 per share for Q2 2025, compared to a loss of $3.76 per share in the same quarter last year, and better than the Zacks Consensus Estimate of a loss of $3.13 [1][6] - Total revenues for Q2 2025 decreased by 52.4% year over year to $11.2 million, slightly exceeding the Zacks Consensus Estimate of $11 million, primarily due to the sale of the Huntsville manufacturing facility [2][6] - The company’s shares have increased by 56% year to date, outperforming the industry’s rise of 5.5% [2] Financial Performance - Research and development (R&D) expenses were $29.9 million, reflecting a year-over-year increase of approximately 0.7% [3] - General and administrative (G&A) expenses decreased by around 16.6% year over year to $17.1 million [3] - As of June 30, 2025, Nektar had cash and cash equivalents and marketable securities totaling $175.9 million, down from $220.7 million as of March 31, 2025 [3] Pipeline Developments - Nektar's lead pipeline candidate, rezpegaldesleukin (rezpeg), is being developed for various autoimmune and inflammatory diseases, with ongoing Phase IIb trials for atopic dermatitis and alopecia areata [7][8] - The Phase IIb REZOLVE-AD study for moderate-to-severe atopic dermatitis met its primary and key secondary endpoints in June 2025 [7] - The FDA granted Fast Track designation to rezpeg for treating severe-to-very severe alopecia areata, in addition to its previous designation for moderate-to-severe atopic dermatitis [8] Strategic Developments - Nektar regained full rights to rezpeg from Eli Lilly in April 2023, allowing the company to take charge of its clinical development without owing any royalty payments [9]

Financial Data and Key Metrics Changes - The company ended Q2 2025 with $1,075.9 million in cash and investments, with no debt on the balance sheet [24] - The net loss for Q2 was $41.6 million, or $2.95 per share, while the non-GAAP net loss was $39.2 million, or $2.78 per share [27] - Non-cash royalty revenue for 2025 was reported at $11.2 million, with an expectation of approximately $40 million for the full year [25] Business Line Data and Key Metrics Changes - The ongoing Phase IIb study for Respag in atopic dermatitis met its primary endpoint, showing statistical significance in EASI score changes from baseline [14] - The Phase IIb study for alopecia areata is set to report data in December, with a focus on the mean percent improvement in SALT score [19] Market Data and Key Metrics Changes - The atopic dermatitis market has grown to approximately $15 billion in U.S. sales since Dupixent's launch, with projections to reach nearly $30 billion by 2033 [8] - The market for alopecia areata treatments is projected to grow to $2 billion by 2033 [12] Company Strategy and Development Direction - The company aims to position Respag as a first-in-class treatment for atopic dermatitis and alopecia areata, with plans to enter Phase III development in 2026 [8][10] - The strategy includes engaging with the FDA for regulatory pathways and designing Phase III trials that include both biologic naive and experienced patients [34][36] Management's Comments on Operating Environment and Future Outlook - Management highlighted the significant unmet need in atopic dermatitis and alopecia areata, emphasizing the potential of Respag to address these conditions [8] - The company is optimistic about the upcoming data from the RESOLVE AD study and its implications for future treatment options [11] Other Important Information - The company completed a secondary public offering in July 2025, raising approximately $107.5 million in net proceeds, which strengthens its financial position [24] - The company is actively discussing partnership opportunities for Respag, considering both strategic collaborations and non-dilutive financing options [36][38] Q&A Session Summary Question: Have you started to engage with regulators regarding the sixteen-week data? - The company is preparing for an end-of-phase II meeting with regulators to discuss trial design and plans for Phase III studies [32][34] Question: What are your thoughts on partnership opportunities for Respag? - The company is in discussions with potential partners and is exploring various collaboration and financing options [36][38] Question: Can you walk us through the competitor product profile for alopecia areata? - The company noted that there are currently no approved biologics for alopecia areata, and they aim to establish Respag as a leading treatment option [44][48] Question: What is your comfort level with the powering of the maintenance phase of the trial? - The company reported that 190 patients moved into the maintenance arm, indicating a solid population for analysis [97]

PART I: FINANCIAL INFORMATION [Item 1. Condensed Consolidated Financial Statements](index=6&type=section&id=Item%201.%20Condensed%20Consolidated%20Financial%20Statements) Presents unaudited condensed financial statements for Q2 and H1 2025, detailing net losses, asset changes, and corporate actions [Condensed Consolidated Balance Sheets](index=6&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Provides a snapshot of the company's financial position, detailing assets, liabilities, and equity at period end Condensed Consolidated Balance Sheet Highlights (in thousands) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash and investments | $175,903 | $269,095 | | Total current assets | $186,566 | $261,292 | | Total assets | $207,534 | $303,850 | | **Liabilities & Equity** | | | | Total liabilities | $231,745 | $243,113 | | Total stockholders' equity (deficit) | $(24,211) | $60,737 | [Condensed Consolidated Statements of Operations](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Presents the company's financial performance, outlining revenues, expenses, and net loss over specified periods Condensed Consolidated Statements of Operations Highlights (in thousands, except per share data) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Total revenue | $11,175 | $23,489 | $21,635 | $45,128 | | Product sales | $0 | $6,640 | $0 | $12,674 | | Research and development | $29,886 | $29,724 | $60,366 | $57,132 | | Loss from operations | $(36,230) | $(49,774) | $(80,765) | $(85,201) | | Net loss | $(41,593) | $(52,363) | $(92,475) | $(89,165) | | Basic and diluted net loss per share | $(2.95) | $(3.76) | $(6.57) | $(6.63) | - Product sales and cost of goods sold were **zero** for the three and six months ended June 30, 2025, following the sale of the company's manufacturing facility in December 2024[27](index=27&type=chunk)[47](index=47&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=10&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Summarizes cash inflows and outflows from operating, investing, and financing activities for the reported periods Cash Flow Summary for the Six Months Ended June 30 (in thousands) | Cash Flow Activity | 2025 | 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | $(94,791) | $(85,590) | | Net cash provided by investing activities | $93,304 | $36,240 | | Net cash provided by financing activities | $218 | $42,022 | | Net decrease in cash and cash equivalents | $(1,264) | $(7,337) | [Notes to Condensed Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Provides detailed explanations of financial statements, covering corporate actions, pipeline focus, and ongoing litigation - A **one-for-fifteen reverse stock split** of the company's common stock was effective June 8, 2025, with all share and per-share figures retrospectively adjusted[61](index=61&type=chunk)[100](index=100&type=chunk) - On July 2, 2025, the company completed an underwritten public offering, selling 4,893,618 shares of common stock at $23.50 per share, with net proceeds of approximately **$107.5 million**[45](index=45&type=chunk)[46](index=46&type=chunk)[106](index=106&type=chunk) - The company is involved in a **legal dispute with Eli Lilly and Company** regarding a breach of contract, with a jury trial scheduled to start on October 27, 2025[94](index=94&type=chunk) - In December 2024, Nektar sold its Huntsville manufacturing facility to Gannet BioChem for **$64.7 million** in cash and an approximate 20% equity interest, recording a **$6.8 million loss** for the first six months of 2025 from this investment[47](index=47&type=chunk)[84](index=84&type=chunk)[88](index=88&type=chunk) - Restructuring and impairment charges for the six months ended June 30, 2025, were **$0.6 million**, a significant decrease from **$14.3 million** in the same period of 2024, which included an $8.3 million impairment charge on leased facilities[122](index=122&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=27&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses strategic focus on immunotherapy, financial performance, and capital sufficiency [Strategic Direction of Our Business](index=28&type=section&id=Strategic%20Direction%20of%20Our%20Business) Outlines the company's strategic focus on immunotherapy and key clinical programs, including recent trial data - The company's strategic focus is on developing innovative medicines in **immunotherapy**, with key clinical-stage programs including **rezpegaldesleukin** (autoimmune diseases) and **NKTR-255** (cancer), and preclinical program **NKTR-0165** (autoimmune diseases)[140](index=140&type=chunk) - On June 24, 2025, Nektar announced **statistically significant positive data** from the 16-week induction period of its Phase 2b REZOLVE-AD trial for rezpegaldesleukin in patients with moderate-to-severe atopic dermatitis, meeting its **primary endpoint**[143](index=143&type=chunk)[144](index=144&type=chunk) - The FDA has granted **Fast Track designation** for rezpegaldesleukin for both moderate-to-severe atopic dermatitis and severe-to-very severe alopecia areata[142](index=142&type=chunk) [Results of Operations](index=31&type=section&id=Results%20of%20Operations) Analyzes key financial performance metrics, including revenue, research and development expenses, and net loss Comparison of Operating Results (in thousands) | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | $ Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Total revenue | $21,635 | $45,128 | $(23,493) | (52)% | | Research and development | $60,366 | $57,132 | $3,234 | 6% | | General and administrative | $41,418 | $40,659 | $759 | 2% | | Restructuring and impairment | $616 | $14,264 | $(13,648) | (96)% | | Net loss | $(92,475) | $(89,165) | $(3,310) | 4% | - The **decrease in total revenue** is primarily due to the cessation of product sales following the sale of the manufacturing facility in December 2024[160](index=160&type=chunk) - Research and development expenses are expected to **increase** for the full year 2025 compared to 2024, as the company commences activities to support a Phase 3 trial for rezpegaldesleukin[163](index=163&type=chunk)[168](index=168&type=chunk) [Liquidity and Capital Resources](index=36&type=section&id=Liquidity%20and%20Capital%20Resources) Discusses the company's cash position, capital raising, and ability to fund operations for the foreseeable future - As of June 30, 2025, the company had approximately **$175.9 million** in cash and investments in marketable securities[181](index=181&type=chunk) - Subsequent to the quarter end, on July 2, 2025, the company raised approximately **$107.5 million** in net proceeds from an underwritten public offering[182](index=182&type=chunk)[183](index=183&type=chunk) - Management estimates that the company has **sufficient working capital** to fund its current business plans for at least the **next twelve months** from the filing date[183](index=183&type=chunk) - Net cash used in operating activities for the first six months of 2025 was **$94.8 million**, compared to **$85.6 million** for the same period in 2024[189](index=189&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=38&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company states that its market risks as of June 30, 2025, have not materially changed from those disclosed in its Annual Report on Form 10-K for the year ended December 31, 2024 - There have been **no material changes** to the company's market risks since the disclosures in the 2024 Annual Report on Form 10-K[196](index=196&type=chunk) [Item 4. Controls and Procedures](index=38&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, evaluated the company's disclosure controls and procedures and concluded they were effective as of June 30, 2025 - Management concluded that the company's disclosure controls and procedures were **effective** as of the end of the period covered by this report[198](index=198&type=chunk) - **No changes** occurred in the company's internal control over financial reporting during the second quarter of 2025 that have materially affected, or are reasonably likely to materially affect, internal controls[199](index=199&type=chunk) PART II: OTHER INFORMATION [Item 1. Legal Proceedings](index=39&type=section&id=Item%201.%20Legal%20Proceedings) This section refers to the disclosures in Note 5 of the financial statements, which detail the company's ongoing legal matters - The company incorporates by reference the information on legal matters from Note 5 of the financial statements, which details the **ongoing litigation with Eli Lilly and Company**[203](index=203&type=chunk)[94](index=94&type=chunk) [Item 1A. Risk Factors](index=39&type=section&id=Item%201A.%20Risk%20Factors) Provides a comprehensive overview of significant risks, including drug development, financial, operational, and legal - The company's future success is **highly dependent on clinical success** of its drug candidates, particularly rezpegaldesleukin, where failure in clinical development would significantly harm the business[206](index=206&type=chunk) - Nektar has **substantial future capital requirements** and may not have access to sufficient capital, potentially needing new collaborations or additional capital to continue its current level of R&D investment[223](index=223&type=chunk) - The company **relies on contract manufacturing organizations** (CMOs) for drug supply, including a dependency on Gannet BioChem for PEG reagents, posing risks to clinical trial timelines and commercial supply[241](index=241&type=chunk) - The company is involved in **legal proceedings with Eli Lilly**, which could result in substantial litigation costs and liabilities, adversely affecting the business[285](index=285&type=chunk)[287](index=287&type=chunk) [Other Information (Items 2-6)](index=64&type=section&id=Other%20Information%20%28Items%202-6%29) This section covers miscellaneous required disclosures, including stock trading plans and equity sales - President and CEO Howard W. Robin entered into a **pre-arranged stock trading plan** on May 22, 2025, for the sale of up to 19,998 shares[317](index=317&type=chunk) - Chief Research and Development Officer Jonathan Zalevsky entered into a **pre-arranged stock trading plan** on May 16, 2025, for the sale of up to 6,073 shares[318](index=318&type=chunk) - There were **no unregistered sales** of equity securities or **no issuer purchases** of equity securities during the three months ended June 30, 2025[314](index=314&type=chunk)

[Financial and Business Highlights](index=1&type=section&id=Financial%20and%20Business%20Highlights) Nektar reported $175.9 million cash, extended runway to Q1 2027, and positive Phase 2b data for rezpegaldesleukin Cash and Investment Balances | Metric | Amount (USD) | | :--- | :--- | | Cash and investments (June 30, 2025) | $175.9 million | | Net proceeds from July 2, 2025 offering | ~$107.5 million | | Expected cash runway | Into Q1 2027 | - Announced transformative 16-week induction data from the Phase 2b study of rezpegaldesleukin in atopic dermatitis, demonstrating rapid onset of EASI response and itch relief[4](index=4&type=chunk) - Upcoming milestones include reporting 52-week data for rezpegaldesleukin in atopic dermatitis in early 2026 and Phase 2b data in alopecia areata in December 2025[4](index=4&type=chunk) - The company is advancing its next T regulatory cell program, NKTR-0165, towards clinical trials in 2026 and is progressing preclinical studies for a new bispecific antibody, NKTR-0166[4](index=4&type=chunk) [Q2 2025 Financial Performance](index=1&type=section&id=Summary%20of%20Financial%20Results) Nektar reported Q2 2025 revenue of $11.2 million, a net loss of $41.6 million, and reduced operating costs [Revenue](index=1&type=section&id=Revenue) Revenue significantly declined in Q2 and H1 2025 due to cessation of product sales post-facility sale Revenue Comparison | Period | 2025 Revenue (USD) | 2024 Revenue (USD) | Change | | :--- | :--- | :--- | :--- | | Q2 | $11.2 million | $23.5 million | -52.3% | | H1 | $21.6 million | $45.1 million | -52.1% | - The year-over-year decrease in revenue is attributed to the company no longer recognizing product sales after selling its Huntsville manufacturing facility in December 2024[5](index=5&type=chunk) [Operating Costs and Expenses](index=1&type=section&id=Operating%20Costs%20and%20Expenses) Operating costs decreased in Q2 and H1 2025 due to eliminated cost of goods sold and reduced restructuring Operating Costs Comparison | Period | 2025 Operating Costs (USD) | 2024 Operating Costs (USD) | Change | | :--- | :--- | :--- | :--- | | Q2 | $47.4 million | $73.3 million | -35.3% | | H1 | $102.4 million | $130.3 million | -21.4% | - R&D expense for H1 2025 increased to **$60.4 million** from **$57.1 million** in H1 2024, driven by development costs for rezpegaldesleukin and NKTR-0165[7](index=7&type=chunk) - Non-cash restructuring and impairment charges were immaterial in 2025, compared to **$13.3 million** in Q2 2024 and **$14.3 million** in H1 2024[9](index=9&type=chunk) [Net Loss and Earnings Per Share (EPS)](index=2&type=section&id=Net%20Loss%20and%20Earnings%20Per%20Share%20(EPS)) Net loss improved in Q2 2025 to $41.6 million, with loss per share narrowing, adjusted for reverse split Net Loss and Loss Per Share | Metric | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :--- | :--- | :--- | :--- | :--- | | Net Loss | ($41.6M) | ($52.4M) | ($92.5M) | ($89.2M) | | Loss Per Share | ($2.95) | ($3.76) | ($6.57) | ($6.63) | - The company recorded non-cash losses from its equity method investment in Gannet BioChem of **$2.4 million** in Q2 2025 and **$6.8 million** in H1 2025[10](index=10&type=chunk)[11](index=11&type=chunk) - All share and per-share amounts have been retrospectively adjusted to reflect a one-for-fifteen reverse stock split completed on June 8, 2025[12](index=12&type=chunk) [Recent Business and Pipeline Updates](index=3&type=section&id=Recent%20Business%20Highlights) Nektar achieved key milestones including FDA Fast Track, successful public offering, and positive clinical data - In July 2025, the FDA granted Fast Track designation for rezpegaldesleukin for the treatment of severe-to-very severe alopecia areata[18](index=18&type=chunk) - Successfully closed a public offering of common stock in July 2025, raising **$115 million** in gross proceeds[18](index=18&type=chunk) - In June 2025, the REZOLVE-AD study of rezpegaldesleukin in atopic dermatitis met its primary endpoint at week 16, showing statistically significant improvement in EASI score versus placebo[18](index=18&type=chunk) - Collaborators presented positive data for NKTR-255 as an adjunctive treatment to CAR T-cell therapy in Large B-cell Lymphoma at the EHA Congress in June 2025[18](index=18&type=chunk) [Financial Statements](index=5&type=section&id=Financial%20Statements) Unaudited consolidated financial statements detail Nektar's financial position and operational results for Q2 and H1 2025 [Condensed Consolidated Balance Sheets](index=5&type=section&id=CONDENSED%20CONSOLIDATED%20BALANCE%20SHEETS) Nektar's total assets decreased to $207.5 million, resulting in a stockholders' deficit as of June 30, 2025 Condensed Consolidated Balance Sheet Summary | Balance Sheet Item (in thousands) | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and investments | $175,903 | $269,095 | | Total Assets | $207,534 | $303,850 | | Total Liabilities | $231,745 | $243,113 | | Total Stockholders' Equity (Deficit) | ($24,211) | $60,737 | [Condensed Consolidated Statements of Operations](index=6&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS) Nektar reported Q2 2025 total revenues of $11.2 million and a net loss of $41.6 million Condensed Consolidated Statements of Operations Summary | Statement of Operations (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :--- | :--- | :--- | | Total Revenue | $11,175 | $23,489 | | Total Operating Costs and Expenses | $47,405 | $73,263 | | Loss from Operations | ($36,230) | ($49,774) | | Net Loss | ($41,593) | ($52,363) | | Basic and Diluted Net Loss Per Share | ($2.95) | ($3.76) |

Core Viewpoint - Nektar Therapeutics reported its financial results for Q2 2025, highlighting a significant decrease in revenue year-over-year, primarily due to the sale of its Huntsville manufacturing facility, while also showcasing promising clinical data for its lead product candidate, rezpegaldesleukin, in treating autoimmune disorders [1][4][3]. Financial Performance - Cash and investments in marketable securities as of June 30, 2025, were $175.9 million, down from $269.1 million on December 31, 2024. This figure does not include $107.5 million from a secondary offering completed on July 2, 2025, which is expected to support operations into Q1 2027 [2]. - Revenue for Q2 2025 was $11.2 million, a decrease from $23.5 million in Q2 2024. For the first half of 2025, revenue totaled $21.6 million compared to $45.1 million in the same period of 2024 [4]. - Total operating costs and expenses in Q2 2025 were $47.4 million, down from $73.3 million in Q2 2024. For the first half of 2025, total operating costs were $102.4 million compared to $130.3 million in the first half of 2024 [5]. - R&D expenses in Q2 2025 were $29.9 million, slightly up from $29.7 million in Q2 2024. For the first half of 2025, R&D expenses were $60.4 million compared to $57.1 million in the first half of 2024 [6]. - General and administrative expenses were $17.1 million in Q2 2025, down from $20.5 million in Q2 2024. For the first half of 2025, G&A expenses were $41.4 million compared to $40.7 million in the first half of 2024 [7]. - The net loss for Q2 2025 was $41.6 million, or $2.95 per share, compared to a net loss of $52.4 million, or $3.76 per share, in Q2 2024. The net loss for the first half of 2025 was $92.5 million, or $6.57 per share, compared to a net loss of $89.2 million, or $6.63 per share, in the first half of 2024 [10]. Clinical Developments - Nektar announced transformative data for rezpegaldesleukin from a Phase 2b study in patients with moderate to severe atopic dermatitis, showing rapid onset of EASI response and itch relief. The company anticipates reporting 52-week data in early 2026 [3]. - The company is advancing its next T regulatory cell program, NKTR-0165, targeting the TNFR2 receptor, with plans to enter clinical trials in 2026. Additionally, preclinical studies for a new bispecific antibody, NKTR-0166, are progressing [3]. - In July 2025, the FDA granted Fast Track designation for rezpegaldesleukin for treating severe-to-very severe alopecia areata in adults and pediatric patients [17]. Recent Business Highlights - Nektar successfully closed a public offering of its common stock in July 2025, raising $115 million in gross proceeds [17]. - The REZOLVE-AD study achieved statistical significance on primary and key secondary endpoints at week 16, indicating the potential of rezpegaldesleukin as a first and best-in-class immune-modulator [17].

Company Overview - Nektar Therapeutics is a clinical-stage biotechnology company focused on developing treatments for autoimmune and chronic inflammatory diseases [3] - The company's lead product candidate is rezpegaldesleukin (REZPEG, or NKTR-358), a first-in-class regulatory T cell stimulator currently in two Phase 2b clinical trials for atopic dermatitis and alopecia areata [3] - Nektar's pipeline includes a preclinical bivalent tumor necrosis factor receptor type II (TNFR2) antibody, bispecific programs NKTR-0165 and NKTR-0166, and a modified hematopoietic colony stimulating factor (CSF) protein, NKTR-422 [3] - The company is also evaluating NKTR-255, an investigational IL-15 receptor agonist aimed at enhancing the immune system's ability to combat cancer, in several ongoing clinical trials [3] Upcoming Financial Results - Nektar Therapeutics will announce its financial results for the second quarter on August 7, 2025, after the close of U.S. financial markets [1] - Howard Robin, President and CEO, will host a conference call to review the results starting at 5:00 p.m. Eastern Time [1] Access to Conference Call - The press release and live audio-only webcast of the conference call can be accessed through a link on Nektar's website [2] - The web broadcast will be available for replay until September 7, 2025 [2] - Participants can pre-register for the conference call to receive dial-in information and a PIN [2]