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]

Core Insights - Nektar Therapeutics announced that the FDA granted Fast Track designation for rezpegaldesleukin, aimed at treating severe-to-very severe alopecia areata in adults and pediatric patients aged 12 and older [1][6] - Rezpegaldesleukin is an investigational biologic therapy that targets the interleukin-2 receptor complex to stimulate regulatory T cells, showing safe and dose-dependent increases in Tregs in clinical trials [1][5] - The company is on track to announce topline data from the REZOLVE-AA Phase 2b study in December 2025, which evaluates the efficacy of rezpegaldesleukin in alopecia areata [1][2] Company Overview - Nektar Therapeutics is a clinical-stage biotechnology company focused on developing treatments for autoimmune and chronic inflammatory diseases, with rezpegaldesleukin as its lead product candidate [9] - The company is also evaluating other therapeutic candidates, including a preclinical bivalent TNFR2 antibody and bispecific programs, as well as NKTR-255, an investigational IL-15 receptor agonist for cancer [9] Study Details - The REZOLVE-AA study enrolled approximately 90 patients with severe-to-very severe alopecia areata, randomized to receive either rezpegaldesleukin or placebo [2][4] - The primary efficacy endpoint is the mean percent change in the Severity of Alopecia Tool (SALT) score after a 36-week induction period, with secondary endpoints assessing the proportion of participants achieving significant reductions in SALT scores [2][4] Disease Context - Alopecia areata is an autoimmune disease characterized by hair loss, affecting about 6.7 million people in the U.S. and 160 million worldwide, with a lifetime incidence of 2% [8] - Current therapies for alopecia areata are not durable and have high relapse rates, indicating a significant unmet medical need for more effective treatments [8]

Core Insights - Investing in biotechnology stocks involves long periods of inactivity followed by sharp movements, particularly in small-cap biotech stocks which often lack profitability and revenue [1][2] Group 1: Urogen Pharma - UroGen Pharma is focused on treating urologic cancers with its proprietary RTGel technology, enhancing drug efficacy by prolonging retention in the urinary tract [4] - UroGen stock has increased approximately 43% in 2025 due to an application to expand the Jelymyto label for low-grade bladder cancer, potentially increasing its market [5] - Analyst forecasts suggest a price target of $32.86 for URGN stock, indicating a potential gain of over 115% from its closing price on July 18, although short interest is high at over 42% [6] Group 2: Nektar Therapeutics - Nektar Therapeutics has seen a 78% gain in 2025 but remains down over 93% in the last five years due to several clinical trial failures [8] - Positive Phase 2b clinical trial results for a candidate treating systemic lupus erythematosus and ulcerative colitis have generated bullish sentiment, along with a Fast Track designation from the FDA [9] - The consensus price target for NKTR stock is $88.33, representing a 254% increase from its closing price on July 18, but a pullback is anticipated due to recent price surges [10] Group 3: Verve Therapeutics - Verve Therapeutics is pioneering gene editing to treat cardiovascular disease, currently in the clinical stage with revenue primarily from partnerships [12] - The company received approval for a Phase 1b U.S. clinical trial for its lead candidate, VERVE-102, targeting the PCSK9 gene associated with high cholesterol [13] - Analysts have set a price target of $14.57 for VERV stock, indicating a 33% upside, although this is lower compared to the other stocks mentioned [13]

Core Viewpoint - Nektar Therapeutics experienced a decline in stock price following the completion of a secondary stock issue, resulting in a 3% loss, while the S&P 500 index rose by 0.8% [1] Group 1: Capital Raise Details - Nektar completed a secondary share flotation, selling slightly more than 4.89 million shares of common stock, including 638,298 shares sold to underwriters [2] - The gross proceeds from the share issue were approximately $115 million, priced at $23.50 per share, intended for general corporate purposes, including drug development and research activities [4] Group 2: Impact on Shareholders - The secondary share flotation is dilutive to existing shareholders, increasing the total share count from slightly more than 12.4 million to nearly 17.4 million shares, which negatively impacts shareholder value [5] - Investors are concerned about potential future equity offerings, which could lead to further dilution of shares [7] Group 3: Company Pipeline and Potential - Nektar has several pipeline projects in development, with its leading candidate, rezpegaldesleukin, showing promising results for treating moderate-to-severe atopic dermatitis [6]

Group 1 - Nektar Therapeutics closed an underwritten public offering of $115 million, selling 4,893,618 shares at a price of $23.50 per share [1][2] - The offering included 638,298 shares sold due to the underwriters' full exercise of their option to purchase additional shares [1] - The gross proceeds from the offering are approximately $115 million before deducting underwriting discounts and commissions [1] Group 2 - Nektar plans to use the net proceeds for general corporate purposes, including research and development, clinical development, and manufacturing costs [2] - Jefferies and Piper Sandler acted as joint bookrunning managers, with BTIG, LLC and H.C. Wainwright & Co. also involved in the offering [2] Group 3 - The securities were offered under a shelf registration statement filed with the SEC on March 28, 2025, and declared effective on April 1, 2025 [3] - A final prospectus supplement related to the offering is available on the SEC's website [4] Group 4 - Nektar Therapeutics is focused on developing treatments for autoimmune and chronic inflammatory diseases, with its lead product candidate being rezpegaldesleukin (REZPEG, or NKTR-358) [6] - The company is evaluating several drug candidates, including NKTR-255, an investigational IL-15 receptor agonist designed to enhance the immune system's ability to fight cancer [6]

Core Viewpoint - Nektar Therapeutics has announced a public offering of $100 million in common stock, pricing the shares at $23.50 each, with the offering expected to close on July 2, 2025 [1][2]. Group 1: Offering Details - Nektar is selling 4,255,320 shares in the offering, with gross proceeds anticipated to be approximately $100 million before expenses [1]. - The underwriters have a 30-day option to purchase an additional 638,298 shares at the public offering price [1]. - Jefferies and Piper Sandler are the joint bookrunning managers, with BTIG, LLC as the passive bookrunner and H.C. Wainwright & Co. as co-manager [2]. Group 2: Use of Proceeds - The net proceeds from the offering will be used for general corporate purposes, including research and development, clinical development, and manufacturing costs to support drug candidates [2]. Group 3: Company Overview - Nektar Therapeutics is focused on developing innovative treatments for autoimmune and chronic inflammatory diseases, with its lead product candidate being rezpegaldesleukin (REZPEG, or NKTR-358) [6]. - The company is conducting two Phase 2b clinical trials for REZPEG, targeting atopic dermatitis and alopecia areata [6]. - Nektar's pipeline includes additional candidates such as NKTR-255, an investigational IL-15 receptor agonist, and other preclinical programs [6].

Core Viewpoint - Nektar Therapeutics has initiated an underwritten public offering of its common stock and pre-funded warrants, with a potential additional 15% of shares available for underwriters [1][2] Group 1: Offering Details - The offering includes common stock and pre-funded warrants, with all shares being offered by Nektar [1] - Nektar plans to use the net proceeds for general corporate purposes, including research, development, and manufacturing costs [2] - Jefferies and Piper Sandler are acting as joint bookrunning managers for the offering [2] Group 2: Regulatory Information - The offering is conducted under a shelf registration statement filed with the SEC on March 28, 2025, and declared effective on April 1, 2025 [3] - A preliminary prospectus supplement will be filed with the SEC and will be available on their website [4] Group 3: Company Overview - Nektar Therapeutics is focused on developing treatments for autoimmune and chronic inflammatory diseases, with its lead product candidate being rezpegaldesleukin (REZPEG) [6] - The company is evaluating several drug candidates in clinical trials, including NKTR-255, an investigational IL-15 receptor agonist [6]