Core Insights - Nektar Therapeutics Inc. presented new data from its REZOLVE-AD Phase 2b study of rezpegaldesleukin, showing significant efficacy in treating moderate to severe atopic dermatitis [1][2] Study Results - The primary endpoint was met with a statistically significant improvement in the Eczema Area and Severity Index (EASI) at week 16 compared to placebo [2] - Key secondary endpoints, including EASI-75, EASI-90, Itch Numerical Rating Scale (NRS), vIGA-AD, and Body Surface Area (BSA), also showed significant disease reduction [2] - The study randomized 393 patients to receive different dosing regimens of rezpegaldesleukin or placebo, with the mean improvement on EASI score being 61% for the high dose (24 µg/kg every two weeks), 58% for the middle dose (18 µg/kg every two weeks), and 53% for the low dose (24 µg/kg every four weeks), compared to 31% in the placebo group [3] Crossover Data - Interim data showed that 42 placebo patients crossed over to the treatment arm, with 21 patients reaching 24 weeks of treatment with high-dose rezpegaldesleukin [4] - The mean percent reduction in EASI at crossover week 16 was 68%, and at crossover week 24, it was 75% [4] - EASI-75 responses at crossover week 16 and week 24 were 50% and 62%, respectively [4] Patient Response Rates - The percentage of patients achieving a vIGA-AD 0/1 response was 28% at week 16 and 38% at week 24 [5] - Response rates for EASI-75 were 42% for the 24 µg/kg every two weeks cohort, 46% for the 18 µg/kg every two weeks cohort, and 34% for the 24 µg/kg once-monthly cohort, compared to 17% in the placebo cohort [6] Market Reaction - Following the announcement, Nektar stock increased by 11.34%, reaching $56.86 [5]

Core Insights - Nektar Therapeutics announced positive results from the REZOLVE-AD Phase 2b study of rezpegaldesleukin, demonstrating significant efficacy in treating moderate-to-severe atopic dermatitis at the 2025 EADV Congress [1][2][9] Study Results - Rezpegaldesleukin achieved statistical significance on the primary endpoint of mean improvement in Eczema Area and Severity Index (EASI) at week 16 compared to placebo, with improvements of 61% for the high dose, 58% for the middle dose, and 53% for the low dose [2][3] - Key secondary endpoints also showed significant improvements, including EASI-75 (42% for high dose, 46% for middle dose, 34% for low dose) and vIGA-AD 0/1 response rates (20% for high dose, 26% for middle dose) [3][4] - Interim data for patients who crossed over from placebo to high dose rezpegaldesleukin indicated a mean EASI reduction of 68% at crossover week 16 and 75% at crossover week 24, with EASI-75 responses of 50% and 62% respectively [8] Patient-Reported Outcomes - Significant improvements were observed in patient-reported outcomes, including a 72% reduction in Daily Life Quality Index (DLQI) for the high dose group and a 67% reduction in Atopic Dermatitis Control Tool (ADCT) [5][6] - Pain Numeric Rating Scale (Pain NRS) showed a 45% reduction for the high dose group, indicating substantial relief from pain associated with atopic dermatitis [5] Safety Profile - The safety profile over the 16-week induction period showed that 60.3% of patients in pooled drug arms experienced any treatment-emergent adverse events (TEAEs), with serious adverse events occurring in 1.6% of patients [10][11] - The most common TEAEs included drug hypersensitivity and pyrexia, with all events resolving [10][11] Study Design and Enrollment - The global Phase 2b REZOLVE-AD study randomized 393 patients across approximately 110 sites, with a significant portion (68%) enrolled in Europe [12][18] - Patients were stratified based on baseline disease severity, ensuring a robust assessment of treatment efficacy [12] Future Outlook - Nektar Therapeutics is preparing to report results for rezpegaldesleukin in patients with alopecia areata in December 2025, following the promising data from the atopic dermatitis study [9][14]

Nektar Therapeutics Conference Call Summary Company Overview - Nektar Therapeutics focuses on immune science, particularly regulatory T cell (Treg) biology, to treat autoimmune and chronic inflammatory diseases [2][4] Key Points on Tregs and Atopic Dermatitis - Tregs are essential for regulating inflammatory processes and maintaining peripheral tolerance, which is crucial in preventing autoimmune diseases [3] - The company has published significant findings from a Phase 1b study demonstrating that ResPEG, a Treg inducer, showed dose-dependent efficacy in treating atopic dermatitis, with disease control maintained for six months post-treatment despite a short drug half-life of 10 days [4][5] ResPEG Development and Differentiation - ResPEG (formerly NKTR-358) was developed using an in vivo phenotypic screening approach, distinguishing it from other IL-2 therapies by achieving durable signaling without oversignaling Tregs [6][7] - Over 1,000 patients have been exposed to ResPEG across multiple studies, showing consistent pharmacodynamics and efficacy, particularly in skin diseases [8] Phase 2b Study Design and Results - The Phase 2b study enrolled 393 patients with moderate to severe atopic dermatitis, randomized into different dosing regimens of ResPEG versus placebo over a 16-week period [10][11] - Primary endpoint was the EASI percent change from baseline at week 16, with secondary endpoints including responder rates and itch response [12] Competitive Landscape - Current approved treatments for atopic dermatitis include IL-4 and IL-13 inhibitors like Dupixent, Adbry, and Lebrikizumab, which have set a standard of care but require continuous dosing [13][14] - ResPEG offers a potential differentiation by providing prolonged disease control without the rebound effects seen with current therapies [15] Safety Profile and Injection Site Reactions - Injection site reactions (ISRs) were reported in 70% of patients, but most were mild to moderate and self-limiting, with only 0.6% leading to treatment discontinuation [18][19] - The company is developing an autoinjector to standardize administration and mitigate ISRs [21] Upcoming Data and Future Catalysts - Additional data on patient-reported outcomes and extended treatment effects will be presented at the American Academy of Dermatology conference [22][25] - Long-term maintenance data from the Phase 2b study is expected in early 2026, with ongoing studies exploring the efficacy of ResPEG in alopecia [26][32] Alopecia Indication - Nektar is also exploring ResPEG for alopecia, focusing on Tregs' role in hair growth and homeostasis [33] - The company aims to establish benchmarks against existing JAK inhibitors, which have shown high efficacy but require continuous dosing [34][35] Conclusion - Nektar Therapeutics is positioned to offer innovative treatments for autoimmune diseases, particularly through its unique approach with ResPEG, which may provide significant advantages over existing therapies in terms of efficacy and safety profiles [4][15][35]

Core Insights - Nektar Therapeutics is a biopharmaceutical company focused on developing innovative medicines in oncology, immunology, and pain management, but faces challenges in financial performance, particularly in ROIC compared to WACC [1][6] Financial Performance - Nektar's ROIC is -63.50%, significantly lower than its WACC of 11.16%, indicating inefficiencies in capital utilization and a failure to generate sufficient returns to cover its cost of capital [2][6] - In contrast, Alkermes plc shows strong financial performance with a ROIC of 18.03% and a WACC of 6.18%, resulting in a favorable ROIC to WACC ratio of 2.92, suggesting efficient capital utilization [3][6] - Neurocrine Biosciences, Inc. and Incyte Corporation also demonstrate positive ROIC to WACC ratios of 1.78 and 2.50, respectively, indicating they generate returns above their cost of capital, positioning them as more efficient compared to Nektar [4] - Sangamo Therapeutics, Inc. faces similar challenges as Nektar, with a ROIC of -125.56% against a WACC of 8.02%, resulting in a ROIC to WACC ratio of -15.65, highlighting significant inefficiencies in capital utilization [5][6]

Nektar Therapeutics FY Conference Summary Company Overview - Nektar Therapeutics is a global biopharmaceutical company focused on developing novel therapies that selectively moderate the immune system to treat autoimmune disorders, leveraging expertise in polymer chemistry [2][4] Core Points and Arguments Pipeline and Lead Program - The lead program, Respag Aldis Leukin, targets the IL-2 receptor pathway and acts as an agonist, expanding regulatory T cells (Tregs) in patients [5] - A preclinical program focuses on TNF receptor two agonism, targeting inducible regulatory T cells for tissue inflammation and regeneration, with clinical activity expected to begin in 2026 [6] Clinical Study Results - A phase one study with 40 patients showed Respag had a profound effect on controlling disease activity in moderate to severe atopic dermatitis [7] - A subsequent phase two study with 400 patients demonstrated a rapid onset of efficacy, with a dose-dependent reduction in the EASI score, achieving over 30% placebo-adjusted delta [8] - The high dose of 24 micrograms per kilogram administered subcutaneously twice a month met all secondary endpoints, including significant improvements in itch control [9][10] Competitive Landscape - Respag is compared to existing biologics like Dupixent and Adbri, which target IL-4 and IL-13 pathways. Respag's unique mechanism as an agonist may provide broader efficacy [11][12] - The phase three results of competing drugs showed less efficacy than their phase two results, raising questions about their competitive positioning [13][14] Future Expectations - The ongoing crossover cohort study will provide insights into the long-term efficacy of Respag beyond the initial 16-week induction period [15][16] - An end-of-phase two meeting with the FDA is planned to discuss the design for a potential registration trial, focusing on biologic-naive and experienced patients [21][23] Market Potential - Respag's mechanism allows for potential use across various treatment lines, with a remitted effect observed in phase one studies, indicating long-lasting disease control [29][30] - The alopecia areata market is currently dominated by JAK inhibitors, but Respag's unique profile could position it as a transformative treatment option [38][39] Upcoming Catalysts - Key upcoming data updates include: - Atopic dermatitis induction data at EADV [40] - Top-line results from the alopecia areata study in December [40] - Maintenance results from the atopic dermatitis study in Q1 next year [40] - The company has a year-end cash position of $185 million [41] Additional Important Information - The rationale for targeting alopecia includes the role of Tregs in maintaining immune privilege in hair follicles, which could lead to effective treatment outcomes [35][36] - The primary endpoint for the alopecia study is the percent change in SALT score, with additional registrational endpoints for FDA and European approval [37]

Accessibility StatementSkip Navigation SAN FRANCISCO. Sept. 9. 2025 /PRNewswire/ -- Nektar Therapeutics (Nasdag: NKTR) announced todav that it will present results from the ongoing REZOLVE-AD Phase 2b study at the 2025 European Academy of Dermatology and Venereology (EADV) Congress being held in Paris, France from September 17-20, 2025. The presentation will include Phase 2b results on the primary and secondary endpoints from the 16-week induction phase of the REZOLVE-AD study, including multiple patient-re ...

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]