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    NKTR
    Earnings call· Jun 2026(Q2 FY26)

    NEKTAR THERAPEUTICS Q2 FY26 earnings call NKTR

    Aug 13, 2026 Source

    Executive summary

    Nektar Therapeutics Q2 FY26 — Phase III REZPEG Programs Advancing, Strong Cash Position

    Nektar Therapeutics is advancing its lead asset, REZPEG, with the initiation of its global Phase III program in atopic dermatitis and finalized design for a single registrational Phase III study in alopecia areata. The company maintains a strong cash position, extending its runway past key data readouts, and is focused on executing its clinical development strategy for REZPEG, a novel T-reg agonist with pipeline-in-a-product potential. An ongoing litigation trial is noted.

    Highlights

    5

    • Initiation of global ZENITH-AD Phase III program for rezpegaldesleukin in moderate to severe atopic dermatitis in July.

    • Finalized design for a single registrational Phase III study for REZPEG in alopecia areata, planned for early 2027 initiation.

    • Ended the quarter with a strong financial position of over $1.02 billion in cash and investments.

    • Cash runway extends into Q3 2028, past initial Phase III AD data readouts in mid-2028.

    • Market research reinforces commercial thesis for REZPEG in AD, with physicians enthusiastic for novel MOA and quarterly dosing.

    Concerns

    1

    • Ongoing litigation, with a jury trial scheduled for September 8, though management expresses confidence.

    Guidance & targets

    12
    CategoryTargetConfidence
    Cash and Investments
    $815 million to $840 million
    high materiality
    High
    Full Year Revenue
    $40 million to $45 million
    medium materiality
    High
    Full Year R&D Expense
    $210 million and $230 million
    medium materiality
    High
    Full Year G&A Expense
    $60 million and $65 million
    low materiality
    High
    Noncash Interest Expense
    $30 million to $35 million
    low materiality
    High
    REZPEG Atopic Dermatitis BLA Submission
    2029
    high materiality
    High
    REZPEG Alopecia Areata BLA Submission
    shortly following our planned submission in atopic dermatitis
    high materiality
    High
    REZPEG Atopic Dermatitis Topline Data
    mid-2028
    high materiality
    High
    REZPEG Alopecia Areata Data
    second half of 2029
    high materiality
    High
    REZPEG Alopecia Areata Phase III Initiation
    early 2027
    high materiality
    High
    REZPEG New Indication Clinical Study
    prior to year-end
    medium materiality
    Medium
    Type 1 Diabetes Data (first cohort)
    2027
    low materiality
    High

    Operational metrics

    19
    Cash and Investments
    $1.02 billion
    Q2 FY26

    Ended the quarter with no debt on the balance sheet.

    Net Proceeds from Public Offering
    $350 million
    Q2 FY26

    Completed an underwritten public offering in April.

    Noncash Royalty Revenue
    $10.1 million
    Q2 FY26

    Noncash royalty revenue for the second quarter.

    R&D Expenses
    $39.1 million
    Q2 FY26

    R&D expenses for the second quarter.

    G&A Expenses
    $12.8 million
    Q2 FY26

    G&A expenses for the second quarter.

    Noncash Interest Expense
    $7.2 million
    Q2 FY26

    Noncash interest expense for the second quarter.

    Net Loss
    $40.6 million
    Q2 FY26

    Net loss for the second quarter.

    Basic and Diluted Net Loss Per Share
    $1.23
    Q2 FY26

    Basic and diluted net loss per share for the second quarter.

    Atopic Dermatitis Patient Population
    15 million
    current

    More than 15 million people in the United States have moderate to severe atopic dermatitis and currently fewer than 10% are treated with a systemic therapy.

    Alopecia Areata Patient Population
    6.7 million
    current

    Nearly 6.7 million people in the United States are affected by the disease and the large majority currently go untreated.

    Alopecia Areata Market Projection
    $5 billion
    2033

    The market for agents currently approved for alopecia areata is still projected to grow to $5 billion in 2033.

    Physician Discomfort with JAK Inhibitors (Alopecia Areata)
    more than half
    current

    More than half of dermatologists are not comfortable prescribing these agents given their box warnings and an ongoing monitoring burden.

    Physicians Interviewed (AD Market Research)
    151
    current

    Market research included interviewing and surveying 151 high-volume prescribers and key opinion leaders in the United States and Europe.

    Physicians Preferring ISR over Conjunctivitis (AD Market Research)
    150 out of 151
    current

    150 out of the 151 physicians interviewed said that injection site reactions were not a hindrance to prescribing or a barrier for patients and actually preferred a self-resolving short-lived ISR over managing longer duration conjunctivitis.

    REZOLVE-AA Trial Patients Enrolled
    92
    total

    92 patients total enrolled into the REZOLVE-AA trial.

    REZOLVE-AA 16-week Extension Patients
    31
    current

    Of the 92 patients, 31 went on into the 16-week extension.

    Lebrikizumab EASI-75 in Dupixent-experienced AD
    57%
    Week 16

    57% of Dupixent-exposed patients treated with lebrikizumab had an EASI-75 at week 16, showing no diminution of efficacy.

    Lebrikizumab EASI-75 in naive AD (ADvocate-1)
    52%
    Week 16

    EASI-75 at week 16 was 52% in the naive population in the ADvocate-1 study.

    Lebrikizumab EASI-75 in naive AD (ADvocate-2)
    59%
    Week 16

    EASI-75 at week 16 was 59% in the naive population in the ADvocate-2 study.

    Industry KPIs

    2
    MetricValueDetails
    EPS revenue guidanceRevenue: $40M-$45MUSD
    Pipeline clinical milestonesMultiplemilestones

    Risks & headwinds

    3
    Ongoing litigationNear-term (September 2026)

    Jury trial scheduled for September 8 in federal court in San Francisco.

    Mitigation: Management believes they have a very strong position.

    Safety challenges with JAK inhibitorsOngoing

    More than half of dermatologists are not comfortable prescribing these agents given their box warnings and an ongoing monitoring burden.

    Mitigation: REZPEG's favorable safety profile and novel MOA are differentiators.

    Patients not responding or losing response to IL-13-based agents (e.g., Dupixent)Over time (after a year or so)

    Roughly half of patients.

    Mitigation: REZPEG offers a novel mechanism to address this unmet need.

    What to watch in Q3 FY26

    5

    REZOLVE-AA off-treatment data

    Q4 2026
    CurrentOngoing, blinded study
    TargetData readout

    Why it matters

    Will inform optimal maintenance dosing regimen (twice-monthly vs. once-a-month) for REZPEG in alopecia areata beyond 52 weeks.

    We expect to have data from the 24-week off-treatment period of the Phase IIb REZOLVE-AA study in alopecia areata in the fourth quarter of this year. Our objective for measuring patients in the off-treatment period is to determine a maintenance dosing regimen beyond 52 weeks, whether we continue to dose it twice-monthly or offer additional once-a-month regimen.

    Q&A highlights

    8

    What are the expectations for the Q4 2026 REZOLVE-AA withdrawal data, including cohort size, expected findings, and how it will inform Phase III design?

    The 24-week off-treatment follow-up for REZOLVE-AA (92 patients total, 31 in 16-week extension) will inform optimal maintenance dosing (every 2 weeks vs. once a month) beyond 52 weeks in the long-term extension of the Phase III study. All 92 patients will be followed.

    “We do follow every patient who was enrolled into the study for that 24-week off treatment. And with respect to the Phase III, the most important for us is after 52 weeks of treatment on the Phase III alopecia areata registrational study, we will continue to follow those patients in a long-term extension study. And these data will really help to instruct should treatment continue to be on an every 2-week basis or can we extend that frequency in a maintenance period to a longer time point such as dosing once a month.”

    asked by Yasmeen Rahimi · answered by Mary Tagliaferri

    2 min read6 chapters

    Detailed Narrative

    01

    REZPEG Clinical Development Progress

    Nektar has initiated the global ZENITH-AD Phase III program for rezpegaldesleukin (REZPEG) in moderate to severe atopic dermatitis, with the first two studies in biologic and JAK inhibitor naive patients randomized in July. A third study for treatment-experienced patients is set to begin by end of September. The company also finalized the design for a single registrational Phase III study for REZPEG in alopecia areata (ZENITH-AA), planned for early 2027.

    02

    REZPEG's Differentiated Mechanism and Market Opportunity

    REZPEG, a novel T-reg agonist, works upstream to restore immune balance, differentiating it from IL-13-based agents and JAK inhibitors. Market research in atopic dermatitis highlights physician enthusiasm for its novel MOA, quarterly maintenance dosing, EASI-100 rates, and favorable safety profile (no infection risk, no conjunctivitis). In alopecia areata, physicians and patients prefer REZPEG's twice-monthly injectable dosing over daily oral JAK inhibitors, especially given JAK inhibitor safety concerns.

    03

    Atopic Dermatitis Phase III Design

    The ZENITH-AD program includes two pivotal studies for biologic-naive patients (510 adolescents/adults each, 2:1 randomization to REZPEG 24 mcg/kg every 2 weeks or placebo) and one for treatment-experienced patients. Studies include a 24-week induction and 28-week maintenance period (monthly/quarterly dosing). Primary endpoints are IGA-related for the U.S. and co-primary EASI-75 and IGA for ex-U.S. territories. Secondary endpoints include patient-reported outcomes (Itch NRS, skin pain NRS, ADSS) and comorbidity measures (ACQ-5 for asthma, SNOT-22 for rhinitis).

    04

    Alopecia Areata Phase III Design

    The single registrational ZENITH-AA study will enroll 850 adolescent and adult patients (12+) randomized to REZPEG 24 mcg/kg every 2 weeks or placebo for 52 weeks. It includes both systemic treatment-naive and prior systemic agent-treated patients (after washout), with a current episode duration of up to 8 years. The primary endpoint is a SALT score of 20 or less at week 52.

    05

    Pipeline Expansion and Early Programs

    Beyond AD and AA, REZPEG is being evaluated in a Phase II study for new-onset type 1 diabetes through TrialNet, with first cohort data expected in 2027. Nektar plans to initiate a clinical study for REZPEG in a new indication prior to year-end 2026. The company is also advancing its TNFR2 programs, NKTR-0165 (bivalent TNFR2 agonist antibody) and NKTR-0166 (a bispecific combining TNFR2 agonism with an antagonist epitope), for various autoimmune settings.

    06

    Financial Position and Outlook

    Nektar ended Q2 FY26 with $1.02 billion in cash and investments and no debt, following a $350 million net proceeds public offering in April. The cash runway is projected into Q3 2028, past initial Phase III AD data readouts. The company increased its year-end 2026 cash guidance to $815 million to $840 million and updated R&D expense guidance to $210 million to $230 million.

    AI-generated summary of the company’s earnings call. Not investment advice.