Nektar Therapeutics Advances REZPEG to Phase 3, Strengthens Financial Position
Nektar Therapeutics is advancing its immunology pipeline with plans to initiate Phase 3 trials for REZPEG in atopic dermatitis next quarter, following positive Phase 2b results. The company recently completed a large equity raise to support its regulatory T cell-focused programs.
Nektar Therapeutics presented at the TD Cowen 46th Annual Health Care Conference on March 4, 2026, announcing plans to initiate a Phase 3 trial for rezpegaldesleukin (REZPEG) in atopic dermatitis next quarter. The company emphasized its strategic pivot towards immunology and highlighted positive Phase 2b results for its lead drug candidate.
The company reported positive Phase 2b results for REZPEG in atopic dermatitis, with plans to begin a Phase 3 study next quarter and a second study to follow shortly after. The Chief R&D Officer expressed confidence in the quarterly dosing regimen for REZPEG, noting durability for 6 months off-drug. The atopic dermatitis study will report its 52-week remittive portion in early next year.
Nektar recently executed a large equity raise, strengthening its financial position to advance its immunology pipeline. As of the last business day of June 2025, the company's market capitalization stood at approximately $318 million, with 28.69 million shares of common stock outstanding.
The company's REZPEG program is also showing promise in treating alopecia areata. An update from the REZOLVE-AA trial is anticipated in Q2 2026, with 24-week off-drug data expected later this year. The Chief R&D Officer highlighted the market opportunity for a biologic treatment in alopecia areata, as many doctors prefer safer options over JAK inhibitors.
Injection site reactions have been well-tolerated in clinical trials, with a low discontinuation rate of 0.7%. The Phase 3 program supports a BLA and includes a long-term extension study. Enrollment pace for the Phase 3 trial is expected to mirror that of the Phase 2 trial.
Nektar is focusing on regulatory T cells, which the company describes as nature's natural immune resolving mechanism. The company's lead flagship molecule, rezpegaldesleukin, targets the Treg compartment. Additional Phase 2 data presentations for REZPEG are planned at multiple medical conferences later this year.
The company is also collaborating with UCSF and Dr. Stephen Hauser on multiple sclerosis studies through the TNFR2 program, which also targets regulatory T cells and other regulatory cells in the immune system. A trial with TrialNet in type 1 diabetes is underway.
Nektar Therapeutics filed its annual 10-K report with the SEC on March 13, 2026. The company's financial tables indicate a continued investment in research and development, reflective of its commitment to advancing its pipeline of drug candidates, including rezpegaldesleukin and NKTR-255. The company has managed to secure revenue and capital through collaboration agreements, which are critical for sustaining its research initiatives.