Nektar Therapeutics (NKTR) Jefferies Global Healthcare Conference 2026 summary

Pipeline and scientific focus

• Emphasis on regulatory T cell biology, with rezpegaldesleukin as the lead asset showing efficacy in atopic dermatitis, alopecia areata, lupus, and psoriasis.

• Advancing a TNFR2 agonist program targeting different Treg subsets, with plans for an IND filing next year.

• Rezpegaldesleukin is positioned as an agonist, differentiating it from other pipeline drugs that are antagonists targeting IL-4, IL-13, IL-31, or TSLP.

• Demonstrated broad activity across Th1, Th2, and Th17 mediated diseases, including comorbidities like asthma.

• Durability of effect observed, with infrequent dosing maintaining response for extended periods.

Phase III clinical development for atopic dermatitis

• Phase III program for atopic dermatitis has begun, with first sites opening this month and first patient randomization expected in July.

• Three pivotal trials: two in biologic-naive adolescents and adults, and one in biologic-experienced patients, each enrolling 510 participants.

• Induction phase lasts 24 weeks, followed by maintenance with monthly or quarterly dosing, and re-randomization to placebo or continued treatment.

• Top-line induction data from the first bio-naive study expected mid-2028.

• Global trial includes APAC sites, with confidence in efficacy across diverse genetic backgrounds.

Study design and regulatory strategy

• Separate trials for biologic-naive and biologic-experienced populations to enable differentiated labeling and strategic positioning.

• Large, highly powered studies designed to build a robust safety database for BLA submission.

• Conservative statistical assumptions for biologic-experienced group, with missing data handled by multiple imputation.

• Discontinuation rates expected to be lower in phase III due to improved trial design and patient expectations.

• One-year safety data will anchor the initial BLA, with longer-term extension data to support future label updates.