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Nektar Therapeutics Reports First Quarter 2026 Financial Results

On May 7, 2026, Nektar Therapeutics (NASDAQ: NKTR) unveiled its financial outcomes for the first quarter ending March 31, 2026, reflecting notable progress in cash reserves and ongoing projects. The company reported a substantial increase in cash and investments, totaling $731.6 million as of March 31, compared to $245.8 million at the end of the previous year. It's worth noting that this figure does not account for an additional $351 million raised through a secondary offering completed shortly after the quarter’s end.

Howard W. Robin, the President and CEO of Nektar, emphasized the potential of 2026 as a pivotal year for the company and its lead biologic candidate, rezpegaldesleukin. He stated that the long-term treatment results indicate a persistent clinical response in two significant immune-mediated diseases, reinforcing the belief that the Treg mechanism of this novel treatment could revolutionize autoimmune disease therapy. The company is set to kick off its Phase 3 ZENITH-AD program for atopic dermatitis by July 2026, along with holding an End-of-Phase 2 meeting this quarter for alopecia areata.

For Q1 2026, Nektar recorded revenue of $10.9 million, a slight increase compared to $10.5 million during the same quarter in 2025. In terms of costs, total operating expenses for Q1 2026 amounted to $49.9 million, down from $55.0 million the previous year. The decrease was primarily due to reduced general and administrative expenses, which fell to $13.4 million from $24.3 million, partially offset by an increase in research and development (R&D) expenditures. R&D expenses rose to $35.7 million as the company intensified its focus on advancing rezpegaldesleukin, particularly with the upcoming Phase 3 program.

The net loss for the quarter stood at $44.9 million, translating to a basic and diluted loss per share of $1.82, an improvement over the $50.9 million loss or $3.62 per share reported in Q1 2025. This positive shift indicates operational improvements that investors might take heart from.

Recent Business Highlights

Nektar has achieved several important milestones in the past months, signaling its commitment to advancing clinical programs and enhancing its financial position:

• - Public Offering: In April, the company closed a robust public offering of $373.8 million, which included the exercise of the underwriters' option for additional shares.
• - Alopecia Areata Study Results: April also saw the announcement of topline data from the 16-week extension of the REZOLVE-AA study, showcasing enhanced responses for patients with severe forms of alopecia areata after 52 weeks of treatment.
• - Data Presentation: In March, Nektar presented findings from Phase 2b studies of rezpegaldesleukin at the American Academy of Dermatology Annual Meeting.
• - Collaboration with UCSF: In February, the company established a research partnership with UCSF for NKTR-0165, aimed at multiple sclerosis treatment.

Upcoming Milestones

Looking ahead, Nektar anticipates several crucial developments within 2026:

• - The ZENITH-AD Phase 3 program for atopic dermatitis is set to launch by July.
• - The End-of-Phase 2 meeting with the FDA regarding alopecia areata will take place in Q2.
• - Completion of a 24-week data set from the REZOLVE-AA observation phase is expected by Q4.
• - Initial TrialNet data concerning Type 1 Diabetes is projected for 2027.

Conclusion

Management plans to elaborate on these financial results and upcoming initiatives in a dedicated conference call slated for 5 PM ET on the same day. This ongoing engagement showcases Nektar's strategy to maintain transparency with stakeholders while advancing its innovative therapies.

Nektar Therapeutics continues its dedicated commitment to addressing autoimmune and chronic inflammatory diseases with its leading candidates like rezpegaldesleukin, positioning itself firmly within the competitive landscape of biotechnology. As the company moves forward into its next phases, it’s poised to leverage both its technological advancements and financial strength to push new boundaries in pharmaceutical development.