Nektar Therapeutics (NKTR) Goldman Sachs 45th Annual Global Healthcare Conference summary

Strategic focus and pipeline development

• REZPEG, a polymer form of Interleukin-2, selectively stimulates regulatory T cells, targeting autoimmune and autoinflammatory diseases.

• After regaining full rights from Eli Lilly, development is focused on atopic dermatitis and alopecia areata, with a large phase II study underway.

• REZPEG demonstrated rapid, dose-dependent efficacy in atopic dermatitis, achieving an 83% change from baseline in EASI score and sustained response post-treatment.

• The company is also advancing a TNF-R2 bivalent antibody program, with preclinical data presented at EULAR and clinical entry planned for mid-next year.

• A preclinical PEG CSF-1 program is ongoing, targeting anti-inflammatory macrophage populations.

Clinical insights and competitive positioning

• REZPEG’s mechanism offers broad immunological control, potentially benefiting patients with various inflammatory subtypes and those refractory to other therapies.

• Phase II studies are exploring extended dosing intervals (Q12 weeks) and self-administration via auto-injector, aiming for convenience and commercial viability.

• In alopecia areata, the phase II-B study uses percent change in SALT score as the primary endpoint, with a 36-week induction and 24-week off-drug period to assess durability.

• Lupus studies revealed a bell-shaped dose response and highlighted BICLA as a more sensitive endpoint, with no increased infection risk observed.

• Rapid onset of action and significant itch relief were observed in atopic dermatitis, with 40% of patients achieving a four-point itch reduction within one to two doses.

Financial position and strategic outlook

• Recent financings raised $45 million, resulting in a projected year-end cash position of $200–225 million.

• The cash runway extends into Q3 2026, supporting phase II-B studies in atopic dermatitis and alopecia areata, as well as the TNF-R2 program.

• Atopic dermatitis phase II-B data is expected in the first half of 2025, with alopecia data three to four months later.

• The company maintains strategic optionality for future partnerships or independent advancement post-phase II-B data.

• Focus remains on immunology and inflammation, with a pipeline-in-a-product approach and readiness to revisit lupus based on future resources.