Nektar Therapeutics (NKTR) H.C. Wainwright 26th Annual Global Investment Conference 2024 summary

Pipeline overview and clinical focus

• Focused on immunology, with biologics in phase II trials for atopic dermatitis and alopecia areata, using PEGylation technology for lead asset REZPEG.

• REZPEG targets T-regulatory cells, aiming to treat multiple inflammatory diseases by modulating immune pathways.

• Phase Ib data in atopic dermatitis showed an 83% EASI score drop in biologic-naive patients, surpassing current standards.

• Additional immunology assets, including a TNFR2 agonist antibody, are planned for clinical entry next year.

• Cash runway extends into Q3 2026, supporting ongoing and upcoming trials.

Clinical trial design and updates

• Atopic dermatitis phase IIb trial began in October 2023, enrolling 400 patients across multiple regions, with data expected in H1 2025.

• Protocol extended to 52 weeks for comprehensive safety data and includes a year-long follow-up to assess disease rebound.

• The trial measures induction and maintenance dosing intervals to optimize patient outcomes.

• Enrollment is on track, with over 100 investigator sites participating.

• Positive data would be defined by EASI score drops in the 70%+ range and a differentiated safety profile.

Competitive landscape and differentiation

• Atopic dermatitis market is underpenetrated by biologics, with only about 10% patient penetration.

• REZPEG aims to differentiate through a unique mechanism, fewer side effects (notably no conjunctivitis), and potential for durable response post-treatment.

• Current competitors include IL-13 antagonists and JAK inhibitors, but REZPEG’s Treg mechanism may offer longer-lasting effects and improved safety.

• Study design includes extended dosing and follow-up to capture durability and rebound data.