Nektar Therapeutics (NKTR) Stifel 2024 Immunology and Inflammation Virtual Summit summary

Strategic focus and pipeline overview

• Shifted focus to immunology, emphasizing agonist-based therapies over antagonists.

• Lead asset REZPEG, a pegylated IL-2 agonist, is in phase IIb for atopic dermatitis; a second antibody program is in preclinical with clinical entry expected next year.

• Exploring bispecific programs and expanding into additional indications such as alopecia.

Scientific rationale and differentiation

• REZPEG targets T-regulatory cells (Tregs), aiming to restore immune regulation in autoimmune diseases.

• Pegylation technology enables full agonism without IL-2 mutations, differentiating from partial agonist muteins that have shown immunogenicity and reduced efficacy.

• Demonstrated robust, dose-dependent effects in monotherapy studies for lupus, psoriasis, and especially atopic dermatitis.

Clinical data and safety profile

• Phase Ib and proof-of-concept studies showed rapid, durable responses in atopic dermatitis, with some patients maintaining or deepening response post-treatment.

• Integrated safety analysis across 600+ REZPEG-treated patients revealed no increased infection risk or serious adverse events compared to placebo.

• Most common adverse events are local injection site reactions; sporadic eosinophilia observed but without organ involvement.