Nektar Therapeutics (NKTR) TD Cowen 46th Annual Health Care Conference summary

Strategic focus and pipeline developments

• Refocused R&D efforts on immunology, particularly regulatory T cells, driving a transformation in pipeline strategy.

• Lead molecule REZPEG targets Treg cells, with clinical success in large indications such as atopic dermatitis.

• Recent collaboration with UCSF to advance TNFR2 program in multiple sclerosis studies.

• Strong financial position following a significant equity raise.

Clinical trial results and efficacy insights

• Phase II-B trial of REZPEG in atopic dermatitis showed dose-dependent efficacy, with 24 mcg/kg twice monthly achieving statistical significance across endpoints.

• Maintenance data at 52 weeks demonstrated high durability, with up to 85% maintaining IGA response and one in three patients achieving complete skin clearance (EASI-100).

• REZPEG outperformed standard of care DUPIXENT in maintaining efficacy with less frequent dosing.

• Rapid onset of itch relief and efficacy in comorbid asthma observed.

Safety and tolerability profile

• Over 1,000 patients treated with REZPEG; safety profile consistent across studies with low discontinuation rates.

• No increased risk of infection or immunosuppression; most common adverse event was injection site reactions (ISRs), which decreased with lower dosing frequency.

• ISRs generally mild and self-resolving, with ongoing efforts to further mitigate them through formulation and delivery improvements.