Nektar Therapeutics (NKTR) UBS Global Healthcare Conference 2024 summary

Recent progress and company overview

• Focused on immunology with a pipeline of biologics, including a lead T regulatory cell stimulator in phase II for atopic dermatitis and alopecia areata.

• Early-stage programs include a TNFR2 antibody and a bispecific program, with clinical entry targeted for next year.

• Recently divested a manufacturing facility, operating efficiently with about 60 employees.

• Projected to end the year with $265 million in cash, providing runway into Q4 2026.

• Anticipates phase II data readouts in the first and second half of next year.

RezPEG mechanism and clinical positioning

• RezPEG is a pegylated IL-2 designed to selectively expand T regulatory cells, addressing immune imbalance in autoimmune diseases.

• Pegylation extends half-life to 10 days, enabling convenient outpatient dosing and reducing mutagenicity risk.

• Offers a broader, upstream mechanism compared to current therapies like Dupixent, potentially providing more durable and holistic immune balance.

• Believed to be suitable as a first-line treatment for a broad range of atopic dermatitis patients due to safety and efficacy profile.

Atopic dermatitis phase II trial design and expectations

• Phase II-B trial launched in October 2023, with data expected in the first half of 2025.

• 400-patient study randomizes three RezPEG doses vs. placebo, using standard endpoints and a 16-week induction period.

• Maintenance phase will test monthly or quarterly dosing, a key differentiator from biweekly Dupixent dosing.

• Enrollment is on track, driven by enthusiasm for the novel mechanism and durable effects.

• Dose selection based on prior phase I-B data showing rapid, significant, and durable efficacy with strong safety.