Nektar Therapeutics · NASDAQ:NKTR
Nektar Therapeutics — Investor Presentation (September 2026)
70 slides from Nektar Therapeutics's investor presentation, September 2026
Slide 1: Nektar Therapeutics Corporate Presentation
Nektar Therapeutics Corporate Presentation September 2026
Slide 2: Forward-looking statements
Forward-looking statements This presentation includes forward-looking statements regarding Nektar’s proprietary drug candidates, the timing of the start and conclusion of ongoing or planned clinical trials, the timing and outcome of regulatory decisions, unaudited year-end cash and investments and s
Slide 3: Strong opportunities exist within the I&I market
Strong opportunities exist within the I&I market Blockbuster • Over 70% of advanced therapies launched by 2022 have achieved over $1 billion in annual revenue within a single indication, particularly in large, high-burden disease Potential Across areas such as asthma, atopic dermatitis, Crohn's dise
Slide 4: Nektar pipeline
Nektar pipeline Program Indication Stage Preclinical Phase 1 Phase 2 Phase 3 Partner Moderate-to-Severe Atopic Completed Enrollment in Phase 2; Fast Track Designation Off-treatment Data Q1 2027 Dermatitis Phase 2b Study (REZOLVE-AD) Rezpegaldesleukin Severe-to-Very-Severe Enrollment Completion in (I
Slide 5: The central role of regulatory T cells in immune homeostasis
The central role of regulatory T cells in immune homeostasis Tregs are crucial for immune homoeostasis and the prevention of autoimmune conditions1 - IL-2 pathway agonism - TNFR2 agonism Sources: 1 Lykhopiy V, et al. Genes Immun. (2023) 5
Slide 6: Rezpegaldesleukin in Atopic Dermatitis
Rezpegaldesleukin in Atopic Dermatitis 6
Slide 7: Rezpegaldesleukin Phase 2 Program Spans Immune-Mediated Diseases
Rezpegaldesleukin (REZPEG) Phase 2 Program Spans Immune-Mediated Diseases to Evaluate the Causal Biology of Tregs Atopic Dermatitis (REZOLVE-AD) Alopecia Areata (REZOLVE-AA) Type 1 Diabetes (T1D) Inflammatory Skin Disease Inflammatory Skin Disease Metabolic Disease • Achieved TPP with data indicatin
Slide 8: Rezpegaldesleukin Atopic Dermatitis MOA
Rezpegaldesleukin Atopic Dermatitis MOA Scientific rationale • By targeting receptors on regulatory T cells (Tregs), rezpegaldesleukin stimulates the proliferation of these cells, including FOX-P3+ Tregs • Regulatory T cells act as a master immune-modulator upstream of the pro-inflammatory cytokine
Slide 9: Rezpegaldesleukin is a potential first-in-class regulatory T cell mechanism
Rezpegaldesleukin is a potential first-in-class regulatory T cell mechanism to restore balance in immune system • Many patients with moderate-to-severe Increased activity and number of T Teff effector cells shift the balance toward atopic dermatitis (AD) do not inflammation adequately achieve diseas
Slide 10: Atopic dermatitis presents a multi-billion dollar market opportunity
Atopic dermatitis presents a multi-billion dollar market opportunity Still high unmet need, especially for new therapies with potential for remittive effect Atopic dermatitis (AD) is a chronic autoimmune condition that causes inflammation, redness and irritation of the skin. Moderate-to-severe AD is
Slide 11: REZOLVE-AD: Phase 2b trial design
REZOLVE-AD: Phase 2b trial design Patients with Moderate-to-Severe Atopic Dermatitis Ongoing, Topline Q1 2026 Induction Period Maintenance Period (16 Weeks) (36 Weeks) > EASI-50 opportunity to N=104 Rezpegaldesleukin advance to maintenance 1:1 24 µg/kg (q2w) Continue 24 µg/kg at q4w or q12w Randomiz
Slide 12: Fast Onset of Action Across All Key Secondary Endpoints
Fast Onset of Action Across All Key Secondary Endpoints EASI-75, EASI-90, vIGA-AD 0/1, and Itch NRS (≥ 4-point Reduction) Responses Seen Early and Sustained Throughout The Primary Estimand analysis for binary endpoints use logistic regressions. Data after use of rescue therapy outside protocol speci
Slide 13: Superior Response Rates in Placebo Crossover Arm
Rezpegaldesleukin 24 µg/kg Q2W for 24 Weeks Compared to 16 Weeks Achieved Superior Response Rates in Placebo Crossover Arm EASI-75 EASI-90 vIGA-AD 0/1 Itch NRS (≥4-point reduction) 80 50 40 80 36% 31% 63% Response Rate (%) Response Rate (%) Response Rate (%) Response Rate (%) 58% 40 36% 60 53% 30 60
Slide 14: EASI-75 Response for Rezpegaldesleukin 24 μg/kg q2w vs. Placebo
EASI-75 Response for Rezpegaldesleukin 24 μg/kg q2w vs. Placebo Consistent Treatment Effect Observed Across Baseline Severity of Disease, Geographical Region and Comorbidity of Asthma Favors FavorsPlacebo Placebo Favors Rezpeg Favors REZPEG Baseline EASI < 21 (N = 73) Baseline EASI ≥ 21 (N = 104) Ba
Slide 15: Asthma in Atopic Dermatitis
Asthma in Atopic Dermatitis Asthma commonly co-occurs with Atopic Dermatitis, reflecting substantial overlap in type 2 inflammatory disease Patients with Atopic Dermatitis, particularly those with impaired skin-barrier function and a genetic predisposition toward IgE- mediated sensitization, are at
Slide 16: ACQ-5 Response in Patients with Self-Reported Asthma History
ACQ-5 Response in Patients with Self-Reported Asthma History Improvement in ACQ-5 Scores From Baseline to Week 16 in Rezpegaldesleukin Treated Patients with Asthma Comorbidity ACQ-5 Change From ACQ-5 at Baseline and Week 16 Baseline at Week 16 (As Observed) (As Observed) 1.2 0.6 0.3 0.4 Mean (SEM) 1
Slide 17: Patients with Self-Reported Asthma History and Baseline ACQ-5 ≥0.5
Patients with Self-Reported Asthma History and Baseline ACQ-5 ≥0.5 Improvement in ACQ-5 From Baseline to Week 16 in Rezpegaldesleukin Treated Patients with Baseline ACQ-5 Score ≥ 0.5 ACQ-5 Change From Proportion of Patients with ACQ-5 ACQ-5 at Baseline and Week 16 Baseline at Week 16 Improvement of
Slide 18: ACQ-5 Response in Patients with Uncontrolled Asthma at Baseline
ACQ-5 Response in Patients with Self-Reported Uncontrolled Asthma at Baseline Improvement in ACQ-5 From Baseline to Week 16 in Rezpegaldesleukin Treated Patients with Baseline ACQ-5 Score ≥ 1.5 ACQ-5 Change From Proportion of Patients with ACQ-5 ACQ-5 at Baseline and Week 16 Baseline at Week 16 (As
Slide 19: Goals for Maintenance Phase of REZOLVE-AD Study
Goals for Maintenance Phase of REZOLVE-AD Study Maintenance periods following an induction regimen are designed to establish a longer- term treatment dose and regimen that demonstrates durability of efficacy - In REZOLVE-AD, the maintenance phase provides an opportunity to establish a patient-cent
Slide 20: REZOLVE-AD: Phase 2b Maintenance Designed to Evaluate Monthly and Quarterly Dosing
REZOLVE-AD: Phase 2b Maintenance Designed to Evaluate Monthly and Quarterly Dosing Induction Period > EASI-50 opportunity to Maintenance Period Data Q1 (16 Weeks) advance to maintenance (36 Weeks) 2027 N=104 N=58 Rezpegaldesleukin 24 µg/kg (Q2W) Rezpegaldesleukin Q4W or Q12W 1-Year Follow-up (Off Tr
Slide 21: Multiple Efficacy Endpoints Assessed in Maintenance Portion of Trial
Multiple Efficacy Endpoints Assessed in Maintenance Portion of Trial Patients with ≥EASI-50 36-Week Re-Randomized Efficacy Endpoints at Week 52 Among Patients with at End of Induction Maintenance Responses at Week 16 > EASI-50 at end of induction re-randomized at current dose • Maintaining EASI-75 •
Slide 22: Durability of Effect: Maintaining Responses
Durability of Effect: Maintaining Responses 22
Slide 23: All Monthly and Quarterly Arms Demonstrated Durability of Responses
All Monthly and Quarterly Arms Demonstrated Durability of Responses Over 36 Weeks of Maintenance Dosing Following Induction Rezpeg Rezpeg Rezpeg 16-Week Induction Dose: 24 µg/kg Q2W 24 µg/kg Q4W 18 µg/kg Q2W 24 µg/kg 24 µg/kg 24 µg/kg 24 µg/kg 18 µg/kg 18 µg/kg 36 -Week Maintenance Dose: Q4W Q12W Q4
Slide 24: Maintenance of Responses in Pooled Maintenance Arms
Maintenance of Responses in the Pooled Monthly and Quarterly High Dose Maintenance Arms Maintenance at Week 52 in the Q4W Cohorts Maintenance at Week 52 in the Q12W Cohorts 24 µg/kg 24 µg/kg n=36 n=18 n=14 n=25 n=35 n=20 n=21 n=17 100 %Maintenance of Response 100 %Maintenance of Response 85% 83% 80%
Slide 25: Maintenance of EASI-75 and vIGA-AD 0/1
Maintenance of EASI-75 and vIGA-AD 0/1 Percent Maintaining EASI-75 at Week 52 Percent Maintaining vIGA-AD 0/1 at Week 52 REZPEG DUPI1 AMLI2 REZPEG DUPI1 AMLI2 T reg IL-13 SOC OX-40 T reg IL-13 SOC OX-40 24 µg/kg 300 mg 250 mg Q4W 24 µg/kg 300 mg 250 mg Q4W Q2W/Q4W QW/Q2W + LD Induction Q2W/Q4W QW/Q2
Slide 26: Maintenance of EASI-90 and the Itch Response Rate
Maintenance of EASI-90 and the Itch Response Rate at End of Maintenance Percent Itch NRS (≥4-point reduction) Response Among Percent Maintaining EASI-90 at Week 52 EASI-75 or vIGA Responders at Re-Randomization REZPEG DUPI1 AMLI2 REZPEG DUPI1 AMLI2 T reg IL-13 SOC OX-40 T reg IL-13 SOC OX-40 24 µg/k
Slide 27: Measurements of Improvements and Worsening for Itch and vIGA/IGA
Measurements of Improvements and Worsening for Itch and vIGA/IGA REZPEG DUPILUMAB1 REZPEG DUPILUMAB1 100 24 µg/kg 300 mg 160 24 µg/kg 300 mg Q2W/Q4W QW/Q2W Induction 140 Q2W/Q4W QW/Q2W Induction 80 Induction Induction Itch NRS vIGA/IGA 120 60% 61% 57% 96% ≥3-pt reduction from 60 Maintained within 1
Slide 28: New and Deepening Responses in Maintenance Among Re-Randomized Patients
New and Deepening Responses in Maintenance Among Re-Randomized Patients with ≥ EASI-50 28
Slide 29: Monthly and Quarterly Induced New and Deepening Responses
Rezpegaldesleukin Monthly and Quarterly Induced New and Deepening Responses Rezpeg Rezpeg Rezpeg Induction Dose: 24 µg/kg Q2W 24 µg/kg Q4W 18 µg/kg Q2W 24 µg/kg 24 µg/kg 24 µg/kg Q12W 24 µg/kg Q4W 18 µg/kg Q4W 18 µg/kg Q12W Maintenance Dose: Q4W Q12W N=29 N=26 N=28 N=28 N=29 N=27 43% 35% 59% 44% 17%
Slide 30: New and Deepening Responses in Pooled Maintenance Arms
New and Deepening Responses at Week 52 in Pooled Monthly and Quarterly Rezpegaldesleukin (High Dose) Maintenance Arms New Responses at Week 52 in Q4W Cohorts New Responses at Week 52 in Q12W Cohorts 24 µg/kg 24 µg/kg n=19 n=37 n=41 n=26 n=21 n=36 n=35 n=32 60 60 51% 41% 39% 40% % Response % Response
Slide 31: vIGA-AD 0/1 Response Rates Increased at Week 52
vIGA-AD 0/1 Response Rates Increased at Week 52 in Pooled Monthly and Quarterly Rezpegaldesleukin (High Dose) Maintenance Arms vIGA-AD 0/1 Response Rate at Week 52 Among vIGA-AD 0/1 Response Rate at Week 52 Among ≥ EASI-50 Responders ≥ EASI-75 or vIGA-AD 0/1 Responders at Re-Randomization at Re-Rand
Slide 32: EASI-100 Response Rates Increased at Week 52
EASI-100 Response Rates Increased at Week 52 in Pooled Monthly and Quarterly Rezpegaldesleukin (High Dose) Maintenance Arms EASI-100 Rate at Week 52 Among EASI-100 Rate at Week 52 Among ≥ EASI-50 Responders ≥ EASI-75 or vIGA-AD 0/1 Responders at Re-Randomization at Re-Randomization 24 µg/kg 24 µg/kg
Slide 33: Safety Profile at 52-Weeks Consistent with Previously Reported Results
Safety Profile at 52-Weeks Consistent with Previously Reported Results • 52-week safety of Rezpegaldesleukin across maintenance and escape patient populations is consistent with previously observed and reported safety profile • Discontinuation rate due to AEs was low (3.5%) for Rezpeg-exposed patien
Slide 34: Lower Frequency of ISRs Observed Over Longer Dosing Duration
Lower Frequency of ISRs Observed Over Longer Dosing Duration in Maintenance 99.4% % of ISRs in each arm across 100 all dose administrations 80 62.9% 60 Induction Period 51.4% 51.1% 40 31.9% 34.2% 26.1% 20 16.5% 14.7% 10.7% 0.6% 0% 0% 0.3% 0.1% 0% 0 Placebo Rezpeg 24 ug/kg Q2W Rezpeg 18 ug/kg Q2W Rez
Slide 35: REZOLVE-AD Phase 2 Validates Rezpegaldesleukin as First-in-Class Treg Mechanism
REZOLVE-AD Phase 2 Validates Rezpegaldesleukin as First-in-Class Novel Treg Mechanism in Atopic Dermatitis Novel Treg MoA differentiates from existing and in-development biologics Up to 6-fold increase in Tregs Clear dose-dependent reduction in multiple AD biomarkers: IL-19, TARC/CCL17, Periostin, M
Slide 36: Differentiating Features of Rezpegaldesleukin for Atopic Dermatitis
Differentiating Features of Rezpegaldesleukin for Atopic Dermatitis • Treg MoA validated for deep and durable efficacy in patients with moderate-to-severe atopic dermatitis with extended dosing out to 52 weeks • Rapid onset of action for both EASI-75 and itch relief with rezpegaldesleukin arm separa
Slide 37: Trial Design for ZENITH-AD Ph3 Program
Trial Design for ZENITH-AD Ph3 Program: 3 Trials in Atopic Dermatitis Two studies [ZENITH AD-1/ZENITH AD-2] in biologic and systemic JAK inhibitor naïve patients and one [ZENITH AD-3] in experienced patients > EASI-75 and/or IGA Roll into LTE Study Blinded Induction Treatment Period Blinded Maintena
Slide 38: Rezpegaldesleukin in Alopecia Areata
Rezpegaldesleukin in Alopecia Areata 38
Slide 39: Rezpegaldesleukin Alopecia Areata MOA
Rezpegaldesleukin Alopecia Areata MOA Scientific rationale • By targeting receptors on regulatory T cells, rezpegaldesleukin stimulates the proliferation of regulatory T cells (Tregs), including FOX-P3+ Tregs • In alopecia, a pro-inflammatory environment causes the collapse of immune privilege aroun
Slide 40: Rezpegaldesleukin in Alopecia Areata Overview
Rezpegaldesleukin in Alopecia Areata Overview Topline data from Phase 2b study in severe-to-very severe alopecia areata in December 2025 Alopecia areata (AA) is a disease that happens when the immune system attacks hair follicles and causes hair loss1 • Nearly 6.7 million people in the US have had i
Slide 41: Opportunity for Rezpegaldesleukin in Alopecia Areata
Opportunity for Rezpegaldesleukin in Alopecia Areata (AA) Actual and Projected Sales of JAK inhibitors in AA2 • ~160 million people worldwide are affected by alopecia areata (AA), including those who currently have it, have had it, or are (WW Sales in USD, 2023 – 2033) expected to develop it1 $5.2 B
Slide 42: Phase 2b REZOLVE-AA Study Evaluating Rezpegaldesleukin for Alopecia Areata
Phase 2b REZOLVE-AA Study Evaluating Rezpegaldesleukin for Alopecia Areata Severe-to-Very-Severe Alopecia Areata (NCT06340360) - Granted Fast Track Designation in July 2025 Exploratory Treatment Extension Key Eligibility Criteria Induction Q2W (Weeks 0-36) Week 36 Analyses and Follow-up • Adult pati
Slide 43: Majority of Physicians Would Try Alternate Therapies Before JAK inhibitors
Majority of Physicians Report They Would Try Patients on Alternate Therapies for AA Before Prescribing JAK inhibitors 54% of physicians report they would try patients on alternate Challenges with JAKi Class therapies for AA before prescribing JAKi1 Boxed warnings for serious infections, mortality,
Slide 44: Unmet Need for Patients with Alopecia Areata
Unmet Need for Patients with Alopecia Areata AAD 2025: Baricitinib Real World Claims Data “Poor persistence observed among patients treated with baricitinib suggest there is an unmet need for effective treatment for patients with AA”1 Source: 1. Mostaghimi et al., AAD 2025 44
Slide 45: An Efficacious and Safe Biologic with Novel MoA Could Redefine First-line Systemic Therapy
An Efficacious and Safe Biologic with Novel MoA Could Redefine First- line Systemic Therapy in Alopecia Areata We believe there is a strong need for a non-JAKi based Sub-Q biologic to treat patients with AA, which could provide: Better suitability for chronic use: Circumvents JAKi class safety iss
Slide 46: Blinded 16-Week Exploratory Treatment Extension for REZOLVE-AA
Blinded 16-Week Exploratory Treatment Extension for REZOLVE-AA A Total of 31 Patients Entered into Treatment Extension Extension Q2W (Weeks 36-52) 52-Week Exploratory Endpoints Patient with a SALT Score greater than 20 at Week 36 who also demonstrated hair • New SALT Score ≤20 Responders Weeks growt
Slide 47: REZPEG-Treated Patients in Extension Achieved Deepening of Response
REZPEG-Treated Patients in Extension Achieved Deepening of Response Best Percent Improvement in SALT Score from Baseline While on Study Treatment 94% of patients in extension completed treatment to week 52 Extension Patients Extension Patients 36-week Induction (N=31) 52-week Treatment (N=31) * * Re
Slide 48: Conversions to SALT Score ≤20 with Additional Weeks of Treatment
Conversions to SALT Score ≤20 with Additional 16 Weeks of Treatment A Total of 31 Patients Entered into Treatment Extension New SALT Score ≤20 Responders at Week 52 in Patients Who Enter Treatment Extension 40 There were 8 new SALT Score ≤20 responses in 27 patients 31% 30 29% treated with REZPEG
Slide 49: More Patients Achieved SALT Score ≤20 at Week 52
More Patients Treated with Rezpegaldesleukin Achieved SALT Score ≤20 at Week 52 Overall SALT Score ≤20 (80% or more hair coverage on scalp) Data for mITTA analysis set are imputed from week 0 to week 36 following primary estimand. Data for patients in non-treatment extension set in week 40, 44, 48 a
Slide 50: Rezpegaldesleukin Met Our Target Product Profile
Rezpegaldesleukin Met Our Target Product Profile Olumiant® is a registered trademark owned or licensed by Eli Lilly and Company, its subsidiaries, or affiliates.**Placebo data based on Figure S9 from King et al., NEJM 2022 This is a cross-trial comparison and includes data from different clinical st
Slide 51: More Patients Achieved SALT Score ≤30 at Week 52
More Patients Treated with Rezpegaldesleukin Achieved SALT Score ≤30 at Week 52 SALT Score ≤30 (70% or more hair coverage on scalp) REZPEG 24 µg/kg, Q2W (N=33) REZPEG 18 µg/kg, Q2W (N=36) Placebo (N=19) Data for mITTA analysis set are imputed from week 0 to week 36 following primary estimand. Data f
Slide 52: Promising Data for a Biologic in AA (SALT30)
Promising Data for a Biologic in AA SALT30 (At Least 30 Percent Improvement from Baseline in SALT) Single site Phase 2 IST study Adapted from Guttman et al., Allergy 2022 This is a cross-trial comparison and includes data from different clinical studies and is not a head-to-head comparison. 52
Slide 53: Promising Data for a Biologic in AA (SALT50)
Promising Data for a Biologic in AA SALT50 (At Least 50 Percent Improvement from Baseline in SALT) Single site Phase 2 IST study Adapted from Guttman et al., Allergy 2022 This is a cross-trial comparison and includes data from different clinical studies and is not a head-to-head comparison. 53
Slide 54: REZOLVE-AA: Safety Profile at 52 Weeks
REZOLVE-AA: Safety Profile in Alopecia Areata at 52 Weeks Consistent With Previously Reported Studies No new safety findings observed with longer Q2W dosing out to 52 weeks Nearly all AEs were mild to moderate in severity and self-resolved No patients discontinued during 16-week extension due
Slide 55: Case Study #1: Patient Achieved SALT Score ≤20 by Week 44
Case Study #1: Patient Achieved SALT Score ≤20 by Week 44 40-year-old white male Baseline Diagnosis 8 months prior to treatment 52 weeks of 24 µg/kg rezpegaldesleukin treatment SALT Score through study treatment Week 36 Week 52 55
Slide 56: Case Study #2: Patient Achieved SALT Score ≤20 by Week 48
Case Study #2: Patient Achieved SALT Score ≤20 by Week 48 20-year-old white female Diagnosed 6 years prior to treatment 52 weeks of 24 µg/kg Rezpegaldesleukin treatment SALT Score through study treatment 56
Slide 57: Case Study #3: Patient Achieved SALT Score ≤20 by Week 52
Case Study #3: Patient Achieved SALT Score ≤20 by Week 52 64-year-old white female Diagnosed 13 years prior to treatment 52 weeks of 24 µg/kg rezpegaldesleukin treatment SALT Score through study treatment 57
Slide 58: Case Study #4: Patient Achieved SALT Score ≤20 by Week 48
Case Study #4: Patient Achieved SALT Score ≤20 by Week 48 50-year-old white female Diagnosed 2.1 years prior to treatment 52 weeks of 18 µg/kg rezpegaldesleukin treatment SALT Score through study treatment 58
Slide 59: Case Study #5: Patient Achieved SALT Score ≤20 by Week 44
Case Study #5: Patient Achieved SALT Score ≤20 by Week 44 64-year-old white female Diagnosed 10 months prior to treatment 52 weeks of 18 µg/kg rezpegaldesleukin treatment SALT Score through study treatment 59
Slide 60: Rezpegaldesleukin in Type 1 Diabetes
Rezpegaldesleukin in Type 1 Diabetes 60
Slide 61: Rezpegaldesleukin Type 1 Diabetes MOA
Rezpegaldesleukin Type 1 Diabetes MOA Scientific rationale • By targeting receptors on regulatory T cells, rezpegaldesleukin stimulates the proliferation of regulatory T cells (Tregs), including FOX-P3+ Tregs • In Type 1 diabetes, the destruction of insulin-producing pancreatic beta cells is caused
Slide 62: Proposed study design
Proposed study design Type 1 Diabetes (Stage 3) Eligibility Treatment Patient Enrollment Outcome Measures ENDPOINTS: Primary: Complete remaining 48 C-peptide response to Mixed Meal Key Inclusion: Rezpegaldesleuki Part 1 Cohort: 18 Adult Subjects subjects in adults if data not Tolerance Test (MMTT) c
Slide 63: Ongoing Phase 2 Study Sponsored and Funded by TrialNet
Ongoing Phase 2 Study Sponsored and Funded by TrialNet (NIH/NIDDK) Type 1 Diabetes Consortium About the Study: • Ongoing phase 2 placebo-controlled clinical trial in approximately 66 Commercial Opportunity for Type 1 adults and children with new onset stage 3 T1D Diabetes • Evaluating REZPEG’s Treg
Slide 64: Expanding Potential Opportunities for Rezpegaldesleukin
Expanding Potential Opportunities for Rezpegaldesleukin (Treg MOA Activity) • Food Allergy Th2-Driven • Vitiligo • Asthma (Allergic and Non- Skin and Other • Dermatomyositis allergic) Diseases • Ischemic Heart Disease • Allergic Rhinitis • Transplant Rejection • Chronic Rhinosinusitis • Inflammatory
Slide 65: Anticipated Next Steps in Alopecia Areata and for Rezpegaldesleukin
Anticipated Next Steps in Alopecia Areata and for Rezpegaldesleukin • Additional data readout from REZOLVE-AA Study: 24-week off treatment data in Q4 2026 Alopecia Areata • Initiation of a single trial Phase 3 ZENITH AA program in patients with severe-to-very- severe alopecia areata in early 2027 •
Slide 66: Opportunity in Cutaneous Lupus Erythematosus
Opportunity in Cutaneous Lupus Erythematosus Rezpegaldesleukin Demonstrated a Dose-Dependent Reduction in CLASI-A Score in Patients with Lupus Patients with Systemic Lupus Erythematosus and Cutaneous Involvement Mean Change in CLASI-A Score from Phase 1 Study Patients with a CLASI-A score of ≥4 at b
Slide 67: NKTR-0165 TNFR2 Agonist Antibody
NKTR-0165 TNFR2 Agonist Antibody 67
Slide 68: NKTR-0165/TNFR2 Agonist Bivalent Antibody
NKTR-0165/TNFR2 Agonist Bivalent Antibody Scientific rationale • By targeting TNFR2, a co-stimulatory receptor preferentially expressed on the surface of highly suppressive tissue-specific regulatory T cells, B-regulatory cells, neuronal cells and endothelial cells, NKTR-0165 has been shown to promo
Slide 69: NKTR-0165: TNFR2 agonist antibody program
NKTR-0165: TNFR2 agonist antibody program Targeting TNF Receptor 2 (TNFR2) for the treatment of autoimmune conditions TNFR2 • TNFR2 signaling drives immunoregulatory function could provide direct protective effect for tissue cells • T regulatory Cells • Unique Nektar antibody candidates show selecti
Slide 70: TNFR2/NF-kB Axis is critical to maintain effector and tissue regulatory T cells
TNFR2/NF-kB Axis is critical to maintain effector and tissue regulatory T cells Periphery Tissue NKTR-0165 Rezpegaldesleukin (Bivalent Agonistic (IL-2 T Regulatory Antibody Targeting Cell Stimulator) TNFR2) Central Effector Treg Treg 100% Dependency IL-2 0% 100% TNFR2 0% Cell Reports 20, 2906-2920,
Nektar Therapeutics — Investor Presentation (September 2026) on 6ix