Nektar Therapeutics · NASDAQ:NKTR
Nektar Therapeutics — Corporate Update (June 2025)
35 slides from Nektar Therapeutics's corporate update, Jun 24, 2025
Slide 1: Phase 2b REZOLVE-AD Topline Results from 16-Week Induction
1 Phase 2b REZOLVE - AD Topline Results from 16 - Week Induction Rezpegaldesleukin in Patients with Moderate - to - Severe Atopic Dermatitis June 24, 2025
Slide 2: Forward-Looking Statements
Forward - Looking Statements 2 Safe Harbor Statement This presentation and any accompanying oral discussion contains forward - looking statements within the meaning of the Private Sec urities Litigation Reform Act of 1995, including, but not limited to, express or implied statements regarding Nektar
Slide 3: REZOLVE-AD Phase 2b Validates Rezpeg as a First-in-Class Novel T-Regulatory Mechanism
REZOLVE - AD Phase 2b Validates Rezpeg as a First - in - Class Novel T - Regulatory Mechanism in Atopic Dermatitis (AD) Novel T - Reg MOA differentiates from existing and in - development biologics Up to 6 - fold increase in T - regs Clear dose - dependent reduction in multiple AD biomarkers: IL - 1
Slide 4: REZOLVE-AD: Phase 2b Trial Design
REZOLVE - AD: Phase 2b Trial Design Patients with Moderate - to - Severe Atopic Dermatitis Induction Period (16 Weeks) Randomize (3:3:3:2) N=~393 (MITT) Maintenance Period ( 36 Weeks) 1:1 Continue 24 µg/kg at q4W or q12W Rezpegaldesleukin 24 µg/kg (q2W) Rezpegaldesleukin 24 µg /kg (q4W) P lacebo q 4
Slide 5: Trial Design: Endpoints, Rescue Therapy and Statistical Design
REZOLVE - AD: Phase 2b Trial Design Primary and Secondary Endpoints, Use of Rescue Therapy and Statistical Design Primary Endpoint: • Mean % EASI improvement at Week 16 Key Secondary Endpoints at Week 16: • vIGA - AD of 0 or 1 with ≥ 2 - point reduction from baseline ( vIGA - AD 0/1) • EASI - 75, -
Slide 6: Baseline Demographics and Disease Characteristics
Baseline Demographics and Disease Characteristics ▪ Patient Demographics - Patients were predominantly recruited from Europe, but also from North America and Australia - Stratification Factor: North America (27.5%) vs Rest of World (72.5%) - Majority of patients were under 65 years - old, well balan
Slide 7: Dose Dependent % EASI Reduction, Clear Separation from Placebo
0 2 4 6 8 10 12 14 16 -80 -60 -40 -20 0 % EASI Reduction From Baseline Study Weeks % , L S M e a n ( S E M ) - 61% - 58% - 53% - 31% Study Weeks Dose Dependent % EASI Reduction, Clear Separation from Placebo at All Timepoints for Study Treatment Arms 0 20 40 60 80 53% 58% 61% 31% Week 16 % E A S I I
Slide 8: High Dose Met all Key Secondary Endpoints
***p - value<0.001 **p - value<0.01 *p - value<0.05 EASI - 90 EASI - 50 EASI - 75 8 High Dose Met all Key Secondary Endpoints Multiple endpoints met for 2 additional dose arms Primary Estimand : N=73, 104, 106, and 110 for the placebo, 24 µg/kg q2w, 18 µg/kg q2w, and 24 µg/kg q4w groups
Slide 9: High Dose Met all Key Secondary Endpoints (vIGA-AD, Itch NRS, BSA)
vIGA - AD 0/1 Itch NRS BSA % Change ***p - value<0.001 **p - value<0.01 *p - value<0.05 9 High Dose Met all Key Secondary Endpoints Multiple endpoints met in 2 additional dose arms Primary Estimand : N=73, 104, 106, and 110 for the placebo, 24 µg/kg q2w, 18 µg/kg q2w, and 24 µg/kg q4w groups) for th
Slide 10: Fast Onset of Action Across All Key Secondary Endpoints
Fast Onset of Action Across All Key Secondary Endpoints 0 2 4 6 8 10 12 14 16 0 10 20 30 vIGA-AD 0/1 Study Weeks R e s p o n s e R a t e ( % ) 0 2 4 6 8 10 12 14 16 0 10 20 30 EASI-90 Study Weeks R e s p o n s e R a t e ( % ) 0 2 4 6 8 10 12 14 16 0 10 20 30 40 50 Itch NRS Study Weeks R e s p o n s
Slide 11: Similar Efficacy Observed in Severe Patients as in Moderate
0 2 4 6 8 10 12 14 16 0 10 20 30 EASI-90 (Baseline vIGA-AD 0/1 = 4) Study Weeks R e s p o n s e R a t e ( % ) Baseline vIGA - AD =4 Baseline vIGA - AD =3 Arm 22 51 Placebo 33 71 24 µg/kg, q2w 36 70 18 µg/kg, q2w 35 75 24 µg/kg, q4w Sample Size 0 2 4 6 8 10 12 14 16 0 20 40 60 EASI-75 (Baseline vIGA-
Slide 12: Reductions Observed in Four Key Biomarkers of Atopic Dermatitis
Patients with baseline values >ULN included in the analysis MDC/ CCL22 (>839 pg /mL) Periostin (>322 ng/mL) TARC/ CCL17 (>0.94 ng/mL) IL - 19 (>51 pg /mL) Arm 21 21 29 14 Placebo 28 29 35 25 24 µg/kg, q2w 28 29 34 23 18 µg/kg, q2w 27 32 34 28 24 µg/kg, q4w IL-19 TARC/CCL17 Periostin MDC/CCL22 -60 -4
Slide 13: PK/PD Profile Consistent with Prior Studies
Study Weeks 13 0 2 4 6 0 2 4 6 8 12 14 16 Study Weeks F o l d c h a n g e f r o m b a s l i n e , % C D 2 5 b r i g h t T r e g s ( m e a n + S E M ) Up to 6 - fold increase in T - reg consistent with prior studies of REZPEG PK/PD Profile Consistent with Prior Studies Strong relationship to dose - d
Slide 14: REZOLVE-AD: Safety Summary
REZOLVE - AD: Safety Summary ▪ Safety of rezpeg for 16 - week induction period in this Phase 2b study is consistent with previously observed and reported safety profile - Serious and severe AEs were rare (1.6% and 3.1%, respectively) for rezpeg - exposed patients - Discontinuation rate due to AEs wa
Slide 15: ISR Severity Breakdown Across All Dose Administrations
ISR Severity Breakdown Across All Dose Administrations By Severity Level Over 16 - Week Induction % of ISRs in each arm across all dose administrations. N= number of study treatment or placebo administrations in arm (at 24 µg/kg q4w, only rezpeg administrations counted) Mild: Faint erythema, asympto
Slide 16: Phase 2b Benchmarks
Phase 2b Benchmarks Dupilumab 300mg q2w 6 Phase 2b 16 Weeks Regeneron Tralokinumab 300mg q2w 5 Phase 2b 12 Weeks (TCS Combo) Leo Pharma Lebrikizumab 250mg q2w 4 Phase 2b 16 Weeks Lilly/ Dermira Nemolizumab 30mg q4w 3 Phase 2b 24 Weeks (TCS Combo) Galderma Rocatinlimab 150/600mg q4w 2 Phase 2b 16 Wee
Slide 17: Benchmark to Phase 2b OX40/OX40L Class
Benchmark to Phase 2b OX40/OX40L Class Rocatinlimab 150/600mg q4w 2 Phase 2b 16 Weeks Amgen Amlitelimab 250mg q4w 1 Phase 2b 16 Weeks Sanofi Rezpegaldesleukin 18/24 µg/kg q2w Phase 2b 16 Weeks Nektar Endpoint OX40 OX40L IL - 2R agonist MOA 2020 N=274 2022 N=390 2025 N=398 Enrollment Completion Trial
Slide 18: Rezpeg q2w Arms Show Similar Responses as OX40/OX40L Class (EASI-75)
Rezpeg q2w Arms Show Similar Responses as OX40/OX40L Class (EASI - 75 at Week 16) 42% 46% 34% 17% * ** *: Phase 3 dose level **: Phase 3 dose range (q4w regimen) References: Amlitelimab – Weidinger et al. 5 th Inflammatory Skin Disease Summit, November 15 - 18; Vienna Austria (Fig. 3) Rocatinlimab –
Slide 19: Rezpeg q2w Arms Show Similar Responses as OX40/OX40L Class (vIGA-AD 0/1)
Rezpeg q2w Arms Show Similar Responses as OX40/OX40L Class (vIGA - AD 0/1 at Week 16) * *: Phase 3 dose level ** **: Phase 3 dose range (q4w regimen) 20% 26% 19% 8% Week 16 Week 16 19 Amlitelimab Rocatinlimab Rezpegaldesleukin References: Amlitelimab – Weidinger et al. 5 th Inflammatory Skin Disease
Slide 20: Clinical Experts: David Rosmarin and Jonathan Silverberg
20 David Rosmarin, MD Chair of the Department of Dermatology at Indiana University School of Medicine Kampen - Norins Scholar in Dermatology Jonathan Silverberg, MD, PhD, MPH Professor of Dermatology at The George Washington University School of Medicine and Health Sciences Director of Clinical Rese
Slide 21: Rezpeg has potential for longstanding clinical benefit
Rezpeg has potential for longstanding clinical benefit ( remittive effect) Phase 2b results support advancement of a novel, first - in - class Treg - based immune - balancing mechanism Novel T - Reg MOA differentiates from existing and in - development biologics • Only T - regulatory mechanism to sh
Slide 22: Rezpeg Program: Next Steps
Rezpeg Program: Next Steps • End of Phase 2 Meeting with FDA to review Phase 3 development plan • Full presentation of data to be submitted for presentation at a medical meeting in 2025 • Topline results from Phase 2b REZOLVE - AA (alopecia areata) in December 2025 • 52 - week maintenance data from
Slide 23: Beyond Rezpeg in Atopic Dermatitis, Potential Blockbuster Expansions for Treg MOA
Beyond Rezpeg in Atopic Dermatitis, Potential Blockbuster Expansions for Treg MOA Dermatology Alopecia areata (Phase 2b underway, data December 2025) Potential for expansion into vitiligo and other skin - related immune conditions Immunology Type 1 diabetes (Phase 2 starting in 2025) Potential for e
Slide 24: Appendix (data tables, additional materials)
Appendix (data tables, additional materials) 24
Slide 25: REZOLVE-AD: Baseline Demographics
REZOLVE - AD: Baseline Demographics Total N = 393 Rezpeg 24 µg/kg q4w N = 110 Rezpeg 18 µg/kg q2w N = 106 Rezpeg 24 µg/kg q2w N = 104 Placebo q2w N = 73 Age 37.1 (14.44) 36.5 (14.30) 36.3 (15.41) 38.0 (13.73) 37.9 (14.39) Mean (SD) 34 33.5 31.5 36.5 35 Median 18, 73 18, 69 18, 73 18, 70 18, 69 Min,
Slide 26: Baseline Demographics: Country and Region Distribution
REZOLVE - AD: Baseline Demographics Country and Region Distribution Total N = 393 Rezpeg 24 µg/kg q4w N = 110 Rezpeg 18 µg/kg q2w N = 106 Rezpeg 24 µg/kg q2w N = 104 Placebo q2w N = 73 Country 18 (4.6%) 8 (7.3%) 4 (3.8%) 3 (2.9%) 3 (4.1%) Australia 40 (10.2%) 16 (14.5%) 9 (8.5%) 8 (7.7%) 7 (9.6%) Bu
Slide 27: Baseline Disease Levels Balanced Across Arms
REZOLVE - AD: Baseline Disease Levels Balanced Across Arms Total N = 393 Rezpeg 24 µg/kg q4w N = 110 Rezpeg 18 µg/kg q2w N = 106 Rezpeg 24 µg/kg q2w N = 104 Placebo q2w N = 73 STRATA 1 for vIGA - AD 267 (67.9%) 75 (68.2%) 70 (66.0%) 71 (68.3%) 51 (69.9%) 3 126 (32.1%) 35 (31.8%) 36 (34.0%) 33 (31.7%
Slide 28: Majority of Rezpeg-Treated Patients Continued into Maintenance
REZOLVE - AD: Majority of Rezpeg - Treated Patients Continued into Maintenance Percentages are calculated using completers at week 16 as denominator W16 EASI < 50% W16 EASI ≥ 50% 28
Slide 29: Patient Populations and Disposition
REZOLVE - AD: Patient Populations and Disposition Total Rezpeg 24 µg/kg q4w Rezpeg 18 µg/kg q2w Rezpeg 24 µg/kg q2w Placebo q2w 398 111 107 106 74 Intent to Treat (ITT) 393 110 106 104 73 Modified Intent to Treat (MITT) 72 (18.3%) 16 (14.5%) 25 (23.6%) 23 (22.1%) 8 (11.0%) Discontinued before W16 32
Slide 30: Treatment Discontinuation Reasons During 16-Week Induction
REZOLVE - AD: Treatment Discontinuation Reasons During 16 - Week Induction Total N = 393 Rezpeg Overall N = 320 Rezpeg 24 µg/kg q4w N = 110 Rezpeg 18 µg/kg q2w N = 106 Rezpeg 24 µg/kg q2w N = 104 Placebo q2w N = 73 72 (18.3%) 64 (20.0%) 16 (14.5%) 25 (23.6%) 23 (22.1%) 8 (11.0%) Discontinued before
Slide 31: Overall Summary of Treatment Emergent Adverse Events
Overall Summary of Treatment Emergent Adverse Events 16 - Week Induction Period Rezpeg Total N = 320 Rezpeg , 24 µg/kg q4w N = 110 Rezpeg 18 µg/kg q2w N = 106 Rezpeg 24 µg/kg q2w N = 104 Placebo q2w N = 73 257 (80.3%) 90 (81.8%) 78 (73.6%) 89 (85.6%) 42 (57.5%) Patients With at Least One TEAE 193 (6
Slide 32: Serious TEAEs and TRAEs (All Cases)
REZOLVE - AD: Serious TEAEs and TRAEs (All Cases) 16 - Week Induction Period Rezpeg Overall N = 320 Rezpeg 24 µg/kg q4w N = 110 Rezpeg 18 µg/kg q2w N = 106 Rezpeg 24 µg/kg q2w N = 104 Placebo q2w N = 73 System Organ Class Preferred Term TRAE TEAE TRAE TEAE TRAE TEAE TRAE TEAE TRAE TEAE 2 (0.6%) 5 (1
Slide 33: Severe TEAEs and TRAEs in Any Arm
REZOLVE - AD: Severe TEAEs and TRAEs in ≥ 2 Patients in Any Arm 16 - Week Induction Period Rezpeg Overall N = 320 Rezpeg 24 µg/kg q4w N = 110 Rezpeg 18 µg/kg q2w N = 106 Rezpeg 24 µg/kg q2w N = 104 Placebo q2w N = 73 System Organ Class Preferred Term TRAE TEAE TRAE TEAE TRAE TEAE TRAE TEAE TRAE TEAE
Slide 34: Atopic Dermatitis Presents Potential Multi-Billion Dollar Market Opportunity
Atopic Dermatitis Presents Potential Multi - Billion Dollar Market Opportunity Still High Unmet Need, Especially For New Therapies With Potential for Remittive Effect ~30 million 1 Adults with AD in U.S. ~220 million 2 Adults with AD globally ~50% 3 Adults with AD have moderate - to - severe disease
Slide 35: Rezpegaldesleukin is Potential First-in-Class T-Regulatory Cell Mechanism
Rezpegaldesleukin ( Rezpeg ) is Potential First - in - Class T - Regulatory Cell Mechanism to Restore Balance in Immune System 35 Increased activity and number of T effector cells shift the balance toward inflammation T reg Treg expansion and activation restores the immunoregulatory balance T reg T