Nektar Therapeutics · NASDAQ:NKTR

Nektar Therapeutics — Technical Presentation (December 2025)

38 slides from Nektar Therapeutics's technical presentation, Dec 16, 2025

  1. Slide 1: Phase 2b REZOLVE-AA Topline Results from 36-Week Induction Treatment Period

    Exhibit 99.2 Phase 2b REZOLVE-AA Topline Results from 36-Week Induction Treatment Period Rezpegaldesleukin in Patients with Severe-to-Very-Severe Alopecia Areata December 16, 2025

  2. Slide 2: Forward-Looking Statements

    Forward-Looking Statements Safe Harbor Statement This presentation and any accompanying oral discussion contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, express or implied statements regarding Nektar Therap

  3. Slide 3: REZPEG Phase 2 Program Spans Inflammatory Skin Disease and Metabolic

    Rezpegaldesleukin (REZPEG) Phase 2 Program Spans Inflammatory Skin Disease and Metabolic to Evaluate the Causal Biology of Tregs 01 02 03 Atopic Dermatitis (REZOLVE-AD) Alopecia (REZOLVE-AA) Type 1 Diabetes (TN-36) Inflammatory Skin Disease Inflammatory Skin Disease Metabolic • Data support first-in

  4. Slide 4: Efficacious and Safe Biologic with Novel MoA Could Redefine First-line Systemic Therapy in AA

    An Efficacious and Safe Biologic with Novel MoA Could Redefine First-line Systemic Therapy in Alopecia Areata (AA) We believe there is a strong need for a non-JAKi based Sub-Q 54% of physicians report they would try patients on 1 alternate therapies for AA before prescribing JAKi biologic to treat p

  5. Slide 5: The Central Role of Regulatory T Cells in Immune Homeostasis

    The Central Role of Regulatory T Cells in Immune Homeostasis Sources: Adapted from Lykhopiy V, et al. Genes Immun. (2023) 5

  6. Slide 6: Key Questions Asked With Clinical Study Design Elements of Phase 2b REZOLVE-AA

    Key Questions Asked With Clinical Study Design Elements of the Phase 2b REZOLVE-AA Program Key Questions Study Design Elements Can a Treg biologic drug with infrequent Phase 2 • Every 2-week dosing of REZPEG for 36- dosing offer meaningful clinical benefit week induction with evaluation of and a rob

  7. Slide 7: Phase 2b REZOLVE-AA Study Evaluating REZPEG for Alopecia Areata

    Phase 2b REZOLVE-AA Study Evaluating REZPEG for Alopecia Areata Severe-to-very-severe alopecia areata (NCT06340360) - Granted Fast Track Designation in July 2025 Key Eligibility Criteria Induction Q2W (Weeks 0-36) Week 36 Endpoints Extension and Follow-up Primary: • Adult patients (18+) Blinded 16-w

  8. Slide 8: REZOLVE-AA: Phase 2b Trial Design Statistical Analysis Methodology

    REZOLVE-AA: Phase 2b Trial Design Statistical Analysis Methodology Primary Endpoint: • Primary Estimand Analysis: mITT patients who used prohibited • Mean % SALT reduction at Week 36 medications for the treatment of AA or who discontinued treatment (95% powered for 23% delta REZPEG vs. Placebo) due

  9. Slide 9: Baseline Demographics and Disease Characteristics

    Baseline Demographics and Disease Characteristics • Patient Demographics • Patients were predominantly recruited from Poland (64%), along with Canada (23%) and the USA (13%) • Median age was 39.0 years (range 18 to 69); majority of patients were women (71%) • Baseline Disease Characteristics • Avera

  10. Slide 10: REZOLVE-AA: Consistent Safety Profile With Previously Reported Studies

    REZOLVE-AA: Consistent Safety Profile With Previously Reported Studies q No new safety findings observed with longer q2w dosing out to 52 weeks q Nearly all AEs were mild to moderate in severity and self-resolved q Discontinuation rate due to AEs was low (1.4%) for REZPEG-exposed patients q No imbal

  11. Slide 11: Patient Disposition in REZOLVE-AA

    Patient Disposition in REZOLVE-AA REZPEG REZPEG REZPEG Placebo Total 18 µg/kg q2w 24 µg/kg q2w Total (mITT) N = 37 N = 35 N = 72 N=20 N = 92 Completed Study Treatment at W36 24 (64.9%) 21 (60.0%) 45 (62.5%) 11 (55.0%) 56 (60.9%) Entered the treatment extension period 14 (37.8%) 13 (37.1%) 27 (37.5%)

  12. Slide 12: More than Doubling of Treatment Effect Compared to Placebo

    More than Doubling of Treatment Effect Compared to Placebo Establishes Proof-of-Concept in Alopecia Areata + P=0.186 ++ P=0.121 + P=0.186 ++ P=0.121 12

  13. Slide 13: REZOLVE-AA Achieves Statistical Significance for Both Treatment Arms

    REZOLVE-AA Achieves Statistical Significance for Both Treatment Arms (When Excluding 4 Patients with Major Study Eligibility Violations) + P=0.049 ++ P=0.042 + P=0.049 ++ P=0.042 *p-value<0.05; **p-value<0.01 13

  14. Slide 14: Both Treatment Arms Performed Equally With or Without Major Study Eligibility Violations

    Both Treatment Arms Performed Equally With or Without Major Study Eligibility Violations *p-value<0.05; **p-value<0.01 mITT excluding the 4 patients with the major study eligibility violations (post-hoc) 14

  15. Slide 15: REZPEG Met Our Target Product Profile Which Was to Match Low-Dose JAKi at Week 36

    REZPEG Met Our Target Product Profile Which Was to Match Low-Dose JAKi at Week 36 *p-value<0.05; **p-value<0.01 ***p-value<0.001; Olumiant® is a registered trademark owned or licensed by Eli Lilly and Company, its subsidiaries, or affiliates. A. mITT excluding the 4 patients with the major study eli

  16. Slide 16: REZPEG-Treated Patients Experienced Meaningful Hair Growth

    REZPEG-Treated Patients Experienced Meaningful Hair Growth A Best Percent Change in SALT from Baseline (mITT ) at All Timepoints • 42% of REZPEG patients achieved a best reduction in SALT score of 30% or greater • 36% achieved 50% or greater reduction • 17% achieved 75% or greater reduction REZPEG T

  17. Slide 17: Improved Efficacy in Severe Population; Consistent Dose Response Observed

    Improved Efficacy in Severe Population; Consistent Dose Response Observed *p-value<0.05; **p-value<0.01; based on MMRM with Multiple Imputation for REZOLVE-AA A. mITT excluding major eligibility violations (post-hoc) 17

  18. Slide 18: Promising Data for a Biologic in AA

    Promising Data for a Biologic in AA SALT (At Least 30 Percent Change from Baseline in SALT) 30 US DELPHI Consensus Guidelines “In patients with active atopy or history of atopic dermatitis, dupilumab may be considered as a long-term AA treatment” (Dec’25) 18 This is a cross-trial comparison and incl

  19. Slide 19: SALT ≤ 30: Clear Dose Response and Separation from Placebo

    SALT ≤ 30: Clear Dose Response and Separation from Placebo A. mITT excluding the 4 patients with the major study eligibility violations (post-hoc) 19

  20. Slide 20: SALT ≤ 20: Clear Dose Response and Separation from Placebo

    SALT ≤ 20: Clear Dose Response and Separation from Placebo A. mITT excluding the 4 patients with the major study eligibility violations (post-hoc) 20

  21. Slide 21: SALT ≤ 10: Clear Dose Response and Separation from Placebo

    SALT ≤ 10: Clear Dose Response and Separation from Placebo A. mITT excluding the 4 patients with the major study eligibility violations (post-hoc) 21

  22. Slide 22: Eyebrow/Eyelash Regrowth with REZPEG

    Eyebrow/Eyelash Regrowth with REZPEG REZPEG REZPEG Endpoint at Week 36 Placebo 18 µg/kg q2w 24 µg/kg q2w Number of Patients with Eyebrow Hair Loss at N=18 N=15 N=12 A Baseline (≥2) % pts with ClinRO Eyebrow Score of 0 or 1 and a ≥ 6% (1/18) 13% (2/15) 0 2-point improvement from baseline B Placebo Ad

  23. Slide 23: Key Questions Asked and Learnings from Phase 2b REZOLVE-AA

    Key Questions Asked With Clinical Study Design Elements of the Phase 2b REZOLVE-AA Program Key Questions Learnings • Sub-Q q2w dosing of REZPEG demonstrates clear and consistent Can a Treg biologic drug with infrequent Phase 2 separation from placebo on all dosing offer meaningful clinical benefit m

  24. Slide 24: Case Study #1: Patient Achieved SALT ≤ 20 by Week 36

    Case Study #1: Patient Achieved SALT ≤ 20 by Week 28 § 66-year-old white female Baseline § Diagnosed 1.8 years prior to treatment § 36 weeks of 24 µg/kg REZPEG treatment SALT score through study treatment 100 Week 36 90 80 70 60 50 40 30 20 10 0 0 4 8 12 16 20 24 28 32 36 Study Weeks 24 SALT Score

  25. Slide 25: Case Study #2: Improved Efficacy with Extended Treatment

    Case Study #2: Improved Efficacy with Extended Treatment Patient Achieved SALT ≤ 20 by Week 44 Baseline § 40-year-old white male § Diagnosis 8 months prior to treatment § 36 weeks of 24 µg/kg REZPEG treatment; 12 weeks of extension (ongoing) Week 36 SALT score through study treatment 100 90 80 70 60

  26. Slide 26: Case Study #3: Consistent Hair Growth

    Case Study #3: Consistent Hair Growth § 20-year-old white female § Diagnosed 6 years prior to treatment Baseline § 36 weeks of 24 µg/kg REZPEG treatment; 4 weeks of extension (ongoing) SALT score through study treatment 100 90 Week 36 80 70 60 50 40 30 20 10 0 0 4 8 12 16 20 24 28 32 36 Study Weeks

  27. Slide 27: Case Study #4: Achieved SALT Improvement by Week 36

    Case Study #4: Achieved SALT ≤ 20 by Week 28 § 20-year-old white female Baseline § Diagnosed 17 years prior to treatment § 36 weeks of 18 µg/kg REZPEG treatment SALT score through study treatment 100 Week 36 90 80 70 60 50 40 30 20 10 0 0 4 8 12 16 20 24 28 32 36 Study Weeks 27 SALT Score

  28. Slide 28: Case Study #5: Achieved SALT Improvement by Week 52

    Case Study #5: Achieved SALT ≤ 20 by Week 44 Baseline § 64-year-old white female § Diagnosed 9.6 months prior to treatment § Completed 52 weeks 18 µg/kg REZPEG treatment; 36 weeks induction and 16 weeks extension Week 36 SALT score through study treatment 100 90 80 70 60 50 40 Week 52 30 20 10 0 0 4

  29. Slide 29: Case Study #6: Clinically Meaningful Efficacy in Very Severe Alopecia Areata and Eyebrow Growth

    Case Study #6: Clinically Meaningful Efficacy in Patient with Very Severe Alopecia Areata and Eyebrow Growth Baseline § 19-year-old white male § Diagnosed 4.3 years prior to treatment § 48 weeks of 18 µg/kg REZPEG treatment; 36 weeks induction and 12 weeks extension (ongoing) Week 36 SALT score thro

  30. Slide 30: Study Results Demonstrate Proof of Concept for REZPEG as Potential First-in-Class Biologic in AA

    Study Results Demonstrate Proof of Concept for REZPEG as a Potential First-in-Class Biologic in Alopecia Areata Achieved our target product profile for favorable clinical efficacy data and tolerability with differentiated safety Profile meets urgent unmet medical need for a safe alternative to JAKi

  31. Slide 31: Jonathan Silverberg, MD, PhD, MPH

    Jonathan Silverberg, MD, PhD, MPH Professor of Dermatology at The George Washington University School of Medicine and Health Sciences Director of Clinical Research and Contact Dermatitis Dr. Silverberg is the Director of Clinical Research and Contact Dermatitis. Dr. Silverberg's area of clinical sub

  32. Slide 32: Dr. David Rosmarin Case Study: Rapid Treatment Effect After 16 Weeks

    Dr. David Rosmarin Case Study: Rapid Treatment Effect After 16 Weeks – Achieved SALT ≤ 10 at Week 36 § 20-year-old white male Baseline § Diagnosed 8 years prior to treatment § 36 weeks of 18 µg/kg REZPEG treatment SALT score through study treatment 100 Week 36 90 80 70 60 50 40 30 20 10 0 0 4 8 12 1

  33. Slide 33: Appendix (Data tables, additional materials)

    Appendix (Data tables, additional materials) 33

  34. Slide 34: Baseline Study Demographics

    Baseline Study Demographics REZPEG REZPEG REZPEG Total Placebo Total 18 µg/kg q2w 24 µg/kg q2w N = 72 N=20 N = 92 N = 37 N = 35 Age n 37 35 72 20 92 Mean (SD) 39.5 (16.25) 40.2 (12.99) 39.8 (14.66) 40.8 (16.04) 40.1 (14.88) Median 36.0 41.0 39.0 40.5 39.0 Min, Max 19, 69 18, 66 18, 69 18, 68 18, 69

  35. Slide 35: Baseline Disease Activity

    Baseline Disease Activity REZPEG 18 µg/kg q2w REZPEG 24 µg/kg q2w REZPEG Total Placebo Total N = 37 N = 35 N = 72 N=20 N = 92 Actual Baseline SALT Score n 37 35 72 20 92 Mean (SD) 80.70 (16.132) 76.26 (18.889) 78.54 (17.544) 76.62 (18.652) 78.12 (17.704) Median 80.70 76.80 79.20 77.70 78.55 Min, Max

  36. Slide 36: Summary of Treatment Emergent Adverse Events (TEAEs)

    Summary of Treatment Emergent Adverse Events (TEAEs) 36-Week Treatment Period: ≥ 10% REZPEG Total or Placebo Arm System Organ Class REZPEG 18 µg/kg q2w REZPEG 24 µg/kg q2w REZPEG Total Placebo Preferred Term N = 37 N = 35 N = 72 N=20 1 Patients With at Least One TEAE 35 (94.6%) 35 (100.0%) 70 (97.2%

  37. Slide 37: ISR Severity Breakdown Across All Dose Administrations

    ISR Severity Breakdown Across All Dose Administrations By Severity Level Over 36-Week Treatment Period Majority of ISRs observed were mild with faint erythema and asymptomatic No ISR 120 Mild 96.9% Moderate 100 Severe 80 55.8% 60 48.7% 43.4% 39.1% 40 20 7.9% 4.9% 2.7% 0.2% 0.0% 0.0% 0.0% 0 Placebo R

  38. Slide 38: Promising Data for a Biologic in AA (SALT 50)

    Promising Data for a Biologic in AA SALT (At Least 50 Percent Change from Baseline in SALT) 50 38

Nektar Therapeutics — Technical Presentation (December 2025) on 6ix