Nektar Therapeutics · NASDAQ:NKTR
Nektar Therapeutics — Technical Presentation (February 2026)
37 slides from Nektar Therapeutics's technical presentation, Feb 10, 2026
Slide 1: Phase 2b REZOLVE-AD: Topline Results from 36-Week Maintenance Period
Phase 2b REZOLVE-AD: Topline Results from 36-Week Maintenance Period Rezpegaldesleukin in Patients with Moderate-to-Severe Atopic Dermatitis February 10, 2026 Exhibit 99.2
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
Slide 3: Rezpegaldesleukin, a Novel Treg MoA, Turns on a Vital Cell Population
Through IL-2 receptor agonism, Rezpeg drives the expansion of Tregs – as opposed to targeted agents that narrowly inhibit only individual cytokine pathways Tregs act as a master immune-modulator to target pro-inflammatory Th2, Th1 and Th17-mediated pathways which drive the underlying pathology of at
Slide 4: Three Questions Asked with the Clinical Study Design of the Phase 2b REZOLVE-AD Program
Three Questions Asked with the Clinical Study Design of the Phase 2b REZOLVE-AD Program for Rezpeg Key Questions Study Results and Design Elements What is the optimal Phase 3 induction dose? 24 µg/kg twice-monthly (Q2W) demonstrated clinically meaningful and statistically significant results across
Slide 5: Review and Summary of Findings from Induction and the Placebo Crossover Cohort
Review and Summary of Findings from Induction and the Placebo Crossover Cohort
Slide 6: Differentiating Features of Rezpeg for Atopic Dermatitis Established with Part 1 Data
Differentiating Features of Rezpeg for Atopic Dermatitis Established with Data Generated from Part 1 of Trial Rapid onset of action for both EASI-75 and itch relief with Rezpeg arm separating from placebo early in treatment Extended dosing to 24 weeks in a placebo crossover cohort shows further deep
Slide 7: REZOLVE-AD 16-Week Data Validates Rezpeg as First-in-Class Novel Treg Mechanism
REZOLVE-AD 16-Week Data Validates Rezpeg as First-in-Class Novel Treg Mechanism in Atopic Dermatitis (Results from 16-Week Induction) 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-1
Slide 8: Responses Seen Early and Sustained Throughout: Fast Onset of Action
EASI-75, EASI-90, vIGA-AD 0/1, and Itch NRS (≥ 4-point Reduction) Responses Seen Early and Sustained Throughout Fast Onset of Action Across All Key Secondary Endpoints The Primary Estimand analysis for binary endpoints use logistic regressions. Data after use of rescue therapy outside protocol speci
Slide 9: Rezpeg 24 Weeks Achieved Superior Response Rates in Placebo Crossover Arm
The analysis of binary endpoints (EASI-75, EASI-90, vIGA-AD 0/1, and Itch NRS response) for the crossover patients uses descriptive summaries and number of patients with observed data as denominator. Study Week: Treatment Week: EASI-75 EASI-90 vIGA-AD 0/1 Itch NRS (≥4-point reduction) W16 W24 36 31
Slide 10: 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-centric l
Slide 11: REZOLVE-AD: Phase 2b Maintenance Designed to Evaluate Monthly and Quarterly Dosing
REZOLVE-AD: Phase 2b Maintenance Designed to Evaluate Monthly and Quarterly Dosing Key Inclusion Criteria: Age: ≥18 years Moderate/severe AD diagnosis for ≥ 12 months EASI ≥ 16 vIGA-AD of 3 or 4 BSA ≥ 10% Biologic-naive (no prior biologic systemic therapy) and systemic JAKi-naïve Failure of prior th
Slide 12: Multiple Efficacy Endpoints Assessed in Maintenance Portion of Trial
Multiple Efficacy Endpoints Assessed in Maintenance Portion of Trial Patients with ≥EASI-50 at End of Induction Rezpeg 24 µg/kg (Q2W) N=58 Rezpeg 24 µg/kg (Q4W) N=53 Rezpeg 18 µg /kg (Q2W) N=56 Q12W (N=27) 36-Week Re-Randomized Maintenance Q4W (N=29) Q12W (N=29) Q4W (N=28) Q12W (N=28) Q4W (N=26) 1:1
Slide 13: Durability of Effect: Maintaining Responses
Durability of Effect: Maintaining Responses
Slide 14: All Monthly and Quarterly Arms Demonstrated Durability of Responses Over 36 Weeks
All Monthly and Quarterly Arms Demonstrated Durability of Responses Over 36 Weeks of Maintenance Dosing Following Induction 16-Week Induction Dose: Rezpeg 24 µg/kg Q2W Rezpeg 24 µg/kg Q4W Rezpeg 18 µg/kg Q2W 36 -Week Maintenance Dose: 24 µg/kg Q4W N=29 24 µg/kg Q12W N=29 24 µg/kg Q4W N=26 24 µg/kg Q
Slide 15: Maintenance of Responses in the Pooled High Dose Maintenance Arms
Maintenance of Responses in the Pooled Monthly and Quarterly High Dose Maintenance Arms n=36 n=14 Maintenance at Week 52 in the Q4W Cohorts 24 µg/kg n=18 n=35 n=21 n=20 Maintenance at Week 52 in the Q12W Cohorts 24 µg/kg n=25 n=17 (n=xx) is the denominator which equals the number of responders at We
Slide 16: Maintenance of EASI-75 and vIGA-AD 0/1
Maintenance of EASI-75 and vIGA-AD 0/1 REZPEG T reg 24 µg/kg Q2W/Q4W Induction DUPI1 IL-13 SOC 300 mg QW/Q2W Induction Percent Maintaining EASI-75 at Week 52 AMLI2 OX-40 250 mg Q4W + LD Induction REZPEG T reg 24 µg/kg Q2W/Q4W Induction DUPI1 IL-13 SOC 300 mg QW/Q2W Induction AMLI2 OX-40 250 mg Q4W +
Slide 17: Maintenance of EASI-90 and the Itch Response Rate at End of Maintenance
Maintenance of EASI-90 and the Itch Response Rate at End of Maintenance REZPEG T reg 24 µg/kg Q2W/Q4W Induction REZPEG T reg 24 µg/kg Q2W/Q4W Induction For REZOLVE-AD, data after escape are set to be missing. All other data regardless of rescue medication use and/or treatment discontinuation are use
Slide 18: Measurements of Improvements and Worsening for Itch and vIGA/IGA
Improving Worsening vIGA/IGA Worsening to 3/4 at end of maintenance among vIGA/IGA Responders at Re-Randomization REZPEG 24 µg/kg Q2W/Q4W Induction DUPILUMAB1 300 mg QW/Q2W Induction Itch NRS ≥3-pt increase from start of maintenance at end of maintenance among EASI-75 or vIGA/IGA Responders at Re-Ra
Slide 19: New and Deepening Responses in Maintenance Among Re-Randomized Patients with ≥ EASI-50
New and Deepening Responses in Maintenance Among Re-Randomized Patients with ≥ EASI-50
Slide 20: Rezpeg Monthly and Quarterly Induced New and Deepening Responses
Induction Dose: Rezpeg 24 µg/kg Q2W Rezpeg 24 µg/kg Q4W Rezpeg 18 µg/kg Q2W Maintenance Dose: 24 µg/kg Q4W N=29 24 µg/kg Q12W N=29 24 µg/kg Q4W N=26 24 µg/kg Q12W N=27 18 µg/kg Q4W N=28 18 µg/kg Q12W N=28 New EASI-75 Responders 43% (n=10) 35% (n=11) 59% (n=9) 44% (n=10) 17% (n=8) 62% (n=9) New EASI-
Slide 21: New and Deepening Responses at Week 52 in Pooled High Dose Arms
New and Deepening Responses at Week 52 in Pooled Monthly and Quarterly Rezpeg (High Dose) Maintenance Arms n=19 n=41 New Responses at Week 52 in Q4W Cohorts 24 µg/kg n=37 n=21 n=35 n=36 New Responses at Week 52 in Q12W Cohorts 24 µg/kg n=26 n=32 (n=xx) is the denominator which equals the number of n
Slide 22: vIGA-AD 0/1 Response Rates Increased at Week 52 in Pooled Arms
vIGA-AD 0/1 Response Rates Increased at Week 52 in Pooled Monthly and Quarterly Rezpeg (High Dose) Maintenance Arms N=55 N=56 vIGA-AD 0/1 Response Rate at Week 52 Among ≥ EASI-50 Responders at Re-Randomization 24 µg/kg N=36 N=37 vIGA-AD 0/1 Response Rate at Week 52 Among ≥ EASI-75 or vIGA-AD 0/1 Res
Slide 23: EASI-100 Response Rates Increased at Week 52 in Pooled Arms
EASI-100 Response Rates Increased at Week 52 in Pooled Monthly and Quarterly Rezpeg (High Dose) Maintenance Arms N=55 N=56 Q4W Maint. Q12W Maint. EASI-100 Rate at Week 52 Among ≥ EASI-50 Responders at Re-Randomization 24 µg/kg N=36 N=37 EASI-100 Rate at Week 52 Among ≥ EASI-75 or vIGA-AD 0/1 Respond
Slide 24: Safety Profile at 52-Weeks Consistent with Previously Reported Results
Safety Profile at 52-Weeks Consistent with Previously Reported Results 52-week safety of Rezpeg 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 patients and was with
Slide 25: Lower Frequency of ISRs Observed Over Longer Dosing Duration in Maintenance
Lower Frequency of ISRs Observed Over Longer Dosing Duration in Maintenance N= number of Rezpeg administrations in Rezpeg arms and number of placebo administrations in placebo arms Mild: Faint erythema, asymptomatic, no or mild itch, no or mild tenderness Moderate: Notable/great erythema, widespread
Slide 26: Key Takeaways from Maintenance
Treg MoA validated for deep and durable efficacy in patients with moderate-to-severe atopic dermatitis with extended dosing out to 52 weeks Both Rezpeg Q4W and Q12W maintenance regimens achieved durability and demonstrated a deepening of responses Supports evaluation of both regimens in Phase 3 Exte
Slide 27: Proposed Phase 3 Trial Design in Atopic Dermatitis
Proposed Phase 3 Trial Design in Atopic Dermatitis Blinded Induction Treatment Period (24 Weeks) Blinded Maintenance Treatment Period (28 Weeks) Screening N ~ 650 > EASI-75 and/or IGA responder advance to maintenance < EASI-75 and/or IGA responder advance to escape arm Open-label Escape Arm REZPEG 2
Slide 28: Upcoming Milestones and Data Readouts
Start of first monotherapy Phase 3 study of Rezpeg in moderate-to-severe atopic dermatitis in Q2 2026 Targeting BLA filing in 2029 For Rezpeg Phase 2 studies: Additional data from REZOLVE-AD to be submitted for a medical meeting Additional analysis of REZOLVE-AD efficacy and safety from maintenance
Slide 29: KOL Panel
KOL Panel 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. His area of clinical subspe
Slide 30: Appendix
/|APPENDIX Bold immune science. Transformative immune health.
Slide 31: Supports Induction Dose of 24 µg/kg Q2W for 24 Weeks in Phase 3 Program
Supports Induction Dose of 24 µg/kg Q2W for 24 Weeks in Phase 3 Program Crossover from Placebo to Rezpeg Demonstrates Deepening of Responses With Continued Q2W Dosing from 16 to 24 Weeks The analysis of Mean EASI % Change for the crossover patients uses descriptive summary measures on observed data.
Slide 32: Patient Disposition in Maintenance
Induction Dose: Rezpeg 24 µg/kg Q2W Rezpeg 24 µg/kg Q4W Rezpeg 18 µg/kg Q2W Rezpeg Overall Placebo Re-Randomized Patients into Maintenance 24 µg/kg Q4W N=29 24 µg/kg Q12W N=29 24 µg/kg Q4W N=26 24 µg/kg Q12W N=27 18 µg/kg Q4W N=28 18 µg/kg Q12W N=28 N=167 N=23 Completed 52 Weeks of Treatment (Mainte
Slide 33: REZOLVE-AD: Patient Populations and Disposition
REZOLVE-AD: Patient Populations and Disposition *Dupilumab Phase 2b (Thaci et al. 2016, Lancet 387:40-52 & supplemental); Tralokinumab Phase 2b (Wollenberg et al. 2019, JACI 143:135-41 & supplemental); Lebrikizumab Phase 2b (Guttman-Yassky et al. 2020, JAMA Derm 156:411-20 & supplemental); Nemolizum
Slide 34: Overall Summary of Treatment Emergent Adverse Events: Maintenance Period
Overall Summary of Treatment Emergent Adverse Events 36-Week Maintenance Treatment Period (mMITT Population) : ≥ 5% REZPEG Overall or Placebo Arm Placebo Rezpeg 24 µg/kg Q4W Rezpeg 24 µg/kg Q12W Rezpeg 18 µg/kg Q4W Rezpeg 18 µg/kg Q12W Rezpeg Overall (N=23) (N=55) (N=56) (N=28) (N=28) (N=167) Patien
Slide 35: Overall Summary of Treatment Emergent Adverse Events: Escape Arm
Overall Summary of Treatment Emergent Adverse Events Escape Arm Patients following Escape from Either Induction or Maintenance TEAE Escape Arm 24 µg/kg Q2W (N=145) Patients With at Least One TEAE 121 (83%) Patients With at Least One TEAE Excluding ISR 98 (68%) Patients With at Least One Serious TEAE
Slide 36: REZOLVE-AD: Statistical Methodology for Maintenance Phase
REZOLVE-AD: Phase 2b Trial Design Statistical Methodology for Maintenance Phase Maintenance Estimand in Re-Randomized Patient Population (EASI-50 Responders at W16): Data after escape are set to be missing. All other data regardless of rescue medication use and/or treatment discontinuation are used
Slide 37: Study Design Comparisons for Maintenance Phase
Study Design Comparisons for Maintenance Phase Endpoint Rezpegaldesleukin 18/24 µg/kg q4w/q12w 16/52W Nektar Amlitelimab 250mg +LD/250mg/125 mg/62.5 mg q4w1 24/52W Sanofi Rocatinlimab 150/600mg q4w 300/600 mg q2w2 16/36W Amgen** Lebrikizumab 250mg q2w/q4w3 Phase 3 (ADvocate 1&2) 16/52W Lilly/Dermira
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