Nektar Therapeutics · NASDAQ:NKTR
Nektar Therapeutics — EADV Analyst and Investor Event 2026
38 slides from Nektar Therapeutics's conference presentation, Oct 1, 2026
Slide 1: EADV Analyst and Investor Event October 1, 2026
EADV Analyst and Investor Event October 1, 2026
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 Securities Litigation Reform Act of 1995, including, but not limited to, express or implied statements regarding Nektar Ther
Slide 3: Today's Speakers
Jonathan Zalevsky, Ph.D. Chief Research Development Officer of Nektar Therapeutics Mary Tagliaferri, M.D. Chief Medical Officer of Nektar Therapeutics Benjamin N. Ungar, M.D. Assistant Professor, Waldman Department of Dermatology, Icahn School of Medicine at Mount Sinai Director of the Alopecia Cent
Slide 4: Rezpegaldesleukin is a novel, first-in-class biologic targeting regulatory T cells
Rezpegaldesleukin (REZPEG) is a novel, first-in-class biologic targeting regulatory Tcells (Tregs) Administered as an active drug, with extended half-life1 Preferential binding to IL-2 receptor complex on Tregs compared to conventional Tcells (Tcons)1 In vivo selectively expands and enhances the fun
Slide 5: REZPEG Program Spans Immune-Mediated Diseases
Rezpegaldesleukin (REZPEG) Program Spans Immune-Mediated Diseases to Evaluate the Causal Biology of Tregs 5 Atopic Dermatitis (REZOLVE-AD) Inflammatory Skin Disease Alopecia Areata (REZOLVE-AA) Inflammatory Skin Disease Type 1 Diabetes (T1D) Metabolic Disease $17.9 $34.1 2025 2032 (E) $0.2 $5.2 2025
Slide 6: An Efficacious and Safe Biologic with Novel MoA Could Redefine First-line Systemic Therapy in Alopecia Areata
An Efficacious and Safe Biologic with Novel MoA Could Redefine First- line Systemic Therapy in Alopecia Areata 6 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 7: AAD 2025: Baricitinib Real World Claims Data Unmet Need in Alopecia Areata
AAD 2025: Baricitinib Real World Claims Data Unmet Need for Patients with Alopecia Areata 7 "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
Slide 8: Key Questions and Findings
Key Questions Findings Can a Treg biologic drug with infrequent dosing offer meaningful clinical benefit and a robust safety profile compared to available therapies? Sub-Q Q2W dosing of REZPEG demonstrates clear and consistent separation from placebo on all measures of efficacy Safety profile consis
Slide 9: Phase 2b REZOLVE-AA Study Evaluating REZPEG for Alopecia Areata
Severe-to-Very-Severe Alopecia Areata (NCT06340360) - Granted Fast Track Designation in July 2025 Phase 2b REZOLVE-AA Study Evaluating REZPEG for Alopecia Areata 9 Key Eligibility Criteria Induction Q2W (Weeks 0-36) Severity of Alopecia Tool (SALT) is a validated endpoint to assess the extent of sca
Slide 10: Overall SALT Score ≤20 Previously Reported at Week 52
10 Overall SALT Score ≤20 (80% or More Hair Coverage on Scalp) Previously Reported: More Patients Achieved SALT Score ≤20 at Week 52 with REZPEG 0 4 8 12 16 20 24 28 32 36 40 44 48 52 0 10 20 30 SALT Score ≤ 20 Week Response (%) 24.4% 21.2% AA2: Baricitinib 2 mg, QD (N=156) AA1: Baricitinib 2 mg, QD
Slide 11: Patients Entering Extension to Receive Additional Weeks of Treatment
A Total of 31 Patients Entered Extension to Receive 16 Additional Weeks of Treatment 11 29% 31% 0% 0 10 20 30 40 REZPEG 18 µg/kg arm n=14 REZPEG 24 µg/kg arm n=13 Placebo n=4 Previously Reported: 52 Weeks of Treatment Increased SALT Score ≤20 Responses There were 8 new SALT Score ≤20 responses in 27
Slide 12: Comparable SALT Score ≤20 Response Rates by Episode Duration
New Data: Comparable SALT Score ≤20 Response Rates Seen at Week 52 in Patients with Current Alopecia Areata Episode < 4 years vs ≥ 4 years at Baseline 12 Clinically meaningful hair growth with REZPEG was observed irrespective of duration of episode Current episode duration is an important prognostic
Slide 13: SALT Score ≤20 Response Rates by Episode Duration vs Baricitinib
SALT Score ≤20 Response Rates in Patients with Current Alopecia Areata Episode < 4 years vs ≥ 4 years 13 REZPEG Overall Arm (NRI) 28% 11% 0 10 20 30 40 50 Baricitinib <4 years n=230 Baricitinib ≥4 years n=110 Responders (%) Baricitinib 2 mg Arm* (NRI) SALT Score ≤20 Response Rates at Week 52 by Dura
Slide 14: Phase 2b REZOLVE-AA Study Design with Extension and Follow-up
Severe-to-Very-Severe Alopecia Areata (NCT06340360) - Granted Fast Track Designation in July 2025 Phase 2b REZOLVE-AA Study Evaluating REZPEG for Alopecia Areata 14 Key Eligibility Criteria Induction Q2W (Weeks 0-36) Severity of Alopecia Tool (SALT) is a validated endpoint to assess the extent of sc
Slide 15: Majority Maintained SALT Score ≤20 at 4 and 6 Months Off Treatment
Olumiant® is a registered trademark owned or licensed by Eli Lilly and Company, its subsidiaries, or affiliates.*4-month off-treatment data for baricitinib are estimated based on Figure 2 in King et al. JAMA Dermatology (2024) Data for rezpegaldesleukin are Non-responder imputation (NRI) analyses: m
Slide 16: Nearly Half Maintained Hair Regrowth at 6 Months Off Treatment
For Patients Who Completed 6 Months Off Treatment, Nearly Half of Patients Maintained Hair Regrowth at 6 Months 16 44% 50% 48% 0 10 20 30 40 50 60 70 80 REZPEG 18 µg/kg arm n=9 REZPEG 24 µg/kg arm n=12 REZPEG Overall n=21 Maintenance of Week 52 SALT Score (%) Maintenance of Week 52 SALT Score After
Slide 17: Deeper Responses and Maintained Hair Regrowth During Off-Treatment Period
During the 6 Month Off-Treatment Period, 41% of Patients Achieved Deeper Responses and an Additional 22% Maintained Hair Regrowth 17 Best Percent Improvement in SALT Score from Baseline in the 52-Week Treatment Cohort (N=27) Over the On and Off Treatment Periods, 33% (9/27) Achieved ≥75% Reduction f
Slide 18: Proportion Achieving SALT Score ≤10 Doubled Off Treatment
Proportion of Patients Who Achieved SALT Score ≤10 Doubled in the 6 Months Off Treatment 18 The proportion of patients achieving near-complete scalp hair regrowth (SALT ≤10) doubled during the 6- month off-treatment period. Clinical responses continued to deepen after treatment discontinuation, demo
Slide 19: REZOLVE-AA: Safety Profile Consistent With Previously Reported Studies
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 to an
Slide 20: Deepening of Response from SALT ≤20 to SALT ≤10 Off Treatment (Patient 1)
Baseline Week 36 Week 52 20 Deepening of Response from SALT Score ≤20 after One Year of Treatment to a SALT Score ≤10 Off Treatment 40-year-old white male Diagnosis 8 months prior to treatment 52 weeks of 24 µg/kg REZPEG treatment On treatment Off treatment Week 52 (16-week Treatment Extension) 24 W
Slide 21: Deepening of Response from SALT ≤20 to SALT ≤10 Off Treatment (Patient 2)
On treatment Off treatment 21 Deepening of Response from SALT Score ≤20 after One Year of Treatment to a SALT Score ≤10 Off Treatment 64-year-old white female Diagnosed 13 years prior to treatment 52 weeks of 24 µg/kg REZPEG treatment 0 10 20 30 40 50 60 70 2660-6047 Study Weeks SALT Score 0 4 8 12
Slide 22: Key Takeaways from the Phase 2b REZOLVE-AA Study
Rezpegaldesleukin in Severe-to-Very-Severe Alopecia Areata Patients Key Takeaways from the Phase 2b REZOLVE-AA Study 52-Week Treatment Data:. Q2W dosing of REZPEG demonstrates clear and consistent separation from placebo on all measures of efficacy . Similar SALT Score ≤20 in the subgroup of patient
Slide 23: Multi-omic profiling identifies early molecular responses to rezpegaldesleukin in atopic dermatitis
Multi-omic profiling identifies early molecular responses to rezpegaldesleukin, a novel regulatory T cell-inducing therapy, in atopic dermatitis Meredith Manson1, Flavia Manzo Margiotta1, Ester Del Duca1, Ying Zi (Jessy) Mei1, Joel Correa da Rosa1, Christine Butawo1, Manishkumar Patel1, Yeriel Estra
Slide 24: Reductions Observed in Four Key Biomarkers of Atopic Dermatitis
Reductions were observed in four key biomarkers of atopic dermatitis Notes: Normal range of TARC, CCL22, and Periostin provided by Rules Based Medicine, based on their analysis of 100 normal healthy volunteers; Normal range of IL-19 derived from Konrad et al. 2019 Sources: 1. Renert-Yuval et al. 202
Slide 25: Strong relationship to dose-dependent clinical responses
Strong relationship to dose-dependent clinical responses Phase 2b PK/PD profile is consistent with prior studies 25 Change in Treg % from Baseline Dose-Dependent Pharmacokinetics 0 2 4 6 0 2 4 6 8 12 14 16 Study Weeks Fold change from baseline, %CD25bright Tregs (mean+SEM) Placebo Rezpeg 24 µg/kg Q2
Slide 26: September 2026 EADV Congress • Vienna
30 September 2026 EADV Congress • Vienna 26
Slide 27: Rezpeg targets Tregs that are impaired in AD
30 September 2026 EADV Congress • Vienna 27 Rezpeg targets Tregs that are impaired in AD Treg expansion and activation restores the immunoregulatory balance Increased activity and number of T effector cells shift the balance toward inflammation REZPEG utilizes the approved recombinant human IL-2 (rh
Slide 28: Phase 2b trial explored efficacy and safety of REZPEG in moderate-to-severe AD
Phase 2b trial explored efficacy and safety of REZPEG in subjects with moderate-to-severe AD Induction Period (16 Weeks) Maintenance Period (36 Weeks) 3:3:3:2 N=393 Rezpeg Q4W or Q12W Rezpeg 24 µg/kg (Q2W) Rezpeg 18 µg /kg (Q2W) Placebo Q4W (included only to maintain study blind and not an efficacy
Slide 29: Study methods and objectives
Objectives: • To further characterize the molecular mechanism of action of REZPEG • To evaluate the effect of REZPEG on AD biomarkers in both blood samples and tape strips, a non-invasive skin sampling approach to evaluate treatment response • Tape strips collected from lesional skin and blood sampl
Slide 30: Tape strips: demographics and baseline disease characteristics
REZPEG (24 ug/kg q2w) n=59 Placebo (q2w) n=41 p-value† Age (years) 0.87 Mean (SD) 36.6 (13.5) 37.1 (13.8) Sex >0.99 Female 28 (47%) 20 (49%) Male 31 (53%) 21 (51%) Race 0.39 White 47 (80%) 31 (76%) Asian 6 (10%) 7 (17%) Black or African American 5 (8%) 1 (2%) Other/Unknown 1 (2%) 2 (5%) Ethnicity 0.
Slide 31: Molecular cohort consistent with overall Phase 2b study population
Improvement in the molecular cohort demonstrated consistency with overall phase 2b study population Primary Endpoint: Mean Percent Change in EASI at Week 16 Study Population n=393 Molecular Cohort n=100 REZPEG 24 µg/kg Q2W REZPEG 18 µg/kg Q2W REZPEG 24 µg/kg Q4W Placebo Q2W 30 September 2026 EADV Co
Slide 32: REZPEG increased Treg-associated gene expression as early as week 2
REZPEG PLACEBO BL W2 W4 BL W2 W4 REZPEG increased Treg-associated and regulatory gene expression as early as week 2 Abbreviations: BL, baseline; FCH, fold change; PBO, Placebo; REZPEG, Rezpegaldesleukin; W, week. +p<0.1 *p<0.05 **p<0.01 ***p<0.001 30 September 2026 EADV Congress • Vienna 32 • REZPEG
Slide 33: REZPEG drives early changes in immune pathways implicated in AD
REZPEG PLACEBO BL W2 W4 BL W2 W4 Abbreviations: BL, baseline; FCH, fold change; PBO, Placebo; REZPEG, Rezpegaldesleukin; W, week. +p<0.1 *p<0.05 **p<0.01 ***p<0.001 30 September 2026 EADV Congress • Vienna 33 Th1 Th2 Th17 Th22 REZPEG drives early changes in immune pathways implicated in AD
Slide 34: Tape-strip proteomics reveal modulation of key immune pathways by week 4
30 September 2026 EADV Congress • Vienna 34 Th1 Th2 Th17 JAK-STAT Fibrosis Values represent the log2 fold-change in pathway-level GSVA (Gene Set Variation Analysis) z-scores at each post-baseline timepoint compared to the pathway's baseline score; bars show mean ± SEM. Asterisks denote statistical s
Slide 35: Tape-strip proteomics demonstrate early improvement of disease pathways
30 September 2026 EADV Congress • Vienna 35 Cardiovascular Atherosclerosis Values represent the log2 fold-change in pathway-level GSVA (Gene Set Variation Analysis) z-scores at each post-baseline timepoint compared to the pathway's baseline score; bars show mean ± SEM. Asterisks denote statistical s
Slide 36: Early serum biomarker changes associated with EASI improvement at week 16
∆ EASI Early serum biomarker changes associated with improvement in EASI at week 16 30 September 2026 EADV Congress • Vienna 36 Th2 Th17 EASI ∆ EASI lg(FCH) lg(FCH) lg(FCH) IL-10 CCL17/TARC TGFβ1 REZPEG Placebo All correlations in REZPEG arm were significant with p-values <0.001 • Increases in IL-10
Slide 37: Conclusion
30 September 2026 EADV Congress • Vienna 37 • REZPEG induced rapid Treg-associated molecular changes, with concurrent modulation of the complex immune dysregulation underlying AD. • Transcriptomic and proteomic analyses demonstrated systemic and cutaneous normalization across multiple immune pathway
Slide 38: Today's Speakers
Jonathan Zalevsky, Ph.D. Chief Research & Development Officer of Nektar Therapeutics Mary Tagliaferri, M.D. Chief Medical Officer of Nektar Therapeutics Benjamin N. Ungar, M.D. Assistant Professor, Waldman Department of Dermatology, Icahn School of Medicine at Mount Sinai Director of the Alopecia Ce
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