Nektar Therapeutics · NASDAQ:NKTR

Nektar Therapeutics — Investor Presentation (April 2026)

36 slides from Nektar Therapeutics's investor presentation, Apr 20, 2026

  1. Slide 1: Phase 2b REZOLVE-AA 52-Week Topline Results: 16-Week Extension Treatment Period

    Phase 2b REZOLVE-AA 52-Week Topline Results: 16-Week Extension Treatment Period Rezpegaldesleukin in Patients with Severe-to-Very-Severe Alopecia Areata April 20, 2026

  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: 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

  4. Slide 4: Opportunity for REZPEG in Alopecia Areata (AA)

    Opportunity for REZPEG 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 Patients w

  5. Slide 5: Collapse of Immune Privilege in Alopecia Areata

    Collapse of Immune Privilege in Alopecia Areata Alopecia Areata is a Disease that Occurs When the Immune System Attacks Hair Follicles Causing Hair Loss Healthy Alopecia Areata Intact immune privilege Collapse of immune privilege Source: Adapted from Paus et al., Journal of Investigative Dermatology

  6. Slide 6: 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,

  7. Slide 7: 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 7

  8. Slide 8: 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

  9. Slide 9: 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 Exploratory Treatment Extension Key Eligibility Criteria Induction Q2W (Weeks 0-36) Week 36 Analyses and Follow-up • Adult patients (18+)

  10. Slide 10: Goals of 16-week Treatment Extension in REZOLVE-AA

    Goals of 16-week Treatment Extension in REZOLVE-AA  Assess if additional dosing beyond 36 weeks enables more patients to achieve SALT Score ≤20  SALT Score ≤20 is the registrational endpoint for Phase 3 in alopecia areata  REZOLVE-AA allowed 31 patients with a SALT Score >20 at week 36 to continu

  11. Slide 11: 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

  12. Slide 12: 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

  13. Slide 13: Conversions to Responders 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

  14. Slide 14: More Patients Treated with REZPEG Achieved SALT Score ≤20 at Week 52

    More Patients Treated with REZPEG 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 and 52 are c

  15. Slide 15: REZPEG Met Our Target Product Profile

    REZPEG 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 studies and i

  16. Slide 16: More Patients Treated with REZPEG Achieved SALT Score ≤30 at Week 52

    More Patients Treated with REZPEG 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 for patients

  17. Slide 17: 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. 17

  18. Slide 18: 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. 18

  19. Slide 19: REZOLVE-AA: Safety Profile at 52 Weeks 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

  20. Slide 20: 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 REZPEG treatment SALT Score through study treatment Week 36 Week 52 20

  21. Slide 21: 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 REZPEG treatment SALT Score through study treatment 21

  22. Slide 22: 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 REZPEG treatment SALT Score through study treatment 22

  23. Slide 23: 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 REZPEG treatment SALT Score through study treatment 23

  24. Slide 24: 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 REZPEG treatment SALT Score through study treatment 24

  25. Slide 25: Key Questions Answered With Clinical Study Design Elements of Phase 2b REZOLVE-AA

    Key Questions Answered With Clinical Study Design Elements of the Phase 2b REZOLVE-AA Program Key Questions Findings • Sub-Q Q2W dosing of REZPEG demonstrates Phase 2 Can a Treg biologic drug with infrequent dosing clear and consistent separation from placebo on all measures of efficacy offer meanin

  26. Slide 26: Anticipated Next Steps in Alopecia Areata and for REZPEG

    Anticipated Next Steps in Alopecia Areata and for REZPEG • Conduct End of Phase 2 meeting with FDA in Q2 2026 to align on Phase 3 registrational strategy Alopecia Areata • Additional data readout from REZOLVE-AA Study: 24-week off treatment data in Q4 2026 • Initiation of ZENITH-AD Phase 3 program i

  27. Slide 27: Expanding Potential Opportunities for REZPEG (Treg MOA Activity)

    Expanding Potential Opportunities for REZPEG (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 Bowel Dise

  28. Slide 28: Ongoing Phase 2 Study Sponsored and Funded by TrialNet Type 1 Diabetes Consortium

    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

  29. Slide 29: Opportunity in Cutaneous Lupus Erythematosus

    Opportunity in Cutaneous Lupus Erythematosus REZPEG 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 baseline (N=

  30. Slide 30: 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. Dr. Silverberg's area of clinical sub

  31. Slide 31: Appendix (Data tables, additional materials)

    Appendix (Data tables, additional materials) 31

  32. Slide 32: REZOLVE-AA: Week 52 Data Readout - Statistical Methods

    REZOLVE-AA: Week 52 Data Readout - Statistical Methods Exploratory Analyses Including Data During Treatment Extension Period • Week 0 up to Week 36 for mITT patients: Follow Primary Estimand Analysis used at time of Week 36 DBL • mITT patients who used prohibited medications for the treatment of AA

  33. Slide 33: Patient Disposition in REZOLVE-AA

    Patient Disposition in REZOLVE-AA REZPEG REZPEG REZPEG Placebo 18 µg/kg Q2W 24 µg/kg Q2W Total N = 37 N = 35 N = 72 N=20 Completed Study Treatment at W36 24 (64.9%) 21 (60.0%) 45 (62.5%) 11 (55.0%) Entered the treatment extension period 14 (37.8%) 13 (37.1%) 27 (37.5%) 4 (20.0%) Completed Treatment

  34. Slide 34: Summary of Treatment Emergent Adverse Events (TEAEs)

    Summary of Treatment Emergent Adverse Events (TEAEs) Safety Analysis Set - Overall 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 Patients With at Least One TEAE1 35 (94.6%) 35 (100.0%

  35. Slide 35: Lower Frequency of ISRs Observed Over Longer Dosing Duration in Extension

    Lower Frequency of ISRs Observed Over Longer Dosing Duration in Extension % of ISRs in each arm across 100 96.9% all dose administrations 80 60 55.8% Induction Period 39.1% 43.3% 48.8% 40 20 4.9% 7.9% 2.7% 0.3% 0.0% 0.2% 0.0% 0 Placebo Rezpeg 24 ug/kg Q2W Rezpeg 18 ug/kg Q2W (N=293) (N=489) (N=541)

  36. Slide 36: REZPEG mITT Population Achieved High SALT Score ≤20 at Week 52

    REZPEG mITT Population Achieved High SALT Score ≤20 at Week 52 Data for mITT 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 and 52 are carried forward from Week 36 data. Missing data for patients in Trea

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