Nektar Therapeutics (NKTR) Q3 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

powerful translation of the scientific discoveries that led to an understanding of the importance of Tregs and to the first demonstration of their clear clinical efficacy in autoimmune disease. The Nobel Prize in Physiology or Medicine was recently awarded for these discoveries that established FOXP3 positive Tregs as key enforcers of immune tolerance. We're very humbled that the Nobel Committee included the publication of the Phase 1b data for RESPEG in ectopic dermatitis and psoriasis as support in the background documents for this award. The recognition of RESPEG was truly an honor and speaks to the journey that our nectar scientists and clinicians have traveled over the years to turn important scientific discoveries into real potential medicines for patients. Our approach with RESPEG and stimulation of Tregs is highly differentiated in the field. We believe this is why we've been able to uniquely generate meaningful and robust clinical data that clearly support continued development of this novel modality. Respeg was designed to closely mimic the way Tregs in our own immune system work to resolve inflammation. Its construct gets closest to emulating natural human biology, achieving this through IL-2 agonism, with native sequence IL-2 receptor interactions and a validated chemistry approach, PEGylation, that has led to over two dozen approved biologics. At the 2025 EADV Congress in September, we presented compelling results from the 16-week induction period of the 400-patient resolved AD study of RESPEG in moderate to severe ectopic dermatitis. These data showcased the clinical differentiation that could be achieved with this novel MOA, and Jay-Z will touch on this later in the call. And this weekend, at the 2025 American College of Allergy, Asthma, and Immunology...