Nektar Therapeutics Announces Closing of $373.8 Million Public Offering Including Full Exercise of Underwriters' Option to Purchase Additional Shares

Rhea-AI Summary

Nektar Therapeutics (Nasdaq: NKTR) closed an underwritten public offering on April 23, 2026, raising approximately $373.8 million in gross proceeds.

The company sold 4,062,500 shares at $92.00 per share, including 529,891 shares issued upon full exercise of the underwriters' option. Joint bookrunners were Jefferies, TD Cowen, and Piper Sandler; Citigroup acted as bookrunner. The offering was made under a Form S-3ASR shelf registration effective November 12, 2025, and final prospectus materials are available via the SEC and the bookrunners listed.

Positive

• Gross proceeds of $373.8 million from the offering
• Sold 4,062,500 common shares at $92.00 per share
• Underwriters fully exercised option for 529,891 additional shares

Negative

• Underwriting discounts and estimated offering expenses will reduce net proceeds
• Issuance of new shares increases share count, diluting existing shareholders

News Market Reaction – NKTR

+0.46%

+0.46% Session close to close

In the Apr 24 session, NKTR gained 0.46%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Market Context

This announcement details the closing of a $373.8 million underwritten public offering at $92.00 per...

Analysis

This announcement details the closing of a $373.8 million underwritten public offering at $92.00 per share, including full exercise of the underwriters’ option. The transaction adds 4,062,500 new shares, providing substantial capital for R&D and late-stage development. Historically, Nektar’s frequent offerings have produced mixed price responses, so investors may focus on how efficiently new funds support Phase 3 rezpegaldesleukin and broader pipeline milestones over time.

Key Figures

Gross offering size: $373.8 million Shares sold: 4,062,500 shares Underwriters' option shares: 529,891 shares +5 more

8 metrics

Gross offering size $373.8 million Common stock public offering gross proceeds before expenses

Shares sold 4,062,500 shares Total common shares sold in this offering

Underwriters' option shares 529,891 shares Additional shares sold via full exercise of option

Offering price $92.00 per share Public offering price for the common stock

Price change -5.05% 1-day move ahead of/around offering closing

Volume vs avg 3.18x Today’s volume relative to 20-day average

52-week range $7.99–$109.00 Low and high over the last 52 weeks

200-day MA $51.57 Pre-news 200-day moving average level

Previous Offering Reports

5 past events · Latest: Apr 21 (Negative)

Same Type Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Apr 21	Offering priced	Negative	-3.3%	Upsized $325M offering priced at $92 with 30-day option.
Apr 20	Offering proposed	Negative	-2.2%	Proposed $250M equity deal plus potential $37.5M add-on.
Feb 13	Offering closed	Negative	+3.5%	Closing of $460M equity raise including pre-funded warrants.
Feb 11	Offering priced	Negative	+7.0%	Pricing of upsized $400M equity offering at $58 per share.
Feb 10	Offering proposed	Negative	+18.5%	Proposed $300M stock and pre-funded warrant financing.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Equity offerings have produced mixed reactions: some prior deals were followed by declines, while others saw notable gains, indicating investors weigh dilution concerns against strengthened funding on a case-by-case basis.

Recent Company History

Recent history shows Nektar repeatedly accessing equity markets. February 2026 saw proposed and upsized offerings around $300–400 million, with reactions ranging from about -2% to over +18%. A closing of a $460 million deal also produced a positive move. In April 2026, proposed and priced offerings again triggered modest declines. Today’s closing of the $373.8 million deal fits this pattern of frequent capital raises used to fund Phase 3 development.

Key Terms

underwritten public offering, shelf registration statement, form s-3asr, prospectus supplement, +2 more

6 terms

underwritten public offering financial

"announced the closing of its underwritten public offering of $373.8 million"

An underwritten public offering is when a company sells new shares of its stock to the public with the help of a financial firm, called an underwriter. The underwriter agrees to buy all the shares upfront, reducing the company's risk, and then sells them to investors. This process helps companies raise money quickly and confidently from a wide range of buyers.

shelf registration statement regulatory

"offered pursuant to a shelf registration statement on Form S-3ASR"

A shelf registration statement is a document a company files with regulators that allows it to sell shares or bonds quickly when it’s a good time to raise money. It’s like having a pre-approved plan ready so the company can act fast without going through lengthy paperwork each time they want to sell, making fundraising more flexible.

form s-3asr regulatory

"shelf registration statement on Form S-3ASR (No. 333-291466)"

Form S-3ASR is a type of SEC registration that lets large, well-known public companies pre-register securities so they can be sold quickly when needed, similar to having a pre-approved credit line they can draw on at short notice. For investors, it matters because it signals a company's readiness to raise cash fast, which can affect share supply and price (dilution) and reveal how easily the company can fund growth or handle short-term needs.

prospectus supplement regulatory

"only by means of a prospectus supplement and an accompanying prospectus"

A prospectus supplement is an additional document provided alongside a company's main offering details, offering updated or extra information about a specific financial product being sold. It helps investors understand the latest terms, risks, and details of the investment, similar to how an update or revision clarifies or expands on original instructions, ensuring they have current and complete information before making a decision.

bookrunning managers financial

"Jefferies, TD Cowen, and Piper Sandler acted as joint bookrunning managers"

Lead banks that organize and manage a new stock or bond offering, coordinating other banks, setting the initial sale price, collecting investor orders and deciding how many shares each buyer receives. Think of them as the project manager and ticket-seller for a public offering — their pricing, allocations and ability to sell the issue directly affect how successful the offering is and how the security performs for investors afterward.

u.s. securities and exchange commission regulatory

"filed with the U.S. Securities and Exchange Commission (the "SEC")"

The U.S. Securities and Exchange Commission is a government agency responsible for overseeing the stock market and protecting investors. It sets rules to ensure that companies share truthful information and that trading is fair, helping to maintain trust in the financial system. This oversight is important because it helps prevent fraud and ensures that investors can make informed decisions.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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SAN FRANCISCO, April 23, 2026 /PRNewswire/ -- Nektar Therapeutics (Nasdaq: NKTR), a clinical-stage biotechnology company focused on development of novel immunology therapies, today announced the closing of its underwritten public offering of $373.8 million of shares of its common stock. Nektar sold 4,062,500 shares of common stock in the offering, which includes 529,891 shares sold upon exercise in full by the underwriters of their option to purchase additional shares of common stock in the offering. The shares of common stock were sold at a public offering price of $92.00 per share. The gross proceeds to Nektar from the offering were approximately $373.8 million, before deducting underwriting discounts and commissions and estimated offering expenses. All of the securities sold in this offering were offered by Nektar.

Jefferies, TD Cowen, and Piper Sandler acted as joint bookrunning managers for the offering. Citigroup also acted as a bookrunner for the offering.

The securities described above were offered pursuant to a shelf registration statement on Form S-3ASR (No. 333-291466) that was filed with the U.S. Securities and Exchange Commission (the "SEC") on November 12, 2025 and automatically became effective upon filing. This offering was made only by means of a prospectus supplement and an accompanying prospectus that form a part of the registration statement.

A final prospectus supplement related to and describing the terms of the offering was filed with the SEC and is available on the SEC's website located at www.sec.gov. Copies of the final prospectus supplement and an accompanying prospectus related to the offering may also be obtained from Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, New York, NY 10022, by telephone at (877) 821-7388, or by email at prospectus_department@jefferies.com; TD Securities (USA) LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 or  by email at TDManualrequest@broadridge.com; Piper Sandler & Co., 350 North 5th Street, Suite 1000, Minneapolis, MN 55401, Attention: Prospectus Department, by telephone at (800) 747-3924, or by email at prospectus@psc.com; or Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 (Tel: 800-831-9146).

This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that state or jurisdiction.

About Nektar Therapeutics

Nektar Therapeutics is a clinical-stage biotechnology company focused on developing treatments that address the underlying immunological dysfunction in autoimmune and chronic inflammatory diseases. Nektar's lead product candidate, rezpegaldesleukin (REZPEG, or NKTR-358), is a novel, first-in-class regulatory T cell stimulator being evaluated in one Phase 2b clinical trial in atopic dermatitis, one Phase 2b clinical trial in alopecia areata, and in one Phase 2 clinical trial in Type 1 diabetes mellitus. Nektar's pipeline also includes a preclinical bivalent tumor necrosis factor receptor type II (TNFR2) antibody and bispecific programs, NKTR-0165 and NKTR-0166, and a modified hematopoietic colony stimulating factor (CSF) protein, NKTR-422.

Nektar is headquartered in San Francisco, California.

For Investors:

Vivian Wu
628-895-0661
VWu@nektar.com 

Corey Davis, Ph.D.
LifeSci Advisors
212-915-2577
cdavis@lifesciadvisors.com 

For Media:

Susan Roberts
LifeSci Communications
202-779-0929
sroberts@lifescicomms.com 

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SOURCE Nektar Therapeutics

FAQ

How much did Nektar (NKTR) raise in the April 23, 2026 public offering?

Nektar raised approximately $373.8 million in gross proceeds from the offering. According to the company, that figure is before deducting underwriting discounts, commissions, and estimated offering expenses which will reduce net proceeds.

How many shares did Nektar (NKTR) sell and at what price in the offering?

Nektar sold 4,062,500 common shares at a public offering price of $92.00 per share. According to the company, this total includes 529,891 shares issued upon full exercise of the underwriters' option.

Which banks managed Nektar's (NKTR) April 2026 offering and where is the prospectus?

Jefferies, TD Cowen, and Piper Sandler acted as joint bookrunning managers; Citigroup served as a bookrunner. According to the company, the final prospectus supplement is filed with the SEC and available via the listed bookrunners.

Was Nektar's (NKTR) offering registered and when did the registration become effective?

The securities were offered under a shelf registration on Form S-3ASR (No. 333-291466) that automatically became effective on November 12, 2025. According to the company, the offering was made by prospectus supplement and accompanying prospectus.

What immediate financial impacts does the Nektar (NKTR) offering create for shareholders?

The offering increases Nektar's cash resources by roughly $373.8 million gross while creating new shares that increase the outstanding share count. According to the company, net proceeds will be lower after underwriting discounts and expenses.