Nektar Therapeutics Announces Proposed Public Offering

Rhea-AI Summary

Nektar Therapeutics (Nasdaq: NKTR) on Feb. 10, 2026 announced a proposed underwritten public offering of $300,000,000 of common stock and, for certain investors, pre-funded warrants, with a 30-day option for up to an additional $45,000,000. The offering is subject to market conditions.

Proceeds are intended for general corporate purposes, including research and development, clinical development (including Phase 3 trials for rezpegaldesleukin), and manufacturing. Jefferies, TD Cowen, and Piper Sandler are joint bookrunning managers. The securities will be offered under a Form S-3ASR shelf registration that became effective Nov. 12, 2025.

Positive

• Proposed capital raise of $300M to support operations and trials
• Includes additional $45M underwriter option to increase proceeds
• Proceeds earmarked for Phase 3 rezpegaldesleukin clinical development

Negative

• Equity offering may dilute existing shareholders if completed
• Completion is uncertain and subject to market and other conditions

Market Reaction

+17.61% $65.86 3.2x vol

15m delay 67 alerts

+17.61% Since News

$65.86 Last Price

$58.95 $67.94 Day Range

+$201M Valuation Impact

$1.34B Market Cap

3.2x Rel. Volume

Following this news, NKTR has gained 17.61%, reflecting a significant positive market reaction. Our momentum scanner has triggered 67 alerts so far, indicating high trading interest and price volatility. The stock is currently trading at $65.86. This price movement has added approximately $201M to the company's valuation. Trading volume is very high at 3.2x the average, suggesting strong buying interest.

Data tracked by StockTitan Argus (15 min delayed). Upgrade to Silver for real-time data.

Key Figures

Base offering size: $300,000,000 Underwriters’ option: $45,000,000 Option duration: 30 days +1 more

4 metrics

Base offering size $300,000,000 Proposed underwritten public offering of common stock and pre-funded warrants

Underwriters’ option $45,000,000 Additional common stock at public offering price, less fees

Option duration 30 days Period for underwriters to exercise option for additional shares

Form type Form S-3ASR Shelf registration statement No. 333-291466 filed Nov 12, 2025

Market Reality Check

Price: $56.00 Vol: Volume 299,232 is below t...

low vol

$56.00 Last Close

Volume Volume 299,232 is below the 20-day average of 703,652 ahead of the offering news. low

Technical Shares at $37.07 are trading above the 200-day MA of $36.24 and well below the $66.92 52-week high.

Peers on Argus

Ahead of this offering, NKTR was up 0.71% with mixed but mostly positive moves a...

Ahead of this offering, NKTR was up 0.71% with mixed but mostly positive moves among biotech peers (e.g., ABUS +4.11%, SANA +2.56%, SYRE -3.3%). The momentum scanner did not flag a coordinated sector move.

Previous Offering Reports

3 past events · Latest: Jul 02 (Negative)

Same Type Pattern 3 events

Date	Event	Sentiment	Move	Catalyst
Jul 02	Offering closing	Negative	-3.0%	Closed $115M equity raise with underwriters fully exercising option.
Jul 01	Offering pricing	Negative	-4.8%	Priced $100M public offering of common stock at $23.50 per share.
Jun 30	Proposed offering	Negative	-4.8%	Announced proposed public offering and 15% underwriter option.

Pattern Detected

Prior offering announcements for NKTR have consistently drawn negative next-day reactions in the -3% to -5% range, suggesting a pattern of dilution-sensitive trading around capital raises.

Recent Company History

Over the past year, Nektar has repeatedly tapped equity markets. In June–July 2025, it announced and priced a public offering, then closed a deal raising $115 million in gross proceeds at $23.50 per share, all for general corporate and development purposes. These events saw single‑day declines of roughly -3% to -5%. Today’s proposed offering fits that pattern of using follow-on equity to fund research, clinical development, and manufacturing.

Historical Comparison

offering

-4.2 %

Average Historical Move

Historical Analysis

In the past year, NKTR announced 3 equity offerings tagged as “offering,” with an average next‑day move of -4.23%, indicating a historically cautious reaction to dilution-related news.

Typical Pattern

Historically, NKTR’s offerings have funded general corporate, R&D, and clinical development. The current proposed raise follows the same pattern of using public equity to support its pipeline and manufacturing plans.

Market Pulse Summary

The stock is surging +17.6% following this news. A strong positive reaction to this announcement wou...

Analysis

The stock is surging +17.6% following this news. A strong positive reaction to this announcement would align with confidence that the capital raise strengthens Nektar’s balance sheet and supports late-stage development. However, historical offering headlines for NKTR have averaged around a -4.23% move, showing investors often focus on dilution risk. Any extended strength could be vulnerable if demand for the new shares weakens or if follow-on financings recur in close succession.

Key Terms

underwritten public offering, pre-funded warrants, shelf registration statement, Form S-3ASR, +1 more

5 terms

underwritten public offering financial

"it has commenced an underwritten public offering of $300,000,000 of its shares"

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.

pre-funded warrants financial

"and, in lieu of common stock to certain investors, pre-funded warrants to purchase shares"

Pre-funded warrants are financial instruments that give investors the right to purchase a company's stock at a set price, but with most or all of the purchase price paid upfront. They function like a coupon or gift card for stock, allowing investors to buy shares later at a fixed price, which can be beneficial if they want to avoid future price increases. This makes them important for investors seeking flexibility and certainty in their investment plans.

shelf registration statement regulatory

"The securities described above are being offered pursuant to a shelf registration statement"

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) that was filed"

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

"A preliminary prospectus supplement related to and describing the terms of the offering"

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.

AI-generated analysis. Not financial advice.

SAN FRANCISCO, Feb. 10, 2026 /PRNewswire/ -- Nektar Therapeutics (Nasdaq: NKTR), a clinical-stage biotechnology company focused on the development of innovative medicines in the field of immunotherapy, today announced that it has commenced an underwritten public offering of $300,000,000 of its shares of its common stock and, in lieu of common stock to certain investors, pre-funded warrants to purchase shares of its common stock. All of the shares of common stock and pre-funded warrants to be sold in this offering are being offered by Nektar. In addition, Nektar intends to grant the underwriters a 30-day option to purchase up to an additional $45,000,000 of shares of its common stock at the public offering price per share, less underwriting discounts and commissions. The proposed offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.

Nektar intends to use the net proceeds from the offering for general corporate purposes, which may include research and development, clinical development (including Phase 3 trials for rezpegaldesleukin) and manufacturing costs to support the advancement of its drug candidates, as well as other general corporate purposes.

Jefferies, TD Cowen, and Piper Sandler are acting as joint bookrunning managers for the offering.

The securities described above are being 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 is being made only by means of a prospectus supplement and an accompanying prospectus that form a part of the registration statement.

A preliminary prospectus supplement related to and describing the terms of the offering will be filed with the SEC and will be available on the SEC's website located at www.sec.gov. Copies of the preliminary prospectus supplement and an accompanying prospectus related to the offering may also be obtained, when available, 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; or 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.

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, together with various partners, is also evaluating NKTR-255, an investigational IL-15 receptor agonist designed to boost the immune system's natural ability to fight cancer, in several ongoing clinical trials.

Nektar is headquartered in San Francisco, California.

Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which can be identified by words such as: "will," "expect," "develop," "potential," "plan," and similar references to future periods. Examples of forward-looking statements include, among others, statements regarding the size and expected gross proceeds from the offering, completion and timing of the public offering, the anticipated use of proceeds from the offering and the expectation to grant the underwriters a 30-day option to purchase additional shares. Nektar intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on Nektar's current beliefs, expectations, and assumptions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of the control of Nektar. The actual results may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause the actual results to differ materially from those indicated in the forward-looking statements include, among others, the risks and uncertainties set forth in Nektar's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on November 7, 2025 as well as the risks identified in the registration statement and the preliminary prospectus supplement relating to the offering. Any forward-looking statement made by Nektar in this press release is based only on information currently available to Nektar and speaks only as of the date on which it is made. Nektar undertakes no obligation to update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

For Investors:

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

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

For Media:

Jonathan Pappas
LifeSci Communications
857-205-4403
jpappas@lifescicomms.com

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SOURCE Nektar Therapeutics

FAQ

What is Nektar Therapeutics (NKTR) offering in the Feb. 10, 2026 proposed public offering?

Nektar is proposing an underwritten offering of $300,000,000 of common stock and pre-funded warrants, plus a $45,000,000 30-day option. According to the company, all offered securities are being sold by Nektar and the offering is subject to market conditions.

How does Nektar (NKTR) plan to use the proceeds from the proposed $300 million offering?

The company intends to use net proceeds for general corporate purposes, including R&D, clinical development, and manufacturing. According to the company, this specifically may include Phase 3 trials for rezpegaldesleukin and supporting drug-candidate advancement.

Who are the underwriters for Nektar Therapeutics (NKTR) proposed offering announced Feb. 10, 2026?

Jefferies, TD Cowen, and Piper Sandler are serving as joint bookrunning managers for the offering. According to the company, prospectus supplements and offering materials will be filed and available through the underwriters and the SEC.

Is the Nektar (NKTR) offering guaranteed to close and when will terms be final?

No; the offering is not guaranteed and is subject to market and other conditions, with no assurance of completion. According to the company, final size and terms will be set in the prospectus supplement when filed with the SEC.

Where can investors find the prospectus for Nektar Therapeutics (NKTR) offering filed Feb. 10, 2026?

A preliminary prospectus supplement will be filed with the SEC and available at www.sec.gov and from the underwriters listed. According to the company, copies will be obtainable from Jefferies, TD Securities, and Piper Sandler when available.