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Clinical trial milestones, partnership revenue disclosures, and intensive R&D spending make Nektar Therapeutics (NKTR) filings anything but light reading. If you are digging through a 300-page report to learn how rezpegaldesleukin trials affect cash burn or combing an 8-K for collaboration updates, you know the challenge.
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Nektar Therapeutics reported equity awards to its President & CEO and director on December 22, 2025. The executive received 21,667 shares of common stock through a grant of restricted stock units (RSUs) at a stated price of $0. Each RSU converts into one share of common stock as it vests.
The RSUs vest over four years from the grant date in substantially equal quarterly installments, conditioned on continued service. The filing shows the executive beneficially owning 75,912 shares directly after the transaction and 28 shares indirectly through a spouse. In addition, the executive was granted 86,667 stock options with an exercise price of $43.48, expiring on December 21, 2033, which vest over four years in substantially equal monthly installments based on continued service.
Nektar Therapeutics reported topline 36-week Phase 2b REZOLVE-AA results for its investigational drug rezpegaldesleukin in severe-to-very-severe alopecia areata.
The global study enrolled 92 patients randomized to two rezpegaldesleukin doses or placebo, with mean percentage reduction in SALT score at Week 36 as the primary endpoint. Both active arms more than doubled the SALT reduction seen with placebo, but the primary endpoint narrowly missed statistical significance in the main analysis, with mean reductions of 28.2% and 30.3% versus 11.2% on placebo.
When four patients with major eligibility violations were excluded, both doses met statistical significance, with mean SALT reductions of 29.6% and 30.4% versus 5.7% on placebo. Key secondary measures, including SALT30 and thresholds of SALT≤30, SALT≤20 and SALT≤10, also favored rezpegaldesleukin, though the study was not powered for secondary endpoints. Safety was described as favorable, with mostly mild-to-moderate, self-resolving adverse events, a 1.4% discontinuation rate, and no apparent increase in major cardiovascular, thrombotic or infectious risks compared with placebo.
Nektar Therapeutics reported insider equity activity for its Chief R&D Officer on a Form 4. On November 21, 2025, the officer acquired 2,666 shares of common stock at $0 as restricted stock units vested under the company’s 2017 Performance Incentive Plan, after the compensation committee determined the performance-based condition had been met.
On November 25, 2025, the officer sold 1,157 shares of common stock at a weighted average price of $54.28, solely to cover tax withholding obligations from the RSU vesting, and not as a discretionary trade. Following these transactions, the officer directly held 18,971 shares of common stock. In addition, a stock option for 4,766 shares with a $281.25 exercise price, originally granted in 2020 under the same plan, also became fully vested on November 21, 2025.
Nektar Therapeutics (NKTR) Chief Legal Officer Mark A. Wilson reported equity award activity. On 11/21/2025, he acquired 1,903 shares of common stock through vesting of previously granted restricted stock units under the company’s 2017 Performance Incentive Plan, following the Compensation Committee’s determination on November 20, 2025 that the performance conditions were met. After this, he beneficially owned 22,215 shares, including shares held in the employee stock purchase plan.
On 11/25/2025, he sold 630 shares to cover tax withholding obligations related to the RSU vesting, leaving 21,585 shares held directly. He also received a grant of 3,400 stock options on 11/21/2025 with an exercise price of $281.25 per share, vesting after the performance-based condition was determined to be satisfied and subject to time-based vesting through December 17, 2028.
Nektar Therapeutics (NKTR)
Nektar Therapeutics announced that Mark A. Wilson will step down as Chief Legal Officer, effective December 31, 2025. The company states that his departure is not due to any disagreement regarding Nektar’s operations, policies, or practices, which indicates this is presented as an orderly transition rather than a dispute-driven change.
Elizabeth Zhang, currently Vice President, Legal and Corporate Counsel, will assume Mr. Wilson’s responsibilities. She joined Nektar in 2021 and previously worked at major law firms Cravath, Swaine & Moore LLP and Gibson, Dunn & Crutcher LLP. Ms. Zhang holds degrees from Harvard College, the University of Oxford, and Harvard Law School, suggesting continuity in legal leadership with a strong academic and professional background.
Nektar Therapeutics filed a Form S-8 to register 250,000 shares of common stock (par value $0.0001) reserved for issuance under its 2025 Inducement Plan.
The Board adopted the plan on November 6, 2025, without stockholder approval pursuant to Nasdaq Listing Rule 5635(c)(4). The plan will be administered by the Organization and Compensation Committee.
Eligibility is limited to individuals who meet Nasdaq’s inducement grant standards. Permitted awards include nonqualified stock options, restricted stock, restricted stock units, stock appreciation rights, stock bonuses, and other stock-based awards. This registration facilitates equity grants used to attract and hire qualified talent under the inducement exception.
Nektar Therapeutics launched an at-the-market offering to sell up to $110,000,000 of common stock under an Equity Distribution Agreement with Piper Sandler & Co. and BTIG, LLC. Sales may occur from time to time as “at the market offerings” under Rule 415, and the agents will use commercially reasonable efforts. The program is part of Nektar’s existing $300,000,000 shelf registration. The sales agents are deemed underwriters and will receive a 3.0% commission on gross sales.
Nektar plans to use net proceeds for general corporate purposes, including research and clinical development of rezpegaldesleukin, NKTR‑0165, and NKTR‑255, plus working capital and potential investments. Nektar’s common stock trades on Nasdaq as NKTR; the last reported sale price was $57.97 per share on November 10, 2025. Shares outstanding were 19,652,513 as of September 30, 2025.
Nektar Therapeutics furnished new clinical results from its ongoing Phase 2b REZOLVE-AD trial in atopic dermatitis. The study enrolled 393 patients; a pre-planned analysis of 99 participants with a history of asthma and ACQ-5 data showed all three rezpegaldesleukin doses reduced mean ACQ-5 scores at week 16, with the 24 μg/kg q2w and 24 μg/kg q4w arms reaching p<0.05 versus placebo. The placebo arm showed overall worsening.
Among patients with baseline ACQ-5 ≥0.5 (n=53), at least half achieved a clinically significant improvement across all active arms, compared to 13% for placebo. In those with uncontrolled asthma at baseline (ACQ-5 ≥1.5; n=25), all active doses improved mean ACQ-5 at week 16 with statistical significance, with placebo-adjusted reductions ranging 1.0–1.4. In a crossover cohort of 42 initial placebo patients treated with 24 μg/kg q2w, observed responses at crossover week 24 were: EASI-75 60% (n=30), vIGA-AD 0/1 33% (n=30), EASI-90 37% (n=30), and Itch NRS 50% for baseline ≥4 (n=28). Safety was generally consistent with the previously reported profile.
Nektar Therapeutics filed its Q3 2025 10‑Q, reporting continued operating losses alongside a strengthened cash position. Total revenue was $11.8 million, primarily from non‑cash royalty revenue related to prior royalty sales, down from $24.1 million a year ago. The company reported a net loss of $35.5 million for the quarter and $128.0 million year‑to‑date.
Cash, cash equivalents and marketable securities totaled $270.2 million as of September 30, 2025. During the quarter, Nektar completed an underwritten public offering of 4,893,618 shares at $23.50 per share for approximately $107.2 million in net proceeds, issued 600,198 shares under its at‑the‑market program for $34.3 million in net proceeds, and saw exercise of a 1,666,667‑share pre‑funded warrant. A one‑for‑fifteen reverse stock split became effective on June 8, 2025.
Following the December 2024 sale of its Huntsville manufacturing facility, Nektar no longer records product sales and recognized a $0 product sales line this quarter. The company continues Phase 2b programs for rezpegaldesleukin and recorded a small loss from its equity method investment in Gannet BioChem.
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