Nektar Therapeutics reported a second-quarter net loss of $40.6 million, or $1.23 per share, as it advances its lead drug candidate rezpegaldesleukin into Phase 3 trials for atopic dermatitis and alopecia areata, with a $1.02 billion cash balance providing runway into 2028. The company is enrolling patients in two pivotal atopic dermatitis studies, each with 510 patients, and a third study is set to start by the end of September 2026, with top-line data expected in mid-2028 and a Biologics License Application submission in 2029. For alopecia areata, a single registrational Phase 3 study will enroll 850 patients with a primary endpoint of 80% or more scalp hair coverage at week 52. Operating loss widened to $42.3 million from $36.2 million a year earlier, and full-year R&D guidance is now $210 million to $230 million, while revenue remains minimal at $10.1 million in noncash royalty income. The company raised $373.8 million in gross proceeds from a public offering in April 2026, but faces a jury trial in federal court in San Francisco starting September 8, 2026, and short interest stands at 19.92% of the float.
Nektar TherapeuticsQ2 net loss of $40.6M and widened operating loss, with minimal revenue and high R&D spending.
