Nektar Therapeutics completed a $250 million underwritten public offering of common stock and pre‑funded warrants, raising capital to support late‑stage development of its lead candidate rezpegaldesleukin (REZPEG). The offering was conducted under a shelf registration filed in November 2025 and includes a 30‑day option for underwriters to purchase an additional $37.5 million of shares at the offering price.
The proceeds will be used for general corporate purposes, including advancing REZPEG into Phase 3 trials for atopic dermatitis and alopecia areata, and for manufacturing and other development costs. The company’s cash and marketable securities stood at approximately $741.7 million as of April 1, 2026, and an at‑the‑market program earlier in the year added about $110 million.
The offering follows a February 2026 upsized offering that raised $460 million, underscoring Nektar’s strategy to maintain a robust cash runway while pursuing a single‑asset focus on REZPEG. The new capital injection is expected to extend the company’s runway into the middle of 2026 and reduce the need for future dilutive financing or partnership agreements.
Underwriters for the transaction are Jefferies, TD Cowen, and Piper Sandler. The offering is priced at $71.76 per share, the same as the weighted average price of the ATM program, and will be settled on a fully diluted basis.
CEO Howard W. Robin said, “We are excited that rezpegaldesleukin has now demonstrated great promise in two large immune‑mediated disease settings as we advance into registrational trials.” The company’s CFO, Sandra Gardiner, noted that revenue for the fourth quarter was $21.8 million and $55.2 million for the full year 2025, while R&D expenses were $29.7 million for the quarter and $117.3 million for the year, and G&A expenses were $11.2 million for the quarter and $68.7 million for the year.
Nektar’s lead candidate has received Fast Track designation from the FDA for both moderate‑to‑severe atopic dermatitis and severe alopecia areata, and the company plans to initiate the Phase 3 ZENITH‑AD program in the second quarter of 2026. The capital raise positions the company to fund these critical milestones while maintaining focus on a single therapeutic asset.
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