On April 23, 2026, Nektar Therapeutics completed a $373.8 million underwritten public offering, selling 4,062,500 shares of common stock at $92.00 per share and exercising the underwriters’ option to purchase an additional 529,891 shares. The transaction generated gross proceeds of approximately $373.8 million, the largest capital raise for the company in the past year.
The company will use the proceeds for general corporate purposes, including advancing the Phase 3 clinical program for rezpegaldesleukin (REZPEG) in atopic dermatitis and alopecia areata, and for other working‑capital needs. The financing extends Nektar’s cash runway into the second quarter of 2027, reducing the likelihood of further equity dilution in the near term and providing a buffer for the company’s cash‑consuming research and development activities.
Prior to the offering, Nektar reported approximately $741.7 million in cash and investments as of April 1, 2026, a significant increase from $175.9 million reported on June 30, 2025 (excluding proceeds from a July 2, 2025 offering). The company’s revenue in Q2 2025 was $11.2 million, down from $23.5 million in Q2 2024, reflecting a decline in commercial sales as the company focuses on clinical development. Nektar remains a cash‑consuming R&D platform, with a Fast Track designation for REZPEG in both atopic dermatitis and alopecia areata and a pipeline that includes additional T‑reg–stimulating programs.
Investors responded positively to the offering, citing the strong clinical data for REZPEG and the company’s ability to fund its Phase 3 program. Analysts expressed confidence in the company’s strategy, noting that the capital raise supports the critical next steps in the development of its lead candidate.
Management emphasized that the financing will support the Phase 3 program for REZPEG and help maintain the company’s cash position while the company continues to invest heavily in its pipeline. No new strategic changes were announced beyond the use of proceeds for the program and working capital.
The offering strengthens Nektar’s financial position and supports the advancement of its lead product, but the company remains heavily reliant on external financing. Future funding rounds are likely to be necessary as the company continues to invest in late‑stage development and navigate the cash‑burn profile typical of clinical‑stage biopharmaceuticals.
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