Nektar Therapeutics (NASDAQ: NKTR) priced an upsized underwritten public offering of $400 million in common stock and pre‑funded warrants. The offering will sell 6,603,449 shares of common stock and 293,103 pre‑funded warrants at a price of $58.00 per share, with the warrants exercisable at $57.9999 per share. The transaction is expected to close on February 13 2026 and is projected to generate net proceeds of approximately $400 million.
The company will use the proceeds for general corporate purposes, including research and development, clinical development of its lead asset rezpegaldesleukin (REZPEG), and manufacturing costs to support future trials. The capital raise extends Nektar’s cash runway into 2027, providing liquidity to advance the Phase 3 plans for REZPEG in atopic dermatitis and alopecia areata and to support ongoing studies in other indications.
Nektar has previously raised equity to extend its runway; this new offering further extends that runway and gives the company financial flexibility to pursue a partnership or licensing strategy for its single‑asset portfolio. The transaction is a significant dilutive financing event for shareholders, but it is intended to secure the resources needed to advance the company’s clinical pipeline and potentially secure a strategic partnership.
Howard W. Robin, President and CEO, said that the new REZOLVE‑AD study results reinforce the promise of the Treg mechanism to treat atopic dermatitis and that the combined data from induction and maintenance showcase the potential of a Treg biologic to offer compelling efficacy and safety advantages and less frequent maintenance dosing compared to current mechanisms. He added that the company looks forward to advancing to Phase 3 studies quickly with the goal of submitting a BLA in 2029. Jonathan Zalevsky, Senior Vice President and Chief Research & Development Officer, noted that alopecia areata is a chronic, systemic, immune‑mediated inflammatory disease and that there is an urgent need for novel mechanistic approaches that could treat the underlying pathogenesis of this disorder.
Investors responded with a mix of optimism about the clinical data and caution regarding the dilutive financing. The upsized offering is the most material corporate event for Nektar reported on February 11 2026 and is not covered in the author’s prior coverage.
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