San Francisco-based Nektar Therapeutics (Nasdaq: NKTR) announced on April 20, 2026, an underwritten public offering of USD 250 million in common stock and pre-funded warrants, with proceeds directed toward funding Phase III clinical trials for its lead asset rezpegaldesleukin in atopic dermatitis and alopecia areata, as well as broader research, development, and manufacturing costs. The company also granted underwriters a 30-day option to purchase up to an additional USD 37.5 million in shares at the public offering price, less underwriting discounts and commissions, bringing the potential total to USD 287.5 million.
The offering follows one day after the release of positive Phase IIb data for rezpegaldesleukin in alopecia areata.
Company overview and pipeline
Nektar Therapeutics is a clinical-stage company headquartered in San Francisco, California, focused on developing treatments for autoimmune and chronic inflammatory diseases by addressing underlying immunological dysfunction. Its lead asset, rezpegaldesleukin (REZPEG, also designated NKTR-358), is a first-in-class regulatory T cell stimulator. The molecule is currently being evaluated in a Phase IIb trial in atopic dermatitis, a Phase IIb trial in alopecia areata, and a Phase II trial in Type 1 diabetes mellitus. The press release states that proceeds will support Phase III development in atopic dermatitis and alopecia areata, indicating the company is preparing to advance rezpegaldesleukin beyond its current Phase IIb studies in those indications, though no specific timeline for Phase III initiation or data readouts is provided in the available source material.