Nektar Therapeutics (Nasdaq: NKTR), a San Francisco-based clinical-stage biotechnology company, announced a USD 400 million public offering on February 11, 2026. The funding will support the company’s immunotherapy development programs, with the transaction expected to close on February 13, 2026.
Offering specifics
The financing package includes the issuance of 6,603,449 shares of common stock and 293,103 pre-funded warrants. Shares will be priced at USD 58.00 per share, with pre-funded warrants offered at USD 57.9999 per warrant. The company has also granted underwriters a 30-day option to purchase an additional 1,034,482 shares, potentially expanding the total offering.
Financial institutions Jefferies, TD Cowen, and Piper Sandler are serving as joint bookrunning managers. Oppenheimer & Co., H.C. Wainwright & Co., and B. Riley Securities are also participating in the offering.
Immunotherapy pipeline
Nektar Therapeutics is focused on developing treatments that address underlying immunological dysfunction in autoimmune and chronic inflammatory diseases. The company’s lead product candidate, rezpegaldesleukin (REZPEG or NKTR-358), a PEGylated recombinant human interleukin-2 (IL-2) cytokine conjugate that acts as a selective agonist for the IL-2 receptor complex on regulatory T cells (Tregs). The molecule is the subject of ongoing Phase II trials in: atopic dermatitis, alopecia areata, and type 1 diabetes mellitus.
Nektar’s preclinical programs include:
- Bivalent tumor necrosis factor receptor type II (TNFR2) antibody
- Bispecific programs NKTR-0165 and NKTR-0166
- Modified hematopoietic colony stimulating factor protein NKTR-422