Nektar Therapeutics is:

• An R&D powerhouse for new drugs, similar to the innovation arm of a major pharmaceutical company like Pfizer or Eli Lilly.
• A biotech company focused on building a pipeline of future medicines, much like a smaller, earlier-stage Amgen or Gilead Sciences.

• Bempegaldesleukin: A CD122-preferential interleukin-2 (IL-2) pathway agonist in various clinical trials for cancers and COVID-19.
• NKTR-358: A cytokine Treg stimulant in clinical trials for autoimmune and inflammatory conditions like lupus, ulcerative colitis, atopic dermatitis, and psoriasis.
• NKTR-255: An IL-15 receptor agonist in clinical trials for non-Hodgkin's lymphoma, multiple myeloma, head and neck cancer, and colorectal cancer.
• NKTR-262: A toll-like receptor agonist in clinical trials for solid tumors.

Major Customers of Nektar Therapeutics (NKTR)

• Takeda Pharmaceutical Company Ltd. (Symbol: TAK)
• AstraZeneca AB (Symbol: AZN)
• UCB Pharma S.A. (Symbol: UCB)
• F. Hoffmann-La Roche Ltd (Symbol: ROG)
• Bausch Health Companies Inc. (Symbol: BHC)
• Pfizer Inc. (Symbol: PFE)
• Amgen Inc. (Symbol: AMGN)
• Biogen Inc. (Symbol: BIIB)
• Bristol-Myers Squibb Company (Symbol: BMY)
• Baxalta Incorporated (Note: Baxalta was acquired by Shire in 2016, which was subsequently acquired by Takeda Pharmaceutical Company Ltd. in 2019.)
• Eli Lilly and Company (Symbol: LLY)
• Merck KGaA (Symbol: MRK - German Merck, distinct from Merck & Co. Inc.)
• SFJ Pharmaceuticals, Inc. (Private Company)

Howard W. Robin, President & Chief Executive Officer

Howard W. Robin joined Nektar Therapeutics in January 2007. He has over 40 years of experience in the biopharmaceutical industry, managing clinical development and commercial operations. Prior to Nektar, Mr. Robin served as President and Chief Executive Officer of Sirna Therapeutics, a clinical-stage biotechnology company, which he successfully re-launched and led to its acquisition by Merck for $1.1 billion. Before Sirna, he spent 20 years at Berlex Laboratories, the U.S. pharmaceutical subsidiary of Schering AG. At Berlex, he was Corporate Vice President and General Manager of their U.S. Therapeutics division, responsible for the development of drugs such as Betaseron® and Fludara®, which generated annual global sales exceeding $800 million. He also served as Vice President of Finance and Business Development and CFO of Berlex. Earlier in his career, Mr. Robin was a Senior Associate with Arthur Andersen and Co.

Sandra Gardiner, Acting Chief Financial Officer

Sandra Gardiner was appointed Acting Chief Financial Officer of Nektar Therapeutics in April 2023. She is a partner at FLG Partners, a leading CFO services firm in Silicon Valley. She brings over 30 years of experience as an Executive Vice President and Chief Financial Officer at both private and public companies within the Life Sciences sector.

Jonathan Zalevsky, Ph.D., Chief Research & Development Officer

Jonathan Zalevsky was appointed Nektar's Chief Research & Development Officer in October 2019, where he leads all aspects of the R&D organization, including research, clinical development, regulatory affairs, and biologics process development. He joined Nektar in 2015 and served as Chief Scientific Officer from 2017. Before joining Nektar, Dr. Zalevsky was Global Vice President and Head of the Inflammation Drug Discovery Unit at Takeda Pharmaceuticals, where he was responsible for an immunology pipeline from early target discovery to late-stage development. Prior to Takeda, he worked in research and development at Xencor, overseeing the discovery and development of Xencor's first four clinical-stage assets.

Brian Kotzin, M.D., Interim Chief Medical Officer

Brian Kotzin was appointed as Interim Chief Medical Officer in February 2025. He previously served as Senior Vice President for Nektar Therapeutics from 2017 to 2023, holding various leadership positions including Chief Medical Officer and Head of Clinical Development from 2021 to 2023. From 2004 to 2015, Dr. Kotzin was Vice President, Global Clinical Development and Head of the Inflammation Therapeutic Area at Amgen Inc., where he directed global development efforts for product candidates in inflammation. During his time at Amgen, he also served as Vice President of Translational Sciences and Head of Medical Sciences. Prior to entering the life sciences industry, he held several professorial positions at the University of Colorado Health Sciences Center, focusing his research on the immunopathogenesis of disease.

Robert Bacci, Chief People Officer and Head of Quality & Facilities

Robert Bacci joined Nektar in 2001 and was appointed Chief People Officer and Head of Quality & Facilities in 2024. In this role, he oversees human resources, quality assurance, facilities management, and environmental strategy. Prior to his current appointment, Mr. Bacci served as Senior Vice President of Human Resources and Facilities Operations, overseeing site operations in Huntsville, Alabama.

The key risks to Nektar Therapeutics (NKTR) are primarily centered on the inherent uncertainties of biopharmaceutical development and commercialization, as well as its financial sustainability and market position.

1. Clinical Trial Failure and Regulatory Approval Risk: Nektar Therapeutics' future success is heavily dependent on the successful completion of clinical trials for its pipeline candidates, especially its lead compound, rezpegaldesleukin (also known as Bempegaldesleukin), which is in late-stage development. Any setbacks in these trials, or the inability to obtain regulatory approvals, would significantly harm the company's business prospects. Previous failures of Bempegaldesleukin in combination trials have already led to substantial negative impacts on the company.
2. Financial and Capital Requirements Risk: As a clinical-stage biopharmaceutical company with no marketed products, Nektar Therapeutics operates with consistent net losses and requires substantial capital to fund its ongoing research and development activities. The company is in a "cost-cutting and pipeline-prioritization mode" and faces the risk of not having access to sufficient capital to meet its business plan, which could impede its ability to bring drug candidates to market and potentially lead to shareholder dilution if additional funds are raised.
3. Competition, Market Acceptance, and Partnership/Legal Risks: The biopharmaceutical industry is highly competitive, posing a threat that Nektar's drug candidates could be rendered obsolete or uncompetitive by rival therapies. Even if approved, Nektar's drugs must achieve market acceptance against established biologics and new mechanisms, particularly in crowded therapeutic areas like autoimmune diseases. Furthermore, the company faces risks associated with its collaborations, as evidenced by past partnership dissolutions. Ongoing litigation, such as the lawsuit with Eli Lilly and Company, introduces additional uncertainties regarding development, intellectual property, and potential financial liabilities.

Bempegaldesleukin (CD122-preferential interleukin-2 (IL-2) pathway agonist)

• Metastatic Melanoma: The global market size for metastatic melanoma is projected to reach approximately $14.95 billion by 2030. Another estimate indicates the global metastatic melanoma therapeutics market size was $9.29 billion in 2025 and is expected to grow to $16.46 billion by 2030.
• Renal Cell Carcinoma: The global renal cell carcinoma market was valued at $754.63 million in 2024 and is projected to reach $1.19 billion by 2032. Other estimates for the global renal cell carcinoma market size include $4.6 billion in 2023, projected to reach $7.3 billion by 2034, and for advanced renal cell carcinoma treatment, over $7.02 billion in 2025, projected to reach $12.34 billion by 2035.
• Muscle-Invasive Bladder Cancer: The global muscle-invasive bladder cancer therapeutics market was valued at $1.21 billion in 2024 and is predicted to reach $3.66 billion by 2032. Another report states the global market size was $960.3 million in 2024 and is projected to reach $4.9 billion by 2035.
• Squamous Cell Carcinoma of the Head and Neck: The global market for Squamous Cell Carcinoma of the Head and Neck Treatment was valued at $12.00 billion in 2022 and is expected to reach $24.80 billion by 2030. Another source reports a global market size of $2.41 billion in 2024, expected to reach $3.94 billion by 2030.
• Adjuvant Melanoma: The global melanoma therapeutics market, which includes adjuvant melanoma, was valued at $7.39 billion in 2025 and is expected to reach approximately $17.93 billion by 2034. Another source indicates a market size of $9.16 billion in 2024, growing to $21.79 billion by 2033.

NKTR-358 (cytokine Treg stimulant)

• Systemic Lupus Erythematosus: The global systemic lupus erythematosus market size was valued at $2.60 billion in 2023 and is projected to reach $4.26 billion by 2030. Other estimates for the global systemic lupus erythematosus treatment market include approximately $2.7 billion in 2023, growing to $5.1 billion by 2032, and exceeding $3.12 billion in 2025, reaching $6.8 billion by 2035.
• Ulcerative Colitis: The global ulcerative colitis market was valued at $8.3 billion in 2025 and is estimated to grow to $14.5 billion in 2035. Another report indicates a global market size of $8.70 billion in 2026, expected to reach $15.30 billion by 2033.

NKTR-255 (IL-15 receptor agonist)

• Non-Hodgkin's Lymphoma: The global non-Hodgkin lymphoma therapeutics market size was valued at $9.14 billion in 2022 and is expected to reach $16.64 billion by 2032. Another source reports a global market size of $11.59 billion in 2025, projected to grow to $19.44 billion by 2034.
• Multiple Myeloma: The global multiple myeloma market size was valued at $29.24 billion in 2025 and is projected to reach $44.19 billion by 2034. Another estimate indicates a global market size of $27.75 billion in 2024, projected to grow to $49.89 billion by 2034. The market size across the 7 major markets (United States, EU4 (Germany, France, Italy, and Spain), and the United Kingdom, and Japan) was approximately $21.30 billion in 2023.

NKTR-262 (toll-like receptor agonist)

• Solid Tumors: A specific global addressable market size for "solid tumors" as a general category for NKTR-262 is not readily available, as solid tumors encompass a wide range of cancer types.

• Advancement of Rezpegaldesleukin (REZPEG) into Phase 3 clinical trials for atopic dermatitis and subsequent positive data readouts. Nektar plans to initiate Phase 3 trials for REZPEG in atopic dermatitis in June 2026, with initial data from these trials anticipated in mid-2028. Successful progression through these pivotal studies is expected to trigger significant milestone payments from potential partners and lay the groundwork for eventual product sales, thereby driving future revenue growth.
• Expansion of Rezpegaldesleukin (REZPEG) into additional autoimmune and inflammatory indications. Beyond atopic dermatitis, REZPEG has demonstrated positive Phase 2b results in alopecia areata and is currently under evaluation in a Phase 2 clinical trial for Type 1 diabetes, with data expected in 2027. Positive clinical advancements in these additional areas could broaden REZPEG's market potential, attracting new collaborations or expanding existing ones, and generating further milestone payments.
• Progress of NKTR-255 (IL-15 receptor agonist) through ongoing clinical trials in oncology. NKTR-255, an investigational IL-15 receptor agonist, is currently being evaluated in Phase 1/2 clinical trials for various oncology indications, including non-Hodgkin's lymphoma, multiple myeloma, and head and neck and colorectal cancers, in collaboration with partners. Positive clinical data and subsequent advancements in these trials could lead to milestone payments from these existing collaboration agreements.
• Realization of non-cash royalty revenue from existing collaboration agreements. Nektar expects to generate between $40 million and $45 million in non-cash royalty revenue for the full year 2026. While this represents an existing revenue stream, sustained or increased performance of the underlying partnered products could contribute to revenue, and the emergence of new products from current collaborations could further enhance this revenue component over the next 2-3 years.

Share Issuance

• In February 2026, Nektar Therapeutics completed a public offering, generating approximately $460 million in gross proceeds from the sale of common stock and pre-funded warrants, with net proceeds of about $432 million.
• The company closed a public offering of its common stock in July 2025, raising $115 million in gross proceeds and approximately $107.5 million in net proceeds.
• Nektar utilized an at-the-market (ATM) offering facility, established in November 2025, which generated approximately $44 million in net proceeds from sales in February and March 2026, and an additional $38.3 million in net proceeds in October 2025.

Outbound Investments

• In the first quarter of 2025, Nektar Therapeutics began accounting for its investment in Gannet BioChem, a new portfolio company, under the equity method.
• This equity method investment resulted in a non-cash loss of $8.7 million for Nektar Therapeutics for the full year 2025.