Nektar Therapeutics Q4 2024: Key Contradictions in REZPEG Trials Raise Questions on Efficacy and Dosing Strategies

These are the key contradictions discussed in Nektar Therapeutics' latest 2024 Q4 earnings call, specifically including: Efficacy expectations in REZPEG trials, dosing regimen in the atopic dermatitis trial, REZPEG's dosing regimen, and the inclusion of patients with biologic experience in REZPEG trials:



Clinical Milestones for REZPEG:
- Nektar Therapeutics announced the completion of enrollment in both its Phase 2b studies for rezpegaldesleukin (REZPEG), achieving this milestone in less than 14 months for atopic dermatitis and in around one year for alopecia areata.
- This was driven by high patient and physician interest in REZPEG's novel mechanism of action and the progress made in clinical development goals.

Phase 2b Study Design and Dosing Regimens:
- The REZOLVE-AD Phase 2b trial in atopic dermatitis included three different dosing regimens of REZPEG or placebo across a total of 400 patients.
- The study design included specific criteria, such as enrolling patients from geographic regions and board-certified dermatologists, to minimize operational risks and ensure high-quality sites.

REZPEG's Potential in Type 1 Diabetes:
- Nektar partnered with TrialNet for a Phase 2 clinical trial to investigate REZPEG in 66 patients with new onset type 1 diabetes, aiming to slow or stop disease progression.
- This collaboration is based on the potential of boosting regulatory T cells to preserve insulin-producing beta cells, which is crucial for improving long-term health outcomes.

Financial Stability and Cash Runway:
- Nektar ended 2024 with $269.1 million in cash and investments and expects its cash runway to extend into the fourth quarter of 2026.
- This strong financial position is maintained despite selling its Huntsville manufacturing facility, which contributed to a cash influx.