Nektar Therapeutics' Q1 2025: Unraveling Contradictions on AD Trials, Placebo Expectations, and Partnership Strategies

Placebo response expectations in AD trials, top-line data timeline for AD trial, partnership strategy for REZPEG, and EASI score change and placebo response expectations are the key contradictions discussed in Nektar Therapeutics' latest 2025Q1 earnings call.



Advancements in Immunology Pipeline:
- Nektar Therapeutics is focusing on advancing rezpegaldesleukin (REZPEG) in three separate Phase 2 studies, with top-line results expected for atopic dermatitis in June and alopecia areata in December.
- The objective is to demonstrate efficacy and safety, establish a dose for Phase 3 studies, and explore REZPEG's potential in various immune disorders.

Clinical Trial Progress:
- The company has completed enrollment in the alopecia areata Phase 2 study, which began in March 2024, with top-line results expected in December.
- The study is designed to evaluate the efficacy of REZPEG in severe to very severe cases, with primary endpoints focused on mean percent improvement in SALT score at week 36.

Financial Performance and Runway:
- Nektar Therapeutics ended Q1 2025 with $220.7 million in cash and investments, maintaining a financial runway into the fourth quarter of 2026.
- The company expects cash and investments to total approximately $100 million by the end of 2025, with Q1 2025 revenue of $10.5 million within guidance.

R&D and Collaborations:
- Nektar's R&D expenses for Q1 2025 were $30.5 million, with full-year expenses projected between $110 million and $120 million.
- The company is actively pursuing partnerships for future development, with a focus on retaining significant ownership of its drug candidates while collaborating with potential partners.