New York, Feb 11, 2026, 05:41 EST — Premarket
- Shares climbed 2.7% in premarket trading, following a 51% surge at Tuesday’s close.
- Along with the clinical update, Nektar kicked off a $300 million stock offering.
- Fresh one-year maintenance data for rezpegaldesleukin has raised expectations just before Phase 3 trials.
Nektar Therapeutics shares rose 2.7% to $57.50 in premarket trading Wednesday, following a 51% jump to $56.00 on Tuesday.
The surge in buying is critical as Nektar aims to leverage fresh clinical data to clear the path for its lead drug program. It also serves as a gauge to see if new investors remain committed after the financing is announced.
The company is pushing one clear message: long-lasting eczema control with fewer injections and a smoother route into late-stage trials. That’s a bold move for a clinical-stage player with few near-term catalysts outside its pipeline.
Late Tuesday, Nektar announced the launch of an underwritten public offering aiming to raise $300 million through common stock sales and, for certain investors, pre-funded warrants instead of stock. The company also granted underwriters a 30-day option to purchase an additional $45 million in shares. Proceeds from the offering are expected to support research and development, including Phase 3 trials for rezpegaldesleukin.
In another securities filing, the company reported holding roughly $229.1 million in cash and marketable securities as of January 31. It noted, however, that this number is an estimate and doesn’t represent a complete financial statement.
A filing revealed the REZOLVE-AD Phase 2b trial enrolled 393 patients with moderate-to-severe atopic dermatitis (eczema), featuring a 16-week induction phase followed by a 36-week blinded maintenance period. Of those who responded during induction and entered maintenance, 71% on a 24 microgram-per-kilogram monthly dose and 83% on a quarterly dose kept an EASI-75 response at week 52. (EASI-75 indicates a 75% improvement on a standard eczema severity scale.) Nektar also confirmed it reached agreement with the FDA on its Phase 3 plan, aiming to kick off those trials in Q2 2026.
Dermatologist David Rosmarin described the drug as a “completely novel therapeutic modality.” The company highlighted a safety profile that stayed consistent throughout the maintenance phase. PR Newswire
The atopic dermatitis market is packed, dominated by biologics like Sanofi and Regeneron’s Dupixent and Eli Lilly’s Ebglyss, STAT News reported. Nektar’s Chief Medical Officer Mary Tagliaferri told STAT their drug shows “better efficacy with less frequent injections.” STAT
Still, the financing might limit the stock’s upside if it’s priced at a discount or if interest wanes after the deal terms are announced. The leap from mid-stage data to Phase 3 is often where biotechs hit a snag — larger trials can quickly shift the outlook on efficacy and safety.
Traders are now focused on the final pricing and size of the $300 million offering, as well as any new updates on when Phase 3 will begin.
