Nektar Therapeutics Analyst and Investor Event To Discuss REZOLVE-AA Topline Results Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Yasmeen Rahimi - Piper Jaffray Inc - Analyst : Good morning team. Congrats to the great data and Mary, wonderful to have you back and hear your voice. Quick, our first question is just in regards to, the four patients that were excluded. I think on slide 13 team, it just says in the MITT analysis, there were these four patients that had the violation, but then it says post hoc. Could you maybe help us understand what that means? I guess. Since they violated the protocol, they should not be eligible. I just want to understand what that post hoc refers to when speaking about the four patients. That's question one. And then the second question is a quick one on the safety table there were on the bottom line is it says investigator as determined AES if you could just help us understand what those were qualified as that would be great and I'll jump back into the queue and congrats on the outstanding data.

Question: Julian Harrison - BTIG LLC - Analyst : Hi guys, can you hear me now? Yes, apologies about that. And congratulations on these results. My first question is maybe just reflecting on the data. Do you have any early thoughts on the remittive potential of respek and alopecia relative to atopic dermatitis? And for the dermatologist on the call, what is your level of excitement for a drug here that has remittive potential specifically? And then second, taking a step back, can you remind us of your sense of REZPEG's scarcity value? IL-2 has been pursued by others before. What do you believe is uniquely enabling about REZPEG across diseases?

Question: Jay Olson - Oppenheimer & Co Inc - Analyst : Oh, hey, congrats on these landmark results and thank you for providing this impressive update. We'd also had a question about the four excluded patients. Are there any steps that you can take to prevent these types of eligibility violations in future studies? And then also, related to future clinical trials, any strategies you can use. To mitigate early treatment discontinuation, recognizing that it may take some time for patients to see treatment benefits. And then finally, one of the KOLs commented that perhaps the benefits of REZPEG could be expanded to less severe patients, and we're wondering if you would expect treating patients earlier before they become severe could be an important treatment strategy that could result in deeper and more durable responses. LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 16, 2025 / 1:00PM, NKTR.OQ - Nektar Therapeutics Analyst and Investor Event To Discuss REZOLVE-AA Topline Results Thank you.

Question: Arthur He, Ph.D. - H C Wainwright & Co LLC (Pre-Merger) - Analyst : First of all, congrats how and team, and, it's really, great data there, and Mary, welcome back. So I just for the [nextTA] team, I had a quick question. So, for the patient, you excluded from the placebo arm, could you tell us more on regarding the patient baseline on the in terms the SAR score and, how long this patient had been diagnosed before the randomization.

Question: Samantha Semenkow - Citibank Cameroon SA (Douala Branch) - Analyst : Hi, good morning, everyone. Thanks for taking the question and congratulations on this data. I do want to continue the conversation on the lack of plateauing that we're seeing here by week 36. This is similar to what we've seen in the atopic dermatitis trial at week 16. So, I'm curious for the physicians that treat both diseases. Does this increase your confidence in REZPEG across both diseases and just based on the data sets that we have, how should we think about what the time on therapy is that is that is needed to reach maximal benefits, and maybe we could talk about both indications, and any expectations, into perhaps, what we could see in atopic dermatitis with longer treatment. Thanks very much. LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 16, 2025 / 1:00PM, NKTR.OQ - Nektar Therapeutics Analyst and Investor Event To Discuss REZOLVE-AA Topline Results

Question: Mayank Mamtani - B. Riley Securities Holdings Inc - Analyst : Yes, good morning, team. Thanks for taking our questions and congrats on very impressive results. Just a few clarifying questions. So on the waterfall chart, you do have some super responder placebo patients. So maybe just touch on how those responders differ from, the four that you're excluding in the MITT. And I also noticed in the placebo cohort, you have a high number of patients from Poland. Any significance of that, as you think about your next, Phase 3 study, and on that note, any gating steps as you also prepare for your end of Phase 2, separate, I assume, for alopecia and maybe comment on what, Atopic Dermatitis FDA correspondence, also operationally helps as you think about. This alopecia specific discussion and and Jay-Z, you're big in biomarkers, any early evidence that you're seeing, TH1, TH17 mediated, mechanism that, allows us to understand responders versus non-responders early on, from this alopecia data set would also be helpful. Thank you.