Nektar Therapeutics To Discuss Top-line Data Call Transcript

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

Question: Yasmeen Rahimi - Piper Sandler - Analyst : Okay, perfect. Congrats team to the to the fantastic data and really an incredible execution, very proud to see the top line data. I guess the first question is for the Nektar management team, I think JZ, the expectation was static across one dose, which would have made our lives easy to figure out what is the dose moving forward. So I guess help us understand how you're thinking about dosing strategies in Phase 3. And then for our KOLs, I think you alluded to in your prepared commentary around translation from Phase 2 to Phase 3, obviously. Given the same execution, what would your prediction be, in terms of a larger Phase 3 study, even though this was quite a, one of the most robust Phase 2Bs we have ever seen. And then the second question for the KOLs are, if they could just comment on what you would predict the REZPEG effectiveness to be in a study where we would include, biologically experienced patients. And again, congrats, and I'll jump back in the queue.

Question: Arthur He - HC Wainwright - Analyst : Hey guys, I want to extend my congratulations to achieving this milestone. I had a couple of questions. So for JZ, could you give us more, a little bit more color on the patient who had been, eroding to the escaping arm so far? And, for Jason and the doctors, I just want to see, besides the autoinjector, what kind of the strategy, for could further mitigate the ISR, in the Phase 3 study. Thank you.

Question: Cha Cha Yang - Jefferies - Analyst : Hi, this is Cha Cha On for Roger. Congrats on the data and thanks for this call this morning. We had a question about your expectation for your Phase 3 and also for your maintenance data. We're really excited to see it in 2026. So if you could give any color on the maintenance data, that'd be great. And then our second question has to do with timing. So for end of Phase 2 meeting or potential initiation for Phase 3, if you have any sort of guidance that you can give us for that. Thank you. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies.

Question: Cha Cha Yang - Jefferies - Analyst : Awesome. Thanks so much for that.

Question: Julian Harrison - BTIG - Analyst : Hi, good morning and congratulations on these data. It's great to see a novel mechanism in atopic dermatitis with such a large effect size. A few questions for Howard and JZ. First, I'm wondering if these results change your approach at all to the ongoing litigation versus Eli Lilly. How should we be thinking about Lili's potential liability here? Second, do you plan to continue weight-based dosing of Phase 3, if not, are any bridging studies needed before you proceed to Phase 3, and then Third, I just revisit a topic raised by another analyst. I'm wondering if you could talk more about how you're thinking about post aisle 4R and post aisle 13 atopic derm. Do you stay laser focused on, frontline positioning or could be, could there maybe be a worthwhile opportunity to explore laterline use, maybe in a standalone Phase 2 study. Thank you very much. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies.

Question: Julian Harrison - BTIG - Analyst : Excellent, that makes a lot of sense. Thank you and congrats again.

Question: Mayank Mamtani - B. Riley - Analyst : Yes, good morning team. Thanks for taking our questions and congrats on a very impressive data set here. . Maybe just a couple of quick follow-ups, just the shape of E vIGA and NRS curves, how should we think of peak efficacy response rate as you continue dosing up to this 52 week maintenance portion, as was commented, the OX40 takes a bit longer to get. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies.

Question: Mayank Mamtani - B. Riley - Analyst : Understood. Look forward to that data I said. Thank you. Congrats again.

Question: Jay Olson - Oppenheimer - Analyst : Hey, everyone. Congrats on these impressive landmark results with this novel mechanism and atopic dermatitis, and thank you for providing the update. Can you talk about what percent of patients have transitioned to maintenance therapy, and since the potential for remission or disease modification was previously observed in the Phase 1B study, is that something we should expect to see in the maintenance Phase of this study? And then, as a follow-up question, since Doctor Silverberg commented on the appealing nature of this immune balancing mechanism to both clinicians and patients for atopic derm, would that same rationale apply to alopecia areata, and what sort of read across do you see from these positive AD results to AA or even other areas like vitiligo? Thank you.

Question: Jay Olson - Oppenheimer - Analyst : Congrats again. Thanks for taking the questions.

Question: Andy Hsieh - William Blair - Analyst : Thanks for taking our questions and really congratulations on the the robust data. So, I have a question for Doctor Rosmarin and Doctor Silverberg. Really wanted to understand how you think about therapy selection, and things and differentiations that you're looking for as you put, patients on different various different therapies. So I'm curious, maybe in a hypothetical situation where you have all three modalities available, right, IL-2, OX40, and then Dupi on the market, how do you think about, patient selection? Based on the data that you've seen today. Second question I have is really on the higher risk, basically more severe baseline, patients, very intriguing data there, maybe for the Nektar team, is there any sort of regulatory or commercial strategy that you can really amplify that differentiation there? And maybe third, on a more kind of biological perspective, you see, maybe like a peaking of efficacy for OX40 and for maybe week 30 to 36. I'm curious in terms of any biological rationale that you might see kind of a more linear and longer, benefit, with rests. Thank you for taking our questions. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies.