Nektar Therapeutics at JPMorgan Healthcare Conference (Virtual) Transcript

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

Question: Jessica Macomber Fye - JPMorgan Chase & Co, Research Division - Analyst : Great. Thanks, Howard, for that presentation. We'll give it a second for your colleagues to join here. (Operator Instructions) I guess to start out, when the top line data from the melanoma Phase III trial reads out in the first part of 2022, what would you consider a win? And do the data from relatlimab plus nivolumab set a new bar?

Question: Jessica Macomber Fye - JPMorgan Chase & Co, Research Division - Analyst : Okay. Got a question on the portal here. This one saying it looks like the BEMPEG Phase III, I'm assuming this is about melanoma, because the rest of the question -- it looks like the BEMPEG Phase III took a bit longer to enroll than the LAG-3 Phase III. Do you know why?

Question: Jessica Macomber Fye - JPMorgan Chase & Co, Research Division - Analyst : Got it. What level of read-through, if any, do you think it's appropriate to make from the melanoma Phase III results to the other 2 pivotal readouts coming out in 2022, the RCC, OS interim and the UC study?

Question: Jessica Macomber Fye - JPMorgan Chase & Co, Research Division - Analyst : Fair enough. Switching to RCC, how do you see the ORR data you generated in Phase I/II translating into a survival benefit in that Phase III trial? What's the -- is relative bogey here? And where could BEMPEG fit in the treatment paradigm? What other advantages could a BEMPEG nivo combo bring relative to the TKI PD-1 combos and other therapies, if that study is positive?

Question: Jessica Macomber Fye - JPMorgan Chase & Co, Research Division - Analyst : And maybe switching to UC. Can you walk us through the treatment landscape for low PD-L1 expressing patients with cis-ineligible UC? What does BEMPEG plus nivo need to show to support a potential accelerated approval? And given the data from cis-eligible and ineligible patients showed a 48% ORR and 19% CR rate. Could we expect something higher?

Question: Jessica Macomber Fye - JPMorgan Chase & Co, Research Division - Analyst : Moving to NKTR-255. Can you elaborate on why we didn't see dose-dependent increases in CD8+ T cells across multiple dose levels compared to the NK cell levels? Is that something you expected? And is it specifically related to the drug's mechanism?

Question: Jessica Macomber Fye - JPMorgan Chase & Co, Research Division - Analyst : And you mentioned in the ASH poster that there were minimal changes in CD4 T regs observed. Can you walk us through those findings and why I believe IL-15 wouldn't impact T reg activation or function either directly or indirectly?

Question: Jessica Macomber Fye - JPMorgan Chase & Co, Research Division - Analyst : Can you talk a little bit more about the additional cohorts you plan to pursue in the Phase I study with NKTR-255 and maybe include time lines and the overall development strategy in multiple myeloma and NHL? Where do you think the product could be most effectively utilized based on the data you have so far?

Question: Jessica Macomber Fye - JPMorgan Chase & Co, Research Division - Analyst : Maybe shifting to NKTR-358. In the Phase Ib data in moderate to severe atopic derm, you showed a 70% maximum improvement in EC score at 12 weeks with a higher dose. How does that compare to other approved products if we account for the maybe placebo-adjusted response?

Question: Jessica Macomber Fye - JPMorgan Chase & Co, Research Division - Analyst : Okay. Great. Well, we are out of time here. The last minute, I'll just work in this last one. Any chance you can narrow down the timing for the Phase III melanoma study within the -- I think the slide up there says early 2022? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JANUARY 11, 2022 / 8:00PM, NKTR.OQ - Nektar Therapeutics at JPMorgan Healthcare Conference (Virtual)

Question: Jessica Macomber Fye - JPMorgan Chase & Co, Research Division - Analyst : Great. Thank you, guys. Thanks, everyone, for listening in.