Nektar Therapeutics Q3 2025 Earnings Call Transcript

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

Question: Julian Harrison - BTIG LLC - Analyst : Hi, thank you for taking the questions and congrats on all the recent progress. It looks like you've had a few months now to socialize with the medical community the initial RESOLVE-AD results and REZPEG's potential here. I'm wondering if you have a good sense now for the level of interest for a therapy that potentially has a truly remittive effect. To what extent do you think that could emerge as a differentiator for REZPEG in atopic derm? And then switching to alopecia areata, JZ, I heard your comments around the ritlecitinib low-dose magnitude of efficacy potentially setting the bar. Do you see maybe an opportunity for use if efficacy is even lower than that, just given how presumably safe REZPEG is, potentially free of box warnings compared to JAK inhibitors?

Question: Julian Harrison - BTIG LLC - Analyst : Thanks. Excellent, thank you. That's all very helpful. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. NOVEMBER 06, 2025 / 10:00PM, NKTR.OQ - Q3 2025 Nektar Therapeutics Earnings Call

Question: Jay Olson - Oppenheimer & Co Inc - Analyst : Hi, this is John on the line for today. Thanks for taking the question and congrats on the program. Maybe speaking to the AA, I'm just wondering how fast you can maybe start the Phase 3 program, and are you planning to move the program by yourself or you may seek a partnership if the December data is positive? And separately, I'm also wondering, in the Phase 2b study, are there any patients with alopecia areata comorbidities, and if so, any color you can share on those patients? Thank you.

Question: Jay Olson - Oppenheimer & Co Inc - Analyst : Thank you. Cha Cha Yang, Jefferies. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. NOVEMBER 06, 2025 / 10:00PM, NKTR.OQ - Q3 2025 Nektar Therapeutics Earnings Call

Question: Mayank Mamtani - B. Riley Securities Holdings Inc - Analyst : Yes, good afternoon. Thanks for taking your questions and congrats on a productive quarter. On the alopecia topline data analysis, would you have any off-treatment responder rate you plan to report on, given some patients may have been past that 36-week treatment period? And if you could remind us if there's an escape arm option here for the placebo nonresponders to cross over. Obviously, wonder from your AD experience, the peak efficacy from the EADV data, you didn't get until 24, 44 weeks even, so just wonder what's your plan to assess if efficacy

Question: Mayank Mamtani - B. Riley Securities Holdings Inc - Analyst : Escape arm, JZ, is there an escape arm here?

Question: Mayank Mamtani - B. Riley Securities Holdings Inc - Analyst : Okay, thank you. And on the autoinjector development, how far along are you? And is that going to be at the start of your Phase 3 study, and is

Question: Arthur He, Ph.D. - H C Wainwright & Co LLC (Pre-Merger) - Analyst : Hey, good afternoon. How are you, team? Sir, I apologize if the question has been asked before. So, given the coming readout for the alopecia, JZ, maybe could you tell us a little bit more like what the potential REZPEG can offer compared to the JAK inhibitor here for the alopecia patients?

Question: Arthur He, Ph.D. - H C Wainwright & Co LLC (Pre-Merger) - Analyst : Thanks, JZ. So another question is, given the data there, how should we think about the primary endpoint for the approval in the future? Do you think the SALT 20 still could do the job, or we probably should look into the SALT 10 or even SALT 0 there for the future draw for the alopecia?

Question: Arthur He, Ph.D. - H C Wainwright & Co LLC (Pre-Merger) - Analyst : All right, thanks very much for taking my question.