Nektar Therapeutics has initiated the first two global registrational trials, ZENITH AD-1 and ZENITH AD-2, in its Phase 3 program for Rezpegaldesleukin. The company expects initial topline data from these studies in mid-2028, with a Biologics License Application (BLA) submission targeted for 2029. The development aims to address treatment needs for patients with atopic dermatitis.

The Phase 3 program is based on clinically meaningful efficacy and favorable safety data observed in a 393-patient Phase 2b study. This earlier study utilized monthly and quarterly maintenance dosing regimens. Notably, the data showed an up to five-fold increase in EASI-100 scores between week 16 and week 52.

The ZENITH AD program comprises three studies. The first two, ZENITH AD-1 and ZENITH AD-2, are 510-patient studies focused on patients who are systemic biologic or JAK inhibitor treatment-naive. A third study, ZENITH AD-3, will enroll 510 patients who are treatment-experienced and is scheduled to begin in September.

Nektar Therapeutics granted non-qualified stock options to purchase 20,500 shares of common stock and 3,900 restricted stock units (RSUs) to seven newly-hired employees under its 2025 Inducement Plan. The grants were approved by the Organization and Compensation Committee of Nektar's Board of Directors on June 19, 2026. These awards serve as an inducement material to the individuals entering into employment with the company, pursuant to Nasdaq Listing Rule 5635(c)(4).

The 2025 Inducement Plan was adopted by the Board of Directors on November 6, 2025, and is used exclusively for granting equity awards to individuals who were not previously employees or non-employee directors of Nektar. The stock options carry an exercise price of $60.98 per share, which equals the closing price of Nektar's common stock on June 18, 2026.

Grant Details

The stock options and RSUs are subject to the terms and conditions of the 2025 Inducement Plan and the respective award agreements. The vesting schedules for the awards are structured over a four-year period.

The stock options have an eight-year term. Vesting for both options and RSUs is contingent upon each employee's continued employment with Nektar on the applicable vesting dates. For stock options, 1/4th of the shares vest on the one-year anniversary of the grant date, with 1/48th vesting monthly thereafter over the next three years. The RSUs follow a similar pattern, with 1/4th vesting after the one-year anniversary and 1/16th vesting quarterly over the subsequent three years.