Nektar's Phase 2b Data Shows Durable Eczema, Alopecia Response

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1. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

Nektar Therapeutics (NKTR:NASDAQ) presented new long-term Phase 2b data on rezpegaldesleukin, its new potential treatment for both alopecia and eczema, at the European Academy of Dermatology and Venereology (EADV) Congress 2026.

According to the company, the drug has demonstrated durability and deepening responses in patients with alopecia areata and atopic dermatitis (eczema), which could position the Treg-targeted biologic to supplant current treatment limitations in these markets.

Key Investor Takeaways

• Nektar Therapeutics reported Phase 2b durability data at EADV 2026, showing 63-75% maintenance of responses in alopecia areata off-treatment and deepening EASI responses in atopic dermatitis with flexible dosing.

• The atopic dermatitis market faces ongoing issues with long-term remission and access, per a recent Dermatology Times review of the 2025 treatment landscape, creating an opportunity for novel mechanisms like Treg stimulation.

• Alopecia areata treatments, including JAK inhibitors, contend with safety warnings that may limit adoption, as detailed in PharmExec's review of the changing alopecia areata treatment landscape, highlighting potential for differentiated profiles.

• Rezpegaldesleukin's off-treatment benefits and less frequent dosing align with unmet needs for sustained control noted across multiple dermatology analyses.

• Phase 3 advancement in both indications, with a third atopic dermatitis study already initiated, provides near-term catalysts into 2027.

• Cash position and pipeline focus support execution without immediate dilution pressure, based on prior updates.

EADV 2026 Data on Rezpegaldesleukin

The October 1, 2026, Nektar release detailing the EADV presentations and new Phase 2b results highlighted new long-term data from the Phase 2b REZOLVE-AA study in severe-to-very-severe alopecia areata, along with maintenance data from the Phase 2b REZOLVE-AD study in moderate-to-severe atopic dermatitis.

For alopecia areata, the study's key question was whether hair regrowth would persist after treatment stopped. Patients who completed 52 weeks of rezpegaldesleukin treatment were followed for an additional six months without treatment. Among the eight patients included in the off-treatment analysis, the company reported:

• 75% (6 of 8) maintained a SALT (Severity of Alopecia Tool) Score of 20 or less after four months off treatment.

• 63% (5 of 8) maintained a SALT Score of 20 or less after six months off treatment.

• The proportion achieving a SALT Score of 10 or less increased from 7% at Week 52 to 19% after six months off treatment.

The SALT scale measures the percentage of scalp hair loss. A SALT Score of 20 or less generally corresponds to at least 80% scalp hair coverage. A score of 10 or less represents a deeper response, with at least 90% scalp hair coverage.

The company also reported that responses continued to develop during the 52-week treatment period. Between Week 36 and Week 52, 29% of patients in the lower-dose group and 31% in the higher-dose group achieved a new SALT Score of 20 or less, compared with none of the patients receiving placebo. This data is particularly relevant because alopecia areata can be chronic and recurrent.

Nektar's Phase 2b population was also notable because the company reported similar efficacy among patients whose current disease episode had lasted less than four years and those whose episode had lasted four years or longer. These findings remain preliminary, particularly because the six-month off-treatment analysis included only eight patients. However, the persistence of response, combined with continued hair regrowth after treatment cessation, is the primary differentiating feature Nektar highlighted at EADV. Nektar had previewed the EADV presentations in its September 28 announcement, which outlined three oral presentations covering rezpegaldesleukin's clinical and biomarker data in dermatological diseases.

"These data demonstrate that one year of treatment with rezpegaldesleukin can result in lasting and even deepening hair regrowth with these same effects continuing for six months off-treatment in the majority of patients," said David Rosmarin, M.D., Chair of the Department of Dermatology and Associate Professor of Dermatology at Indiana University School of Medicine. "As a novel Treg-targeted mechanism, rezpegaldesleukin is designed to address the underlying immune dysregulation in patients with alopecia areata. To date, we have not seen this degree of both sustained benefit and further hair regrowth after treatment cessation with existing systemic therapies for alopecia areata. These findings suggest that rezpegaldesleukin may offer a fundamentally different approach to managing this chronic disorder and could emerge as a preferred first-line treatment option in the future for patients seeking durable disease control."

 Arthur He, Ph.D., of H.C. Wainwright & Co. reiterated his opinion, offering a "Buy" rating and price target of US$185.

For atopic dermatitis, the Phase 2b REZOLVE-AD maintenance analysis evaluated whether patients could sustain or deepen improvements using less frequent dosing. Patients who responded during the initial treatment period were transitioned to either monthly or quarterly maintenance dosing.

Nektar reported sustained improvements across several measures, including EASI-75, EASI-90, vIGA-AD 0/1, and itch scores. EASI measures the extent and severity of eczema, while EASI-75 and EASI-90 represent at least 75% and 90% improvements from baseline, respectively. EASI-100 represents complete clearance according to the EASI measure.

The company reported that the percentage of patients achieving EASI-100 increased substantially during maintenance treatment:

• Monthly dosing: EASI-100 increased from 4% at the start of maintenance to 22% at Week 52 among re-randomized patients.

• Quarterly dosing: EASI-100 increased from 9% to 18% at Week 52.

• Among patients who had already achieved an EASI-75 or vIGA-AD response at maintenance baseline, EASI-100 increased from 6% to 30% with monthly dosing and from 14% to 27% with quarterly dosing.

"Rezpegaldesleukin demonstrated a high maintenance of response and further deepening of response that speaks to the unique therapeutic approach of a regulatory Tcell agonist in patients with atopic dermatitis," said Thomas Bieber, M.D., Ph.D., Professor, Department of Dermatology and Allergy, Ludwig-Maximilians University Hospital, Munich, Germany. "With both monthly and quarterly maintenance dosing, new and sustained responses were observed across the key endpoints of EASI-75, vIGA-AD 0/1, and Itch NRS, with some patients achieving complete skin clearance, or EASI-100. These novel data support the ongoing Phase 3 studies and also highlight the importance of a Treg mechanism to address the heterogeneity of disease in atopic dermatitis patients."

Nektar is also evaluating whether patients who respond to induction therapy can eventually be maintained with monthly or quarterly dosing rather than the twice-monthly regimen used during initial treatment. The EADV results build on earlier Phase 2b results. In March 2026, Nektar reported a statistically significant improvement in mean percentage EASI reduction in the 393-patient REZOLVE-AD study.

How Nektar's Treg Approach Addresses Gaps in the Eczema and Alopecia Markets

Rezpegaldesleukin is designed around a different immunological strategy than many currently marketed treatments. Rather than broadly suppressing immune activity or blocking a single inflammatory pathway, the drug stimulates regulatory T cells, or Tregs, which help maintain immune tolerance and regulate excessive immune responses. Nektar describes rezpegaldesleukin as an investigational, first-in-class Treg stimulator that targets the interleukin-2 receptor complex. The objective is to increase the activity and number of regulatory T cells, potentially restoring balance to an immune system that is attacking a healthy body. That approach could be relevant in both diseases, although the clinical evidence is still developing.

Atopic dermatitis has become a considerably more competitive treatment market in recent years. Targeted biologics and other systemic therapies have expanded the options available to patients with moderate-to-severe disease. A 2025 review by Dermatology Times described the field as increasingly focused on targeted, steroid-sparing treatments, while noting that access, affordability, and long-term remission have not yet been achieved. Patient Care Online's review of the atopic dermatitis treatment landscape also reported in 2025 that multiple targeted therapies are now available after years of limited systemic options. That distinction is important for Nektar's potential positioning. Rezpegaldesleukin would not necessarily need to replace existing therapies based solely on initial efficacy. If larger Phase 3 trials confirm the Phase 2b findings, the company's potential differentiation could instead address the durability of response, continued improvement over time, and the ability to maintain responses with less frequent dosing.

Alopecia areata presents a somewhat different, more competitive market. Several JAK inhibitors have changed the treatment landscape by providing systemic options capable of producing meaningful hair regrowth. PharmExec's review of alopecia areata treatments identified baricitinib, ritlecitinib, and deuruxolitinib as key JAK inhibitors currently available, but it also noted boxed warnings concerning malignancy, major adverse cardiovascular events, and serious infections remain for those drugs. That safety issue is important because alopecia areata affects many younger patients. PharmExec noted that although the boxed-warning risks largely originate from data in older rheumatoid arthritis populations, they can still contribute to hesitation among physicians and patients treating a younger population. A separate April 2026 Dermatology Times analysis emphasized that treatment decisions in alopecia areata increasingly require individualized consideration of disease severity, psychosocial burden, treatment expectations, dosing convenience, monitoring requirements, and insurance access.

Against that backdrop, rezpegaldesleukin's potential differentiation is not simply that it can produce hair regrowth. The more important question is whether it can produce durable disease control with a different safety and dosing profile. The current data is not yet sufficient to establish that advantage conclusively. Phase 3 trials will need to demonstrate that the results from relatively small Phase 2b populations translate into larger and more diverse patient groups, while longer follow-up will be necessary to understand long-term efficacy and the drug's safety profile.

"These results continue to grow the body of evidence that Treg stimulation is emerging as a durable and well-tolerated potential therapeutic option in two distinct immune dermatologic patient populations and support rezpegaldesleukin's advancement into pivotal trials in both atopic dermatitis and alopecia areata," said Jonathan Zalevsky, Ph.D., Chief Research and Development Officer at Nektar Therapeutics. "We've now initiated the third Phase 3 study for rezpegaldesleukin in patients with moderate-to-severe atopic dermatitis who have had prior systemic biologic and/or JAK inhibitor treatment experience, and we are initiating the Phase 3 ZENITH AA study in alopecia areata in early 2027."

What's Going on Now?

Rezpegaldesleukin is advancing through the ZENITH AD Phase 3 program for atopic dermatitis and toward the ZENITH AA Phase 3 program for alopecia areata.

Nektar initiated the first two global registrational Phase 3 trials in atopic dermatitis, ZENITH AD-1 and ZENITH AD-2, in July 2026. The company's announcement on the start of the ZENITH AD program said the trials are designed to evaluate patients who are biologic and systemic JAK inhibitor treatment-naive. The company subsequently initiated the third trial, ZENITH AD-3, for patients who have previously received systemic biologic and/or JAK inhibitor treatment. Each study is planned to enroll 510 patients.

The Phase 3 AD program is designed to test rezpegaldesleukin in both treatment-naive and treatment-experienced populations, which could provide data on whether the drug has potential across different stages of the treatment pathway. Nektar has also said that the Phase 3 program is based in part on the Phase 2b REZOLVE-AD data showing continued improvement with monthly and quarterly maintenance dosing. Initial Phase 3 topline data is expected in mid-2028, with the company targeting a potential biologics license application submission in 2029.

For alopecia areata, Nektar plans to initiate the Phase 3 ZENITH AA study in early 2027, planning to enroll approximately 850 patients with severe-to-very-severe alopecia areata and a SALT Score of 20 or less at Week 52, serving as the primary endpoint. That dosing strategy could also become an important part of the product's potential commercial profile. Initial REZOLVE studies used more frequent dosing, while the longer-term data support further evaluation of monthly and quarterly maintenance schedules in patients who respond to treatment.

From a financial perspective, Nektar reported US$1.02 billion in cash and investments in marketable securities as of June 30, 2026. In its Q2 2026 financial results, the company said this provided a cash runway extending into Q3 2028, beyond the initial Phase 3 data readouts expected in mid-2028.

Finally, Nektar also raised US$373.8 million in gross proceeds through an underwritten public offering in April 2026. The stronger balance sheet gives the company additional funding capacity as it moves rezpegaldesleukin through multiple Phase 3 trials, although future financing needs can still depend on development costs, trial timing, and other corporate expenditures.

Analysts Reporting Varying Valuations

Prior to the latest release, on August 14, 2026, Martin Fan, Ph.D., of Wedbush released a report on Nektar, reiterating a "Neutral" rating and a price target of US$80. Fan wrote, "We do not anticipate M&A until at least 2028, and disagree rezpeg can capture meaningful market share among biologic-naïve patients. Even assuming patients and physicians prefer the AE profile for rezpeg, we have difficulty envisioning circumstances in which payors would support rezpeg over a Dupixent biosimilar."

"We remain skeptical on commercial potential, and until further details emerge on Q12W efficacy in AD, we remain on the sidelines regarding shares," the analyst finished.

Wedbush subsequently cut its price target to US$50 from US$80 on September 23 while maintaining its "Neutral" rating.

However, on October 2, 2026, after the release, Arthur He, Ph.D., of H.C. Wainwright & Co. reiterated his opinion, offering a "Buy" rating and price target of US$185. He claimed that the latest results raised his confidence in the company's drug, saying, "Rezpeg has now demonstrated both durability and deepening of response in REZOLVE-AD and REZOLVE-AA studies."

From an investor standpoint, he argued that, "Nektar's enterprise value is approximately US$565M, down from roughly US$1.0B at the September 30 close, with 2Q26 cash and investments of US$1.02B covering about 64% of the market cap, an enticing price tag for potential suitors, in our view."

Nektar's Next Steps

According to the company's investor presentation, the next major clinical milestone is the Phase 3 ZENITH AA program in alopecia areata, which Nektar expects to initiate in early 2027.

For atopic dermatitis, the ZENITH AD program is already underway.

Key upcoming milestones include:

• Early 2027: Planned initiation of the Phase 3 ZENITH AA study in alopecia areata.

• 2027: Additional clinical development and maintenance data from the atopic dermatitis program.

• Mid-2028: Nektar expects initial Phase 3 topline data from the ZENITH AD program.

• 2029: The company is targeting a potential BLA submission for rezpegaldesleukin, subject to positive Phase 3 results and regulatory discussions.

Nektar also presented separate biomarker data at EADV showing that molecular changes associated with rezpegaldesleukin treatment were detectable as early as Week 2 in patients with atopic dermatitis and were significantly correlated with subsequent clinical response. The September 30 biomarker data announcement provides additional detail on the findings. The results provide additional evidence that the drug is engaging its intended Treg-related mechanism, although biomarker findings do not by themselves establish clinical efficacy.

Ownership & Share Information¹

Nektar Therapeutics has a market cap of US$1.49 billion, with 34.14 million shares outstanding. The company's 52-week range is US$33.40-US$109.00.

Institutions own 75.80% of shares, while Strategic Investors own 10%. Management & Insiders own 0.4% of shares, and the remaining 13.80% are held by Retail.

Common Questions from Investors

Q: How does rezpegaldesleukin compare to current eczema and alopecia treatments?

A: Unlike many existing options that struggle with durability and safety concerns, the data show sustained and deepening responses with monthly and quarterly maintenance dosing in atopic dermatitis, while alopecia areata patients maintained responses for up to six months after treatment cessation.

Q: What is the status of Phase 3 trials?

A: The third Phase 3 study in treatment-experienced atopic dermatitis patients has begun; the alopecia areata Phase 3 is slated for early 2027.

Q: Are there analyst notes on these data?

A: Recent sell-side coverage includes H.C. Wainwright's October 2 Buy rating and US$185 price target.

Q: How do market challenges factor into the opportunity?

A: Reports from Dermatology Times, Patient Care Online, PharmExec, and others underscore the need for better durability, safety, and access in both eczema and alopecia areata, areas where Nektar's approach may offer advantages.

Q: What is alopecia areata?

A: Alopecia areata is an autoimmune condition in which the immune system attacks hair follicles, causing hair loss that can range from small patches to extensive or complete scalp and body hair loss.

Q: What is atopic dermatitis (eczema)?

A: Atopic dermatitis is a chronic inflammatory skin condition that commonly causes dry, itchy, irritated, and inflamed skin. Moderate-to-severe disease may require systemic treatments such as biologics or other targeted therapies.

Q: What are regulatory T cells (Tregs)?

A: Regulatory T cells are immune cells that help control excessive immune responses and maintain immune tolerance. Therapies designed to stimulate Tregs are being investigated as a way to restore immune balance in autoimmune and inflammatory diseases.

Q: What is a SALT Score in alopecia areata?

A: The Severity of Alopecia Tool (SALT) Score measures the percentage of scalp hair loss in patients with alopecia areata. Lower scores indicate less hair loss, with a SALT Score of 20 or less generally representing at least 80% scalp hair coverage.

Q: What is an EASI score in atopic dermatitis?

A: The Eczema Area and Severity Index (EASI) is a clinical measure used to assess the extent and severity of atopic dermatitis. EASI-75 and EASI-90 indicate at least 75% and 90% improvement from baseline, respectively, while EASI-100 represents complete clearance according to the EASI measure.