Nektar Therapeutics closes $373.8 M offering, reports $44.9 M Q1 net loss, advances Phase 3
Nektar reported Q1 2026 revenue of $10.9 million, operating expenses of $49.9 million and net loss of $44.9 million ($1.82/share), supported by $731.6 million in cash and marketable securities as of March 31, 2026 (excluding $351 million raised in April). The company raised $373.8 million in an April public offering, will initiate its Phase 3 ZENITH-AD program in atopic dermatitis by July and expects an End-of-Phase 2 FDA meeting for alopecia areata this quarter.
1. Q1 Financial Results
In the first quarter ended March 31, 2026, Nektar generated $10.9 million in revenue versus $10.5 million a year earlier, reduced operating expenses to $49.9 million from $55.0 million and reported a net loss of $44.9 million, or $1.82 per share, compared to a $50.9 million loss in Q1 2025.
2. Balance Sheet Strengthening
Cash and marketable securities totaled $731.6 million at quarter-end, up from $245.8 million at year-end 2025. In April, Nektar completed a $373.8 million underwritten public offering and raised $460 million in February, boosting total liquidity to over $1 billion.
3. Clinical Progress and Collaborations
In April, topline results from the 52-week blinded extension of REZOLVE-AA demonstrated deepening clinical responses in severe-to-very-severe alopecia areata. Earlier, the company established a research collaboration with UCSF on a TNFR2 agonist antibody for multiple sclerosis.
4. Upcoming Milestones
Nektar will initiate its Phase 3 ZENITH-AD program in moderate-to-severe atopic dermatitis by July, hold an End-of-Phase 2 FDA meeting for alopecia areata this quarter and deliver multiple data readouts—including a 24-week off-treatment REZOLVE-AA update in Q4 and 52-week REZOLVE-AD data in Q1 2027—while advancing preclinical and Type 1 diabetes studies.