Nektar Therapeutics completed an upsized underwritten offering of 6,603,449 common shares at $58.00 each and 293,103 pre-funded warrants at $57.9999 each, generating gross proceeds of roughly $400 million before deducting underwriting discounts, commissions and expenses. The company granted underwriters a 30-day option to purchase up to 1,034,482 additional shares at the same price.

The offering is expected to close on February 13, 2026, subject to customary conditions. Net proceeds will support general corporate purposes, including research and development, clinical development—such as Phase 3 trials for rezpegaldesleukin—and manufacturing costs, with Jefferies, TD Cowen and Piper Sandler leading the underwriting.