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Nektar Therapeutics (Nasdaq: NKTR) priced an upsized underwritten public offering of $325 million of shares of its common stock. The company is selling 3,532,609 shares at a public offering price of $92.00 per share, with gross proceeds expected to be approximately $325 million before underwriting discounts, commissions, and estimated offering expenses.
Nektar granted the underwriters a 30-day option to purchase up to an additional 529,891 shares of common stock at the same public offering price per share, less underwriting discounts and commissions. All securities in the offering are being sold by Nektar. The offering is expected to close on April 23, 2026, subject to customary conditions.
The company said it intends to use the net proceeds for general corporate purposes, which may include research and development, clinical development (including Phase 3 trials for rezpegaldesleukin in atopic dermatitis and alopecia areata), and manufacturing costs to support the advancement of its drug candidates, as well as other general corporate purposes.
Jefferies, TD Cowen, and Piper Sandler are acting as joint bookrunning managers for the offering, with Citigroup also serving as a bookrunner. The offering is being made pursuant to a shelf registration statement on Form S-3ASR (No. 333-291466) filed with the U.S. Securities and Exchange Commission on November 12, 2025, which became effective automatically upon filing. The offering will be made only by means of a prospectus supplement and an accompanying prospectus that form part of the registration statement.
Nektar Therapeutics is a clinical-stage biotechnology company focused on developing treatments that address underlying immunological dysfunction in autoimmune and chronic inflammatory diseases. Its lead product candidate, rezpegaldesleukin (REZPEG, or NKTR-358), is a regulatory T cell stimulator being evaluated in one Phase 2b trial in atopic dermatitis, one Phase 2b trial in alopecia areata, and one Phase 2 trial in Type 1 diabetes mellitus. The company’s pipeline also includes a preclinical bivalent tumor necrosis factor receptor type II (TNFR2) antibody and bispecific programs NKTR-0165 and NKTR-0166, as well as a modified hematopoietic colony stimulating factor (CSF) protein, NKTR-422. Nektar is headquartered in San Francisco, California.
The company noted that the press release contains forward-looking statements under the Private Securities Litigation Reform Act of 1995, including statements related to expected gross proceeds, the anticipated use of proceeds, and the completion and timing of the offering. Nektar cautioned that actual results may differ materially from those indicated due to risks and uncertainties described in its filings, including its most recent Annual Report on Form 10-K filed March 13, 2026, as well as risks in the registration statement and preliminary prospectus supplement for the offering.
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