Aug 13, 2026 earnings call — Rezpeg Phase 3 start in atopic dermatitis
Company started global Phase 3 Zenith AD for rezpeg and expects top-line data in mid-2028.
Revenue $0.0B (est $0.0B) · EPS $-1.23 (est $-1.97)
Key quotes
"In July, we achieved yet another important milestone for Nektar, with the initiation of the global Zenith AD program Phase 3 AD pro program for rezpeg aldesleukin, also known as rezpeg, in moderate to severe atopic dermatitis."
"In our first Phase 1 study, following a 12-week treatment cycle, we observed durability of clinical responses. For approximately 9 months off treatment which we have previously published."
"we ended the quarter in a strong financial position with over $1 billion in cash and investments and our cash runway extends into the third quarter of 2028, past the initial phase 3 ectopic dermatitis data readouts in mid-2028."
Analyst Q&A 10
withdrawal (off-treatment) data details
Q (Yasmeen Rahimi · Piper Sandler): She asked about the size of the withdrawal cohort, what they expect to see in the fourth-quarter off-treatment readout, and whether those results will inform Phase III data collection.
A: They enrolled 92 patients total in RESOLVE AA and 31 entered the 16-week extension. Management will follow every patient for the 24-week off-treatment period and said these data will help decide Phase III maintenance dosing frequency after 52 weeks.
"We enrolled 92 patients total into the trial, And then of those 92, 31 went on into our 16 week extension." — Mary Tagliaferri
first-line use in atopic dermatitis
Q (Samantha Semenkow · Citi): She asked if physicians would use Rezpeg in first-line AD, which patient groups fit best, and whether market research gave a split between first-line and later use.
A: They said only about 10% of AD patients get systemic therapy, so there is big upside. Management expects Rezpeg to get meaningful first-line share while also fitting second-line use for patients who fail IL-13 drugs because of its easy quarterly maintenance and different side-effect profile.
"I think, overall, as I said earlier, there is only about 10% of the population with atopic dermatitis that is that is being treated with systemic therapies." — Howard W. Robin (PRESIDENT)
clarify question (repeat)
Q (Jay Olson · Oppenheimer): The analyst asked about moving into first-line setting but the audio was unclear and the analyst repeated.
A: Management asked the analyst to repeat the question because they did not hear it clearly, so no substantive answer was given in this turn.
"I am sorry. I barely heard that question. Could you say it again louder?" — Howard W. Robin (PRESIDENT)
pretrial outcomes and impact on September trial
Q (Cha Yang · Jefferies): They asked for color on last week's pretrial and expected impact on the September jury trial.
A: Management declined to comment on ongoing litigation but said the jury trial is scheduled in federal court in San Francisco for September 8th and that they believe they have a very strong position.
"I can tell you that the trial is scheduled a jury trial is scheduled in federal court in Sandra Francisco for September 8th And, you know, we believe we have a very strong position." — Howard W. Robin (PRESIDENT)
which off-drug patients will be reported
Q (Arthur He · H. C. Wainwright): He asked whether patients who only finished 36 weeks will be included in the off-drug Q4 update and about FDA requirements on episode duration.
A: They will look at all 92 randomized patients and will highlight the 31 who entered the 16-week extension, but will report the totality of findings. The study follows the same convention as JAK inhibitors and allows current episode durations up to 8 years to enable a broad label.
"We will be following the same convention as JAK inhibitors. And our study design did provide for patients that have up to 8 years of their current episode." — Mary Tagliaferri
EADV dataset and off-treatment differences
Q (Mayank Mamtani · B. Riley): He asked what extra data to expect at EADV, whether 24-week off-treatment could be presented in October, and how the Phase IIb off-treatment differs from Phase Ib durability.
A: They said the submitted abstracts did not include the 24-week follow-up because the study was ongoing and the database not locked, but it may be possible to add the data if timing allows. For the Phase IIb AD off-treatment, they will have 3 more months of follow-up than the Phase Ib, letting them assess EASI-75, EASI-90 and EASI-100 durability up to 52 weeks off treatment.
"When we submitted the abstracts, of course, we did not have the 24 week follow-up data, and therefore, of course, our abstract does not include this portion of our study." — Mary Tagliaferri
competition and investigator trials
Q (Julian Harrison · BTIG): He asked about competitive positioning after another non-JAK result and whether they will support investigator-initiated trials (IITs) or run internal pilot studies.
A: They said the recent single-arm study is hard to interpret and enrolled a less severe population, while their Phase IIb was randomized, placebo-controlled, and broader. They are considering pilot studies and IITs for other indications to show the value of the Treg mechanism.
"By contrast, our phase 2b study was randomized. It was placebo controlled. We looked at more than 1 dose." — Mary Tagliaferri
AD phase 3 enrollment pace
Q (Marc Frahm · TD Cowen): He asked whether AD patient enrollment could be slower for different Phase III cohorts and how unmet needs affect pace.
A: They do not expect enrollment to be an issue and think it should go fairly quickly given Rezpeg's novel mechanism and limited new mechanisms in the AD space. Management noted market research showed good first-line penetration potential and their Phase III is designed to strengthen areas of differentiation seen in Phase II.
"I do not think patient enrollment will be an issue there. I think it will actually go fairly quickly." — Howard W. Robin (PRESIDENT)
effect in biologic-experienced AD patients
Q (Jessica Macomber Fye · JPMorgan): She asked how Rezpeg might perform in biologic-experienced AD patients versus biologic-naive, and whether EGLIS is a good comparator.
A: They said there is no mechanistic reason patients who fail IL-13s would not respond to a different mechanism, and cited precedence where lebrikizumab showed similar efficacy in dupilumab-experienced patients. They expect similar efficacy in biologic- or JAK-experienced patients and see that study as important for a differentiated label.
"So, you know, given this precedence, this trial data, and the rezpeg mechanism of that augments the regulatory networks rather than just blocking a single downstream inflammatory mediator." — Mary Tagliaferri
durability importance and T1D trial design
Q (Andy Hsieh · William Blair): He asked whether physicians value durability as a differentiation (3- or 6-month) and whether the 6-month Rezpeg dosing in the TrialNet T1D study implies an off-treatment effect measured at 12 months.
A: They said market research showed long-term durability mattered most, even more than rapid onset, and physicians value a manageable side-effect profile. For TrialNet, the 6-month dosing was chosen to alter disease trajectory; endpoints are measured through 12 months including 6 months off treatment because a treatment course can change disease slope.
"I can tell you from our market research time duration for onset of action was important, but the most important thing is long term durability." — Howard W. Robin (PRESIDENT)