Nektar Therapeutics Raises $400M via Upsized Offering to Fund Rezpegaldesleukin Phase 3

Nektar Raises $400 Million to Advance Rezpegaldesleukin Phase 3 Program

Nektar Therapeutics says it is raising about $400 million through an upsized underwritten public offering of common stock and, for some investors, pre‑funded warrants to support its drug development and manufacturing programs. The company is selling 6,603,449 shares of common stock and 293,103 pre‑funded warrants at $58.00 per share and $57.9999 per pre‑funded warrant, producing expected gross proceeds of roughly $400 million before fees and expenses. Nektar grants underwriters a 30‑day option to buy up to an additional 1,034,482 shares at the public offering price less underwriting discounts and commissions.

Nektar says the net proceeds will fund general corporate purposes, explicitly including research and development, clinical development such as Phase 3 trials for rezpegaldesleukin, and manufacturing costs to support its drug candidates. Company executives portray the capital raise as a step to sustain and expand its clinical programs, strengthen manufacturing capacity for late‑stage development and prepare for potential regulatory milestones. The financing comes as the company focuses resources on advancing rezpegaldesleukin, which remains a key asset in its pipeline.

Market observers note that securing dedicated funding for Phase 3 work and related manufacturing can reduce execution risk for late‑stage programs by ensuring continuity of trials and supply. Nektar positions the offering as preserving operational flexibility to move multiple programs forward while maintaining investment in R&D. The company is using a shelf registration previously filed with the U.S. Securities and Exchange Commission to streamline the transaction.

Deal Structure and Timing

The offering is expected to close on Feb. 13, 2026, subject to customary conditions, and is being made pursuant to a Form S‑3ASR shelf registration (No. 333‑291466) that became automatically effective on filing on Nov. 12, 2025. A final prospectus supplement describing the terms will be filed with the SEC and made available on www.sec.gov.

Underwriters and Prospectus Availability

Jefferies, TD Cowen and Piper Sandler act as joint bookrunning managers, with Oppenheimer & Co. and H.C. Wainwright & Co. as lead managers and B. Riley Securities as manager. The final prospectus supplement will also be available from Jefferies and TD Securities when filed.