넥타 테라퓨틱스(NKTR) 2026년 2분기 실적 발표 콜: REZPEG 3상 진전

핵심 요약

• 넥타 테라퓨틱스(Nektar Therapeutics)는 2026년 2분기를 부채 없이 현금 및 투자자산 10억 2,000만 달러로 마감했습니다. 경영진은 현금 소진 시점(캐시런웨이)이 2028년 중반으로 예정된 아토피 피부염 3상 임상시험의 첫 결과 발표를 넘어 2028년 3분기까지 연장될 것이라고 밝혔습니다.
• 2분기 비현금 로열티 매출은 1,010만 달러를 기록했습니다. 순손실은 총 4,060만 달러로, 기본 및 희석 주당순손실은 1.23달러였습니다.
• 레즈페갈데스ロイ킨(REZPEG)에 대한 글로벌 ZENITH-AD 3상 프로그램은 7월에 환자 무작위 배정을 시작했습니다. 첫 두 연구는 생물학적 제제 및 JAK 억제제 투여 경험이 없는 환자를 대상으로 하며, 치료 경험이 있는 환자 대상 연구는 2026년 9월 말까지 시작될 예정입니다.
• FDA와의 논의를 거쳐, 넥타는 원형 탈모증에 대한 REZPEG의 단일 허가용 3상 임상시험(환자 850명 규모)을 확정했습니다. 회사는 2027년 초에 ZENITH-AA를 시작할 계획이며, 2029년 하반기에 데이터를 확인할 수 있을 것으로 예상합니다.
• 넥타는 2026년 말 현금 및 투자자산 가이던스를 8억 1,500만~8억 4,000만 달러로 상향 조정했습니다. 연간 매출 가이던스는 4,000만~4,500만 달러로 유지됩니다.
• 향후 예정된 임상 모멘텀으로는 2026년 4분기 REZOLVE-AA의 투약 중단 후 데이터, 2027년 1분기 아토피 피부염 투약 중단 후 데이터, 2027년 트라이얼넷(TrialNet)이 주관하는 1형 당뇨병 연구의 초기 데이터 발표 등이 있습니다.

핵심 재무 데이터

사업 및 영업 실적

아토피 피부염 대상 REZPEG 3상 임상 프로그램

넥타는 중증도-중증 아토피 피부염 환자를 대상으로 글로벌 ZENITH-AD 프로그램을 개시했습니다. 첫 두 핵심(pivotal) 임상시험은 각각 12세 이상의 환자 510명을 등록하고, 2주마다 킬로그램당 24마이크로그램의 REZPEG 또는 위약을 2:1 비율로 무작위 배정합니다.

연구는 24주간의 유도 치료 기간에 이어 52주 차까지 28주간의 유지 치료를 포함합니다. 월 1회 및 분기 1회 유지 투여 용량이 평가될 예정입니다. 세 번째 3상 임상시험은 치료 경험이 있는 환자군을 대상으로 동일한 디자인을 적용하며, 2차 이상 치료제로의 사용을 뒷받침하기 위한 목적으로 진행됩니다.

경영진은 2028년 중반에 3상 초기 데이터가 나올 것으로 예상하고 있습니다. 결과가 긍정적일 경우, 넥타는 2029년에 생물학적 제제 품목허가 신청(BLA)을 제출할 계획입니다.

이 프로그램에는 IGA, EASI-75, 가려움증, 피부 통증 및 수면 개선을 포함하는 미국 및 글로벌 허가 평가지표가 포함되어 있습니다. 보조 평가지표에서는 천식 및 부비동 증상도 평가할 예정입니다. 경영진은 이러한 평가지표가 조절 T세포(Treg) 작용 기전과 다중 염증 경로에 대한 잠재적 효과를 통해 REZPEG의 차별화를 이끌어낼 수 있을 것으로 보고 있습니다.

원형 탈모증 허가용 임상시험

넥타와 FDA는 단일 허가용 3상 임상시험인 ZENITH-AA 진행에 합의했습니다. 이 임상시험은 12세 이상의 환자 850명을 모집하여 52주 동안 2주마다 킬로그램당 24마이크로그램의 REZPEG과 위약을 비교 평가합니다.

1차 평가지표는 52주 차의 SALT 점수 20 이하로, 이는 두피 모발 복구율이 최소 80% 이상임을 의미합니다. 이 연구는 연장된 세척 기간(washout period)을 조건으로 치료 경험이 없는 환자와 이전 치료 경험이 있는 환자를 모두 포함하며, 현재 발병 기간이 최대 8년인 환자까지 허용합니다.

회사는 2027년 초에 임상시험을 시작하여 2029년 하반기에 데이터를 확인할 수 있을 것으로 예상합니다. 환자들은 약효 지속성 및 장기 안전성을 평가하기 위해 장기 연장 연구에 참여할 수 있습니다.

REZOLVE-AA의 24주간 투약 중단 단계를 거친 결과는 2026년 4분기에 발표될 예정입니다. 넥타는 이 결과를 바탕으로 52주 이후의 유지 투여 용량을 월 2회로 유지할지, 아니면 월 1회로 변경할 수 있을지 평가할 것입니다.

추가 파이프라인 진행 상황

트라이얼넷(TrialNet)이 후원하고 자금을 지원하는 발병 초기 1형 당뇨병 대상 REZPEG 2상 임상시험이 진행 중입니다. 첫 번째 환자 코호트의 데이터는 2027년에 나올 것으로 예상됩니다.

넥타는 또한 2026년 말이 되기 전에 REZPEG의 또 다른 적응증에 대한 임상시험을 시작하는 것을 목표로 하고 있습니다. 경영진은 최종 선정을 발표하지는 않았으나 피부 루푸스 및 기타 자가면역질환을 검토 대상 영역으로 언급했습니다.

이가성 TNFR2 작용제 항체인 NKTR-0165와, TNFR2 작용 작용과 류마티스학 분야에서 검증된 길항제 에피토프를 결합한 이중특이성 분자 NKTR-0166에 대한 초기 단계 연구도 계속되고 있습니다.

경영진 가이던스

경영진은 3상 임상시험과 이를 지원하는 제조품질관리(CMC) 활동이 진행됨에 따라 2026년 동안 분기별 R&D 지출이 증가할 것으로 예상합니다.

리스크 및 주시 항목

• 아토피 피부염 BLA(생물학적 제제 품목허가 신청) 시기 및 계획된 원형 탈모증 승인 경로 절차는 긍정적인 3상 결과 및 향후 규제 당국의 심사 결과에 따라 달라집니다.
• 제안된 REZPEG의 저빈도 유지 투여 일정은 계속 평가 중에 있습니다. 향후 발표될 투약 중단 후 데이터는 투여 간격을 현재 용법 이상으로 연장할 수 있는지 판단하는 기준이 될 것입니다.
• 경영진의 상업적 포지셔닝은 의료진 시장 조사 및 2상 데이터의 지원을 일부 받고 있으나, 1차 치료제로의 채택 및 치료 경험 환자에서의 성과는 아직 3상 임상시험을 통해 검증되지 않았습니다.
• 넥타는 생물학적 제제 치료 경험이 있는 아토피 피부염 환자에 대해 확립된 무작위 위약 대조군 기준(벤치마크)이 없어 임상시험 간 직접적인 비교에 한계가 있다고 지적했습니다.
• 현재 진행 중인 소송과 관련된 연방 배심원 재판은 2026년 9월 8일 샌프란시스코에서 열릴 예정입니다. 경영진은 구체적인 세부 사항에 대한 언급을 사양했으나, 회사가 유리한 입장에 있다고 믿는다고 밝혔습니다.

애널리스트 Q&A 하이라이트

• 투약 중단 후 효과 지속성: REZOLVE-AA에는 16주 연장 연구에 참여한 31명을 포함해 총 92명의 환자가 등록되었습니다. 넥타는 무작위 배정된 모든 환자를 평가할 계획이며, 연장 연구 코호트가 유지 투여 용량 결정에 특히 유용한 정보를 제공할 것으로 기대하고 있습니다.
• 아토피 피부염 포지셔닝: 경영진은 의료진 조사를 통해 1차, 2차 및 그 이후 치료 설정 모두에서 활용 가능성을 확인했다고 밝혔습니다. 의료진은 REZPEG 투여군에서 감염 위험 증가나 결막염이 관찰되지 않은 2b상 안전성 프로필과 새로운 작용 기전, 분기별 유지 투여 가능성을 주요 장점으로 꼽았습니다.
• 치료 경험이 있는 환자군: 경영진은 REZPEG의 상류 작용 기전과 외부 전례를 바탕으로, 생물학적 제제 및 JAK 억제제 치료 경험이 있는 환자에서의 효능이 치료 경험이 없는 환자와 유사할 것으로 기대하고 있습니다. 이는 경영진의 예상 사항으로, 세 번째 ZENITH-AD 연구에서 검증될 예정입니다.
• EADV 발표: REZOLVE-AD 유지 데이터 및 REZOLVE-AA 52주 데이터는 2026년 10월 비엔나에서 열리는 EADV 학회에서 구두 발표로 예정되어 있습니다. 투약 중단 탈모 데이터도 확보될 경우 추가될 수 있으나, 임상시험이 이중맹검 상태이고 데이터베이스가 잠금(lock) 처리되지 않아 회사 측은 확답을 하지 않았습니다.
• 경쟁 환경: 경영진은 최근 보고된 33명 규모의 오픈라벨 원형 탈모증 연구는 위약 대조군이 없고 더 선별된 환자군을 대상으로 했기 때문에 REZPEG과 직접 비교하기 어렵다고 말했습니다. 넥타는 자사의 2b상 임상시험이 무작위 대조, 위약 대조 방식으로 진행되었으며 더 광범위한 환자군을 포함했음을 강조했습니다.

실적 발표 전화회의(Call) 전문

전체 실적 발표 컨퍼런스 콜 녹취록

경영진 발표

Operator

Hello, and thank you for standing by. Welcome to the Nektar Therapeutics Second Quarter 2026 Financial Results Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded.

I would now like to hand the conference over to Vivian Wu from Nektar Investor Relations to kick things off. Please go ahead.

Vivian Wu

Thank you, Crystal, and good afternoon, everyone. Thank you for joining us today.

On today's call, you will hear from Howard Robin, our President and Chief Executive Officer; Dr. Jonathan Zalevsky, our Chief Research and Development Officer; and Linda Rubinstein, our Chief Financial Officer. Dr. Mary Tagliaferri, our Chief Medical Officer, will also be available during the Q&A.

Before we begin, I would like to remind you that we will be making forward-looking statements regarding our business, including statements related to the therapeutic and commercial potential and development plans for rezpegaldesleukin, the timing and expectations for clinical trials, clinical data presentations and regulatory submissions, regulatory interactions, our expected cash runway and other statements regarding the future of our business. Because forward-looking statements relate to the future, they are subject to uncertainties and risks that are difficult to predict and many of which are outside of our control.

For a discussion of these risks and uncertainties, please refer to our filings with the SEC, including our most recent Form 10-K and subsequent filings. We undertake no obligation to update these forward-looking statements, except as required by law. Live webcast and replay of this call will be available on the Investor Relations section of our website at nektar.com.

With that, I will hand the call over to Howard.

Howard W. Robin

Thank you, Vivian. Thank you to everyone for joining us this afternoon.

In July, we achieved yet another important milestone in Nektar with the initiation of the global ZENITH AD program, Phase III AD program for rezpegaldesleukin, also known as REZPEG, in moderate to severe atopic dermatitis. We're excited to be advancing this very important novel medicine towards registration in the first of several potential indications.

Following our end of Phase II meeting with the FDA, we also finalized the design of a single registrational Phase III study for REZPEG in alopecia areata, which we plan to initiate in early 2027.

The registrational study designs for REZPEG build on the positive clinical data we've generated in the first half of this year in patients with atopic dermatitis and alopecia areata and also reflects input from our completed regulatory meetings.

JZ will talk more about these designs later on during the call. And importantly, with the first Phase III studies in atopic dermatitis now underway, we expect top line data from these studies in mid-2028 and if positive, expect to submit a BLA in 2029.

As a novel T-reg agonist mechanism, REZPEG works fundamentally different by acting upstream of multiple inflammatory pathways to restore immune balance. And to that end, we continue to evaluate new indications for expansion of REZPEG's development in the future.

Through TrialNet, we are evaluating its potential in type 1 diabetes in an ongoing Phase II study. We also believe there are other autoimmune conditions where a T-reg mechanism could benefit patients, and we, therefore, view REZPEG as a potential pipeline in a product.

Importantly, the market opportunity and patient need in each of our 2 lead indications are substantial. More than 15 million people in the United States have moderate to severe atopic dermatitis and currently fewer than 10% are treated with a systemic therapy.

We believe that this market will grow with the introduction of novel mechanisms of action as was the case in the psoriasis market and that REZPEG is highly differentiated from the other novel MOAs approved or in development.

We know that roughly half of the patients on currently available IL-13-based agents, including Dupixent, either don't respond to therapy or lose their response over time. This leaves a large unmet need for a new therapeutic option. We believe REZPEG has the potential to alter the treatment paradigm in this indication by offering a differentiated efficacy and safety profile, with a long-term, highly attractive monthly or quarterly maintenance dosing regimen.

We recently completed extensive market research, which included our 52-week maintenance data for REZPEG. The research reinforces our commercial thesis in atopic dermatitis. We interviewed and surveyed 151 high-volume prescribers and key opinion leaders in the United States and Europe.

A recurrent theme that came up in the research was physician enthusiasm for a novel mechanism of action as compared to overlapping mechanisms of action in the IL-13 class. The REZOLVE-AD data was viewed highly positively, including EASI-75 and Itch NRS responses. The quarterly dosing schedule for maintenance and the EASI-100 rates were called out as notable and differentiating.

The data in comorbid asthma was also cited as a key differentiator as physicians see patients with a range of other autoimmune and allergic comorbidities, which could benefit from a T-reg therapeutic approach.

Notably, safety was viewed as a key differentiator with no increased risk for infection and no conjunctivitis observed in the REZPEG treatment arms in our Phase IIb REZOLVE-AD study. Importantly, 150 out of the 151 physicians interviewed said that injection site reactions were not a hindrance to prescribing or a barrier for patients and actually preferred a self-resolving short-lived ISR over managing longer duration conjunctivitis.

It was clear that physicians would welcome a novel immune modulating mechanism like REZPEG in the treatment paradigm and that REZPEG would likely be prescribed across first, second and third-line populations. The research supports our decision to pursue a label with our registrational program in atopic dermatitis that captures both treatment-naive and experienced patients.

Turning to the opportunity in alopecia areata. Nearly 6.7 million people in the United States are affected by the disease and the large majority currently go untreated. There are well-known safety challenges associated with JAK inhibitors, which is the only approved class to treat severe patients, and that has limited their use.

In spite of that, the market for agents currently approved for alopecia areata is still projected to grow to $5 billion in 2033. But more than half of dermatologists are not comfortable prescribing these agents given their box warnings and an ongoing monitoring burden.

Our REZPEG market research with physicians in alopecia areata reaffirms this hesitation to prescribe JAK inhibitors. And in addition to REZPEG's safety profile observed to date and its novel MOA, physicians and patients in our research cited REZPEG's twice monthly dosing for alopecia areata patients as more attractive than once-daily oral dosing. Physicians also noted the ability to ensure patient compliance with treatment is much higher with an injectable twice monthly regimen. The research reaffirms our belief that REZPEG has the potential to become a preferred first-line treatment option for patients with severe to very severe alopecia areata.

Before I hand the call to JZ, I will note that 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 III atopic dermatitis data readouts in mid-2028.

Our team is laser-focused on successful execution of our Phase III programs and advancing REZPEG to BLA submission as quickly as possible.

With that, I'll turn the call over to JZ.

Jonathan Zalevsky

Thank you, Howard, and good afternoon, everyone. Everything we have learned about REZPEG from the data from the clinical programs to date points to a consistent and we believe differentiated clinical profile, meaningful efficacy, a favorable safety profile with dosing as infrequent as once a quarter and responses that continue to deepen over time.

As Howard stated, REZPEG works upstream of the currently approved agents in the diseases we are targeting. It stimulates regulatory T cells and gets closest to natural causal biology to restore the immune balance that is disrupted in autoimmune and inflammatory disease rather than blocking a single target or even multiple targets downstream.

REZPEG is able to correct Th1, Th2, Th17 and other upstream inflammatory dysfunctions that can drive disease pathology across atopic dermatitis, alopecia areata and other autoimmune diseases. Because regulatory T cells target the underlying immune imbalance of inflammatory and autoimmune diseases, we have seen REZPEG produce very high durability over time.

This was our key hypothesis when we developed REZPEG, and it is supported by the data we reported from our monthly and quarterly dosing regimens in our Phase IIb program. In our first Phase I study, following a 12-week treatment cycle, we observed durability of clinical responses for approximately 9 months off treatment, which we have previously published.

As Howard mentioned, ZENITH-AD, our global Phase III program in atopic dermatitis is now up and running. The first 2 studies, both in biologic and JAK inhibitor naive patients were initiated, and we started randomizing patients back in July. The planned study in treatment-experienced patients is set to start by the end of September.

As a reminder, each of the 2 pivotal biologic naive studies will enroll 510 adolescent and adult patients aged 12 and older randomized 2:1 to REZPEG at 24 micrograms per kilogram every 2 weeks or placebo. There is a 24-week induction period followed by a 28-week maintenance period through week 52, during which we will evaluate both monthly and quarterly dosing.

The third Phase III study in treatment-experienced patients has the same design and is expected to support a second line and later usage in the label. Taken together, the studies are designed to support a potential label in this patient population that captures both naive and experienced patients spanning first line, second line and later line usage.

The studies are designed to support U.S. and global registration with an IGA-related primary endpoint for the U.S. and co-primary endpoints of EASI-75 and IGA for significant territories outside the U.S., along with multiplicity protected secondary endpoints for key patient-reported outcomes such as Itch numerical rating scale or NRS, skin pain NRS and Atopic Dermatitis Sleep Scale or ADSS.

As you know, many patients with atopic dermatitis also have other comorbidities, including asthma and allergic rhinitis. As a T-reg-based mechanism, REZPEG is designed to work upstream of targeted -- REZPEG is uniquely positioned to simultaneously address multiple autoimmune and inflammatory manifestations at once.

And to that end, we also include a number of multiplicity protected secondary endpoints that will help us explore this benefit. The first being ACQ-5, which measures improvement in patient-reported asthma symptoms. Approximately 25% of patients with moderate to severe atopic dermatitis also have asthma. And in our Phase IIb setting, REZPEG produced statistically significant improvements in ACQ-5 versus placebo, including in patients with uncontrolled asthma at baseline.

A second endpoint we've included is the Sino-Nasal Outcome Test 22. This is referred to with the acronym SNOT-22, a validated patient-reported measure of Sino-Nasal symptoms. Rhinitis is a type 2 inflammatory comorbidity found in patients with atopic dermatitis. And up to 30% of patients with atopic dermatitis also have a comorbidity of allergic rhinitis.

On this endpoint in our Phase IIb study, we measured SNOT-22 for patients with self-reported symptoms and which extended also into patients who had self-reported asthma with rhinitis. We are including SNOT-22 as a secondary endpoint in our Phase III studies, and we are excited to share with you that we plan to present the SNOT-22 data from the REZOLVE-AD study at a future medical meeting.

Our strong REZOLVE-AD Phase IIb data underlies the design of our Phase III program. In REZOLVE-AD, we saw a rapid onset of skin clearance and itch relief early in treatment, and we saw those responses deepen over time rather than plateau. With less frequent monthly and quarterly maintenance dosing, we achieved high rates of complete skin clearance, including up to a fivefold increase in EASI-100 rates during the 36-week maintenance treatment period, a level of response rarely achieved. As Howard said, we expect the first data from the Phase III program in mid-2028 and if positive, expect to submit a BLA in 2029.

Turning to alopecia areata. We recently held our end of Phase II meeting with the FDA, and we received alignment to conduct a single registrational Phase III study, which we are calling ZENITH-AA.

In the pivotal study, we have finalized, 850 adolescent and adult patients aged 12 and older will be randomized to receive REZPEG at 24 micrograms per kilogram every 2 weeks or placebo with treatment continuing through 52 weeks. The study will include patients that have a current episode of alopecia areata of up to 8 years. This was the inclusion criteria for all of the JAK inhibitor Phase III trials as well as our Phase IIb randomized placebo-controlled study.

We will include both patients who are naive to systemic treatment, including biologics and JAK inhibitors as well as those who have been treated with a prior systemic agent provided they have undergone an extended washout period.

The primary endpoint will be a SALT score of 20 or less at week 52, which corresponds to 80% or more scalp hair coverage. This is the established registrational endpoint for patients with severe to very severe alopecia areata at baseline.

Key secondary endpoints include SALT scores of 10 or less and 30 or less, along with 50%, 75% and 90% SALT reductions from baseline, which capture increasing degrees of hair regrowth. You'll recall that we observed improvement with REZPEG treatment across all these endpoints in our Phase IIb trial.

Patients from the study will also have the ability to roll over into a long-term extension, which will allow us to characterize durability of response on treatment and long-term safety. We plan to initiate the Phase III alopecia areata study in early 2027, and we expect data in the second half of 2029, and if positive, would expect to seek approval in alopecia areata as the second indication shortly following our planned submission in atopic dermatitis.

We expect to have data from the 24-week off-treatment period of the Phase IIb REZOLVE-AA study in alopecia areata in the fourth quarter of this year. Our objective for measuring patients in the off-treatment period is to determine a maintenance dosing regimen beyond 52 weeks, whether we continue to dose it twice-monthly or offer additional once-a-month regimen.

As you know, we already have an advantageous dosing schedule of twice monthly as compared to a daily JAK inhibitor. As Howard pointed out earlier, our market research has reinforced for us that both physicians and patients would prefer a less frequent injectable regimen as opposed to daily oral administration.

When you couple this dosing regimen advantage with the safety profile observed to date, we believe REZPEG has the potential to become an important first-line treatment for this indication. In addition, data sets from both our lead programs in atopic dermatitis and alopecia areata have been accepted for oral presentations at the European Academy of Dermatology and Venereology, or EADV congress to take place in Vienna in October. These presentations will feature the REZOLVE-AD maintenance data covering both the patients who maintain their response and those who develop new and deepening responses over time, including complete clearance as well as the REZOLVE-AA week 52 data. We're grateful for the opportunity to present these data at this important meeting.

Beyond our 2 lead indications, the Phase II study of REZPEG in new onset type 1 diabetes sponsored and funded by TrialNet is ongoing. As a reminder, this is the same consortium that ran the foundational studies for teplizumab, the only approved therapy in this setting, and they bring expertise and a deep commitment to finding better options for patients with this disease. We're looking forward to the data from the first cohort of patients in this type 1 diabetes study in 2027.

As this program matures, we continue to evaluate additional opportunities for REZPEG in other potential indications. And as I mentioned earlier, REZPEG is fundamentally different from therapies that block a single downstream inflammatory mediator. REZPEG acts upstream by expanding regulatory T cells and enhancing their suppressive function, thereby restoring immune tolerance and reestablishing regulatory control over pathogenic immune responses. Our objective is to start a clinical study prior to year-end, which would allow us to evaluate REZPEG's activity in a new indication.

Turning to our earlier pipeline programs. We are continuing our development of our TNFR2 programs. NKTR-0165 is our bivalent TNFR2 agonist antibody, a molecule with very high specificity for signaling for TNFR2 on T-regs to enhance their ability to regulate the immune system.

We believe this mechanism has potential across a range of indications, including MS, ulcerative colitis and vitiligo. Because NKTR-0165 demonstrated strong monomeric activity, we realized the TNFR2 molecule could be incorporated in the design of bispecific and trispecific constructs in combination with validated targets. Therefore, we are designing a pipeline of TNFR2 containing bispecific molecules that pair TNFR2 agonism with other antibody targets.

The first of these programs, NKTR-0166 is a bispecific molecule that combines a TNFR2 agonist epitope with an antagonist epitope previously validated in rheumatology. This dual mechanism gives NKTR-0166 the potential to modify disease pathogenesis across multiple autoimmune settings. We are continuing our research in both TNFR2 programs, and we'll share more as they progress.

With that, I will turn the call over to Linda to review our financial results. Linda?

Linda Rubinstein

Thank you, JZ, and good afternoon, everyone. On today's call, I'll review our quarterly financials for the second quarter of 2026 and our 2026 financial guidance. We ended the second quarter of 2026 with $1.02 billion in cash and investments with no debt on our balance sheet.

In April, we completed an underwritten public offering, resulting in approximately $350 million in net proceeds. We are increasing our cash guidance for year-end 2026, and we now expect to end 2026 with approximately $815 million to $840 million in cash and investments.

Turning to the income statement. Our second quarter 2026 noncash royalty revenue totaled $10.1 million. Full year revenue for 2026 is still expected to total $40 million to $45 million. Our R&D expenses were $39.1 million for the second quarter of 2026, and we now anticipate full year R&D expense to range between $210 million and $230 million, including approximately $5 million to $10 million of noncash depreciation and stock-based compensation expense. As a reminder, we expect R&D expense to increase on a quarterly basis in 2026 as our Phase III clinical studies and supporting CMC activities progress.

Our G&A expenses were $12.8 million for the second quarter. We continue to expect G&A expenses for the full year 2026 to be between $60 million and $65 million, including approximately $5 million of noncash depreciation and stock-based compensation expense.

Noncash interest expense for the second quarter was $7.2 million, and we expect noncash interest expense to total approximately $30 million to $35 million for 2026. Our net loss for the second quarter was $40.6 million or $1.23 basic and diluted net loss per share.

And as I stated earlier, we now expect to end 2026 with between $815 million and $840 million in cash and investments. Our financial position is strong, enabling us to continue investing in our REZPEG atopic dermatitis and alopecia areata programs as well as advancing our TNFR2 agonist antibody program, which includes NKTR-0165 and NKTR-0166.

I'll now turn it over to the operator for Q&A.

Operator

[Operator Instructions] And our first question will come from Yasmeen Rahimi from Piper Sandler.

질의응답

Yasmeen Rahimi

Congrats on getting the alignment of the ZENITH-AA study and kicking that off. So congrats and great updates. You guys do always a wonderful job helping us think about the next catalyst in terms of thinking about timing, the type of data we will get and the expectation. And I would love to do that ahead of the next important data readout, which will be the withdrawal data that is going to come in the fourth quarter. Could you maybe talk about what your expectations are in terms of what is the size of the cohort? What do you expect to see that would be and whether any of that off-treatment AA data inform in any way sort of the data collection that will be ongoing in your Phase III study?

Howard W. Robin

Yes. Thank you. That's a great question. I'll let Mary take that question.

Mary Tagliaferri

Great. Yasmeen, thank you so much for congratulating us on having our Phase III program in atopic dermatitis kick off. We're very excited about that as well.

So as you know, we have a 24-week follow-up off-treatment period in the REZOLVE-AA study. This is an ongoing part of our trial. And in the fourth quarter, we will have the data. We enrolled 92 patients total into the trial. And then of those 92, 31 went on into our 16-week extension. We do follow every patient who was enrolled into the study for that 24-week off treatment. And with respect to the Phase III, the most important for us is after 52 weeks of treatment on the Phase III alopecia areata registrational study, we will continue to follow those patients in a long-term extension study.

And these data will really help to instruct should treatment continue to be on an every 2-week basis or can we extend that frequency in a maintenance period to a longer time point such as dosing once a month. So we're really excited to look at those data, so we can have more clarity on treatment after 52 weeks in our Phase III program.

Likewise, in the first quarter of next year, we will have 52-week off-treatment data for our atopic dermatitis Phase IIb study. And in that, again, we're really looking to instruct what should the dosing be after 52 weeks of treatment. And should -- or are there patients that experience durability of responses beyond, say, a dosing interval that we evaluated in the Phase IIb such as 2 monthly and every 3 monthly.

We did see, of course, in our Phase IIb that patients experienced great durability and many experienced a deepening of response. Now we want to look at in this 52-week off treatment, how those responses are maintained and the durability of those responses to see if it's feasible to extend that dosing interval beyond quarterly.

Operator

Our next question comes from Samantha Semenkow from Citi.

Samantha Semenkow

And thank you for all of the details in the recent market research that you shared in atopic derm. I'm just wondering if you could elaborate a bit more on how physicians are thinking about prescribing REZPEG in the first-line setting. Are there certain patient population or patient characteristics that physicians are identifying that are best suited for REZPEG? And did your market research give any indication on the breakdown of the portion that would be candidates, say, for first line versus second line or later?

Howard W. Robin

Yes, very good question. Look, the market research that we did was extensive, and we want to understand how to position our drug because at some point, it is a completely novel mechanism and everybody thinks that there's going to be -- have to be a step-through through IL-13 to ultimately get to something like a T-reg mechanism.

And we don't find that to be the case. I think overall, as I said earlier, there's only about 10% of the population with atopic dermatitis that's being treated with systemic therapies. So it's an enormous upside market potential. And even the patients that are getting IL-13s, which is sort of the gold standard right now, I think those patients -- about half of those patients either don't respond or fail after a year or so.

So there's lots of opportunity for REZPEG as a first-line indication. Clearly, as a second-line indication, it fits that definition perfectly since we know how many patients fail IL-13. And with a quarterly maintenance dosing regimen, it makes it a very easy drug to take for those patients. But I do think we'll get a significant share of the first-line market as well once patients get experience.Remember, it doesn't cause any infection. It doesn't cause conjunctivitis and those problems, those side effects are potentially much more serious than mild to moderate self-resolving ISRs.

So overall, we're pretty happy about getting our first-line market share.

Operator

Our next question comes from Jay Olson from Oppenheimer.

Jay Olson

Thinking about eventually moving into the first-line setting.

Howard W. Robin

I'm sorry, I barely heard that question. Could you say it again louder?

Operator

Our next question comes from Cha Cha Yang from Jefferies.

Cha Cha Yang

This is Cha Cha on for Roger. Thank you so much for the updates as always very informative and very colorful. I was wondering if you could give us some comments on the pretrial that happened last week. Any color that you can give on the outcomes of that? And then what impact you expect those outcomes to have on your upcoming September trial?

Howard W. Robin

Yes. Look, always a good question. But of course, it's -- you can't really -- we can't really comment on an ongoing litigation. I can tell you that the trial is scheduled -- a jury trial is scheduled in federal court in San Francisco for September 8. And we believe we have a very strong position. And that's unfortunately all I can tell you about it at this point. So I'd love to give you more, but it's difficult to comment on ongoing litigation.

Operator

Our next question comes from Arthur He from H.C. Wainwright.

Yu He

Congrats on the progress. And Mary, congrats to get the single trial for the AA study sign off. So for that part, I just wonder for the off-drug data in the fourth quarter, for the patients who finished the -- only finished the 36 week, are we also looking to the data from that part of patients there?

Mary Tagliaferri

Arthur, yes, we will be looking at both patients as well as those patients that completed the 52 weeks of treatment. Obviously, I think what will be most instructive and valuable to our decision-making will be those patients. There were 31 of them that went into the long-term extension -- went into the 16-week extension. But we will be looking at all the 92 patients that we randomized into the study and providing an update on the totality of the findings.

Yu He

Okay. So just one quick squeezing. So when you were talking to the FDA, did they put some requirement for a medium or minimal duration for the current episode for the alopecia patient?

Mary Tagliaferri

Yes. Thank you for asking. 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. We do know that there are some other people who've looked at a more enriched patient population that only have a current episode of up to 4 years duration of their current episode. And however, we don't think that reflects the actual population of patients with alopecia areata, and we want to have a very broad label.

So we did design a study that will include both patients who are JAK inhibitor naive and JAK inhibitor experienced. We'll have adolescent patients as well as adult patients, and we will be looking at patients who have a duration of their current episode less than 4 years and 4 to 8 years. We think having the broadest label has the greatest commercial potential as well as serving the broadest proportion of patients and certainly a study that's in line with the prior JAK inhibitor studies.

Operator

Our next question comes from Mayank Mamtani from B. Riley Securities.

Mayank Mamtani

I appreciate the level of detail. Two-parter question. On the EADV, what's the incremental data set that we should expect? And if there's a chance off-treatment REZOLVE-AA data could also be presented because it's October 1, technically fourth quarter? And I also could help with the enthusiasm for enrollment in your global alopecia Phase III.

And on the maintenance atopic derm data, should -- just based on your Phase Ib where we got EASI-75 up to 9 months, can you just highlight what are the differences in this off-treatment versus what we saw in your Phase Ib? And should we also expect to see some of the EASI-100 responders keep that off-treatment remission?

Mary Tagliaferri

Great. Thanks, Mayank, for your questions. Certainly, as JZ mentioned, we're really pleased to have the 2 oral presentations accepted at EADV. I think this really highlights the promise of our novel mechanism of action and of course, the strength of our clinical data. We -- when we submitted the abstracts, of course, we did not have the 24-week follow-up data. And therefore, of course, our abstract doesn't include this portion of our study. The study is still ongoing and blinded.

Now -- that being said, we -- it is possible that we could include the 24-week data, as you mentioned, this could be very valuable and of significant interest. We cannot make that decision today. If we do have the data readout in time and we are ready, we would love to include those data as well in our oral presentation by Dr. David Rosmarin at EADV. But again, at this time, we can't make that commitment because the trial is still ongoing, and we haven't even locked that part of the database. But thank you for asking. It is a possibility, but again, it's not in our abstract.

With respect to your second question about the maintenance data and the data of 52 weeks off treatment for the Phase IIb in atopic dermatitis, you're correct, -- we did show off-treatment data from our Phase Ib for 9 months. The difference here is now we'll have 3 additional months of follow-up post withdrawal from drug.

And we think that this is extremely important to us to look at, again, that durability of those responses. And again, we'll be able to look at the EASI-75 and as you mentioned, the EASI-100 and the EASI-90, we did see consistently that patients continue to improve with ongoing REZPEG treatment, and we did see this deepening of response.

Now we want to look at these patients being off treatment, and we will be able to look at the 9-month time mark like we did in the Phase Ib as well as 52 weeks off treatment. And this will be extremely valuable to look at the optimal dosing. And after 52 weeks of treatment, can patients have less frequent maintenance dosing and some patients -- for some patients that could be longer than every 3 months. So we're really excited to look at those data and really closely examine the durability of those responses. So thank you for asking those 2 questions.

Operator

Our next question comes from Julian Harrison from BTIG.

Julian Harrison

Congrats on all the recent progress. First, I'm wondering if you have any updated views on REZPEG's competitive positioning in alopecia areata in light of a recent data set last month from another non-JAK treatment option in development in the broader space. And then taking a step back, keeping in mind REZPEG's pipeline and the product potential, I'm wondering if you thought at all about supporting any signal-seeking efforts on an IIT basis. I'm sure you've done some investigator requests. Is that something you're open to? Or are future trials best to keep full control of at Nektar?

Howard W. Robin

Yes, 2 very good questions. So first of all, regarding competition in alopecia areata, look, the study that was just released data that was just released, and I'll let Mary comment a little more on this, very little difficult to interpret. And it was also a single-arm study. So it wasn't a blinded study. It's a little difficult to interpret. And quite frankly, it had a patient population that was much less severe or much earlier on in their disease than what we're planning. I think Mary did talk about the difference between 4 years and 8 years. And I'll let her comment on that in a moment.

And to your second question about looking at other indications, yes, we are in the process of considering which indications we would like to do some pilot studies to get some proof-of-concept studies. I think -- look, we were very successful in the lupus study when we looked at the data on a weight-based dosing rather than a fixed-based dosing. And I think there's a potential for working in cutaneous lupus as well. And there's a number of other indications, just as we're doing in type 1 diabetes that could warrant a -- whether it's an investigator-sponsored trial, you lose a little bit of control there perhaps or it's our own pilot studies. I do think that to support the value of a T-reg mechanism, I do think there's other indications that we will be looking at.

I'll let Mary come back to your first question for some more insight.

Mary Tagliaferri

Yes, sure. Julians, Howard mentioned this in our prepared remarks. We view the alopecia areata market as very large. And certainly, these patients are underserved by JAK inhibitors. So I think as seasoned biotech executives, clinicians and scientists, we love innovation, and we love to see innovation in a space where there's huge potential for growth.

Now that being said, as Howard mentioned, the Q32 results are really difficult to interpret. It was a small, only 33 patients, open-label study with no placebo. And as we've mentioned now twice, enrolling a selective patient population and restricting eligibility really skews results in the favor of any drug that's being tested.

By contrast, our Phase IIb study was randomized, it was placebo-controlled. We looked at more than one dose. We allowed a broad patient population that was consistent with JAK inhibitor studies. So the generalizability has greater potential. And we had a very standard Phase IIb trial that then was recognized by the FDA as being sufficient to move forward into a Phase III study.

So ultimately, we remain very encouraged by our efficacy and safety profile. And I know the dermatology community at large is really looking forward to beginning enrollment in our study in the first quarter of next year for these reasons. So thanks for asking.

Operator

Our next question will come from Marc Frahm from TD Cowen.

Marc Frahm

Congrats on all the progress in getting the Phase III up and running. Maybe just, Howard, you touched a little bit about kind of the different unmet needs in the AD market, particularly as you think about treatment naive versus experienced patients. Just how do you guys view that as likely to kind of impact the relative enrollment pace for these Phase IIIs in the 2 different kind of flavors of Phase III, different patient sizes, but also different levels of unmet need?

Howard W. Robin

Yes. Good question. I certainly think -- look, with the absence of OX40s, it certainly limits the opportunities for new mechanisms of action. And I think REZPEG is obviously unique in that sense. So I don't think patient enrollment will be an issue there. I think it will actually go fairly quickly. I can't tell you exactly what it will look like. We just started the studies, but I'm hopeful that it goes fairly quickly, recognizing that as a new mechanism goes, there's really nothing else at the moment.

We'll see what the STAT6 data looks like, upcoming data. But I don't think that's as complete a mechanism as REZPEG. I can let JZ comment on that a little bit, if you'd like. But overall, I think the market -- I don't think people understand how large this market is. Let's assume the market by 2033 is probably $35 billion, and that's 10% of the patients getting treated.

So I think, look, there's other good drugs out there. I'm not -- I mean, Apogee's drug is certainly a good drug. I think STAT6 could be a very important mechanism. But the fact of the matter is the market is enormous. And if you have a novel mechanism, you should be able to get a reasonable market share of a market that at 10% of the patients being treated is already planned to be $35 billion.

I'll let JZ comment a little bit on why we think REZPEG is probably one of the best opportunities in treating a disease like AD.

Jonathan Zalevsky

Yes. Marc, thanks, Howard. Yes, I mean I think that this point was touched on briefly, okay, first. I mean one of the things that our market research showed us is that we would have good first-line penetration. And that's really because the -- pretty much the entirety of the available approaches that physicians have and even the pipelines, including agents like STAT6, they're really all targeting the same pathway, right?

They're in a very Th2 dominant inhibitory state. They may be acting on more than one node, but they're acting really on the singular pathway. And our market research really shows that a new MOA was extremely important for physicians. And many indicated they would use a new MOA first. And so we think this will really help position REZPEG nicely.

As you heard about our Phase III study design, they're really taking advantage of not just what we've learned, but really even strengthening on where we saw the greatest differentiation in our Phase II data, and they're pushing that even more to give REZPEG a really big opportunity for a very highly differentiated label at the end of this registrational program.

Operator

Our next question comes from Jessica Fye from JPMorgan.

Jessica Fye

Can you expand a little bit on your expectations for REZPEG's effect size in biologic experienced patients compared to biologic-naive patients in AD? And how should we think about benchmarking the biologic experienced AD Phase III trial that you're running, is Ebglyss a good comp there? Or if not, what should we think about?

Howard W. Robin

Okay. That's -- thank you for the question. It's a very good question. I'll let either JZ or Mary answer it in a little more detail, but I can tell you that we looked very closely at whether there's any biological reason, any mechanistic reason why a patient who fails IL-13 would not respond to a completely different mechanism, and we couldn't find one. So I don't -- I think we should be successful in treating experienced patients. I'm going to let JZ and Mary comment a little more on that.

Mary Tagliaferri

Yes, I can just start and JZ can finish. Yes, Jessica, I think you're bringing up a very important point. Lebrikizumab was studied in the ADAPT study. And these were patients treated with lebrikizumab after Dupixent, and there was no diminution of efficacy. 57% of the Dupi exposed patients who were treated with lebrikizumab had an EASI-75 at week 16.

And in the lebri Phase III studies, the ADvocate-1 and the ADvocate-2, the EASI-75 at week 16 was 52% and 59% in that naive population. So we -- and the ADAPT study did include patients who also had an inadequate response to dupi. So given this precedent, this trial data and the REZPEG mechanism of action that augments the regulatory networks rather than just blocking a single downstream inflammatory mediator, we do expect the efficacy in the biologic and JAK inhibitor experienced patients to be very similar to the naive patients.

And I'll let JZ expand further if you want on the mechanism of action, JZ.

Jonathan Zalevsky

No, thank you. And I think you touched on a lot of the key points that our mechanism with the T-reg induction, if anything, is meant to really help patients for whom inhibition of IL-13 or IL-4 and 13 is no longer adequate, right, to control their disease. This is one of the greatest features, right, of the T-reg approach is it acts upstream of all of those factors.

And we look forward to continuing to elaborate on this. You raised a very important point, which is that while the ADAPT study is useful, as Mary explained, it's an open-label single-arm study. And so there hasn't really been a true benchmark published, for example, for placebo in this patient population. So all of these are all things that are going to be components of some potential data to be reported if Sanofi reports the results of their amlitelimab study in this patient population. That was designed as a randomized controlled trial. That will create one important piece of information for the placebo.

But overall, we're extremely excited to have this third study as part of our registrational program. We expect REZPEG has a very, very good opportunity to be efficacious in this patient population for all the reasons we've explained. And with the study like that under REZPEG's belt as part of our BLA, it really allows us to have a much more differentiated label for REZPEG.

Operator

And our next question will come from Andy Hsieh from William Blair.

Tsan-Yu Hsieh

So Howard, you mentioned about the physician survey that you did. It's super helpful for you to share with us. I'm curious if you have probed the group about durability as a means for differentiation. Is there a time that these physicians are looking at either the 3-month or 6-month time frame?

And my second question has to do with the type 1 diabetes trial that you're running with TrialNet. It seems like REZPEG is being treated for 6 months, but the primary endpoint is measured at 12 months. So can we infer from that, that there is a little bit of off treatment effect that we can extrapolate from the trial?

Howard W. Robin

Sure. Very good questions. I'll let Mary answer the question regarding the TrialNet type 1 diabetes study. I can tell you from our market research, time, duration or onset of action was important, but the most important thing is long-term durability. And you could see that if you look at our maintenance data, the drug -- the results keep getting stronger and stronger, and I expect that they'll continue that way.

I think one of the other things that was very important to physicians was a manageable side effect profile. And as I said, ISRs didn't concern them at all. They were much more -- they were actually much more concerned about infections and conjunctivitis than they were ISRs. But overall, a durability of response that continues to improve was very important to the physicians.

Mary, do you want to take the question on the type 1 diabetes trial.

Jonathan Zalevsky

Thanks, Howard. I'll actually -- I'll do that. So yes, I want to describe a little bit about how that study is designed. So if you recall the teplizumab studies, the CD3 antibody. So the way that works is it's a very short treatment course, right? It's just a few cycles at the very beginning. But that actually is enough to alter the whole trajectory of the disease.

So TrialNet was very excited that they could dose longer with REZPEG that they did with teplizumab. So that was exciting for them. And so they selected a 6-month course. The mixed meal tolerance test C-peptide levels, they're measured throughout through a year. So they're measured both during the treatment as well as the 6 months after the treatment. But again, the whole theory and understanding of the disease, its progression and the worsening that people have is it's well understood that a course of intervention will change the whole slope of the disease and provide the therapeutic benefit that we're looking for.

So that's why the study was designed this way. It's very much in the -- right in the sweet spot of how these kinds of type 1 diabetes studies are done.

Operator

And I'm showing no further questions from our phone lines. I'd now like to pass it back to Howard Robin for any closing remarks.

Howard W. Robin

Well, thank you, everyone, for joining us today. And it's not often that a company develops a new MOA that has the potential to greatly help patients in need. And I want to thank our employees for their diligence and commitment and also our shareholders for their continued support. So stay tuned, and thank you very much again. Good afternoon.

Operator

This concludes today's conference call. Thank you for your participation. You may now disconnect. Everyone, have a wonderful day.