NKTR · Nektar Therapeutics

Nektar Therapeutics executed a material definitive underwriting agreement on April 21, 2026, for a significantly upsized public offering of common stock, reflecting strong investor demand evidenced by the full exercise of the underwriters' option for additional shares. The transaction involves selling 3,532,609 firm shares plus 529,891 option shares at a $92.00 public offering price, generating gross proceeds of approximately $373.8 million before deductions, with net proceeds estimated at $350.9 million after underwriting discounts, commissions, and offering expenses. Jefferies LLC, TD Securities (USA) LLC, and Piper Sandler & Co. serve as representatives of the underwriters. This capital raise substantially bolsters the company's liquidity position, providing critical funding for its clinical-stage immunotherapy pipeline, including Phase 3 trials for rezpegaldesleukin (NKTR-358) in atopic dermatitis and alopecia areata, as noted in the related press release (Exhibit 99.1). The shares are issued under an existing shelf registration statement (S-3ASR File No. 333-291466, effective November 12, 2025), enabling efficient execution. The offering is scheduled to close on April 23, 2026, subject to standard closing conditions, with legal validity confirmed by Goodwin Procter LLP (Exhibit 5.1). For biotech firms like Nektar, such substantial equity financing supports accelerated R&D and manufacturing, mitigating cash burn risks while positioning for potential clinical milestones.