Market reaction and offering terms
Nektar Therapeutics (NASDAQ:NKTR) shares fell 6.9% in premarket trade after the company announced the pricing of an upsized public offering totaling $400 million. The transaction consists of 6,603,449 shares of common stock priced at $58.00 per share and 293,103 pre-funded warrants priced at $57.9999 apiece. In addition, Nektar gave the underwriters a 30-day option to buy up to 1,034,482 additional shares at the public offering price.
Use of proceeds
The company said the cash raised will be used for general corporate purposes, explicitly including research and development, clinical development efforts - with emphasis on Phase 3 trials for rezpegaldesleukin - and manufacturing costs necessary to advance its drug candidates.
Timetable and syndicate
The offering is expected to close on February 13, 2026. The deal is being led on a bookrunning basis by Jefferies, TD Cowen, and Piper Sandler. Oppenheimer & Co. and H.C. Wainwright & Co. are acting as lead managers, with B. Riley Securities serving as manager.
Pipeline overview
Nektar is focused on therapies for autoimmune and chronic inflammatory diseases. Its lead candidate, rezpegaldesleukin (REZPEG), is undergoing clinical evaluation for atopic dermatitis, alopecia areata, and Type 1 diabetes mellitus. The company also lists a preclinical bivalent tumor necrosis factor receptor antibody, bispecific programs NKTR-0165 and NKTR-0166, and NKTR-422, a modified hematopoietic colony stimulating factor protein, among its pipeline assets.
Implications for investors and markets
The immediate market response was a marked share-price decline during premarket trading. The offering increases share count and introduces pre-funded warrants, and the availability of the underwriter option could expand issuance further if exercised. Proceeds are directed toward clinical advancement and manufacturing, which the company identified as priorities in supporting its drug candidates.
Summary
Nektar has priced a $400 million equity offering comprised of common shares and pre-funded warrants, with an underwriter option for additional shares. The raise is intended to fund R&D, Phase 3 work on rezpegaldesleukin, and manufacturing, and was followed by a roughly 7% premarket decline in its stock price.