Nektar Therapeutics closes $460 million stock offering

Nektar Therapeutics (NASDAQ: NKTR) completed a $460 million public offering of common stock and pre-funded warrants, the biotechnology company announced.

The San Francisco-based company sold 7,637,931 shares of common stock at $58.00 per share and 293,103 pre-funded warrants at $57.9999 each. The share count includes 1,034,482 shares sold when underwriters exercised their full option to purchase additional shares.

Jefferies, TD Cowen, and Piper Sandler served as joint bookrunning managers for the offering. Oppenheimer & Co. and H.C. Wainwright & Co. acted as lead managers, while B. Riley Securities served as manager.

The offering was conducted under a shelf registration statement filed with the Securities and Exchange Commission on November 12, 2025, which became effective upon filing.

Nektar focuses on developing treatments for autoimmune and chronic inflammatory diseases. The company's lead product candidate, rezpegaldesleukin, is being evaluated in Phase 2b trials for atopic dermatitis and alopecia areata, and a Phase 2 trial for Type 1 diabetes.

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