Nektar Therapeutics (NASDAQ: NKTR) announced it has commenced an underwritten public offering of $250 million of common stock and pre-funded warrants. The San Francisco-based clinical-stage biotechnology company plans to grant underwriters a 30-day option to purchase up to an additional $37.5 million of shares at the public offering price.

The company intends to use net proceeds for general corporate purposes, including research and development, clinical development for Phase 3 trials of rezpegaldesleukin in atopic dermatitis and alopecia areata, and manufacturing costs to advance its drug candidates.

Jefferies, TD Cowen, and Piper Sandler are serving as joint bookrunning managers for the offering. The securities are being offered under a shelf registration statement filed with the Securities and Exchange Commission on November 12, 2025.

Nektar focuses on developing treatments for autoimmune and chronic inflammatory diseases. Its lead product candidate, rezpegaldesleukin, is a regulatory T cell stimulator currently in Phase 2b trials for atopic dermatitis and alopecia areata, and Phase 2 trials for Type 1 diabetes.

The offering is subject to market conditions, and there is no assurance regarding completion, timing, or final terms of the offering, according to the company's statement.