Nektar Therapeutics (NASDAQ: NKTR) announced the pricing of an upsized public offering of $325 million in common stock shares. The biotechnology company is selling 3,532,609 shares at $92.00 per share, according to a company statement.

The offering was increased from an earlier amount, though the initial size was not disclosed. Nektar granted underwriters a 30-day option to purchase up to 529,891 additional shares at the same price, less underwriting discounts and commissions. The offering is expected to close on April 23, 2026.

Nektar plans to use 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. The company is developing treatments for autoimmune and chronic inflammatory diseases.

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

Nektar's lead product candidate, rezpegaldesleukin, is currently in Phase 2b clinical trials for atopic dermatitis and alopecia areata, as well as a Phase 2 trial for Type 1 diabetes mellitus. The San Francisco-based company also has preclinical programs including TNFR2 antibody and bispecific programs.