Nektar Therapeutics (NASDAQ: NKTR) completed a public offering of $373.8 million in common stock, the biotechnology company announced. The San Francisco-based firm sold 4,062,500 shares at $92.00 per share, including 529,891 shares from the full exercise of underwriters' option to purchase additional shares.

The offering was managed by Jefferies, TD Cowen, and Piper Sandler as joint bookrunning managers, with Citigroup serving as a bookrunner. The securities were offered under a shelf registration statement filed with the Securities and Exchange Commission in November 2025.

Nektar focuses on developing treatments for autoimmune and chronic inflammatory diseases. The company's lead product candidate is rezpegaldesleukin, a regulatory T cell stimulator currently in Phase 2b trials for atopic dermatitis and alopecia areata, and Phase 2 trials for Type 1 diabetes mellitus.

The proceeds from the offering will go to Nektar after deducting underwriting discounts, commissions and estimated offering expenses, according to the company's statement.