The Ledger

NKTRNektar Therapeutics

Industry Biotech binary Updated 28 Sep 2026 Price 23 Oct 2026

If management hits its targets, one share in 12 months

Held at $37.22

If management hits its targets

from IR material and Earnings Calls

What one share would be worth today and in 12, 24 and 36 months if the company does exactly what its management has promised, next to what a share costs now. Worked out from the targets management gave in its own results decks and earnings calls.

$37 → $37

Show the math

the market's value for the drug programme today — the share price times the shares, less the $1,023M of cash at Jun '26 — is held, and management's guided cash spending for 2026, R&D plus G&A less their stated non-cash parts, is taken out of it every year from 2027; then the cash is added back and the total divided by the shares. Today's price pays for about 0.9× years of that spending beyond the cash. Nothing management guides makes the business bigger before a Phase 3 reads, so nothing here grows. Each figure management gave as a range is taken at its middle. From Oct 2027 nothing management has put a number on grows the business faster than its share count, so the figure is held where the arithmetic last had it; the arithmetic alone gives $15 at 36 months.

0$10$20$30$40Today (Oct 2026): $37, the market price$37TodayOct 202612 months (Oct 2027): $37 a share if management delivers; held at the earlier level, see the note$3712 monthsOct 202724 months (Oct 2028): $37 a share if management delivers; held at the earlier level, see the note$3724 monthsOct 202836 months (Oct 2029): $37 a share if management delivers; held at the earlier level, see the note$3736 monthsOct 2029
SharesTodayIn 12 monthsOct 2027In 24 monthsOct 2028In 36 monthsOct 2029
Past pace: all shares, no new stockshares +0.7% a year as in May-Aug '26, the only window since Jul '25 with no offering$37$3734M sh · held$3735M sh · held$3735M sh · held
Show the math, step by step

How we got there: company value if the plan is delivered, minus debt, divided by all the shares, including the new ones they’d have to sell to pay for it.

  1. The measure. Cash operating spending for 2026 of $255-285M, built from the two guides the interim CFO gave on the Q2 2026 call: R&D of $210-230M including $5-10M non-cash, and G&A of $60-65M including about $5M non-cash. The R&D sentence is quoted beside the chart's input; the G&A one is in the same turn. Interest on the cash is not guided and is not credited.
  2. The years. 2027, 2028 and 2029 are not guided, so the 2026 rate is held. The calls say the rate goes up: two Phase 3 atopic dermatitis trials started in July 2026, a third in the autumn, and an 850-patient alopecia Phase 3 starts in early 2027. Management's runway — $815-840M at the end of 2026 lasting "into the third quarter of 2028" — works out at roughly $470-560M a year. At that rate the cash is gone before the end of 2029, which is why this line is the most it can show, not the least.
  3. What has no number. The drug itself. Management states no price, no patient numbers, no revenue and no margin for rezpegaldesleukin anywhere in seven decks and eight calls — only dates: atopic dermatitis Phase 3 data in mid-2028, a filing in 2029, alopecia data in the second half of 2029. A readout moves the value far more than anything here, in either direction; that is the option the price carries.
  4. The royalties. The $40-45M of 2026 revenue is non-cash: royalties sold to RPI in 2012 and Healthcare Royalty in 2020 are booked as revenue against the liability for the sale. They pay no bills and are left out; so is the $57.4M left on that liability, which only the royalties repay.
  5. Arithmetic. (company value + cash today) ÷ shares. Shares start at 34.1M and grow at the May-Aug 2026 pace, about 0.7% a year. Cash is the $1,023.4M at 30 Jun '26; the half-year spent since then is not charged, so the arithmetic's 2027 figure, $29, is a little high on that count too.
  6. Held. Every bar. The arithmetic alone gives $31 at 12 months, $23 at 24 and $15 at 36 ($13 at the end of 2029): the cash spent, over a slowly rising share count. Nothing management has put a number on grows the business faster than its share count before a readout, so each bar is held at today's $37.

Promises vs. what happened

12 claims · 7 decks

Every target management put in a slide deck, and whether they hit it, missed it, or quietly dropped it.

PromiseMade inWhat happened
AD Phase 2b data at a 2025 meetingQ2 '25EADV, Sep '25Held
Alopecia topline in Dec '25Q2 '25on time; headline on a post-hoc setHeld
AD maintenance data, Q1 '26Q2 '25Feb '26Held
Alopecia 52-week data, Q2 '26Q4 '25Apr '26Held
Alopecia off-treatment data, Q4 '26Q2 '26Oct '26, on 8 patientsHeld
First AD Phase 3 in Q2 '26Q1 '26started Jul '26Late
Alopecia Phase 3 start, early '27Q4 '26openOpen
AD off-treatment data, Q1 '27Q2 '25open, restated in every deckOpen
Type 1 diabetes data in 2027Q1 '26open; run and paid for by NIHOpen
A new indication study, H2 '26Q2 '26open; indication not namedOpen
Filing for approval in 2029Q1 '26openOpen
TNFR2 antibody in the clinic in 2026Q2 '25cut to preclinical data, then goneMissed

What they’re pitching

the headline page, deck by deck

The headline from each quarterly results deck over two years, so you can see what they want you to focus on, and when it changes.

Q2
'25Q3
'25Q4
'25Q1
'26Q2
'26Q3
'26Q4
'26

TregOff page one Q3 '26

OX40First seen Q2 '25

DosingFirst seen Q3 '25

Non-JAKFirst seen Q4 '25

SafetyOff page one Q3 '25

MarketOff page one Q4 '26

AsthmaFirst seen Q4 '25

on the headline page further in the deck not in the deck▲ onto page one▼ off page one● first mentionTap a mark for the quote.

First-in-class Treg mechanism

Q2 '25 · headline page

“REZOLVE - AD Phase 2b Validates Rezpeg as a First - in - Class Novel T - Regulatory Mechanism in Atopic Dermatitis”

Deck Phase 2b REZOLVE-AD Topline Results from 16-Week Induction (8-K EX-99.2, Jun 24 2025) · NEKTAR THERAPEUTICS CORPORATE PRESENTATION, FURNISHED HEREWITH ·

First-in-class Treg mechanism

Q3 '25 · further in the deck

“AD is driven by imbalance in heterogeneous inflammatory T cell subsets, including T effector cells, that drive inflammation and disease pathology in the skin 3 Rezpegaldesleukin (Rezpeg) is a potential first - in - class regulatory T cell mechanism to restore balance in the immune system Increased activity and number of T effector cells shift the balance toward inflammation”

Deck REZOLVE-AD 16-Week Induction Final Results, EADV 2025 slides (8-K EX-99.1, Sep 18 2025) ·

First-in-class Treg mechanism

Q4 '25 · headline page

“Disease and Metabolic to Evaluate the Causal Biology of Tregs 01 02 03 Atopic Dermatitis (REZOLVE-AD) Alopecia (REZOLVE-AA) Type 1 Diabetes (TN-36) Inflammatory Skin Disease Inflammatory Skin Disease Metabolic • Data support first-in-class”

Deck Phase 2b REZOLVE-AA Topline Results from 36-Week Induction (8-K EX-99.2, Dec 16 2025) ·

First-in-class Treg mechanism

Q1 '26 · headline page

“immune imbalance of atopic dermatitis to reestablish immune homeostasis Rezpegaldesleukin (Rezpeg), a Novel Treg MoA, Turns on a Vital Cell Population with a Principal Function to Resolve Inflammatory Responses 1.”

Deck Phase 2b REZOLVE-AD Topline Results from 36-Week Maintenance (8-K EX-99.2, Feb 10 2026) ·

First-in-class Treg mechanism

Q2 '26 · headline page

“Diseases to Evaluate the Causal Biology of Tregs Atopic Dermatitis (REZOLVE-AD) Alopecia Areata (REZOLVE-AA) Type 1 Diabetes (T1D) Metabolic Disease Inflammatory Skin Disease Inflammatory Skin Disease • Achieved TPP with data indicating”

Deck Phase 2b REZOLVE-AA 52-Week Topline Results (8-K EX-99.2, Apr 20 2026) ·

First-in-class Treg mechanism

Q3 '26 · further in the deck

“Rezpegaldesleukin is a potential first-in-class regulatory T cell mechanism to restore balance in immune system”

Deck Nektar Therapeutics Corporate Presentation, September 2026 (IR site corporate deck, file dated Aug 27 2026) · p. 9 ·

First-in-class Treg mechanism

Q4 '26 · further in the deck

“Rezpegaldesleukin (REZPEG) is a novel, first-in-class biologic targeting regulatory Tcells (Tregs) Administered as an active drug, with extended half-life1 Preferential binding to IL-2 receptor complex on Tregs compared to conventional Tcells (Tcons)1 In vivo selectively expands and enhances the function of Tregs1,2 Previously demonstrated clinical activity in atopic dermatitis (AD), psoriasis, systemic lupus erythe…”

Deck EADV Analyst and Investor Event: REZOLVE-AA 52-week and off-treatment, REZOLVE-AD maintenance (8-K EX-99.2, Oct 1 2026) · NEKTAR THERAPEUTICS PRESENTATION, FURNISHED HEREWITH ·

Benchmarking against the OX40/OX40L class

Q2 '25 · further in the deck

“Rezpeg q2w Arms Show Similar Responses as OX40/OX40L Class (EASI - 75 at Week 16) 42% 46% 34% 17% * ** *: Phase 3 dose level **: Phase 3 dose range (q4w regimen) References: Amlitelimab – Weidinger et al.”

Deck Phase 2b REZOLVE-AD Topline Results from 16-Week Induction (8-K EX-99.2, Jun 24 2025) · NEKTAR THERAPEUTICS CORPORATE PRESENTATION, FURNISHED HEREWITH ·

Benchmarking against the OX40/OX40L class

Q4 '25 · further in the deck

“strong clinical efficacy superior differentiated safety profile and safety profile with differentiation to IL-13, • Data in Q2’26 for 52-week extension dosing 1 IL-31, JAKi and OX-40 MoAs to evaluate further improvement of efficacy”

Deck Phase 2b REZOLVE-AA Topline Results from 36-Week Induction (8-K EX-99.2, Dec 16 2025) ·

Benchmarking against the OX40/OX40L class

Q2 '26 · further in the deck

“Olumiant® (JAK inhibitor) and a Stage 3 T1D 1,2 31, JAKi and OX-40 MoAs superior differentiated safety profile • Sponsored and funded by TrialNet • Only biologic in development to • First biologic to demonstrate clear”

Deck Phase 2b REZOLVE-AA 52-Week Topline Results (8-K EX-99.2, Apr 20 2026) ·

Benchmarking against the OX40/OX40L class

Q3 '26 · further in the deck

“Achieved TPP with data indicating strong clinical efficacy and safety profile with differentiation to IL-13, IL-31, JAKi and OX-40 MoAs1,2”

Deck Nektar Therapeutics Corporate Presentation, September 2026 (IR site corporate deck, file dated Aug 27 2026) · p. 7 ·

Benchmarking against the OX40/OX40L class

Q4 '26 · further in the deck

“differentiation to IL-13, IL- 31, JAKi and OX-40 MoAs”

Deck EADV Analyst and Investor Event: REZOLVE-AA 52-week and off-treatment, REZOLVE-AD maintenance (8-K EX-99.2, Oct 1 2026) · NEKTAR THERAPEUTICS PRESENTATION, FURNISHED HEREWITH ·

Less frequent dosing (Q4W / Q12W)

Q3 '25 · further in the deck

“Conclusions 22 • First large study to validate the Treg MOA and therapeutic potential of rezpegaldesleukin, an IL - 2 agonist, in moderate - to - severe atopic dermatitis • Upcoming data readouts from this ongoing AD study: • Maintenance data (comparing q4w vs. q12w regimens) is expected 1Q2026 • 1 - year off - treatment data is expected 1Q2027 • Additional data readouts from the rezpegaldesleukin clinical program:…”

Deck REZOLVE-AD 16-Week Induction Final Results, EADV 2025 slides (8-K EX-99.1, Sep 18 2025) ·

Less frequent dosing (Q4W / Q12W)

Q4 '25 · further in the deck

“Data expected in Q1’26 for q4w and q12w 52- week dosing to evaluate further improvement 1 of efficacy 4 4 4 G7 Market Size ($B) G7 Market Size ($B) G7 Market Size ($B) 1 in 4 $22.9 patients $5.0 $4.0 with AtD $3.6 $14.9 have comorbid”

Deck Phase 2b REZOLVE-AA Topline Results from 36-Week Induction (8-K EX-99.2, Dec 16 2025) ·

Less frequent dosing (Q4W / Q12W)

Q1 '26 · further in the deck

“regimens in Phase 3 Extended dosing regimens with Rezpeg compare favorably to historically reported longer term maintenance data across Phase 2/Phase 3 trials Extended dosing regimens with Rezpeg resulted in new and deepening of responses achieved”

Deck Phase 2b REZOLVE-AD Topline Results from 36-Week Maintenance (8-K EX-99.2, Feb 10 2026) · New and Deepening Responses in ·

Less frequent dosing (Q4W / Q12W)

Q3 '26 · further in the deck

“Extended dosing regimens with rezpegaldesleukin compare favorably to historically reported longer term maintenance data across Phase 2/Phase 3 trials”

Deck Nektar Therapeutics Corporate Presentation, September 2026 (IR site corporate deck, file dated Aug 27 2026) · p. 36 ·

Less frequent dosing (Q4W / Q12W)

Q4 '26 · further in the deck

“low-dose JAK inhibitor data following 52 weeks of treatment. Data support evaluation of Q4W or Q12W dosing after 52 weeks of Q2W dosing”

Deck EADV Analyst and Investor Event: REZOLVE-AA 52-week and off-treatment, REZOLVE-AD maintenance (8-K EX-99.2, Oct 1 2026) · NEKTAR THERAPEUTICS PRESENTATION, FURNISHED HEREWITH ·

A non-JAK option in alopecia areata

Q4 '25 · further in the deck

“First-line Systemic Therapy in Alopecia Areata (AA) We believe there is a strong need for a non-JAKi based Sub-Q 54% of physicians report they would try patients on 1 alternate therapies for AA before prescribing JAKi biologic to treat patients with”

Deck Phase 2b REZOLVE-AA Topline Results from 36-Week Induction (8-K EX-99.2, Dec 16 2025) ·

A non-JAK option in alopecia areata

Q2 '26 · further in the deck

“AA and their • In the US, ~6.7 million people will have AA at some point in their Physicians are Seeking lifetime, with ~700,000 individuals currently living with the Alternative First-Line 1 condition Treatment Options 1 • Notably, 80%”

Deck Phase 2b REZOLVE-AA 52-Week Topline Results (8-K EX-99.2, Apr 20 2026) ·

A non-JAK option in alopecia areata

Q3 '26 · further in the deck

“Only systemic treatments approved for alopecia are JAK inhibitors with multiple Blackbox warnings. High relapse rates upon discontinuation of these therapies3”

Deck Nektar Therapeutics Corporate Presentation, September 2026 (IR site corporate deck, file dated Aug 27 2026) · p. 40 ·

A non-JAK option in alopecia areata

Q4 '26 · further in the deck

“An Efficacious and Safe Biologic with Novel MoA Could Redefine First- line Systemic Therapy in Alopecia Areata 6 We believe there is a strong need for a non-JAKi based Sub-Q biologic to treat patients with AA, which could provide: Better suitability for chronic use: Circumvents JAKi class safety issues, including boxed warnings, that limit JAKi use in AA Easier adherence: Infrequent twice-monthly dosing of a biologi…”

Deck EADV Analyst and Investor Event: REZOLVE-AA 52-week and off-treatment, REZOLVE-AD maintenance (8-K EX-99.2, Oct 1 2026) · NEKTAR THERAPEUTICS PRESENTATION, FURNISHED HEREWITH ·

Safety and injection-site reactions

Q2 '25 · headline page

“Most frequent AEs were mild injection site reactions (ISRs) that were self - resolving”

Deck Phase 2b REZOLVE-AD Topline Results from 16-Week Induction (8-K EX-99.2, Jun 24 2025) · NEKTAR THERAPEUTICS CORPORATE PRESENTATION, FURNISHED HEREWITH ·

Safety and injection-site reactions

Q4 '25 · further in the deck

“imbalance to suggest an increased risk of infection over placebo q Placebo-adjusted ISR rate consistent with prior studies with 87.0% mild in severity § No patients discontinued treatment due to an ISR (0.2% severe) q No increased”

Deck Phase 2b REZOLVE-AA Topline Results from 36-Week Induction (8-K EX-99.2, Dec 16 2025) ·

Safety and injection-site reactions

Q1 '26 · further in the deck

“from Week 16 to Week 52 Long-term Safety Profile Established for 52 weeks of dosing Consistent with previously-reported safety profile with no new safety concerns identified in study treatment arms Over 1,000 patients treated with Rezpeg to date (=”

Deck Phase 2b REZOLVE-AD Topline Results from 36-Week Maintenance (8-K EX-99.2, Feb 10 2026) · New and Deepening Responses in ·

Safety and injection-site reactions

Q2 '26 · further in the deck

“an adverse event § Discontinuation rate due to AEs over 52 weeks of treatment was low (1.4%) for all REZPEG-exposed patients q No patients discontinued treatment due to an ISR over 52 weeks of treatment § Lower frequency of ISRs”

Deck Phase 2b REZOLVE-AA 52-Week Topline Results (8-K EX-99.2, Apr 20 2026) ·

Safety and injection-site reactions

Q3 '26 · further in the deck

“Most frequent AEs were mild injection site reactions (ISRs) that were self-resolving (<1% discontinuations due to ISRs)”

Deck Nektar Therapeutics Corporate Presentation, September 2026 (IR site corporate deck, file dated Aug 27 2026) · p. 35 ·

Safety and injection-site reactions

Q4 '26 · further in the deck

“No patients discontinued treatment due to an ISR over 52 weeks of treatment”

Deck EADV Analyst and Investor Event: REZOLVE-AA 52-week and off-treatment, REZOLVE-AD maintenance (8-K EX-99.2, Oct 1 2026) · NEKTAR THERAPEUTICS PRESENTATION, FURNISHED HEREWITH ·

Market size and pipeline breadth

Q2 '25 · further in the deck

“Atopic Dermatitis Presents Potential Multi - Billion Dollar Market Opportunity Still High Unmet Need, Especially For New Therapies With Potential for Remittive Effect ~30 million 1 Adults with AD in U.S. ~220 million 2 Adults with AD globally ~50% 3 Adults with AD have moderate - to - severe disease DUPIXENT® is a registered trademarks of Sanofi Biotechnology.”

Deck Phase 2b REZOLVE-AD Topline Results from 16-Week Induction (8-K EX-99.2, Jun 24 2025) · NEKTAR THERAPEUTICS CORPORATE PRESENTATION, FURNISHED HEREWITH ·

Market size and pipeline breadth

Q4 '25 · further in the deck

“Data expected in Q1’26 for q4w and q12w 52- week dosing to evaluate further improvement 1 of efficacy 4 4 4 G7 Market Size ($B) G7 Market Size ($B) G7 Market Size ($B) 1 in 4 $22.9 patients $5.0 $4.0 with AtD $3.6 $14.9 have comorbid”

Deck Phase 2b REZOLVE-AA Topline Results from 36-Week Induction (8-K EX-99.2, Dec 16 2025) ·

Market size and pipeline breadth

Q2 '26 · further in the deck

“Expanding Potential Opportunities for REZPEG (Treg MOA Activity)”

Deck Phase 2b REZOLVE-AA 52-Week Topline Results (8-K EX-99.2, Apr 20 2026) ·

Market size and pipeline breadth

Q3 '26 · headline page

“Over 70% of advanced therapies launched by 2022 have achieved over $1 billion in annual revenue within a single indication, particularly in large, high-burden disease areas such as asthma, atopic dermatitis, Crohn's disease, psoriasis, rheumatoid arthritis, and ulcerative colitis”

Deck Nektar Therapeutics Corporate Presentation, September 2026 (IR site corporate deck, file dated Aug 27 2026) · p. 3 ·

Market size and pipeline breadth

Q4 '26 · further in the deck

“$17.9 $34.1 2025 2032 (E)”

Deck EADV Analyst and Investor Event: REZOLVE-AA 52-week and off-treatment, REZOLVE-AD maintenance (8-K EX-99.2, Oct 1 2026) · NEKTAR THERAPEUTICS PRESENTATION, FURNISHED HEREWITH ·

Comorbid asthma as a differentiator in atopic dermatitis

Q4 '25 · further in the deck

“Data expected in Q1’26 for q4w and q12w 52- week dosing to evaluate further improvement 1 of efficacy 4 4 4 G7 Market Size ($B) G7 Market Size ($B) G7 Market Size ($B) 1 in 4 $22.9 patients $5.0 $4.0 with AtD $3.6 $14.9 have comorbid asthma $0.2 2025 2033 2025 2033 2025 2033 Sources: 1.”

Deck Phase 2b REZOLVE-AA Topline Results from 36-Week Induction (8-K EX-99.2, Dec 16 2025) ·

Comorbid asthma as a differentiator in atopic dermatitis

Q1 '26 · further in the deck

“relief leads to improved sleep quality and general quality of life Equal efficacy in severe and moderate atopic dermatitis patients Demonstrated control of asthma (ACQ-5 endpoint) in patients with moderate-to-severe atopic dermatitis and co-morbid”

Deck Phase 2b REZOLVE-AD Topline Results from 36-Week Maintenance (8-K EX-99.2, Feb 10 2026) · Differentiating Features of Rezpeg for ·

Comorbid asthma as a differentiator in atopic dermatitis

Q2 '26 · further in the deck

“$34.1 $5.9 $5.2 1 in 4 patients $3.6 $17.9 with AtD have comorbid asthma $0.2 2025 2032 (E) 2025 2033 (E) 2025 2032 (E) Sources: 1.”

Deck Phase 2b REZOLVE-AA 52-Week Topline Results (8-K EX-99.2, Apr 20 2026) ·

Comorbid asthma as a differentiator in atopic dermatitis

Q3 '26 · further in the deck

“Only biologic in development to demonstrate positive efficacy data in comorbid asthma3”

Deck Nektar Therapeutics Corporate Presentation, September 2026 (IR site corporate deck, file dated Aug 27 2026) · p. 7 ·

Comorbid asthma as a differentiator in atopic dermatitis

Q4 '26 · further in the deck

“Only biologic in development to demonstrate positive efficacy data in comorbid asthma”

Deck EADV Analyst and Investor Event: REZOLVE-AA 52-week and off-treatment, REZOLVE-AD maintenance (8-K EX-99.2, Oct 1 2026) · NEKTAR THERAPEUTICS PRESENTATION, FURNISHED HEREWITH ·

What they keep talking about · 8

The themes that show up deck after deck, and the ones that disappear.

Treg
The opening claim of every deck, from "Validates Rezpeg as a First-in-Class" in June 2025 to a three-indication Treg platform (AD, alopecia, type 1 diabetes) from December 2025.
OX40
Head-to-head benchmark slides against the OX40/OX40L class in June 2025; reduced to one line of "differentiation" on the overview slide ever since.
Dosing
Monthly and quarterly maintenance became the pitch once the 52-week data were in (Feb '26), and is now the basis for dosing beyond a year in alopecia.
Non-JAK
Enters with the alopecia data in December 2025: a biologic with no boxed warning and no lab monitoring, against the oral JAK inhibitors.
Safety
Injection-site reactions, mild and self-resolving, in five of seven decks; "no patients discontinued treatment due to an ISR" over 52 weeks.
Market
The atopic dermatitis market grew between decks: $14.9B to $22.9B (2033) in Dec '25, $17.9B to $34.1B (2032) from Apr '26, both citing Evaluate Pharma. April 2026 lists 20+ possible indications.
New
Oct '26: off-treatment durability in alopecia, given on the 8 patients who were at SALT 20 or better at week 52 (6 of 8 kept it at four months, 5 of 8 at six).
Quiet
The TNFR2 antibody — "Entering Clinic in 2026" in June 2025 — shrank to preclinical data in February 2026 and has not appeared since. The AD efficacy table last appeared in February 2026.
Every quarterly report we’ve saved · 9

The press releases and shareholder letters behind this page.

Archived as text; the links open the copies filed on EDGAR or the investor-relations site.

What analysts asked them

8 calls · Q3 24 – Q2 26

The last eight earnings calls: what analysts kept asking about, which questions got dodged, and how much the CEO did the talking.

Share of questions by topic, call by call. A topic that suddenly dominates is usually the problem. The last row is how much of the answering the CEO did, rather than the CFO or others.

Share of questions about…Q3 24Q4 24Q1 25Q2 25Q3 25Q4 25Q1 26Q2 26
Demand & customers7%····10%20%5%
Guidance & outlook7%··14%·20%··
Competition·5%·14%·10%·5%
Products & technology···43%11%10%·5%
Macro & regulation·····10%10%·
Other87%95%100%43%89%50%70%95%
Questions15191379101019
How much the CEO talked13%14%79%84%20%15%8%38%

Who’s in charge, who’s selling

read from the filings · 7 Oct 2026

Shareholder votes against the board and pay, plus which executives have been selling their own shares.

  1. Tier 1 · live

    The runway is bought with stock, and the authority to keep selling is wide open

    19.4M shares and 0.3M pre-funded warrants sold for $1,068.6M net, Jul '25-Apr '26; the count went from about 12.4M after the June 2025 split to 34.1M. 390M shares are authorised (37.5% voted against the increase in 2025) and a $150M at-the-market programme has been open since May '26. Each runway extension — Q4 '26, Q1 '27, Q2 '27, now Q3 '28 — followed a raise, and the stated plan runs out of cash before the alopecia Phase 3 reads in H2 '29.

  2. Tier 2 · stable

    No employed chief financial officer since April 2023

    Two successive FLG Partners consultants have been interim CFO — Sandra Gardiner from April 2023 ("not employed or directly compensated by the Company"; $686,400 to FLG for 2025) and Linda Rubinstein since 15 May '26. The chief legal officer left at the end of 2025 and his duties went to the VP, Legal. Gardiner is a defendant in the Schramke class action.

  3. Tier 2 · worsening

    A classified board, a 34-year chair, and 27% against the chief executive

    Six directors in three classes on three-year terms. The chair has been on the board since 1992 and ran the company in the 1990s; the lead independent director since 2000; the chief executive since 2007. Robin, the only nominee in 2026, drew 27.4% against; the equity-plan increase drew 27.1%.

  4. Tier 2 · stable

    The only PEG-reagent supplier is part-owned and Ampersand-controlled

    Gannet BioChem bought the Huntsville plant in December 2024 for $64.7M net plus about 20% of its equity; it is a related party and the single source of the PEG reagents used to make rezpegaldesleukin.

  5. Tier 3 · live

    A class action over the alopecia disclosures, and a $90M verdict the other way

    Schramke v. Nektar (N.D. Cal., March 2026) alleges misleading REZOLVE-AA statements in 2025 and names the CEO, the former interim CFO and the R&D chief; no liability is recorded. A jury awarded Nektar $90M plus interest against Eli Lilly on 24 Sep '26, subject to post-trial motions.

Where shareholders voted no

At each annual meeting shareholders vote on who sits on the board, what the executives are paid and whether the company may create more shares. These are the votes that drew the most "no"s at the last two meetings: the shares voted against (or withheld) each year, then what share of all votes cast that was. Under each one, what the vote was about and what a no means.

20252026Share 2026
Howard Robin (CEO)A board seat. Shareholders vote to keep this person on the board, the group that hires, pays and can fire the CEO. A no, or a withheld vote, says they want this director out, often because of the committee they sit on or a decision they signed off.—5.0M27.4%
Add shares to the equity planStock to pay staff and executives. Lets the company create new shares to hand out as pay. Every new share makes each existing share a slightly smaller slice of the company, so a no says shareholders think the dilution is too much.28.8M*4.9M27.1%
Raise authorised shares to 390MPermission to create more shares. The company may then sell new shares later, for deals or to raise cash. New shares dilute the existing ones, so each shareholder owns a smaller share of the company. A no says shareholders want that door kept narrower.55.5M*—37.5% (2025)
Scott Greer (audit chair)A board seat.14.8M*—14.5% (2025)
Say on pay (advisory)Executive pay. Shareholders say whether they accept what the top executives were paid. The vote is advisory: the board can ignore it, but a large no is a public rebuke and boards usually change the pay plan after one.4.1M*0.2M0.9%

Insiders who sold the most stock

Reported sales by executives and directors, biggest first.

Form 4s, Oct '25-Oct '26SoldNote
Howard Robin, chief executive$1.42M20,000 shares at $60-62 on 16-17 Jun '26 under a 10b5-1 plan
Jonathan Zalevsky, R&D chief$0.97Mthree plan sales, Jan and Jun '26, $35.67 to $70.00
Mark Wilson, former legal chief$0.03Mone vesting-date sale, Nov '25