Nektar Therapeutics is a clinical-stage biopharmaceutical company focused on developing immunomodulatory drugs. Nektar's entire business centers on a single lead drug candidate, rezpegaldesleukin (REZPEG), which stimulates regulatory T cells (Tregs) via the IL-2 receptor pathway to restore immune balance in autoimmune diseases. Nektar fully owns REZPEG after Eli Lilly terminated a collaboration agreement in 2023. REZPEG is self-injected subcutaneously and is being developed across three indications: atopic dermatitis (Phase 3 beginning June 2026), alopecia areata (Phase 2b, with 52-week data expected April 2026), and type 1 diabetes (Phase 2, TrialNet-funded). Nektar also has NKTR-255, an IL-15-based oncology candidate being evaluated in investigator-sponsored studies for which Nektar is seeking a partner, and two preclinical TNFR2 agonist antibody programs targeting autoimmune diseases with IND submission targeted for 2027. Nektar has no approved products or drug sales revenue; its only cash inflows are non-cash royalties from legacy PEGylation licensing agreements. Nektar raised ~$476M in early 2026, ending with ~$700M in pro forma liquidity, which management expects will fund operations through Phase 3 and toward a planned BLA submission in 2029. If REZPEG is approved, Nektar would likely pursue a commercial partnership given its size. Nektar's value is almost entirely contingent on REZPEG achieving regulatory approval.