Nektar launches three Phase 3 dermatitis studies with $952.9m in cash on hand

Nektar Therapeutics is moving its lead asset into late-stage development from a balance sheet that dwarfs its current sales. Announcing third-quarter 2026 results on 12 November, the company reported revenue of $9.4m, a net loss of $55.7m and cash of $952.9m at the end of the period. It said cash had risen.

The company said all three Phase 3 trials in its ZENITH AD programme, which is testing rezpegaldesleukin in atopic dermatitis, are now under way. A fourth Phase 3 study, ZENITH AA, would take the drug into alopecia areata. Nektar expects that trial to begin in December.

On timing, Nektar is aiming for atopic dermatitis data from the programme in mid-2028 and a first Biologics License Application, the US route to marketing approval for a biological medicine, in 2029. Those are company targets, not regulatory milestones. The source material did not include trial design details, enrolment figures or a breakdown of the financials, so costs and recruitment pace cannot be assessed from it.

By way of context, atopic dermatitis is a field where biologic treatments are already marketed, so any newcomer would need to establish its place against them. Nektar's announcement did not address commercial positioning, pricing or partnering.