Nektar Therapeutics is trying to stage a comeback. But a big test awaits

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With shares down more than 40% since November, the risk-reward for Nektar Therapeutics has shifted ahead of one-year maintenance results from the rezpeg Phase 2 study in moderate-to-severe eczema, or atopic dermatitis. The data are expected this month.

The current maintenance efficacy bar is set by Dupixent and Ebglyss, each of which keeps approximately 70% of atopic dermatitis (AD) patients in an EASI75 “skin-lesion response” — that is, clearance of skin lesions — at one year. To qualify for maintenance treatments, patients had to reach an EASI75 response following a 16-week induction period.

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