Nektar Therapeutics prices upsized $400M offering

Biotech company raises funds to support R&D and Phase 3 trials for key drug candidate

Published on Feb. 12, 2026

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Nektar Therapeutics, a clinical-stage biotechnology company focused on immunotherapy, has announced the pricing of an upsized underwritten public offering of $400 million. The company is selling 6,603,449 shares of common stock and 293,103 pre-funded warrants, with the shares priced at $58 per share and the warrants priced at $57.99 per warrant. Nektar intends to use the net proceeds for general corporate purposes, including research, development, and manufacturing to support the advancement of its drug candidates.

Why it matters

The successful pricing of this $400 million offering is a significant milestone for Nektar Therapeutics, providing the company with additional resources to advance its pipeline of innovative immunotherapy treatments. As a clinical-stage biotech, access to capital is crucial for Nektar to continue its R&D efforts and progress key drug candidates like rezpegaldesleukin through late-stage trials.

The details

Nektar is selling 6,603,449 shares of common stock and 293,103 pre-funded warrants in the offering. The shares of common stock are being sold at a public offering price of $58.00 per share and the pre-funded warrants are being sold at a public offering price of $57.99 per warrant. Nektar has also granted the underwriters a 30-day option to purchase up to an additional 1,034,482 shares of its common stock. The company intends to use the net proceeds for general corporate purposes, including research, development, and manufacturing to support the advancement of its drug candidates.

  • The offering is expected to close on February 13, 2026, subject to the satisfaction of customary conditions.
  • Nektar filed the shelf registration statement on Form S-3ASR with the SEC on November 12, 2025.

The players

Nektar Therapeutics

A clinical-stage biotechnology company focused on the development of innovative medicines in the field of immunotherapy.

Jefferies

One of the joint bookrunning managers for the offering.

TD Cowen

One of the joint bookrunning managers for the offering.

Piper Sandler

One of the joint bookrunning managers for the offering.

Oppenheimer & Co.

One of the lead managers for the offering.

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What’s next

Nektar expects to use the net proceeds from the offering for general corporate purposes, which may include research and development, clinical development (including Phase 3 trials for rezpegaldesleukin) and manufacturing costs to support the advancement of its drug candidates.

The takeaway

Nektar Therapeutics' successful $400 million public offering demonstrates the company's ability to raise significant capital to fund its ongoing research and development efforts, particularly for its lead drug candidate rezpegaldesleukin, which is in late-stage clinical trials for several autoimmune and inflammatory conditions.