Takeaways From Our 5 NYC Events (PRAX, CRNX, NKTR, BIOA, TNYA)

Research evidence excerpt

Takeaways From Our 5 NYC Events (PRAX, CRNX, NKTR, BIOA, TNYA)

ple inflammatory pathways. To that point, NKTR highlighted how docs in the AD INDUSTRY RISKS

space have clear demand for novel MoAs where REZPEG's potential to demonstrate Clinical risk. Previous success in early stage

durability off-treatment would clearly set it apart from competitors. With that, recognize clinical trials does not always translate to

that Ph2b REZOLVE-AD has 52-week off-drug data in 1Q27 where mgmt is taking a successful pivotal studies.

thoughtful approach to set clear expectations closer to data readout. However, it is

important to appreciate that REZPEG's Ph1b data already demonstrated 6-month off- Regulatory risk. Even with guidance by

drug durability with 71% of responders maintaining EASI-75 and 80% maintaining vIGA- regulators for late-stage clinical trials, success

AD response. Regarding AA, recognize the EOP2 has taken place with the Ph3 study on these clinical endpoints still may not fetch

set to initiate in ~1H27 where mgmt expects to run a single 52-week study with the approval.

same 24 µg/kg Q2W dose as Ph3 ZENITH-AD. With that, note the 24-week off-treatment

data from Ph2b REZOLVE-AA is expected in 4Q26 (~December) where the goal is to Financing risk. Clinical development programs

demonstrate a durable effect. Beyond AA and AD, NKTR also discussed the potential could be delayed or halted due to an inability to

for pipeline expansion for REZPEG with a PoC trial in a new indication to occur in ~2H26 raise sufficient capital.

to enable data in ~2027 where REZPEG's novel MoA offers clear optionality across

many indications. Further, mgmt has ongoing preclinical work to prepare the next wave

of assets within their portfolio, such as NKTR-0165 (TNFR2 agonist) and NKTR-0166