Ph3 AD Program Initiated; Expect Topline Data Mid-28 And 2029 BLA Submission

Research evidence excerpt

Ph3 AD Program Initiated; Expect Topline Data Mid-28 And 2029 BLA Submission

TD Cowen Nektar Therapeutics

Global Research July 21, 2026

VALUATION METHODOLOGY AND RISKS

Valuation Methodology

Biotechnology:

In calculating our 12-month target price, we employ one or more valuation methodologies,

which include a discounted earnings analysis, discounted cash flow analysis, net present value

analysis and/or a comparable company analysis. These analyses may or may not require

the use of objective measures such as price-to-earnings or price-to-sales multiples as well as

subjective measures such as discount rates.

We make investment recommendations on certain early stage, pre-revenue companies based

upon an assessment of their business model, technology, probability of market success,

and the potential market opportunity, balanced by an assessment of applicable risks. Such

companies may not be assigned a price target.

Investment Risks

There are multiple risks that are inherent with an investment in the biotechnology sector.

Beyond systemic risk, there is also clinical, regulatory, and commercial risk. Additionally,

biotechnology companies require significant amounts of capital in order to develop their

clinical programs. The capital-raising environment is always changing and there is risk that

necessary capital to complete development may not be readily available.

Risks To The Price Target

Drug development is inherently unpredictable and can involve a greater level of investment risk

than we currently assume in our valuation or rating. The key associated risks are:

Clinical Trial Risk: Nektar and/or the company's partner will require FDA approval to market its

products in the US. Phase 3 trials could reveal a meaningfully different efficacy/safety profile

vs.