Andrii Yalanskyi
- Nektar Therapeutics (NASDAQ:NKTR) will implement a reprioritization and cost restructuring plan that also involves a new pipeline focus on immunology.
- The biotech will also cut its San Francisco-based workforce by 60%, leaving it with ~55 employees.
- The company, which is up ~7% in after-hours trading, said the cost-cutting measures will extend its cash runway into mid 2026.
- Nektar (NKTR) intends to continue working on development of REZPEG under an existing agreement with Eli Lilly or if the company regains the rights to the candidate. It is in phase 2 for lupus and phase 1 for psoriasis and atopic dermatitis.
- The company will also continue development of NKTR-255 while pursuing a partner. The asset is in phase 2/3 for large B-cell lymphoma in combination with other oncologics, and earlier stages for other cancers.
- Seeking Alpha's Quant Rating has viewed Nektar (NKTR) as a strong sell since Feb. 16.