Earnings call transcript Q2 2023

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Operator

Good day and thank you for standing by. Welcome to the Nektar Therapeutics Second Quarter 2023 Financial Results Conference Call. At this time, all participants are in a listen-only mode. After the speaker’s presentation, there will be a question-and-answer session. [Operator Instructions]

today’s being that advised be conference recorded. is Please hand over to would now speaker conference to like Wu. I your the today, Vivian ahead. go Please

Vivian Wu

acting Thank Sandra Research on Officer; Chief afternoon, Financial us good CEO; Chief Dr. Chief Robin, you, Medical you our and Gardiner, Dr. Crystal, joining Chief Business Mary Zalevsky, for our of our everyone. President our today. Development; call Officer; Jennifer the Thank us our Ruddock, Jonathan and are and Howard Officer. With and Tagliaferri,

On we our to of forward-looking business, for programs. make including development potential research drug future today’s therapeutic expect call, statements candidates and statements regarding regarding and plans the

The development the expectations clinical plans, certain clinical of for of the future financial agreements, initiation drug plans and our presentations, and regarding collaboration and studies availability our data the formation, the and or plans timing data of restructuring reorganization business. guidance success future statements of future of candidates, the following clinical for the corporate our other timing

forward-looking future, risks to are subject of predict, to our are the of outside many they relate are difficult and control. that uncertainties to Because statements which

Our differ these materially statements. actual from may results

result uncertainties May new sec.gov. obligation XX-Q our forth set was filed of information, any of available otherwise. that update to future or whether on Important in a We statements, and XX, risks as is are which no developments XXXX, Form at undertake forward-looking these

on call available Nektar’s will the this at of be page webcast IR nektar.com. A website of

team, can technical session. your moderating to that call patience. over the Jennifer the like we We will turning be avoid our Q&A for to the note during appreciate Howard, would I issues session Before so

CEO, hand I President would over Robin. like Howard? With Howard call our the that said, to to and

Howard Robin

thank and you us Vivian, you, for joining today. all Thank

the runway focuses middle a and least cash been us. extends also The strategic that our April, of plan a time has for half of this through our In on immunology we year implemented pivotal at new first XXXX. programs

with advanced I’ll being most more which in that REZPEG, Phase about study atopic moment. dermatitis. program large IIb announcement is a patients talk a yesterday’s is Our for shortly initiated in

programs continuing TNFRX and our immunology, in a also to antibody X CFS We’re program. advance agonist preclinical a

to these IND one of goal for is XXXX. in programs an file Our

the randomized NKTR-XXX solid and II clinical continuing two we’re tumors. Additionally, Phase for in studies liquid

strategic company middle With important our believe to positioned guidance, is into value-enhancing get in before new runway cash created us Phase XXXX well catalysts of II we And XXXX. plan, XXXX. we’ve a which to and will extends the least that come our at these strongly

we’re to foremost, first REZPEG. and advancing committed So,

T-cell Phase of a are of regulatory study initial first-in-class from program, dermatitis, now and initiate REZPEG Our is wholly IIb a to half the in XXXX. study this preparations underway first to patients in randomized with data atopic REZPEG asset Nektar’s we expect for owned have well and

clinical studies Yesterday, return and REZPEG incorrectly data we for by REZPEG the the to were and that made were calculated rights clinical files discovery announced previously after REZPEG were both to from efficacy data generated Eli for all was to Lilly dermatitis This psoriasis. raw Nektar. Nektar transferred for atopic

of confirmed Lilly teams communications errors data -- Nektar. in the the errors at The writing these aware and written Lilly Nektar discovered made in clinical charge internal were and statistical two in that studies with

the that improvement EASI steep EASI therapy a data of The rate drop today. highest weeks XX XX% show REZPEG rapid approved response The biologic therapies sooner mean after and and shortly XX%. from very start XX EASI also much scores resulted in than REZPEG corrected score atopic dose study new corrected data in a existing demonstrate resulted and of dermatitis in the an of at therapy

score continues stopped, most the interesting treatment the period when who in was are patients the that is followed to XX-week of patients clearly and induction for over REZPEG treatment EASI and study. remitted field existing attributes one IL-XX The a therapies is And a effect mechanism REZPEG, in mean a of that offer both the the of for provocative differentiated possibility drop one.

treatment alone, significantly of driven of approvals is grow. million $X U.S. growing. landscape The biologic with the based billion biologics dermatitis atopic are About other and in continue to these to these with for IL-XX growth. affected for atopic this biologic The close In living moderate by disease. to people and dermatitis atopic sales have sales XXXX, XX XX% dermatitis severe were DUPIXENT

like for dosing for today approval. the after the biologic agent landscape to eliminates be available atopic induction disruptive treatment dermatitis period REZPEG for near An frequent need multibillion-dollar highly therapies that treatment the would and

and dosing therapy. see patients fail when at XX% benefit. also to return. dermatitis removed, a therapy patients required know in is maintain their on to is that cases, least And therapies we Continued respond to frequent atopic of And IL-XX adequately eczema many

strategic IIb holds Phase robust So, invest REZPEG data REZPEG. plan clearly, Nektar’s patients atopic a great dermatitis treating study corrected in promise reinforce with and to these for for

coming REZPEG immunology moment study As our on yesterday, Phase trial for IIb JZ meeting also investor discuss press the opinion will our design holding discuss meeting on we for in in stated to leader more programs. these an data weeks dermatitis. the key early-stage and data we and in release plan REZPEG the discuss and a share corrected atopic the

to join we’re NKTR-XXX, With more at studies respect Mary ongoing about program, to us options evaluate clinical oncology share Phase we’re the I’ve asked continuing the the trials. to continuing clinical partnership strategic NKTR-XXX. II for time, potential for asset, to same the our as

immunology. preclinical discuss REZPEG with the our JZ programs I’ll hand And that, to call over in JZ? to and

Dr. Jonathan Zalevsky

Thank is expanding T-cells to activating and immunology activity over the underlying aims with consequently, a program, address lead in of you, Treg that off REZPEG by diseases affected molecule deficiencies Tregs. selectively our unique autoimmune Howard. Starting and

IL-X-based action under mechanism This are REZPEG advanced that atopic or in Treg most positioned provides a the approved different uniquely as the compared clinic. to program the other dermatitis of the mechanism currently completely development in drugs space. is

focus autoimmune are there atopic dermatitis, now, explore multiple plans while in on REZPEG is potential in the to indications other has autoimmune REZPEG diseases, in our right and future.

Lilly Howard were the in previously the the as that EADV the well score, miscalculated. As by XXXX primary and reported were discovered related PASI and as and REZPEG was for The Eli PASI-related to for in score EASI EASI-related of September miscalculations posters endpoints psoriasis clinical at atopic we errors mentioned, data efficacy reported presented. the dermatitis

original were rights novo data files and leading This incorrect. discovery employed all Nektar. data after were then was independent to the clinical Lilly only the A statistical the analysis transferred firm by calculated confirmed made raw firm to Nektar the returned de the REZPEG and to studies raw from REZPEG was analyze to statistical were that

literature to is ranges study For over The with used disease EASI that validated widely been clinicians from reported for the the used measurement atopic and measures EASI standard severity in years. and no dermatitis, atopic disease. zero the atopic and has of scoring XX dermatitis patients XX for dermatitis maximal for by

audited the The the at the EASI data time data XX-point atopic patient includes that EADV scoring the and for was corrected and interim available utilizes cut. all data analysis system dermatitis study validated the XXXX of

response XX%. compared of EASI of in with The highest p-value REZPEG X.XXX XX% XX% to at as and improvement placebo data mean EASI score XX the therapy rate a an demonstrate of a dose of resulted that weeks

is In and efficacy weeks with or in in showed observed better REZPEG, we Phase weeks at improvement, respectively. treatment the line and least Phase strong dupilumab, of than efficacy, a to observed XX after XX the IIa IIb of addition XX% with which studies which treatment with XX%

drop REZPEG steep provided in EASI An was after data a rapid immediately in the and therapy. that observation important also new initiation of and corrected scores

durability minus was Specifically, REZPEG dose patients. in highest mean after atopic and at corrected for only reinforces two doses remitted of responses dermatitis drop the week point. XX% data effect four-time REZPEG, the the also The of the

now long-term the anything As be and less the for Howard provide, that possibility that stated, time, have therapy a patients could provide real first than could durability. dosed frequently REZPEG could available

differentiated disease. cell that immune mechanism cells for scientific The is the specifically the for T-regulatory some not basis underlying to the why the the in symptoms time. by happening system been concept underlying that result the stimulating of the we is the reeducation could of With just hypothesized treating has this T-regulatory pathology designed,

strong demonstrating clinical what like immune mechanism looks Treg clinical for in and efficacious being These atopic both therapy a the in dermatitis. atopic resulting provide and stimulating in time finding, the system, the Treg a durability data of translate effectively This the the efficacy long-term into observation key is has first extremely novel dermatitis enthusiastic. clinical of leaders memory can first that opinion

setting the other not potential is atopic inhibitors. and with response seen the IL-XX or and for in this dosing DUPIXENT REZPEG with KOL with of infrequent about is responses JAK class that very the maintenance and dermatitis. agents has enthusiastic us or And IL-X we’ve in again, durability the long-lasting The observed of

at mathematical EADV no efficacy were of the or other presented last There year. miscalculations underlying formulaic endpoints

and out was However, the new I’ll that all at what improvement Itch and in responder previously EADV. corrected point the with vIGA NRS data, in from the data endpoints there also was responder patient reported some included

from for highest EADV NRS at EADV XX%. REZPEG, to XX%. reported increased to the of up the from improvement vIGA the XX% reported the For measurement, dose And up Itch was XX%

to is validated of validated literature and a standard in were for severity measure the widely for used miscalculated scoring and XX clinicians the years, XX-point similarly system. related plaques by the the PASI patients. in which also For PASI over psoriasis, is endpoints psoriasis used reported PASI to

from no with zero to PASI and response for and showed The the audited rate disease study analysis XX-point corrected The validated maximal from corrected XX% and utilizes data change for ranges XX also and scoring system. respectively. of PASI-XX psoriasis final XX% the PASI-XX The disease. XX%, data a PASI baseline scoring

studies the The made with in Nektar and written errors. charge were Lilly discovered statistical that and The the team data the Nektar. two teams communications confirmed Lilly of aware clinical errors at

hold coming the follow-up which dermatitis present and from study REZPEG strengthens leaders data induction an with for XX-week the meeting providing the the remitted atopic in for to REZPEG, plan of investor additional all the key weeks of a XX-week period opinion new for effect. concept We to

atopic the IIb design progressed corticosteroids. with on for share the also We in topical about who more new have will study study patients biologic-naïve Phase details moderate-to-severe dermatitis

trial to the data of half in first October year expect expect and initiate of in this We the we XXXX.

focus believe broad in potential multiple our for has is that to on continue dermatitis, indications. REZPEG While we near-term REZPEG atopic

of progresses, development opportunities will we As REZPEG. further for continue and program evaluate indications to this

preclinical research immunology programs. to Now our turning

our advancing are research for programs. disease autoimmune two We pipeline

first TNF collaboration developed we The with on antibody agonist are design. receptor program biologic our TNFRX X is or being in working

cells, on is cells highly is and Tregs, the suppressive of If overall effect associated TNFRX endothelial it properties genetic resembling shown Tregs. FOXPX TNFRX with loss-of-function. functional expressed and been autoimmunity has and other agonism neuronal conditions potentiate and to absent

two identified In with body. primary have populations have in Working human effects for multiple for cell lead contrast, in protective TNFRX our been cell-based that immunoregulatory binding, its function antibodies specificity and presence assays. associated selective validated agonism tissues and has the collaborator, with cell been type and we TNFRX

currently development. TNFRX The very lead and the a are line and the are profile. our with show antibodies community undergoing along We, immunology TNFRX cell antibodies cellular biochemical lead excited desirable target manufacturing about agonist

this aggressively and toward TNFRX We agonist program promise studies autoimmune treatment multiple progressing for are great the a diseases. that IND-enabling holds of believe selective

a version program preclinical to receptor engineered was process of is modulate the and second interaction Our molecule optimize the of exposure ligand This inflammation. conjugate to the selectively the CSFX resolution protein.

inflammatory to is So development are the macrophages turn the ideal creates In need monocyte [ph], myeloid an mobilization. involved whenever you cytokine traditionally, right that’s resolution in monocyte MOU off that cytokine a of CSFX kind CSFX response. targeting and

CSFX, the we CSFX signal receptor a receptor. the property novel With binding generate to tuned to have ligand

this We and acute including in as as chronic are contexts, fibrosis. biology biologic well multiple characterizing inflammation,

one XXXX plan as in very least mature. the programs and We programs to are file at updated these and programs to of keeping our progress IND you about an look excited on forward these for

program, I’d on now turn provide over like to call update oncology to NKTR-XXX. Mary? an to Mary And the our

Dr. Mary Tagliaferri

Thank you, JZ.

two therapies. different in NKTR-XXX, liquid for tumors and in pathways second with development tumors have We solid one cell a

So about let’s our talk bladder first. cancer study

cancer bladder partnered first-line avelumab a plus therapy is for versus completion as or platinum-based clinical trial program conducting randomized comparing avelumab with NKTR-XXX our Merck Merck after unresectable KGaA, of chemotherapy. In metastatic maintenance

of will Our joint well synergize is avelumab. with by avelumab NK as that cytotoxic scientific to NKTR-XXX memory effect T-cells, enhance cells new and ADCC the hypothesis as generating unique

data the the excited we analysis in on dual Merck ability the of is capitalize and interim study, on KGaA about the Enrollment is action avelumab for study to and the of JAVELIN track Medley second survival the mechanism this scheduled With of XXXX. progression-free are NKTR-XXX. Bladder combination half in for first

efficacy been fitness pathway cells has of key a T-cell improve cellular Our is Enhancing second in development focus develop to tumors. liquid therapies. and the function [ph] of CAR-T or

as Several cell with and lymphodepletion persistence, studies post higher well have now endogenous responses. IL-XX expansion CAR-T as improved clinical shown associated concentration that greater are

NKTR-XXX Nektar foundational investigator-sponsored CAR-T clinical trials of sponsored are Because study the cell PK to in cellular evaluating we rates data, and to improve two of this response and outcomes. one enhance therapies

application there to and autologous believe a other including therapies. enhance to therapies, NKTR-XXX from cells We is the and cellular for cell therapy potential products broad allogeneic of efficacy TILs CAR-T TCR-based

call And guidance. of Sandra? with Sandra over that, to our I turn will financial the a review for

Sandra Gardiner

and Mary, second the you, million with to cash $XXX and and balance afternoon, least XXXX expect with Thank good We at ended investments still in investments. on sheet with cash end everyone. $XXX.X debt in and no quarter we our million

at will this, middle our least This remains value-generating our plan our financial executed with position take key several XXXX. cash extends restructuring the us milestones through for runway a rapidly We and strategic pipeline. that April, strong because through of and in of

San As in this reductions. related savings approximately quarter in and we paid reduction year in $XX realize third The by the annual personnel reduced realize and costs begun quarter restructuring have workforce the XX% cost discussed XXXX. will the fully represents in million May, the and operating second our savings were to approximately Francisco-based substantially in a to we this expense

$XX.X a recorded we QX, for In assets. leased charge non-cash million impairment

For terminated million to of in cost programs million and expect includes recognized the recognize million, first impairment now we full restructuring, of of impairment $XX non-cash the charges which of to approximately XXXX. year half $XX $XX XXXX,

remainder which unchanged. the review guidance, now remains our will financial XXXX I of

full the to million, and million expected $XX to for revenue $XX $XX between is royalties to Our product non-cash $XX million million be XXXX sales. includes GAAP in million million year $XX revenue $XX these and in

R&D GAAP and stock expenses between XXXX year $XX and $XX depreciation of million, million to which includes $XXX operating million range expense. full anticipate million will compensation We non-cash approximately $XXX

depreciation expense be expense. G&A expect compensation million of full $XX $XX operating million, $XX between and to to which million XXXX approximately for non-cash million We includes year and $XX stock

full expense year XXXX and is $XX $XX expected non-cash million Our interest be to million. between

expect end at earlier, to least XXXX As cash I we in investments. million with mentioned and $XXX

will Operator? now We questions. call for the open

Operator

Thank And come from Oppenheimer. our Jay you. first will Olson from Instructions] [Operator question

line Your open. is

Unidentified Analyst

the data ab trial. for caught Ib congrats Cha is may our on you EASI the to This Phase XX% Thanks guess [ph] can alluded over on the the to data Hey. have one questions We a and Oh! of corrected early six. of thing line kind that, now question. the week REZPEG on even for have now and seem Jay. of that’s couple improvement see taking we JZ you corrected four, is separation on if -- attention week stronger, like at curves and I

something curious the feedback? like So based if I follow-up. improvement is have this I’m others important how and potentially just a and market KOL differentiating on is you symptom early research your from think And

Jennifer Ruddock

you. Thank

Dr. Jonathan Zalevsky

Sure. Yeah.

Jennifer Ruddock

go JZ, ahead.

Dr. Jonathan Zalevsky

Yeah. Yeah. Certainly.

So question. thank you for the

released And steep yesterday, it’s is that with week that patients is taken materials rapid very saw we and that a So drop. zero, and quite you press administrations reduction week dose a next score, a change the a strong and point reach fast. of slope see the two in REZPEG, and you EASI XX% is the week minus inflection you first curve which in point four-time the And the because there -- that very after and interesting, rightly in noted you pretty two. have in basically release actually

in to is cream. this with being disease, Now a fast element corticosteroids. And patients basically, by really this applying patients topical because, treated relief pretty a expect used important those remember, are

have as systemic patients in on no Now therapy biologic they’re corticosteroids under they is to and longer are in our topical our patient moving their progressed, by study. disease population, control.

very elements quite the good comes control of and response elements that’s and differentiation very All of of this response reported differentiated a is mechanism. three that that patient rapid of goes We good. very element really depth stopped and prolonged that XX, for the disease with the for highly it’s It’s novel observed of really the for week from and good we think REZPEG XX a having for do dosing. we again, the at think weeks together go expectations. So is that the well very one of additional we this sign we after those it course,

I then So you second question. a had think

Unidentified Analyst

Yeah. it. Got Thanks. Thanks.

with robust in like the AD. more Just now data

interest curious diseases? Just Thank exploring also timing are also in opportunity some maybe you inflammatory the in, how and REZPEG with diseases, newer opportunity ultra-immune even level thinking like about additional I’m wondering you. in potential

Howard Robin

good that. a answer it’s question. Look, very can I Yeah.

this I I given would now. think focus right dermatitis to I position our strong financial point, on want our and company like capital at atopic -- our position,

think successful point based proves I on I this you as data, if it think atopic in will which very this it robust REZPEG, dermatitis, at said.

opportunities lupus autoimmune data I course, smaller dermatitis, we’re corrections lupus fairly than that are I other much analyzing. I atopic there and think still think in -- it diseases. of a there’s worked market, is while also in there well

And think there’s other for I the Nektar, we regulatory a diabetes, of dermatitis fashion. in But proliferates allergy, and study Phase then on our results have from develop we now, REZPEG, one can that’s a could places there’s from type we food successful, number X go proper that indications, a focus if for believe we where T-cells Phase a is IIb drug study, that atopic in randomized -- if in there. on, point IIb and excellent do getting

Operator

our Goldman Chris And question next from Sachs. you. from will come Shibutani Thank

Your line open. is

Unidentified Analyst

on data. also, is extend on you and questions. I’ll my Hi, everyone. for [ph] Thank This congrats REZPEG the Charlie for taking Chris, our corrected

quick us. So ones from just two

provide if wondering the three Lilly patients. dermatitis the of any did atopic basis just for exclusion -- First,

may with there they was on that then tolerability that Just last data, wondering just provided. presented were impact behind also if year? specific and safety any corrected REZPEG Thank results reason you. a if the the have there that wondering exclusion is And

Jennifer Ruddock

I’m to Thanks, ask Charlie. of both comment questions. to ahead, JZ. those going on JZ Go

Dr. Jonathan Zalevsky

for Thank question. Yeah. Thanks you. the

So was a that data it a was was topical judgment were really really, terms the so that excluded, permitted medications that the a -- of in made. criteria judgment protocol. on And the around that by Lilly using

the reality in this data the is as something that all from the of And are in data been all all components of so included specified patient very and protocol. beginning patient of that the have those should use

was question next the tolerability. about asked you for safety Now and

EADV same so presentation. And the the are in were as those results they

at of and we So in information year, is the was components from recalculated of calculated the did last all at for that safety everything. terms that and what We reviewed is Nektar Thanks. we the presented same. EADV

Unidentified Analyst

helpful. That’s Great. Thank you much. very so

Operator

you. Thank

Our will come next Mizuho. question Goldstein from Mara from

Your line is open.

Mara Goldstein

on this the but And Great. the that if us in Maybe please they procedurally I have questions the launching question comment reanalysis signed understanding of on, for is But next apologize tell I much. Thanks what active because suit? excuse apprised me. you’re And one? steps can I late, then that do given are lawsuit so and mean, filed you’re since you on with this data trial, is one approach have to something so prior can’t a you second litigation. number you just clinical, in to that you is, repetitive, need the planning of two the be is here this? you. obviously, FDA

Jennifer Ruddock

take Yeah. FDA the I’ll Mary, ask on part Howard then to about the you second. comment could and first

Dr. Mary Tagliaferri

Sure.

FDA. question the over to clinical into to the At a and of time, study report. that the clinical question. updated data then submitted be we finalized not I Regarding it next in to be all part do for will study clinical FDA, of have study we this and report the next Howard data the will -- the providing the report, would the which reporting turn of we And corrected

Howard Robin

not to in you obviously, active we’re comment to Look, going Sure. lawsuit, the correctly as on an litigation. regard stated,

forward So and significant, very move suffice this to take say look, it It’s it’s take that on seriously. we it we we will this substantial. -- lawsuit

development ago, Phase year a of been REZPEG half a could REZPEG, you year atopic likely in ago. dermatitis If at and have II the a in study look

very So take we this lawsuit seriously.

everything and well-respected the de to with? them We came do very raw have novo, the gave same firm up with said, and very, clinical what we data, the outside a to up And out basically did. well-known they statistical them went you numbers them plan corrective recalculate come gave

comment to important So how it I proceeds, on we can’t take it’s us, it but seriously. obviously.

Operator

comes Song Thank Jefferies. from And from Roger you. question our next

Your line is open.

Kambiz Yazdi

reasons, for team. you IIb REZPEG have Phase Thank on Roger. in better move decided patients? you. Any is mechanism This Kambiz and Why naïve in preclinical related patients? to into specifically Hi, those bio work action

Jennifer Ruddock

Thanks, Yeah. ask to address I’ll you JZ, that. Kambiz.

Dr. Jonathan Zalevsky

Sure. Thanks, Kambiz.

to yesterday. which today of upon Phase wanted Ib been importantly the data study data the we and to that we about So do things we’ve corrected build from just is released for the one speaking that

So naïve that study was run patients. in biologic

population REZPEG. provides as this development of of and we to So the the same build on as of for patient differentiation today, just continue strength the discussed that to wanted development continue in to all that the in in the well clinical we patient focused step REZPEG elements want really the data very next we population,

to Now lines. broader it the this and in is ability maybe in the one work think quite of mechanism about dermatitis, Treg the we of that should the is what specifically compelling really is, the multiple component in atopic question, terms have of which things mechanism of that is your applicability

starting to expect scientific population, will there a are there’s we’re be in focus rationale in naïve while So patients our patient very biologic efficacy post-biologics. the that also good

like So as you to Adbry or patients that post-population in that even to well. that a therapy for Treg mechanisms development, in example, should IL-XX able responded have DUPIXENT never provide respond other an to component or and stopped are be

future And development we’ll population. in our experience be biologic the plans, as well looking so into

Operator

Thank you.

America. Bank from question from next of come Harrison Our will Greg

line is Your open.

Unidentified Analyst

for and at path with so, atopic the my are looking here? the Mary on I for the through was Thanks if is and any of path-forward question aware here with you REZPEG going taking situation, and forward programs. [ph] derm, this potential what for the This Greg. Hi. guess precedent

Howard Robin

Well, let me try…

Jennifer Ruddock

Yeah. Howard. ahead, Go Yeah.

Okay.

Howard Robin

for -- you when there not kind know companies I precedents making any calculation am this of I’m don’t say of are I precedents -- for a error. this, any Yeah.

I path-forward, I comment we’re that novel is therapeutic mechanism think So egregious it’s many I very forward certainly we we that, as dermatitis we filed demonstrate that a a treating it’s have The know, are where said, is about The patient’s can’t for what moving trial, I important as enthusiastic to very, think autoimmune REZPEG disease I Phase impressive in case. we Lilly, that you mind, that. Ib against data can a be that on Phase on believe becomes atopic very very an us. in lawsuit -- into -- now randomized But in and we’ll error. precedents working I for my It’s this if don’t know this. II,

Operator

our And come Cowen. question from Boris TD Peaker you. Thank from will next

line is Your open.

Unidentified Analyst

is question. Boris. Thank Jane my [ph] for taking for you This

So psoriasis as REZPEG, are And follow-up. you for exploring next for I still indication -- your exploring the or you are a have indication? other

Jennifer Ruddock

the to take of you ask you And I’ll well. follow-up first a the as part Jane. JZ, Thanks, question. have

Dr. Jonathan Zalevsky

Sure. Thank you. Yeah.

very the was score able one underreporting So of things from which today, to of right, yesterday. data we calculation have the we’re the the EADV, discussed about correct been PASI to of pleased sort and

those discussing call. standpoint, dermatitis where profound atopic we’re of clearly development, In REZPEG very terms dermatology a we’ve this of on see focused REZPEG on been activity from a focus that very, for we long-term

setting. the psoriasis maybe management really In for the cycle psoriasis, in are in space. as a mechanisms potential inhibitors life as the entrenched, are dermatology development might that action there consider But even such right on future and quite or we our in well development dermatitis atopic focusing the of now, we’re near-term, other so IL-XX

Unidentified Analyst

Thank you.

those CSFX. the assets potential and next competitive generally market the you there? talk opportunities you. question, your over two preclinical For regarding targeting just and your targets TNFRX just Thank regarding developing landscape Can

Jennifer Ruddock

Thanks.

Dr. Jonathan Zalevsky

That’s… Sure.

Jennifer Ruddock

Yeah.

Howard Robin

Okay.

Dr. Jonathan Zalevsky

for question. Yeah. you Thank that

assets, the research early but they’re the give So you obviously, setting, flavor opportunities. and in around targets can some the I

TNFRX just agonistic a hot are So are of to drugs. and a very of of create coming that kind there trying that target studying target certainly couple with is that are that companies up sort and

companies of applications others are Some the and for focusing applications focusing disease. on are for oncology autoimmune on

autoimmune TNFRX target agonistic disease We’re antibodies. our interested in the the for applications and

because tissue in it body into Now it’s cytokine of individual lot and T-cells regulatory target, pressure. undergo a tissue can really controls the act pathways. particularly unique on move once regenerative And they a of very and compartments it protective different they kinds well

importance. basically, And become signaling be critical more biological driving much TNF superfamily NF-κB their for through the

So see TNFRX and of pathology lot a of certain antibody application conditions. agonist of in can sort kinds of a for type we inflammatory organ

So GI the is are neuronal and neuroinflammatory GI one, diseases family example, and MS. a of for diseases another,

there’s really range a TNFRX agonist. And so opportunities of for a

of system it CSFX that goal component a of In program, with immunoregulatory myeloid the case it targets immune an our and effect. creating the targets the of

not other whole not lymphocytes, targeting a this is in So of pipeline, targeting targeting our like the immunoregulating different but cell set T-cells molecules and immunosuppressing populations.

of rheumatic more compartment Thanks well. as because even for And a rare we ones think application common the diseases the some question. that broad participates number from could in have, diseases again, very large also a the myeloid to

Operator

you. Leerink our Daina Partners. Graybosch from from Instructions] [Operator And next question come Thank will

is open. line Your

Daina Graybosch

the impact the then wonder and separating recalculation, of Hi. speed much follow-up for a additional us benefit the error inclusion changes, if Thank of patients, those mathematical you. of additional total the how I the have two that. benefit then the two came and of I’ll changes? from after Lilly’s I And the have out you by could help two EASI questions. score

Jennifer Ruddock

Thanks, JZ. Daina. it. Appreciate

Dr. Jonathan Zalevsky

Yeah.

Jennifer Ruddock

Yeah.

Dr. Jonathan Zalevsky

question. Yeah. Jennifer. Sorry, Yeah. the Hi, for Thanks Daina.

mathematical of really the data Monday the EASI So, comes on if totality, we difference the from basically, calculations in the that the score. presented of not majority, the

if XX that results presented include EASI you LS for calculate So, score the we yesterday mean you all were example, and the XX% week correctly the data, patient reduction.

data in the that but the are EASI same. corrected EASI mean LS week effect XX the right? we not the and the correct of results Really, the the reported are correct the score, right, you at of If that numbers the excluded, the from virtually calculation two was the data So score. change, XX%, majority then mathematical came

Daina Graybosch

wrong helpful. and a in setting staff. like if it is That very they Thank I’m second My made mistake correct one seems is their you. up me

patients, us the was of mistake from multiplier certain biology certain big got meaning such tell or a that that left left REZPEG and actually all consistently So the does column benefit a was for out about we that consistent consistently being out? anything

Jennifer Ruddock

want JZ, take do as well? that you to

Dr. Jonathan Zalevsky

Yeah. Sure.

Jennifer Ruddock

Yeah.

Dr. Jonathan Zalevsky

Yeah. Thank you. Yeah.

or the make that multiple you the up when to components that -- calculate basically, number. you get EASI score, the So, mathematics are PASI there that XX-point XX-point

on first used, typically sections of components if and of the they of they body. severity the of four and or depending EASI components are kind what known So set psoriasis those score categorically PASI score in so as is the are eczema or scores, the

Then score the scoring and the affected extremities, how if you’re into next the in on then account dermis your they if which disease. really is lower of assess assessed take body that’s scoring much than you’re by much head, And less is components area they skin region each so more. also the

didn’t error the of And across and the consistently sort so the both made was severity all components. that of capture EASI PASI same and those area

the the calculation arrived kind time code was and And that mathematical so, score an a It was done the every like of than that like for every in at same person point. that used calculation. was less to XX-point do error score consistently, was was and basically

as is endpoints use study of as question, in an key study derm have even psoriasis to a add to the measure And other years, validated, dermatology that is the it after there’s in not seen of sort are than well points a for or just one for XX So a to kind but that clinics. complete that only used your Not score of really either been study, studies. after of only in the anything thought important is that, is couple comparison. score, XX-point only been atopic over apple-to-apple these

and hope that color this. question your I around answers some give more So

Operator

showing you. questions Thank no And I our back turn now I’d from phone the for am further any lines. to conference Howard to remarks. Robin over closing like

Howard Robin

for shareholders I I’d focused to their thank you, for thank, to us on and REZPEG and course, thank Well, all immunology-focused joining everyone, and want like our their the extraordinarily research their support. we of today of continued And development on efforts employees hard work our our remain of executing for and programs.

us tune. look So to providing we on forward and with Thanks again our joining progress you stay today. for updates

Operator

you for conference This concludes today’s call. your participation. Thank

You disconnect. day. wonderful a may Everyone have now

Nektar Therapeutics (NKTR) 8 Aug 232023 Q2 Earnings call transcript