Bull case
Nektar Therapeutics is positioned favorably because REZPEG has repeatedly shown durable, deepening efficacy across both atopic dermatitis and alopecia areata, including 52wk maintenance data, 63% 6mo off-treatment SALT≤20 maintenance versus 10% after 36wk, and sustained EASI-75/EASI-90 responses with Q4W and Q12W dosing. The therapy’s clean safety profile, lack of observed infection or conjunctivitis signals, and anticipated absence of lab monitoring requirements make it attractive versus JAK inhibitors, while physician research cited strong interest in a novel mechanism and more than 50% reluctance to prescribe JAKs in AA. The outlook is further supported by a reduced legal overhang after the jury awarded ~$90M in damages, plus a large commercial opportunity in AD, where >15M patients exist in the US and the market is expected to approach ~$35B by 2033.