Regulatory T-cell biology meets a crowded atopic dermatitis field: Phase 3 data in mid-2028 determines whether rezpegaldesleukin earns a place among established biologics

Nektar is a clinical-stage biopharmaceutical company developing rezpegaldesleukin for moderate-to-severe atopic dermatitis, a condition not yet approved for treatment with this drug.

Rezpegaldesleukin, a pegylated IL-2 agonist designed to expand regulatory T cells, cleared Phase 2b in moderate-to-severe atopic dermatitis on all primary and key secondary endpoints, then initiated Phase 3 registration trials in July 2026. The thesis resolves on whether mid-2028 Phase 3 data replicates Phase 2b magnitude in a larger, geographically diverse population against a backdrop of approved IL-4/IL-13 biologics already entrenched in the indication. Cash of $1.02 billion funds operations into Q3 2028, covering the readout with little margin, while a missed primary endpoint in a pivotal study lacking an active comparator arm would be the defining setback.