Nektar Therapeutics Class Action Lawsuit – NKTR

Introduction to Nektar Therapeutics (NKTR) Securities Class Action Lawsuit

A federal securities fraud class action alleging violations of the Securities Exchange Act of 1934, including Sections 10(b) and 20(a) and Rule 10b-5, has been filed against Nektar Therapeutics (NASDAQ: NKTR) and three of its executives for alleged misrepresentations made between February 26, 2025 and December 15, 2025.

Investors allege the company misled them about the integrity of its REZOLVE-AA Phase 2b clinical trial for alopecia areata, repeatedly claiming that enrollment followed proper protocol standards and excluded ineligible patients. On December 16, 2025, Nektar disclosed in topline results that the trial failed to reach statistical significance due to the inclusion of four patients who should have been disqualified from participation, contradicting months of assurances about rigorous enrollment criteria. As a result of these alleged misrepresentations and the subsequent stock price decline, investors who purchased Nektar securities (NASDAQ: NKTR) during this period suffered significant losses.

Nektar Therapeutics (NKTR) Securities Lawsuit Case Details

Case Name: Michael Schramke v. Nektar Therapeutics et al.

Case No.: 3:26-cv-01951

Jurisdiction: U.S. District Court, Northern District of California

Filed on: March 6, 2026

Nektar Therapeutics (NKTR) Company Profile

Nektar Therapeutics is a San Francisco-based biopharmaceutical company publicly traded on NASDAQ: NKTR, focused on discovering and developing therapies that selectively modulate the immune system by stimulating regulatory T cells to treat autoimmune disorders. The company's lead product candidate is rezpegaldesleukin, a regulatory T cell stimulator, a first-in-class IL-2 pathway agonist, for the treatment of alopecia areata and other conditions.

Nektar Therapeutics (NKTR) Securities Lawsuit Class Period

February 26, 2025 – December 15, 2025, inclusive.

Investors who purchased or otherwise acquired Nektar securities (NASDAQ: NKTR) during the Class Period may be eligible to join the Nektar Therapeutics (NKTR) class action lawsuit.

Allegations in the Nektar Therapeutics (NKTR) Securities Class Action Lawsuit

The complaint targets Nektar Therapeutics and three individual executives: Howard W. Robin, the company's Chief Executive Officer, President, and Director; Sandra Gardiner, Interim Chief Financial Officer; and Jonathan Zalevsky, Chief Research and Development Officer. According to investors, these defendants made repeated false statements and material omissions about the REZOLVE-AA clinical trial, a Phase 2b study testing rezpegaldesleukin as a treatment for severe-to-very-severe alopecia areata.

On February 26, 2025, Nektar issued a press release announcing enrollment completion for the trial, stating that enrollment criteria included a diagnosis of severe-to-very-severe alopecia areata as measured using the SALT score at both screening and randomization, and that patients who experienced an unstable course of alopecia areata over the last six months were excluded from the study. During a conference call on March 12, 2025, CEO Howard Robin emphasized that the trial had "unique operational features" designed to "minimize clinical operational risk." That same day, Chief Research and Development Officer Jonathan Zalevsky told investors that patients "had to present with severe-to-very-severe disease" and maintain that condition "for at least six months in order to be eligible for inclusion." On November 6, 2025, Zalevsky reiterated these enrollment criteria, again stating that patients with unstable alopecia areata over the previous six months were excluded.

Investors allege that throughout this period, enrollment in the REZOLVE-AA trial had not actually followed applicable instructions and protocol standards , including major study eligibility violations. The complaint alleges that this failure was likely to have a significant negative impact on the trial's results , including statistical significance, meaning the trial's overall integrity and prospects were materially overstated in defendants' public statements in violation of federal securities laws.

The Truth Emerges

On December 16, 2025, Nektar issued a press release during pre-market hours announcing topline results from the REZOLVE-AA trial. The trial failed to reach statistical significance, with the primary endpoint , following a 36-week induction period, showing mean percent SALT reduction , a Severity of Alopecia Tool metric, at Week 36 of 28.2% for one treatment arm, 30.3% for another, and 11.2% for placebo. Nektar revealed that four of the 92 patients included in the analysis (the modified intent-to-treat (mITT) population) "were found to have major study eligibility violations that should have disqualified them for randomization into the trial."

During a subsequent call, the Chief Medical Officer explained that two of the four excluded patients had unstable alopecia areata with initial disease diagnosed less than six months prior to randomization, directly contradicting the enrollment criteria defendants had repeatedly emphasized. The officer noted that alopecia areata is considered unstable when diagnosed for less than six months because of the unpredictable nature of its autoimmune response, and that "it's standard practice to exclude these patients from AA studies." Two additional patients were excluded because they initiated treatment before completing the required eight-week washout period for other alopecia areata medications.

These revelations contradicted the company's repeated assurances that enrollment had followed proper protocol standards and excluded ineligible patients.

Market Reaction

On December 16, 2025, following the disclosure that the REZOLVE-AA trial failed to reach statistical significance due to enrollment violations, Nektar's stock price (NASDAQ: NKTR) fell $4.14 per share, nearly 8 percent, to close at $49.16 per share.

Next Steps

● The Court will issue its order for lead plaintiff and counsel in the weeks after submissions are due.

● The Court will then consider motion for class certification.

● The Court will later consider a Motion to Dismiss.

Disclaimer: This shareholder alert is for informational purposes only and does not constitute legal advice. Consult a qualified attorney for personalized guidance. No specific outcomes are guaranteed.

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Certification of Plaintiff Pursuant to Federal Securities Laws

I, duly certify and say, as to the claims asserted under the federal securities laws, that:

I have reviewed a complaint filed in the action.
I did not purchase the security that is the subject of this action at the direction of plaintiff's counsel or in order to participate in this action.
I am willing to serve as a representative party on behalf of the class, including providing testimony at deposition and trial, if necessary.
My transaction(s) in Nektar Therapeutics which are the subject of this litigation during the class period set forth in the complaint are set forth in the chart attached hereto.
Within the last 3 years,
I have not sought to serve nor have I served as a class representative in any federal securities fraud case. I have sought to serve as a class representative in
I will not accept any payment for serving as a representative party on behalf of the class beyond the Plaintiff's pro rata share of any recovery, except as ordered or approved by the court, including any award for reasonable costs and expenses (including lost wages) directly relating to the representation of the class.

Are you US Citizen?

Yes. I certify under penalty of perjury that the foregoing is true and correct. Executed this No. I certify under penalty of perjury under the laws of the United States of America that the foregoing is true and correct. Executed this

Clear

Signed pursuant to California Civil Code Section 1633.1, et seq. - and the Uniform Electronic Transactions Act as adopted by the various states and territories of the United States.

By your signature above, you confirm that have retained Levi & Korsinsky, LLP to represent you and the shareholder class as a lead plaintiff in the pending class action against Nektar Therapeutics. This representation will be on a contingency basis, meaning that Levi & Korsinsky will advance all expenses in the litigation and will only seek compensation and/or reimbursement of expenses if the firm obtains a recovery. Regardless of the result, we will never ask you to directly pay for any attorneys’ fees, expenses, or costs. Should we obtain a favorable result, we may ask the court to award us compensation and reimbursement of expenses to be paid by the defendants or as a portion of any class recovery. In exchange for our representation, you agree to cooperate as our client by providing, for example, relevant documents and deposition testimony, if necessary. During the course of this litigation, we may employ and/or work with other law firms, experts, and third-parties to successfully prosecute this action. If you are not appointed as the lead plaintiff or Levi & Korsinsky is not appointed as lead counsel, we will notify you of such decision at which time this representation will end unless otherwise extended by you and the firm. We look forward to working with you towards a successful resolution of this action.

I have reviewed the complaint linked in paragraph 1