Alert: Claims Focus on Alleged Misrepresentations About REZOLVE-AA Patient Enrollment Compliance

Levi & Korsinsky, LLP reminds purchasers of Nektar Therapeutics (NASDAQ: NKTR) securities of a pending securities class action.

THE CASE: A class action seeks to recover damages for investors who purchased Nektar securities between February 26, 2025 and December 15, 2025.

YOUR OPTIONS: You may be entitled to compensation without payment of any out-of-pocket fees. See if you can recover losses or contact Joseph E. Levi, Esq. at jlevi@levikorsinsky.com or (212) 363-7500.

Nektar shares fell $4.14 per share, or 7.77%, closing at $49.16 on December 16, 2025, after the Company disclosed that four patients with major study eligibility violations had been included in its pivotal REZOLVE-AA trial. Investors have until May 5, 2026 to seek lead plaintiff status.

How a Biopharmaceutical Trial's Enrollment Process Allegedly Broke Down

A biopharmaceutical company's clinical trial results are only as reliable as the patients enrolled in it. For the Phase 2b REZOLVE-AA trial evaluating rezpegaldesleukin in alopecia areata, the protocol required strict screening: patients needed a SALT score between 50 and 100 indicating severe-to-very-severe disease, stable disease for at least six months, and completion of an eight-week washout period from prior alopecia areata medications. These criteria existed because recently diagnosed patients can experience unpredictable autoimmune fluctuations that distort efficacy measurements.

The lawsuit contends that Nektar's enrollment process failed to enforce these standards, resulting in the randomization of four patients who should never have entered the trial.

Alleged Enrollment Failures by the Numbers

- Two patients had unstable alopecia areata, having been diagnosed less than six months before randomization, violating the protocol's disease stability requirement

- Two additional patients began treatment before completing the mandatory eight-week washout period for prior alopecia areata medications

- The trial's primary endpoint narrowly missed statistical significance with the ineligible patients included (p=0.186 and p=0.121 for the two dosing arms)

- Both rezpegaldesleukin treatment arms reached statistical significance when the four ineligible patients were excluded from the analysis

- Only 94 patients were randomized in total, meaning four protocol violations represented over 4% of the entire study population

- Management repeatedly assured investors across multiple quarters that enrollment followed applicable instructions and protocol standards

Calculate your potential recovery or call (212) 363-7500.

The Operational Compliance Gap the Lawsuit Identifies

As alleged in the filing, the gap between what Nektar represented about its enrollment procedures and what actually occurred at its approximately 30 global trial sites is central to this action. The complaint asserts that management touted "unique operational features" designed to minimize clinical operational risk while ineligible patients were being randomized into the Company's most important study. As set forth in the complaint, the Company's repeated claims of drug development expertise and protocol adherence were materially misleading given the enrollment failures that ultimately compromised the trial's primary endpoint.

"The complaint raises serious questions about whether investors received accurate information about the integrity of Nektar's clinical enrollment process. When a company repeatedly certifies that trial protocols are being followed while ineligible patients are being enrolled, shareholders deserve to know." -- Joseph E. Levi, Esq.

Join the Nektar recovery action or contact Joseph E. Levi, Esq. at (212) 363-7500.

Levi & Korsinsky, LLP -- Top 50 securities litigation firm (ISS, seven consecutive years). Over 70 professionals. Hundreds of millions recovered.

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