Nektar Therapeutics reported a potentially encouraging sign that hair regrowth with its investigational drug rezpegaldesleukin could persist after treatment stopped. But the strongest durability figures came from only eight people who had already reached a response threshold, and the data are from a Phase 2b study—not a confirmatory trial. That context helps explain why a positive-sounding update did not guarantee a positive reaction in NKTR shares.
What Nektar reported about hair regrowth after treatment
In an October 1, 2026 update presented at the European Academy of Dermatology and Venereology Congress, Nektar reported longer-term results from its Phase 2b REZOLVE-AA study of rezpegaldesleukin in alopecia areata. The company said that among the patients who had achieved a Severity of Alopecia Tool (SALT) score of 20 or lower, 6 of 8, or 75%, still met that threshold four months after stopping treatment. At six months off treatment, 5 of 8, or 63%, did.
Those percentages describe maintenance among a small subset of responders, not the share of everyone in the study who retained regrowth. The denominator matters: one patient represents 12.5 percentage points of a group of eight. The figures are an intriguing durability signal, but they cannot establish how reliably patients overall would maintain the response.
Nektar also reported that 19% of patients had reached SALT 10 or lower after six months off treatment, compared with 7% at the end of 52 weeks of treatment. SALT thresholds measure scalp hair loss, with lower scores indicating less hair loss. These results use different thresholds and time points; they should not be read as a direct apples-to-apples comparison of the same endpoint in the same conditions. The update is a company-reported Phase 2b result, not evidence that the drug is approved or that an individual patient should expect the same outcome. Nektar’s October 1 release.
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How the off-treatment update differs from earlier results
The October figures are about outcomes after treatment stopped. They should not be conflated with the earlier 52-week extension results, which measured responses while patients continued twice-monthly dosing.
| Measure and timing | Low-dose arm | High-dose arm | Placebo |
|---|---|---|---|
| SALT50 response at week 52, on treatment | 37.7% | 38.8% | 13.6% |
| SALT30 response at week 52, on treatment | 45.6% | 47.6% | 24.2% |
Nektar also said 29% and 31% of patients in the 18 and 24 µg/kg extension arms, respectively, achieved a new SALT score of 20 or lower between weeks 36 and 52. These are extension findings reported by the company in April 2026, not off-treatment maintenance rates. SALT30, SALT50, SALT 20 or lower, and SALT 10 or lower are distinct response thresholds. Nektar’s April 20, 2026 release.
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Why NKTR shares fell despite the promising signal
Contemporaneous coverage reported a steep same-day drop on October 1, 2026. Yahoo Finance described NKTR as falling about 21%; Investing.com reported a 22.4% decline to $46.99 and a 2.1% decline in the Nasdaq Biotechnology Index. Those are outlet-reported market figures, and the sources do not establish a definitive cause for the move or resolve differences in how the price change was measured.
The most defensible explanation is not that the data were simply “bad.” Rather, a positive durability signal may have been weighed against its limits and investor expectations: the clearest off-treatment maintenance rates involved only eight prior responders, and the results remain Phase 2b evidence. A share-price decline alone cannot show exactly which concern mattered most to investors. Yahoo Finance’s contemporaneous coverage and Investing.com’s report provide the cited market context.
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Did the alopecia study meet its main goal?
The October durability update does not answer whether the original Phase 2b trial met its primary endpoint. A December 2025 contemporaneous account of the initial topline results said the prespecified primary endpoint in the full study population did not reach statistical significance. Nektar’s April 2026 release later described the program as positive proof of concept and reported the 52-week extension results; those later findings do not reverse or replace the initial primary-endpoint result.
Because the complete original primary-endpoint tables are not available in the cited material, the most accurate distinction is between the reported initial result and the later extension and off-treatment signals. None should be presented as confirmatory Phase 3 evidence.
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What comes next for rezpegaldesleukin
In its August 13, 2026 financial update, Nektar said it planned to begin one registrational Phase 3 alopecia areata study in early 2027. That is a stated plan, not confirmation that the trial began, succeeded, or will lead to approval. Phase 3 testing and regulatory review would still lie ahead. Nektar identifies rezpegaldesleukin as investigational and cautions that clinical development can fail despite earlier positive findings. Nektar’s August 2026 update.
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