Nektar reported that rezpegaldesleukin narrowly missed statistical significance in its Phase 2b Rezolve‑AA trial for severe alopecia areata but said post‑hoc analyses excluding four ineligible patients show the drug met its primary endpoint. Nektar plans to advance rezpegaldesleukin into pivotal testing and argues the enrollment errors distorted the placebo response. The company highlighted consistent efficacy signals across treatment arms and framed the outcome as actionable—pointing to operational fixes for future trials. Investors reacted with caution, reflecting the biotech sector’s low tolerance for ambiguous late‑stage readouts after prior program setbacks in the company’s history. Nektar’s next steps include meetings with regulators to confirm the path to a registrational program and tightened trial conduct controls to avoid similar enrollment issues that could jeopardize pivotal success.