Nektar Therapeutics reported positive Phase 2b results for rezpegaldesleukin (rezpeg), an IL-2 pathway agonist designed to stimulate regulatory T cells, in patients with moderate-to-severe atopic dermatitis. The drug met primary and secondary endpoints with significant improvements in skin clearance, sparking a doubling of the company’s stock price. Despite these achievements, some analysts note that cross-trial comparisons indicate rezpeg may not yet surpass efficacy benchmarks set by established therapies like Dupixent, leaving questions about market differentiation.