Nektar Therapeutics said extended treatment with rezpeg produced greater hair growth in people with severe alopecia areata, supporting plans toward Phase 3. After one year, 27% of participants receiving either low or high doses achieved SALT Score 20, defined as 80% or more of the scalp covered by hair. Nektar framed the response as equal to or better than a low-dose bar for Olumiant (baricitinib), which is approved for severe alopecia areata but limited by safety considerations; the drugs have not been tested head-to-head. While the dataset came from an extension setting, it adds impetus for Nektar’s next-stage trial planning. For the dermatology pipeline, the update reinforces competitive pressure around JAK-driven mechanisms and the ongoing search for regimens that balance durability with tolerability.