Nektar Therapeutics Reports Jury Verdict: $90M Award vs. Eli Lilly

What Happened
Nektar Therapeutics announced a jury verdict in its civil case against Eli Lilly & Co., finding on September 24, 2026 that Lilly breached the implied covenant of good faith and fair dealing under the parties’ license agreement for rezpegaldesleukin. The case (Nektar Therapeutics v. Eli Lilly & Co., No. 3:23-cv-03943-JD) began with Nektar’s complaint in August 2023 and proceeded to a jury trial that started September 8, 2026. The jury awarded Nektar $90 million in damages; interest will be determined by the District Court.

Key Details

• Case filed: August 2023 in U.S. District Court for the Northern District of California (Case No. 3:23-cv-03943-JD).
• Trial timeline: Jury trial began September 8, 2026; verdict returned September 24, 2026.
• Verdict: Jury found Lilly breached the implied covenant of good faith and fair dealing.
• Award: $90 million in damages plus interest; verdict subject to post-trial proceedings and possible appeal.

Why It Matters
This is a material legal win for Nektar tied to its former collaboration with Lilly on rezpegaldesleukin and could result in a cash recovery if the award is confirmed and collected. However, the final financial impact is uncertain until the District Court sets interest, resolves any post-trial motions, and after any appeals. Investors should view this as a notable legal development that may affect Nektar’s potential recovery but not an immediate, guaranteed cash inflow.