Hello, I would like to welcome everyone to the 2026 Annual Meeting of Stockholders of Nektar Therapeutics. My name is Elizabeth Zhang, Vice President, Legal and Corporate Counsel at Nektar. It is my pleasure to host the 2026 annual meeting. I will serve as Secretary of the meeting. I am joined today with Howard Robin, our President and CEO, and members of our Board of Directors and the Nektar executive team. Representatives of Ernst & Young, our independent auditors, are also with us. We will now turn to the formal business portion of the agenda. When that is complete, I will turn the meeting over to Howard Robin to provide an overview of business highlights from the past year, and then we will open the floor for stockholder questions. The 2026 annual meeting of the stockholders of Nektar Therapeutics will now officially come to order. I have at this meeting a complete list of the stockholders of record of the company's common stock on April sixth, 2026, the record date for this meeting. I also have a notarized affidavit of distribution signed by Joanne Vogel, manager at Broadridge Financial Solutions, certifying that commencing on April 24th, 2026, notice of this meeting was duly delivered to the stockholders. This affidavit will be filed with the minutes of this meeting. Kathy Blackwell, representing Broadridge Financial Solutions, will act as our Inspector of Elections today. Ms. Blackwell has signed an oath of Inspector of Elections, which will be filed with the records of the meeting. I've been informed by the Inspector of Elections that proxies have been received for 23,015,177 shares of common stock of the company, which represents approximately 78% of the total number of outstanding shares as of the record date. This constitutes a quorum for the meeting today. There are four proposals to be considered by the stockholders at this meeting as set forth in the notice of annual meeting and proxy statement. The polls are now open for voting. At this time, stockholders who have not already submitted a proxy and wish to vote their shares may do so now by clicking on the Vote Here button on your screen. The polls will be closed after I review the proposals to be voted on. Each share of common stock is entitled to one vote. Voting is online during the meeting. If you have already voted by proxy, then you do not need to vote again during this meeting unless you would like to change your vote. The first item of business is to elect one director to serve on the company's board of directors until the 2029 annual meeting. The nominee for director is Howard Robin. A discussion of this proposal can be found starting on page seven of the proxy statement. The second item of business is to approve an amendment of our amended and restated 2017 Performance Incentive Plan to increase the aggregate number of shares of common stock authorized for issuance under the plan by three million shares. A discussion of this proposal can be found starting on page nine of the proxy statement. The third item of business is ratification of the Audit Committee selection of Ernst & Young as the independent auditors of the company for the fiscal year ending December 31st, 2026. A discussion of this proposal can be found on page 17 of the proxy statement. Finally, the fourth item of business is the approval of a non-binding advisory resolution regarding our executive compensation, commonly referred to as a say on pay vote. A discussion of this proposal can be found on page 18 of the proxy statement. The polls are now closed for voting. The preliminary report of the Inspector of Elections as to the results of the voting of the 2026 annual meeting proposals is as follows. The proposal to elect Howard Robin is approved by a majority of the shares voted. The proposal to amend our amended and restated 2017 Performance Incentive Plan is approved by a majority of the shares voted. The selection of Ernst & Young as independent auditors for the fiscal year ending December 31st, 2026, is ratified by a majority of the shares voted. The non-binding advisory resolution regarding our executive compensation is approved by a majority of the shares voted. The final results of this meeting will be made a part of the minutes of the meeting and will be published in a current report on Form 8-K filed with the Securities and Exchange Commission no later than four business days from today. The 2026 annual meeting of stockholders of Nektar Therapeutics is now adjourned. Before we transition to our CEO, Howard Robin, for some remarks on the company's business, followed by stockholder questions, I would like to mention that during Howard's presentation, he will make forward-looking statements regarding our business. These forward-looking statements are subject to important risks and uncertainties, which can be found in our filings with the SEC, including our most recent quarterly report on Form 10-Q, filed with the SEC on May eighth, 2026, and can be found at www.sec.gov. Howard? Good afternoon, everyone. Thank you for joining us today. I just want to take a few minutes before questions and give you sort of an update on our pipeline. As you know, we've moved our company successfully into a pipeline that's focused on immunology. We have a number of programs, the most important one at the moment being rezpegaldesleukin. As you know, with REZPEG, we had very successful data in our phase II study in atopic dermatitis. We had successful data in our study in alopecia areata. Those programs will be moving into phase III. We've had our end-of-phase II meetings with the FDA, and we have a clinical plan in place, and we will be moving into phase III in the not-too-distant future. I think those are very important markets because, while there are a number of companies working in atopic dermatitis, for example, our mechanism is entirely different than the other mechanisms that are available to treat this disease. The market for atopic dermatitis and alopecia areata is expected to exceed $40 billion by 2032. It's a very large market. It's a very unserved disease. There's only approximately 20% of the patients who are diagnosed with atopic dermatitis, for example, actually receive a biologic therapy. Lots of potential to grow, and I think the market is going to be quite significant, and there's a lot of room for mechanisms that are different than the IL-13 class. We also have a study running at UCSF with another program, our TNFR2 agonist, NKTR-0165. That study is running in multiple sclerosis, that's a pilot study to understand how well TNFR2 works in autoimmune disease. We will also be moving NKTR-0166, which is a TNFR2 bispecific antibody, into the clinic. We haven't discussed what the indication for that will be yet. We also have in the pipeline NKTR-422, which is a PEG-CSF for fibrotic disease. That is also preclinical. We have a number of programs in the pipeline. We're making great progress as an immunology company. As I said on the first quarter earnings call, we have over $1 billion in cash in the bank, we're very well funded and capitalized to move these programs forward. With that said, I'd love to take any questions that you might have. You may submit your questions through the text box on your screen. We will answer as many questions as time allows. We have one question submitted. The question is: What catalysts does the company have in store for the next 12 to 18 months? That's a good question. Of course, you realize that catalysts don't happen every couple of months. I do think we have a number of things to look forward to. We will be starting the phase III studies next month in atopic dermatitis. We'll be starting our phase III studies in alopecia areata the beginning of next year. We will be seeing results, we should have some results next year in our study of REZPEG in type 1 diabetes, we will also see what our results look like in TNFR2 in the phase I of our multiple sclerosis program. That's pretty exciting. I think we're very well prepared to run these phase III studies, and I think moving that forward in the clinic to getting our results in 2028 will be one of the most important things we do. Thank you, Howard. We have one other question, and the question is: What are the company's plans on partnerships regarding REZPEG? It's another very good question, and I've been asked that a number of times. At this point, look, we certainly aren't going to license out REZPEG. It is a very important program in the field of autoimmune disease. As you know, the mechanism that we are using, proliferation of regulatory T cells, was awarded the Nobel Prize in Medicine last year for understanding of Treg biology, and consequently, we consider this a very important mechanism of action to treat this disease. Are we talking to companies about potential collaborations where we maintain the controlling interest and we move the drug forward in collaboration with a company? Yes, those discussions can certainly take place, but I don't see us licensing out the program. I do see the possibility for collaboration. Thank you. That is all the questions we have submitted for today. Thank you for joining us today. Please stay tuned. There's a lot more coming. Thank you. This concludes today's meeting. Thank you for attending. You may now disconnect, and have a wonderful rest of your day.