NKTR Clears $1 Bid Price for 10 Days, Delisting Risk Lifted

Rhea-AI Filing Summary

Nektar Therapeutics (Nasdaq: NKTR) filed an 8-K announcing that Nasdaq has formally confirmed the company has regained compliance with Listing Rule 5550(a)(2). The June 24 2025 letter follows ten consecutive business days—ending June 23—during which NKTR’s common stock closed at or above $1.00, satisfying the Minimum Bid Price Rule. The original deficiency notice was dated April 3 2025 and had provided until September 30 2025 to cure. With the requirement met, the deficiency matter is closed and no further action is required. No additional financial data were disclosed beyond the Inline XBRL cover page.

The filing removes an immediate delisting threat and lowers listing-related risk for shareholders.

Positive

• Regained compliance with Nasdaq Minimum Bid Price Rule, removing immediate delisting threat

Negative

• None.

Insights

Market Listing Specialist

Nasdaq compliance restored, delisting risk removed; improves liquidity perception.

Nasdaq’s confirmation ends a deficiency that began on April 3 2025. By maintaining a ≥ $1.00 bid for ten business days, NKTR avoids a forced move to OTC markets, preserving index eligibility, options trading and broader institutional access. Although no fundamentals changed, eliminating this headline risk can widen the potential investor base and reduce the need for a costly reverse split. The event therefore adds modest equity value through risk reduction rather than operational improvement.

Portfolio Manager

Delisting threat resolved; fundamentals unchanged—watch future price performance.

The cured bid-price deficiency removes a binary listing risk but leaves revenue, pipeline and cash-flow drivers untouched. Because the test required only ten trading sessions, a sustained share-price cushion is still necessary to avoid renewed scrutiny. Nonetheless, immediate selling pressure from funds restricted from sub-$1 names should ease, potentially improving near-term liquidity. With no other material updates in this 8-K, the event is best viewed as risk mitigation, not value creation.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of report (Date of earliest event reported): June 27, 2025 (June 24, 2025)

NEKTAR THERAPEUTICS

(Exact Name of Registrant as Specified in Charter)

Delaware		0-24006		94-3134940
(State or Other Jurisdiction of Incorporation)		(Commission File Number)		(IRS Employer Identification No.)

455 Mission Bay Boulevard South

San Francisco, California 94158

(Address of Principal Executive Offices and Zip Code)

Registrant’s telephone number, including area code: (415) 482-5300

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading symbol(s)		Name of each exchange on which registered
Common Stock, $0.0001 par value		NKTR		Nasdaq Capital Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 8.01 Other Events.

As previously disclosed, on April 3, 2025, Nektar Therapeutics (the “Company”) received a notice from the Nasdaq Listing Qualifications Department (the “Staff”) of The Nasdaq Capital Market (“Nasdaq”) stating that the Company was not in compliance with Nasdaq Listing Rule 5550(a)(2) (the “Minimum Bid Price Rule”) because the Company’s common stock did not maintain a minimum closing bid price of $1.00 per share for 30 consecutive trading days. The Company was given an initial 180 calendar day period, or until September 30, 2025, to regain compliance with the Minimum Bid Price Rule.

On June 24, 2025, the Company received a letter from the Staff notifying the Company that it has regained compliance with the Minimum Bid Price Rule for continued listing on The Nasdaq Capital Market. To regain compliance with the Minimum Bid Price Rule, the Company’s common stock was required to maintain a closing bid price of $1.00 per share or greater for at least 10 consecutive business days. This requirement was met on June 23, 2025. 

(d) Exhibits.

Exhibit No.		Description
104		Cover Page Interactive Data File (embedded within the Inline XBRL document).

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	NEKTAR THERAPEUTICS
Date: June 27, 2025	By:	/s/ Mark A. Wilson
		Mark A. Wilson
		Chief Legal Officer and Secretary

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FAQ

Why did NKTR receive a Nasdaq deficiency notice on April 3 2025?

Nasdaq notified NKTR that its common stock had closed below $1.00 for 30 consecutive trading days, violating Listing Rule 5550(a)(2).

How did NKTR regain compliance with the Minimum Bid Price Rule?

The stock maintained a closing bid of $1.00 or higher for 10 consecutive business days, completing the cure period on June 23 2025.

What dates define NKTR's compliance timeline?

Deficiency notice: April 3 2025; compliance achieved: June 23 2025; Nasdaq confirmation letter: June 24 2025.

Which Nasdaq market tier is NKTR listed on after regaining compliance?

NKTR remains listed on the Nasdaq Capital Market.

Does NKTR still face the September 30 2025 compliance deadline?

No. Nasdaq’s June 24 2025 letter states the deficiency is closed and the prior deadline no longer applies.