[Form 4] NEKTAR THERAPEUTICS Insider Trading Activity

Rhea-AI Filing Summary

Jeffrey Robert Ajer, a director of Nektar Therapeutics (NKTR), acquired a derivative grant of 8,000 stock options on 09/30/2025. The options have a stated conversion/exercise price of $56.9 and the filing reports 8,000 underlying shares of common stock. The filing notes the options vest in substantially equal monthly installments over the one-year period beginning on September 30, 2025. The form indicates an expiration/related date of 09/29/2033 and shows the shares are beneficially owned directly following the transaction. The Form 4 was signed by an attorney-in-fact on 10/01/2025.

Positive

• 8,000 stock options granted to a director on 09/30/2025
• Vesting schedule specified: substantially equal monthly installments over the one‑year period beginning 09/30/2025
• Exercise/conversion price disclosed as $56.9
• Direct beneficial ownership of the 8,000 underlying shares reported following the transaction

Negative

• None.

Insights

Corporate Governance Expert

TL;DR: Director received a time‑vesting option award (8,000 options at $56.9), aligning compensation with long‑term share performance.

The Form 4 documents a grant of 8,000 stock options to a board director on 09/30/2025 with an exercise/conversion price of $56.9 and vesting in equal monthly installments over one year beginning 09/30/2025. The filing records direct beneficial ownership of 8,000 underlying shares post‑transaction and references an expiration/related date of 09/29/2033. For governance review, key confirmations are: nature of grant (option), vesting schedule, exercise price, direct ownership status, and the use of an attorney‑in‑fact signature on 10/01/2025.

Securities Compliance Analyst

TL;DR: Filing properly reports an option acquisition under Section 16; details include quantity, price, vesting, and direct ownership.

The Form 4 lists a transaction code "A" indicating acquisition of derivative securities on 09/30/2025: 8,000 stock options with a listed price of $56.9. The report specifies vesting will occur monthly over a one‑year period beginning on the grant date. The reporting person is identified as a director and the filing was executed by an attorney‑in‑fact on 10/01/2025. No other transactions, dispositions, or changes are reported on this form. From a compliance standpoint, the key elements required by Section 16 appear included: transaction date, amount, price, vesting description, and signature.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Ajer Jeffrey Robert

(Last) (First) (Middle)

C/O NEKTAR THERAPEUTICS

455 MISSION BAY BLVD SOUTH

(Street)

SAN FRANCISCO CA 94158

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
NEKTAR THERAPEUTICS [ NKTR ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
09/30/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option	$56.9	09/30/2025		A		8,000		(1)	09/29/2033	Common Stock	8,000	$0.00	8,000	D

Explanation of Responses:

1. This stock option vests in substantially equal monthly installments over the one-year period beginning on September 30, 2025.

	Mark A. Wilson, Attorney-in-Fact	10/01/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What transaction did Jeffrey Robert Ajer report on the Form 4 for NKTR?

The Form 4 reports the acquisition of 8,000 stock options on 09/30/2025.

What is the exercise price and vesting schedule for the options reported by NKTR director Jeff Ajer?

The options have a stated conversion/exercise price of $56.9 and vest in substantially equal monthly installments over the one‑year period beginning 09/30/2025.

How long until the reported NKTR options expire or have a related date?

The Form 4 references a date of 09/29/2033 in the derivative securities section.

How is ownership reported for the options acquired by the NKTR reporting person?

The filing shows the underlying 8,000 common shares are beneficially owned directly following the reported transaction.

Who signed the NKTR Form 4 and when?

The Form 4 was signed by an attorney‑in‑fact, Mark A. Wilson, on 10/01/2025.