[Form 4] Nektar Therapeutics Insider Trading Activity

Rhea-AI Filing Summary

Robin W. Howard, President & CEO and director of Nektar Therapeutics (NKTR), reported an insider sale on 09/02/2025. The filing shows a disposition of 1,500 shares of common stock executed at a weighted-average price of $30.16, reducing his direct beneficial ownership to 67,840 shares. The report notes the sale was made pursuant to a Rule 10b5-1 trading plan and that the trades occurred at prices between $30.00 and $30.30. The form also discloses an indirect ownership of 28 shares held by his spouse. The filing was signed by an attorney-in-fact on 09/04/2025.

Positive

• Transaction disclosed under a Rule 10b5-1 trading plan, which supports procedural compliance and reduces insider-trading concerns
• Full disclosure of weighted-average price range ($30.00 - $30.30) and weighted-average sale price ($30.16)
• Post-transaction direct ownership explicitly reported (67,840 shares)

Negative

• Reporting person sold 1,500 shares, a disposition by the CEO and director that market participants may note
• Sale executed via attorney-in-fact, which may prompt requests for confirmation of authorization (though signature is provided)

Insights

Securities Analyst

TL;DR: CEO sold a small number of shares under a pre-established 10b5-1 plan; transaction appears routine and disclosed properly.

The Form 4 documents a sale of 1,500 shares at a weighted-average price of $30.16, executed within a narrow price band of $30.00 to $30.30. The reporter is both President & CEO and a director, which makes transparency important. The filing explicitly states the transaction was made under a Rule 10b5-1 plan, which provides an affirmative defense against insider trading claims when properly adopted. Direct holdings after the sale are reported as 67,840 shares, with an additional 28 shares held indirectly by the spouse. From a market-impact perspective, the reported sale size is modest relative to typical company floats, and the clear 10b5-1 disclosure reduces governance concerns about opportunistic timing.

Corporate Governance Expert

TL;DR: Disclosure meets Section 16 requirements and notes a 10b5-1 plan; documentation and price range are properly reported.

The filing includes the required elements: reporter identity, relationship to issuer, transaction date, transaction code (S for sale), number of shares disposed, weighted-average price, and post-transaction holdings. The explanation states the transaction was pursuant to a Rule 10b5-1 trading plan and offers to provide trade-level details on request, which supports transparency. The signature by an attorney-in-fact is included with a date. These factors align with standard governance practices for insider transactions and suggest procedural compliance rather than material governance issues.

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).

X

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

ROBIN HOWARD W

(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
X	Officer (give title below)		Other (specify below)
	President & CEO

3. Date of Earliest Transaction (Month/Day/Year)
09/02/2025

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
Common Stock(1)	09/02/2025		S		1,500	D	$30.16(2)	67,840	D
Common Stock								28	I	by spouse

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

Explanation of Responses:

1. This transaction was made pursuant to a Rule 10b5-1 trading plan adopted by the reporting person.

2. This transaction was executed in multiple trades at prices ranging from $30.00 to $30.30 The price reported above reflects the weighted average sale price. The reporting person hereby undertakes to provide full information regarding the number of shares and the prices at which the transactions were effected upon the request to the SEC staff, the Issuer, or a security holder of the Issuer.

	Mark A. Wilson, Attorney-in-Fact	09/04/2025
	** 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 did NKTR insider Robin W. Howard report on Form 4?

He reported a sale of 1,500 shares of Nektar Therapeutics common stock on 09/02/2025 at a weighted-average price of $30.16.

Was the sale by Robin W. Howard part of a Rule 10b5-1 plan?

Yes. The Form 4 states the transaction was made pursuant to a Rule 10b5-1 trading plan.

How many shares does Robin W. Howard beneficially own after the reported transaction?

He beneficially owns 67,840 shares directly after the sale, and there are 28 shares reported as indirectly owned by his spouse.

What price range were the shares sold at in the reported transaction?

Trades occurred at prices between $30.00 and $30.30; the weighted-average price reported is $30.16.

When was the Form 4 signed and by whom?

The form was signed by Mark A. Wilson, Attorney-in-Fact, on 09/04/2025.