[Form 4] Nektar Therapeutics Insider Trading Activity

Rhea-AI Filing Summary

Insider sales by Nektar Therapeutics CEO and Director Robin W. Howard are reported on Form 4. On 09/09/2025 Mr. Howard sold a series of common stock lots under a disclosed Rule 10b5-1 trading plan: 2,100 shares at a weighted average price of $45.16, 1,200 shares at $46.41, 2,156 shares at $47.49, and 1,210 shares at $48.18. The filings show his beneficial ownership declined through the sequence from 53,908 shares to 49,342 shares after the last reported sale; an indirect holding of 28 shares is listed as held by his spouse. The report was executed under an established trading plan and the filer states willingness to provide trade-level details on request.

Positive

• Transactions disclosed under a Rule 10b5-1 trading plan, indicating preplanned and potentially non-opportunistic sales
• Weighted-average sale prices provided for each tranche ($45.16, $46.41, $47.49, $48.18) allowing clear valuation context
• Post-transaction beneficial ownership explicitly reported (final direct ownership 49,342 shares) and indirect holding by spouse (28 shares)

Negative

• Insider sold 6,666 shares in total on 09/09/2025, reducing direct beneficial ownership from prior reported levels to 49,342 shares
• Form 4 does not include per-trade quantities and exact execution timestamps; reporter offers to provide details only upon request

Insights

Financial Analyst

TL;DR CEO Robin Howard executed planned sales totaling 6,666 shares on 09/09/2025 under a Rule 10b5-1 plan, reducing his direct stake to 49,342 shares.

These transactions were disclosed as ordinary-course sales under a 10b5-1 plan, which typically reduces signaling risk compared with ad hoc sales because they are preplanned. The filings show weighted-average prices for four tranches between $45.16 and $48.18. The reduction in direct beneficial ownership from 53,908 to 49,342 shares is explicitly reported in the Form 4. For investors, the primary takeaways are the explicit sale volumes, prices, and the use of an established trading plan; there is no other financial or operational information in the filing to assess company performance.

Corporate Governance Expert

TL;DR Insider used a documented 10b5-1 plan to transact 6,666 shares, and the Form 4 discloses the sales and remaining ownership precisely.

The Form 4 properly indicates the transactions were made pursuant to a Rule 10b5-1 trading plan and provides weighted-average prices for each reported tranche. The report includes direct ownership counts after each sale and lists an indirect holding of 28 shares by the spouse. From a governance and compliance standpoint, the filing contains the specific disclosures expected for Section 16 reporting and the declarative willingness to provide detailed trade information on request, which supports regulatory transparency. No other governance events are disclosed.

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)
09/09/2025

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)	09/09/2025		S		2,100	D	$45.16(2)	53,908	D
Common Stock(1)	09/09/2025		S		1,200	D	$46.41(3)	52,708	D
Common Stock(1)	09/09/2025		S		2,156	D	$47.49(4)	50,552	D
Common Stock(1)	09/09/2025		S		1,210	D	$48.18(5)	49,342	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 $45.00 to $45.41 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.

3. This transaction was executed in multiple trades at prices ranging from $46.05 to $46.87. 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.

4. This transaction was executed in multiple trades at prices ranging from $47.02 to $47.85. 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.

5. This transaction was executed in multiple trades at prices ranging from $48.00 to $48.57. 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	09/11/2025
	** 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 shares did Robin W. Howard sell on 09/09/2025 (NKTR)?

He sold four tranches totaling 6,666 shares: 2,100 shares at a weighted average of $45.16, 1,200 shares at $46.41, 2,156 shares at $47.49, and 1,210 shares at $48.18.

Were the sales by Robin W. Howard part of a 10b5-1 plan?

Yes. The Form 4 indicates the transactions were made pursuant to a Rule 10b5-1 trading plan.

What is Robin W. Howard's reported beneficial ownership after the sales?

Direct beneficial ownership is reported as 49,342 shares following the last reported sale; an indirect holding of 28 shares is held by the spouse.

Does the Form 4 provide exact per-trade prices and quantities for each sale?

No. The filing reports weighted-average prices for each tranche and states the transactions were executed in multiple trades with price ranges; the filer offers to provide full trade-level details upon request.

What relationship to the issuer does the reporting person have?

Robin W. Howard is both President & CEO and a Director of Nektar Therapeutics, as indicated on the Form 4.