[Form 4] NEKTAR THERAPEUTICS Insider Trading Activity

Rhea-AI Filing Summary

Nektar Therapeutics director Roy A. Whitfield was granted 8,000 stock options on 09/30/2025. The option award has an exercise price of $56.90 and an expiration date of 09/29/2033. The filing shows the options are directly beneficially owned by the reporting person and will vest in substantially equal monthly installments over the one-year period beginning on September 30, 2025.

Insights

Corporate Governance Expert

TL;DR: Routine director equity grant aligning interests; not materially dilutive at disclosed size.

The Form 4 documents a standard option grant to a company director rather than a sale or exercise. The award vests over one year, which encourages continued service in the near term. With 8,000 options outstanding to the reporting person and no indication of accelerated vesting or unusual terms beyond a typical expiration in 2033 and an exercise price of $56.90, this appears to be a routine compensation action consistent with equity-based pay practices for directors.

Executive Compensation Analyst

TL;DR: Compensation structure is standard; size and price suggest limited immediate financial impact.

The options grant is denominated at an exercise price of $56.90 and vests monthly over one year starting 09/30/2025. The total of 8,000 options and a multi-year expiration are common design features to retain a director. The filing does not disclose grant-date valuation beyond the listed exercise price, and no cash proceeds or exercises were reported, indicating no immediate cash flow or dilution event recorded in this Form 4.

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
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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^*

WHITFIELD ROY A

(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 did Roy A. Whitfield report on the Form 4 for NKTR?

The filing reports a grant of 8,000 stock options to Roy A. Whitfield on 09/30/2025.

What is the exercise price and expiration of the options reported for NKTR?

The options have an exercise price of $56.90 and an expiration date of 09/29/2033.

When do the reported options vest?

The options vest in substantially equal monthly installments over one year beginning on September 30, 2025.

How many underlying shares are covered by the reported derivative security?

The reported derivative security covers 8,000 shares of common stock underlying the option.

Is the reported ownership direct or indirect?

The Form 4 indicates direct beneficial ownership of the 8,000 options.