[Form 4] NEKTAR THERAPEUTICS Insider Trading Activity

Rhea-AI Filing Summary

Diana Brainard, a director of Nektar Therapeutics (NKTR), was granted an option for 8,000 shares on 09/30/2025. The option has an exercise price of $56.90 and is recorded as a direct holding of 8,000 underlying shares following the transaction. The option vests in substantially equal monthly installments over the one-year period beginning on September 30, 2025, and the instrument shows an exercisable/expiration date of 09/29/2033. The Form 4 is signed by an attorney-in-fact on 10/01/2025, reporting the acquisition (code A) of the derivative security.

Positive

• Grant disclosed promptly: Form 4 filed and signed by attorney-in-fact on 10/01/2025 reporting the 09/30/2025 grant
• Clear vesting schedule: Option vests in substantially equal monthly installments over the one-year period beginning 09/30/2025
• Full post-transaction ownership stated: 8,000 underlying shares reported as directly beneficially owned following the transaction

Negative

• None.

Insights

Corporate Governance Expert

Routine director equity award disclosed; timeframe and terms are explicit.

The filing documents a standard director stock option grant rather than a secondary sale or unusual transfer. The option covers 8,000 underlying shares with a stated exercise price of $56.90 and a defined vesting schedule over one year beginning 09/30/2025. The disclosure is timely and filed under Section 16 reporting requirements with an attorney-in-fact signature, indicating standard governance and compliance practices for executive/board compensation reporting.

Securities Analyst

Disclosure shows an acquisition of a derivative security; impact appears routine and non-material to valuation alone.

The Form 4 records an option grant (code A) for 8,000 options exercisable into common stock, with exercisable/expiration information noted as 09/29/2033 and full post-transaction beneficial ownership of 8,000 shares reported as direct. The one-year monthly vesting schedule is specified. As the filing contains no additional transactions, cash flows, or sales, it represents a standard compensation event rather than a market-moving disclosure by itself.

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^*

Brainard Diana

(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 Diana Brainard report on the Form 4 for NKTR?

The Form 4 reports an acquisition (code A) of a stock option for 8,000 underlying shares with an exercise price of $56.90 on 09/30/2025.

How does the option vest according to the filing?

The option vests in substantially equal monthly installments over one year beginning on 09/30/2025.

What is the exercisable/expiration date shown in the Form 4?

The filing lists an exercisable/expiration date of 09/29/2033 for the derivative security.

How many shares does Brainard beneficially own after the transaction?

The Form 4 reports 8,000 shares as beneficially owned following the reported transaction, held directly.

Who signed the Form 4 and when?

The form is signed by Mark A. Wilson, Attorney-in-Fact on 10/01/2025.