[Form 4] Nektar Therapeutics Insider Trading Activity

Rhea-AI Filing Summary

Jonathan Zalevsky, Chief R&D Officer of Nektar Therapeutics (NKTR), reported four sales of company common stock on 09/04/2025 under a Rule 10b5-1 trading plan. The transactions disposed of 1,721 shares in total (793; 432; 189; 307) at weighted average prices of $32.43, $33.60, $34.41, and $35.69 respectively, with execution price ranges disclosed for each lot. Following these sales, the reporting person beneficially owned 17,462 shares (direct ownership). The filing indicates the trades were executed pursuant to a pre-established plan and the filer offers to provide full trade-by-trade details on request.

Positive

• Sales were executed under a Rule 10b5-1 trading plan, which supports that transactions were pre-scheduled and reduces concerns about opportunistic timing.
• Filing discloses weighted-average prices and price ranges and offers to provide full trade-level details on request, indicating transparency.

Negative

• The reporting person sold 1,721 shares on 09/04/2025, reducing direct beneficial ownership to 17,462 shares, which may be viewed negatively by some investors.
• Multiple sale lots on the same day could attract attention despite being under a 10b5-1 plan.

Insights

Corporate Governance Expert

TL;DR: Insider sales were conducted under a pre-set 10b5-1 plan, which typically reduces questions about timing and intent.

The report shows the Chief R&D Officer executed four dispositions totaling 1,721 shares on a single day under a Rule 10b5-1 plan. Use of a 10b5-1 plan is governance-positive because it evidences pre-approval and is designed to limit claims of opportunistic trading. The filing also discloses weighted-average prices and offers to provide specific trade-level details, increasing transparency for investors and regulators.

Securities Analyst

TL;DR: The insider sale reduced direct holdings but is routine given the documented 10b5-1 plan; not clearly material to valuation.

The aggregate sale size (1,721 shares) and resulting holding (17,462 shares) are modest absolute amounts based on this filing alone. Prices ranged from about $32.08 to $36.26 across lots as disclosed in ranges; reported weighted-average prices are provided. There is no indication of derivative transactions or other contemporaneous insider activity in this Form 4. Absent larger context on total outstanding insider holdings or company market cap, these disposals appear routine rather than materially value-moving.

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^*

Zalevsky Jonathan

(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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief R&D Officer

3. Date of Earliest Transaction (Month/Day/Year)
09/04/2025

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)	09/04/2025		S		793	D	$32.43(2)	18,390	D
Common Stock(1)	09/04/2025		S		432	D	$33.6(3)	17,958	D
Common Stock(1)	09/04/2025		S		189	D	$34.41(4)	17,769	D
Common Stock(1)	09/04/2025		S		307	D	$35.69(5)	17,462	D

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 $32.08 to $33.02 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 $33.08 to $34.07. 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 $34.09 to $34.95. 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 $35.48 to $36.26. 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	09/08/2025
	** 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 trades did Jonathan Zalevsky (NKTR) report on Form 4?

The Chief R&D Officer reported four sales on 09/04/2025 totaling 1,721 shares (793; 432; 189; 307) under a Rule 10b5-1 plan.

At what prices were the NKTR shares sold in the Form 4?

The filing reports weighted-average prices of $32.43, $33.60, $34.41, and $35.69 for the respective lots, with disclosed execution ranges per lot.

Did the Form 4 indicate these trades were part of a 10b5-1 plan?

Yes. The reporting person checked the box indicating the transactions were made pursuant to a Rule 10b5-1 trading plan.

How many NKTR shares does the reporting person own after these transactions?

Following the reported sales, the reporting person beneficially owned 17,462 shares (direct ownership).

Are there any derivative transactions reported in this Form 4?

No. Table II for derivative securities shows no reported acquisitions or dispositions; only common stock sales appear in Table I.