[Form 4] Nektar Therapeutics Insider Trading Activity

Rhea-AI Filing Summary

Mark A. Wilson, Chief Legal Officer of Nektar Therapeutics (NKTR), reported insider transactions dated 08/19/2025. On that date he sold 676 shares of common stock at a weighted-average price of $26.59 to cover tax withholding arising from the vesting of restricted stock units; the sale was executed in multiple trades at prices ranging $26.19 to $27.15. Following the reported sale, he beneficially owned 20,312 shares (which includes 508 shares held in the company ESPP). The filing also reports that 21,666 stock options (exercise price $0.50) became vested/was acquired on 08/19/2025; these options relate to a grant made 12/13/2023 and were subject to performance and time-based vesting, with the performance condition satisfied 07/17/2025. All share amounts have been adjusted for a one-for-fifteen reverse stock split effective 06/08/2025.

Positive

• Performance-based vesting satisfied: 21,666 stock options had the performance condition met (Committee determination 07/17/2025), aligning executive pay with company goals
• Transparent disclosure: Sale described as tax-withholding for RSU vesting and weighted-average sale price disclosed with range

Negative

• Shares sold: 676 shares were disposed of on 08/19/2025 (reported as tax-withholding), which reduces the reporting person's direct share count
• Post-reverse-split adjustments required: All amounts adjusted for a 1-for-15 reverse stock split, complicating direct period-over-period share comparisons

Insights

Financial Analyst

TL;DR Routine insider tax-related sale and option vesting; limited market-impact information.

The Form 4 discloses a small voluntary sale of 676 shares to cover tax withholding tied to RSU vesting and the vesting/acquisition of 21,666 stock options with a $0.50 exercise price. The sale was not described as a discretionary cash-raising transaction but as a withholding action, reducing the near-term dilution concern. The option vesting indicates executive compensation milestones were met, but there is no disclosure of option exercises for cash proceeds or material changes to ownership percentages beyond the post-transaction 20,312 shares beneficially owned. For investors, this filing is informational about executive compensation realization rather than a signal of governance or operational change.

Corporate Governance Expert

TL;DR Compensation mechanics disclosed; no governance red flags evident from this filing.

The filing documents standard Section 16 activity: withholding to satisfy tax obligations upon RSU vesting and the satisfaction of performance-based vesting conditions for options. The reporter checked officer status and filed individually. The explicit statement that the sale was to cover withholding and the note about the reverse stock split demonstrate appropriate disclosure. There are no indications of unreported related-party transactions, accelerated vesting due to a change-in-control, or other governance concerns 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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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).

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^*

Wilson Mark Andrew

(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 Legal Officer

3. Date of Earliest Transaction (Month/Day/Year)
08/19/2025

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	08/19/2025		S		676(1)	D	$26.59(2)	20,312(3)(4)	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
Stock Option(5)	$0.5	08/19/2025		A		21,666		(6)	12/12/2031	Common Stock	21,666	$0	21,666	D

Explanation of Responses:

1. Represents the number of shares sold by the reporting person to cover required tax withholding obligations in connection with the vesting of the RSUs held by the reporting person and does not represent a discretionary trade by the reporting person.

2. This transaction was executed in multiple trades at prices ranging from $26.19 to $27.15 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 number includes 508 shares held by the reporting person in the Issuer's ESPP plan. The acquisition of these shares under the plan is exempt under Rule 16b-3(c).

4. On June 8, 2025, the Issuer effected a one-for-fifteen reverse stock split of its common stock (the "Reverse Stock Split"). All amounts of securities listed herein have been adjusted to reflect the effect of the Reverse Stock Split.

5. These stock options were granted on December 13, 2023 under the 2017 Plan and at the time of their grant were subject to both performance-based and time-based vesting requirements. The time-based vesting is on a monthly pro-rata basis over a period of three years from the date of grant.

6. The Organization and Compensation Committee of the Board of Directors of the Issuer determined on July 17, 2025 that the performance-based vesting requirement for these stock options was satisfied and these stock options vested on August 19, 2025 (subject to remaining time-based vesting requirements).

	Mark A. Wilson	08/21/2025
	** 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.
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FAQ

What did NKTR insider Mark A. Wilson report on Form 4?

The Form 4 reports that on 08/19/2025 Mr. Wilson sold 676 shares at a weighted-average price of $26.59 to cover tax withholding from RSU vesting and acquired/vested 21,666 stock options (exercise price $0.50).

Why were shares sold by Mark A. Wilson on 08/19/2025?

The filing states the sale of 676 shares was executed to cover required tax withholding obligations related to the vesting of restricted stock units and not a discretionary trade.

How many shares does Mark A. Wilson beneficially own after the transaction?

Following the reported transaction, the filing shows Mr. Wilson beneficially owned 20,312 shares, which includes 508 shares held in the company ESPP.

Did any corporate actions affect the reported share amounts?

Yes. The issuer completed a one-for-fifteen reverse stock split effective 06/08/2025, and all reported share amounts are adjusted to reflect that split.

Were the sale prices for the 676 shares a single price?

No. The sale was executed in multiple trades with prices ranging from $26.19 to $27.15; the Form 4 reports a weighted-average sale price of $26.59.