Nektar Therapeutics is reported to have a significant shareholder group led by Two Seas Capital LP, its general partner Two Seas Capital GP LLC, and Sina Toussi.
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Nektar Therapeutics is reported to have a significant shareholder group led by Two Seas Capital LP, its general partner Two Seas Capital GP LLC, and Sina Toussi. As of June 30, 2026, these reporting persons collectively beneficially owned 3,092,234 shares of Nektar Therapeutics common stock, representing 9.1% of the outstanding shares, based on 34,129,664 shares outstanding. The shares are held through Two Seas Global (Master) Fund LP and Two Seas Litigation Opportunities Fund LLC, with investment and voting discretion granted to Two Seas Capital. The reporting persons state they have sole voting and dispositive power over these shares and no shared voting or dispositive power.
Key Figures
Beneficial ownership:3,092,234 sharesOwnership percentage:9.1%Shares outstanding:34,129,664 shares+2 more
5 metrics
Beneficial ownership3,092,234 sharesShares of Nektar Therapeutics common stock beneficially owned as of June 30, 2026
Ownership percentage9.1%Percent of Nektar Therapeutics common stock class as of June 30, 2026
Shares outstanding34,129,664 sharesNektar Therapeutics common stock outstanding as of June 30, 2026
Global Fund holdings2,961,237 sharesShares held by Two Seas Global (Master) Fund LP
Opportunities Fund holdings130,997 sharesShares held by Two Seas Litigation Opportunities Fund LLC
Key Terms
beneficially owned, sole voting power, sole dispositive power, investment adviser, +2 more
6 terms
beneficially ownedfinancial
"Amount beneficially owned as of June 30, 2026: TSC - 3,092,234 shares"
Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.
sole voting powerfinancial
"As of June 30, 2026, the Reporting Persons had sole power to vote"
Sole voting power is the exclusive right to cast votes attached to a shareholder’s stock without needing approval from anyone else. Like holding the only remote control for a TV, it lets that holder decide corporate matters such as board members, mergers, and policy changes, making it important to investors because it concentrates control and can strongly influence a company’s strategy and the value of its shares.
sole dispositive powerfinancial
"sole power to dispose or to direct the disposition of 3,092,234 shares"
Sole dispositive power is the exclusive legal authority to decide what happens to a security — for example, whether to sell, transfer, or retain shares — without needing anyone else’s permission. Investors care because it signals who truly controls the economic outcome of an investment: like holding the only key to a safe, the holder can realize gains or losses and may trigger regulatory reporting, insider rules, or influence over corporate ownership.
investment adviserfinancial
"The principal business of TSC is providing investment advice as a registered investment adviser"
An investment adviser is a person or firm that professionally manages money and gives recommendations about buying, selling, or holding investments. Like a financial coach or guide, they have a legal duty to act in a client's best financial interest, so their advice, fees and potential conflicts can directly affect returns and risk — making their role important for investors who want informed, accountable help with portfolios.
percent of classfinancial
"Percent of class as of June 30, 2026: TSC - 9.1%"
Percent of class is the portion of a specific category of securities—such as a company’s common shares, preferred shares, or a bond series—that takes part in or approves a corporate action (vote, consent, tender, etc.). Investors watch this number because it reveals how much support or opposition exists within that particular shareholder group; like counting how many members of a club back a proposal, it can determine whether a plan passes or how influence is distributed.
Schedule 13Gregulatory
"Ownership of more than 5 Percent on Behalf of Another Person."
A Schedule 13G is a formal document that investors file with the government when they acquire a large ownership stake in a company, usually for investment purposes rather than control. It helps keep the public informed about who owns significant parts of a company's shares, which can influence how the company is managed and how investors make decisions. Filing this schedule is important for transparency and understanding the ownership landscape of publicly traded companies.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What ownership stake in NKTR does Two Seas Capital report on this Schedule 13G/A?
Two Seas Capital and related reporting persons report beneficial ownership of 3,092,234 shares of Nektar Therapeutics common stock, representing 9.1% of the class as of June 30, 2026, based on 34,129,664 shares outstanding.
How are the 3,092,234 NKTR shares held by the Two Seas Capital group structured?
The 3,092,234 shares of Nektar Therapeutics common stock are held via Two Seas Global (Master) Fund LP with 2,961,237 shares and Two Seas Litigation Opportunities Fund LLC with 130,997 shares, over which Two Seas Capital exercises investment discretion.
What level of voting and dispositive power over NKTR shares does Two Seas Capital report?
As of June 30, 2026, the reporting persons disclose sole voting power and sole dispositive power over 3,092,234 shares of Nektar Therapeutics common stock, and no shared voting or dispositive power over any shares.
On what share count is the reported 9.1% NKTR ownership by Two Seas Capital based?
The 9.1% ownership reported by the Two Seas Capital group is calculated using 34,129,664 shares of Nektar Therapeutics common stock outstanding as of June 30, 2026, as disclosed in Nektar’s Form 10-Q filed on August 14, 2026.
Who are the reporting persons on this NKTR Schedule 13G/A amendment?
The filing is made on behalf of Two Seas Capital LP, Two Seas Capital GP LLC, and Sina Toussi. Two Seas Capital acts as investment adviser to the funds holding Nektar Therapeutics shares, and Sina Toussi is its chief investment officer and managing member of the general partner.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 1)
NEKTAR THERAPEUTICS
(Name of Issuer)
Common Stock, $0.0001 par value
(Title of Class of Securities)
640268306
(CUSIP Number)
06/30/2026
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
640268306
1
Names of Reporting Persons
Two Seas Capital LP
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
3,092,234.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
3,092,234.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
3,092,234.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
9.1 %
12
Type of Reporting Person (See Instructions)
IA, PN
SCHEDULE 13G
CUSIP Number(s):
640268306
1
Names of Reporting Persons
Two Seas Capital GP LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
3,092,234.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
3,092,234.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
3,092,234.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
9.1 %
12
Type of Reporting Person (See Instructions)
OO, HC
SCHEDULE 13G
CUSIP Number(s):
640268306
1
Names of Reporting Persons
Sina Toussi
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
3,092,234.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
3,092,234.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
3,092,234.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
9.1 %
12
Type of Reporting Person (See Instructions)
IN, HC
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
NEKTAR THERAPEUTICS
(b)
Address of issuer's principal executive offices:
455 Mission Bay Boulevard South, San Francisco, California, 94158
Item 2.
(a)
Name of person filing:
The Statement is filed on behalf of each of the following persons (collectively, the "Reporting Persons")
(i) Two Seas Capital LP ("TSC");
(ii) Two Seas Capital GP LLC ("TSC GP"); and
(iii) Sina Toussi.
This statement relates to the Common Stock, $0.0001 par value (the "Common Stock"), of Nektar Therapeutics (the "Issuer") held by Two Seas Global (Master) Fund LP (the "Global Fund") and Two Seas Litigation Opportunities Fund LLC (the "Opportunities Fund," and together with the Global Fund, the "Funds"). The principal business of TSC is providing investment advice as a registered investment adviser and serving as investment manager to the Funds. As such, TSC has been granted investment discretion over portfolio investments, including the Common Stock, held by or for the account of the Funds, including the Funds' voting and discretionary decisions. TSC GP serves as general partner of TSC. Sina Toussi serves as the chief investment officer of TSC and managing member of TSC GP.
(b)
Address or principal business office or, if none, residence:
The address of the principal business office of each of the Reporting Persons is 32 Elm Place - 3rd Floor, Rye, New York 10580.
(c)
Citizenship:
(i) Two Seas Capital LP is a Delaware limited partnership;
(ii) Two Seas Capital GP LLC is a Delaware limited liability company; and
(iii) Sina Toussi is a United States citizen.
(d)
Title of class of securities:
Common Stock, $0.0001 par value
(e)
CUSIP No.:
640268306
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
Amount beneficially owned as of June 30, 2026:
TSC - 3,092,234 shares of Common Stock
TSC GP - 3,092,234 shares of Common Stock
Sina Toussi - 3,092,234 shares of Common Stock
(b)
Percent of class:
Percent of class as of June 30, 2026:
TSC - 9.1%
TSC GP - 9.1%
Sina Toussi - 9.1%
The shares of Common Stock reported for Item 4 total 3,092,234 shares of Common Stock, of which 2,961,237 are held by the Global Fund and 130,997 are held by the Opportunities Fund. TSC may be deemed to have sole power to vote and sole power to dispose of the Common Stock held by the Funds, through its capacity as investment adviser of the Funds. TSC GP may be deemed to have sole power to vote and sole power to dispose of the Common Stock held by the Funds, through its capacity as general partner of TSC. Sina Toussi may be deemed to have sole power to vote and sole power to dispose of the Common Stock owned by the Funds, through his capacity as Managing Member of TSC GP.
The percentages reported for Item 4(b) are calculated based on a total of 34,129,664 shares of Common Stock outstanding on June 30, 2026, as disclosed in the Issuer's Form 10-Q filed with the Securities and Exchange Commission on August 14, 2026.
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
As of June 30, 2026, the Reporting Persons had sole power to vote or to direct the vote of 3,092,234 shares of Common Stock.
(ii) Shared power to vote or to direct the vote:
As of June 30, 2026, the Reporting Persons had shared power to vote or to direct the vote of 0 shares of Common Stock.
(iii) Sole power to dispose or to direct the disposition of:
As of June 30, 2026, the Reporting Persons had sole power to dispose or to direct the disposition of 3,092,234 shares of Common Stock.
(iv) Shared power to dispose or to direct the disposition of:
As of June 30, 2026, the Reporting Persons had shared power to dispose or to direct the disposition of 0 shares of Common Stock.
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
See disclosure in Item 4, which is incorporated by reference herein.
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary.
See disclosure in Item 2, which is incorporated by reference herein.
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Two Seas Capital LP
Signature:
/s/ Sina Toussi
Name/Title:
Sina Toussi / Managing Member of Two Seas Capital GP LLC, its General Partner
