Susquehanna group holds 4% of Nektar Therapeutics (NKTR) stock

Rhea-AI Filing Summary

G1 Execution Services, Susquehanna Portfolio Strategies, and Susquehanna Securities filed Amendment No. 1 to a Schedule 13G reporting beneficial ownership of 809,967 shares of Nektar Therapeutics common stock, equal to 4.0% of the class.

The filing is based on 20,341,589 shares outstanding as of November 10, 2025, as disclosed in the company’s Form S-3ASR. Susquehanna Securities’ position includes options to buy 410,600 shares. The firms state the holdings are in the ordinary course of business and not for the purpose of changing or influencing control of Nektar.

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 per share

(Title of Class of Securities)

640268306

(CUSIP Number)

12/31/2025

(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)

SCHEDULE 13G

CUSIP No. 640268306

1

Names of Reporting Persons

G1 Execution Services, 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

ILLINOIS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 8,773.00
6	Shared Voting Power 809,967.00
7	Sole Dispositive Power 8,773.00
8	Shared Dispositive Power 809,967.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

809,967.00

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)

4.0 %

12

Type of Reporting Person (See Instructions)

BD, OO

Comment for Type of Reporting Person: With respect to Row 5 through Row 9 above, G1 Execution Services, LLC and Susquehanna Securities, LLC are affiliated independent broker-dealers which, together with Susquehanna Portfolio Strategies, LLC, may be deemed a group. For purposes of this report, we have indicated that each reporting person has sole voting and dispositive power with respect to the shares beneficially owned by it and that the reporting persons have shared voting and dispositive power with respect to all shares beneficially owned by all of the reporting persons. Each of the reporting persons disclaims beneficial ownership of shares owned directly by another reporting person.

SCHEDULE 13G

CUSIP No. 640268306

1

Names of Reporting Persons

Susquehanna Portfolio Strategies, 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 16,057.00
6	Shared Voting Power 809,967.00
7	Sole Dispositive Power 16,057.00
8	Shared Dispositive Power 809,967.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

809,967.00

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)

4.0 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: With respect to Row 5 through Row 9 above, G1 Execution Services, LLC and Susquehanna Securities, LLC are affiliated independent broker-dealers which, together with Susquehanna Portfolio Strategies, LLC, may be deemed a group. For purposes of this report, we have indicated that each reporting person has sole voting and dispositive power with respect to the shares beneficially owned by it and that the reporting persons have shared voting and dispositive power with respect to all shares beneficially owned by all of the reporting persons. Each of the reporting persons disclaims beneficial ownership of shares owned directly by another reporting person.

SCHEDULE 13G

CUSIP No. 640268306

1

Names of Reporting Persons

Susquehanna Securities, 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 785,137.00
6	Shared Voting Power 809,967.00
7	Sole Dispositive Power 785,137.00
8	Shared Dispositive Power 809,967.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

809,967.00

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)

4.0 %

12

Type of Reporting Person (See Instructions)

BD, OO

Comment for Type of Reporting Person: With respect to Row 5 through Row 9 above, G1 Execution Services, LLC and Susquehanna Securities, LLC are affiliated independent broker-dealers which, together with Susquehanna Portfolio Strategies, LLC, may be deemed a group. For purposes of this report, we have indicated that each reporting person has sole voting and dispositive power with respect to the shares beneficially owned by it and that the reporting persons have shared voting and dispositive power with respect to all shares beneficially owned by all of the reporting persons. Each of the reporting persons disclaims beneficial ownership of shares owned directly by another reporting person.

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: This statement is filed by the entities listed below, who are collectively referred to herein as "Reporting Persons" with respect to the shares of Common Stock, $0.0001 par value per share (the "Shares"), of Nektar Therapeutics (the "Company"). (i) G1 Execution Services, LLC (ii) Susquehanna Portfolio Strategies, LLC (iii) Susquehanna Securities, LLC
(b)	Address or principal business office or, if none, residence: The address of the principal business office of G1 Execution Services, LLC is: 175 W. Jackson Blvd. Suite 1700 Chicago, IL 60604 The address of the principal business office of each of Susquehanna Portfolio Strategies, LLC and Susquehanna Securities, LLC is: 401 E. City Avenue Suite 220 Bala Cynwyd, PA 19004
(c)	Citizenship: Citizenship is set forth in Row 4 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.
(d)	Title of class of securities: Common Stock, $0.0001 par value per share
(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: The information required by this Item 4(a) is set forth in Row 9 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person. The number of Shares reported as beneficially owned by Susquehanna Securities, LLC includes options to buy 410,600 Shares. The Company's Registration Statement on Form S-3ASR (Registration No. 333-291466), filed on November 12, 2025, indicates that there were 20,341,589 Shares outstanding as of November 10, 2025.
(b)	Percent of class: 4.0 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: The information required by this Item 4(c)(i) is set forth in Row 5 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.
	(ii) Shared power to vote or to direct the vote: The information required by this Item 4(c)(ii) is set forth in Row 6 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.
	(iii) Sole power to dispose or to direct the disposition of: The information required by this Item 4(c)(iii) is set forth in Row 7 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.
	(iv) Shared power to dispose or to direct the disposition of: The information required by this Item 4(c)(iv) is set forth in Row 8 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
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.

G1 Execution Services, LLC

Signature:	/s/ Brian Sopinsky
Name/Title:	Brian Sopinsky, Secretary
Date:	02/12/2026

Susquehanna Portfolio Strategies, LLC

Signature:	/s/ Brian Sopinsky
Name/Title:	Brian Sopinsky, Assistant Secretary
Date:	02/12/2026

Susquehanna Securities, LLC

Signature:	/s/ Brian Sopinsky
Name/Title:	Brian Sopinsky, Secretary
Date:	02/12/2026

Exhibit Information

EXHIBIT INDEX EXHIBIT DESCRIPTION ________ ________ 99 Joint Filing Agreement

FAQ

What ownership stake in NKTR does the Susquehanna group report?

The Susquehanna-related entities report beneficial ownership of 809,967 shares of Nektar Therapeutics, representing 4.0% of the outstanding common stock. This percentage is calculated using 20,341,589 shares outstanding as of November 10, 2025, from Nektar’s Form S-3ASR.

Which entities are reporting persons in the Nektar Therapeutics (NKTR) Schedule 13G/A?

The Schedule 13G/A lists three Reporting Persons: G1 Execution Services, LLC, Susquehanna Portfolio Strategies, LLC, and Susquehanna Securities, LLC. They may be deemed a group and collectively report beneficial ownership of 809,967 Nektar Therapeutics shares under this amended filing.

How many NKTR shares does each Susquehanna entity control directly?

G1 Execution Services reports 8,773 shares with sole voting and dispositive power. Susquehanna Portfolio Strategies reports 16,057 shares with sole power, while Susquehanna Securities reports 785,137 shares with sole voting and dispositive power, alongside shared powers over the group’s total holdings.

Does the Susquehanna group’s NKTR position include options?

Yes. The filing states that Susquehanna Securities, LLC’s reported beneficial ownership includes options to buy 410,600 shares of Nektar Therapeutics. These options are counted within the total 809,967 shares beneficially owned that form the reported 4.0% stake.

Is the Susquehanna group seeking control of Nektar Therapeutics (NKTR)?

The filing states the securities were acquired and are held in the ordinary course of business and not for the purpose or effect of changing or influencing control of Nektar Therapeutics, nor in connection with any control-related transaction, aside from certain proxy-nomination activities.

What share count did the NKTR Schedule 13G/A use to calculate ownership?

The Schedule 13G/A references Nektar Therapeutics’ Form S-3ASR, which indicates 20,341,589 shares of common stock outstanding as of November 10, 2025. The reported 4.0% beneficial ownership by the Susquehanna entities is calculated using this outstanding share figure.