[SCHEDULE 13G] Nektar Therapeutics SEC Filing

Rhea-AI Filing Summary

Biotechnology Value Fund and affiliated entities have filed a Schedule 13G disclosing a collective 7.4% passive stake in Nektar Therapeutics (NASDAQ: NKTR). The filing, dated 9 July 2025 with an event date of 1 July 2025, reports aggregate beneficial ownership of 1,276,595 common shares out of 17,301,061 shares outstanding following the company’s recent public offering.

The ownership is spread across multiple Delaware and Cayman-based vehicles: Biotechnology Value Fund (LP) holds 661,758 shares (3.8%), Biotechnology Value Fund II (LP) holds 517,813 shares (3.0%), and Biotechnology Value Trading Fund OS (LP) holds 71,367 shares (<1%). Control is exercised jointly through the general partners BVF GP Holdings LLC and BVF Partners L.P., with Mark N. Lampert signing on behalf of each entity. All shares are held with shared voting and dispositive power; none of the reporting persons claims sole authority.

The filing is made on Form 13G—indicating a passive investment intent rather than an activist position— and includes the customary certification that the securities were not acquired to influence control of the issuer. No other material transactions, derivatives, or lock-up arrangements are disclosed.

Key take-aways for investors: BVF’s aggregated 7.4% stake makes it one of the largest outside shareholders of Nektar, signalling confidence from a specialist biotech investor group. However, because the filing is passive, immediate governance or strategic changes should not be expected.

Positive

• Specialist biotech investor BVF now owns 7.4% of NKTR, adding reputable institutional support.
• Filing is on Schedule 13G, confirming the stake is passive and reducing near-term governance risk.

Negative

• None.

Insights

Securities Analyst

TL;DR – BVF reveals 7.4% passive stake, signalling specialist confidence but no activist intentions.

The 13G shows BVF entities accumulating 1.28 million NKTR shares after the company’s July 2025 equity offering. At 7.4% of outstanding, BVF becomes a significant holder yet stays below the 10% insider threshold and files a passive 13G rather than 13D. For investors, a biotech-focused fund’s sizable position can bolster market sentiment and provide validation of Nektar’s pipeline value. Nevertheless, the passive designation limits expectations for near-term governance influence or catalyst-driven activism. Impact is moderately positive because increased institutional ownership can improve liquidity and support the share price, but there is no direct operational effect.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

NEKTAR THERAPEUTICS

(Name of Issuer)

Common Stock, $0.0001 par value

(Title of Class of Securities)

640268306

(CUSIP Number)

07/01/2025

(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

BIOTECHNOLOGY VALUE FUND L P

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 0.00
6	Shared Voting Power 661,758.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 661,758.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

661,758.00

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)

3.8 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP No. 640268306

1

Names of Reporting Persons

BVF I 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 0.00
6	Shared Voting Power 661,758.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 661,758.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

661,758.00

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)

3.8 %

12

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13G

CUSIP No. 640268306

1

Names of Reporting Persons

BIOTECHNOLOGY VALUE FUND II 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 0.00
6	Shared Voting Power 517,813.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 517,813.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

517,813.00

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)

3.0 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP No. 640268306

1

Names of Reporting Persons

BVF II 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 0.00
6	Shared Voting Power 517,813.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 517,813.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

517,813.00

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)

3.0 %

12

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13G

CUSIP No. 640268306

1

Names of Reporting Persons

Biotechnology Value Trading Fund OS 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

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 71,367.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 71,367.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

71,367.00

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)

0.4 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP No. 640268306

1

Names of Reporting Persons

BVF Partners OS Ltd.

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

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 71,367.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 71,367.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

71,367.00

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)

0.4 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

CUSIP No. 640268306

1

Names of Reporting Persons

BVF GP HOLDINGS 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 0.00
6	Shared Voting Power 1,179,571.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,179,571.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,179,571.00

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)

6.8 %

12

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13G

CUSIP No. 640268306

1

Names of Reporting Persons

BVF PARTNERS L P/IL

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 0.00
6	Shared Voting Power 1,276,595.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,276,595.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,276,595.00

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)

7.4 %

12

Type of Reporting Person (See Instructions)

IA, PN

SCHEDULE 13G

CUSIP No. 640268306

1

Names of Reporting Persons

BVF INC/IL

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 0.00
6	Shared Voting Power 1,276,595.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,276,595.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,276,595.00

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)

7.4 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

CUSIP No. 640268306

1

Names of Reporting Persons

LAMPERT MARK N

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 0.00
6	Shared Voting Power 1,276,595.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,276,595.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,276,595.00

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)

7.4 %

12

Type of Reporting Person (See Instructions)

IN

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: Biotechnology Value Fund, L.P. ("BVF") BVF I GP LLC ("BVF GP") Biotechnology Value Fund II, L.P. ("BVF2") BVF II GP LLC ("BVF2 GP") Biotechnology Value Trading Fund OS LP ("Trading Fund OS") BVF Partners OS Ltd. ("Partners OS") BVF GP Holdings LLC ("BVF GPH") BVF Partners L.P. ("Partners") BVF Inc. Mark N. Lampert ("Mr. Lampert") Each of the foregoing is referred to as a "Reporting Person" and collectively as the "Reporting Persons."
(b)	Address or principal business office or, if none, residence: Biotechnology Value Fund, L.P. 44 Montgomery St., 40th Floor San Francisco, California 94104 BVF I GP LLC 44 Montgomery St., 40th Floor San Francisco, California 94104 Biotechnology Value Fund II, L.P. 44 Montgomery St., 40th Floor San Francisco, California 94104 BVF II GP LLC 44 Montgomery St., 40th Floor San Francisco, California 94104 Biotechnology Value Trading Fund OS LP PO Box 309 Ugland House Grand Cayman, KY1-1104 Cayman Islands BVF Partners OS Ltd. PO Box 309 Ugland House Grand Cayman, KY1-1104 Cayman Islands BVF GP Holdings LLC 44 Montgomery St., 40th Floor San Francisco, California 94104 BVF Partners L.P. 44 Montgomery St., 40th Floor San Francisco, California 94104 BVF Inc. 44 Montgomery St., 40th Floor San Francisco, California 94104 Mark N. Lampert 44 Montgomery St., 40th Floor San Francisco, California 94104
(c)	Citizenship: Biotechnology Value Fund, L.P. Delaware BVF I GP LLC Delaware Biotechnology Value Fund II, L.P. Delaware BVF II GP LLC Delaware Biotechnology Value Trading Fund OS LP Cayman Islands BVF Partners OS Ltd. Cayman Islands BVF GP Holdings LLC Delaware BVF Partners L.P. Delaware BVF Inc. Delaware Mark N. Lampert United States
(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: As of the close of business on July 9, 2025, (i) BVF beneficially owned 661,758 shares of the Issuer's Common Stock, $0.0001 par value (the "Shares"), (ii) BVF2 beneficially owned 517,813 Shares and (iii) Trading Fund OS beneficially owned 71,367 Shares. BVF GP, as the general partner of BVF, may be deemed to beneficially own the 661,758 Shares beneficially owned by BVF. BVF2 GP, as the general partner of BVF2, may be deemed to beneficially own the 517,813 Shares beneficially owned by BVF2. Partners OS, as the general partner of Trading Fund OS, may be deemed to beneficially own the 71,367 Shares beneficially owned by Trading Fund OS. BVF GPH, as the sole member of each of BVF GP and BVF2 GP, may be deemed to beneficially own the 1,179,571 Shares beneficially owned in the aggregate by BVF and BVF2. Partners, as the investment manager of BVF, BVF2 and Trading Fund OS, and the sole member of Partners OS, may be deemed to beneficially own the 1,276,595 Shares beneficially owned in the aggregate by BVF, BVF2 and Trading Fund OS and held in a certain Partners managed account (the "Partners Managed Account"), including 25,657 Shares held in the Partners Managed Account. BVF Inc., as the general partner of Partners, may be deemed to beneficially own the 1,276,595 Shares beneficially owned by Partners. Mr. Lampert, as a director and officer of BVF Inc., may be deemed to beneficially own the 1,276,595 Shares beneficially owned by BVF Inc. The foregoing should not be construed in and of itself as an admission by any Reporting Person as to beneficial ownership of any Shares owned by another Reporting Person. BVF GP disclaims beneficial ownership of the Shares beneficially owned by BVF. BVF2 GP disclaims beneficial ownership of the Shares beneficially owned by BVF2. Partners OS disclaims beneficial ownership of the Shares beneficially owned by Trading Fund OS. BVF GPH disclaims beneficial ownership of the Shares beneficially owned by BVF and BVF2. Each of Partners, BVF Inc. and Mr. Lampert disclaims beneficial ownership of the Shares beneficially owned by BVF, BVF2 and Trading Fund OS and held in the Partners Managed Account, and the filing of this statement shall not be construed as an admission that any such person or entity is the beneficial owner of any such securities.
(b)	Percent of class: The following percentages are based on 17,301,061 Shares outstanding as of July 2, 2025, which is the total number of Shares outstanding following the closing of the Issuer's public offering (including the underwriters' full exercise of an option to purchase additional Shares) as disclosed in the Issuer's Prospectus filed with the Securities and Exchange Commission on July 1, 2025 and in a press release issued by the Issuer on July 2, 2025. As of the close of business on July 9, 2025, (i) BVF beneficially owned approximately 3.8% of the outstanding Shares, (ii) BVF2 beneficially owned approximately 3.0% of the outstanding Shares, (iii) Trading Fund OS beneficially owned less than 1% of the outstanding Shares, (iv) BVF GP may be deemed to beneficially own approximately 3.8% of the outstanding Shares, (v) BVF2 GP may be deemed to beneficially own approximately 3.0% of the outstanding Shares, (vi) Partners OS may be deemed to beneficially own less than 1% of the outstanding Shares, (vii) BVF GPH may be deemed to beneficially own approximately 6.8% of the outstanding Shares, and (viii) each of Partners, BVF Inc. and Mr. Lampert may be deemed to beneficially own approximately 7.4% of the outstanding Shares (less than 1% of the outstanding Shares are held in the Partners Managed Account).
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: See Cover Pages Items 5-9.
	(ii) Shared power to vote or to direct the vote: See Cover Pages Items 5-9.
	(iii) Sole power to dispose or to direct the disposition of: See Cover Pages Items 5-9.
	(iv) Shared power to dispose or to direct the disposition of: See Cover Pages Items 5-9.
Item 5.	Ownership of 5 Percent or Less of a Class.
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. BVF GPH, Partners, BVF Inc. and Mr. Lampert share voting and dispositive power over the Shares beneficially owned by BVF and BVF2. Partners, BVF Inc. and Mr. Lampert share voting and dispositive power over the Shares beneficially owned by Trading Fund OS and held in the Partners Managed Account.
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.
	If a group has filed this schedule pursuant to §240.13d-1(b)(1)(ii)(K), so indicate under Item 3(k) and attach an exhibit stating the identity and Item 3 classification of each member of the group. If a group has filed this schedule pursuant to §240.13d-1(c) or §240.13d-1(d), attach an exhibit stating the identity of each member of the group. See Exhibit 99.1.
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 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.

BIOTECHNOLOGY VALUE FUND L P

Signature:	/s/ Mark N. Lampert
Name/Title:	Mark N. Lampert, Authorized Signatory
Date:	07/09/2025

BVF I GP LLC

Signature:	/s/ Mark N. Lampert
Name/Title:	Mark N. Lampert, Authorized Signatory
Date:	07/09/2025

BIOTECHNOLOGY VALUE FUND II LP

Signature:	/s/ Mark N. Lampert
Name/Title:	Mark N. Lampert, Authorized Signatory
Date:	07/09/2025

BVF II GP LLC

Signature:	/s/ Mark N. Lampert
Name/Title:	Mark N. Lampert, Authorized Signatory
Date:	07/09/2025

Biotechnology Value Trading Fund OS LP

Signature:	/s/ Mark N. Lampert
Name/Title:	Mark N. Lampert, Authorized Signatory
Date:	07/09/2025

BVF Partners OS Ltd.

Signature:	/s/ Mark N. Lampert
Name/Title:	Mark N. Lampert, Authorized Signatory
Date:	07/09/2025

BVF GP HOLDINGS LLC

Signature:	/s/ Mark N. Lampert
Name/Title:	Mark N. Lampert, Authorized Signatory
Date:	07/09/2025

BVF PARTNERS L P/IL

Signature:	/s/ Mark N. Lampert
Name/Title:	Mark N. Lampert, Authorized Signatory
Date:	07/09/2025

BVF INC/IL

Signature:	/s/ Mark N. Lampert
Name/Title:	Mark N. Lampert, Authorized Signatory
Date:	07/09/2025

LAMPERT MARK N

Signature:	/s/ Mark N. Lampert
Name/Title:	Mark N. Lampert
Date:	07/09/2025

Exhibit Information

99.1 - Joint Filing Agreement, July 9, 2025.

FAQ

How many Nektar Therapeutics (NKTR) shares does Biotechnology Value Fund own?

The BVF entities collectively beneficially own 1,276,595 NKTR common shares.

What percentage of NKTR’s outstanding shares does BVF’s stake represent?

The filing states BVF’s aggregate stake equals 7.4% of the 17,301,061 shares outstanding as of 2 July 2025.

Is BVF’s filing activist or passive?

It is a Schedule 13G, indicating a passive investment with no intent to influence control.

Who signed the Schedule 13G on behalf of the BVF entities?

Mark N. Lampert signed as Authorized Signatory for all reporting persons.

Which BVF entities individually hold more than 5% of NKTR?

BVF GP Holdings LLC is deemed to hold 6.8%; Partners, BVF Inc. and Mr. Lampert each may be deemed to hold 7.4%.