[SCHEDULE 13G] Nektar Therapeutics SEC Filing

Rhea-AI Filing Summary

Nantahala Capital Management, LLC and its managing members, Wilmot B. Harkey and Daniel Mack, report beneficial ownership of 709,761 shares of Nektar Therapeutics common stock, representing 5.72% of the class as of June 30, 2025. The filing states all shares are held by funds and separately managed accounts under Nantahala's control and that each reporting person has shared voting and dispositive power over those shares and no sole voting or dispositive power. The statement certifies the shares were acquired and are held in the ordinary course of business and not with the purpose of changing or influencing control of the issuer.

Insights

Financial Analyst

TL;DR: A 5.72% position is disclosed; this is a sizable passive stake that could attract investor attention but does not indicate an activist intent.

Nantahala's reported 5.72% ownership (709,761 shares) meets the SEC threshold requiring public disclosure. The filing classifies Nantahala as an investment adviser and clarifies shared voting/dispositive power among the adviser and its managing members. The certification that the stake is held in the ordinary course of business and not for control suggests a non-activist posture. For market impact, a >5% holder can increase liquidity interest and trigger monitoring by other investors, but without disclosure of planned actions or additional purchases, the immediate financial effect on the company appears limited.

Corporate Governance Expert

TL;DR: The Schedule 13G is a routine disclosure showing shared control; it signals transparency but not a governance change.

The submission by Nantahala and its managing members correctly uses Schedule 13G language, indicating passive intent and ordinary-course holdings. Shared voting and dispositive power is explicitly noted and signatures from the adviser and both managers are included, satisfying formal requirements. The signing certification that the shares are not acquired to change control reduces the likelihood of imminent governance actions. This filing should prompt company record updates and be noted by the board for shareholder composition tracking.

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)

06/30/2025

(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

Nantahala Capital Management, 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

MASSACHUSETTS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 709,761.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 709,761.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

709,761.00

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)

5.72 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

CUSIP No. 640268306

1

Names of Reporting Persons

Wilmot B. Harkey

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 709,761.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 709,761.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

709,761.00

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)

5.72 %

12

Type of Reporting Person (See Instructions)

HC

SCHEDULE 13G

CUSIP No. 640268306

1

Names of Reporting Persons

Daniel Mack

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 709,761.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 709,761.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

709,761.00

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)

5.72 %

12

Type of Reporting Person (See Instructions)

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: (1) Nantahala Capital Management, LLC ("Nantahala") (2) Wilmot B. Harkey (3) Daniel Mack (together the "Reporting Persons")
(b)	Address or principal business office or, if none, residence: 130 Main St. 2nd Floor, New Canaan, Connecticut 06840
(c)	Citizenship: (1) Nantahala is a Massachusetts limited liability company. (2) Each of Messrs. Harkey and Mack is a citizen of the United States of America.
(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 June 30, 2025, Nantahala may be deemed to be the beneficial owner of 709,761 Shares held by funds and separately managed accounts under its control, and as the managing members of Nantahala, each of Messrs. Harkey and Mack may be deemed to be a beneficial owner of those Shares.
(b)	Percent of class: As of June 30, 2025, each of the Reporting Persons may be deemed to be the beneficial owner of the following percentage of the total number of Shares outstanding: (1) Nantahala Capital Management, LLC ("Nantahala") : 5.72% (2) Wilmot B. Harkey: 5.72% (3) Daniel Mack: 5.72%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: (1) Nantahala Capital Management, LLC ("Nantahala") : 0 Shares. (2) Wilmot B. Harkey: 0 Shares. (3) Daniel Mack: 0 Shares.
	(ii) Shared power to vote or to direct the vote: (1) Nantahala Capital Management, LLC ("Nantahala") : 709,761 Shares. (2) Wilmot B. Harkey: 709,761 Shares. (3) Daniel Mack: 709,761 Shares.
	(iii) Sole power to dispose or to direct the disposition of: (1) Nantahala Capital Management, LLC ("Nantahala") : 0 Shares. (2) Wilmot B. Harkey: 0 Shares. (3) Daniel Mack: 0 Shares.
	(iv) Shared power to dispose or to direct the disposition of: (1) Nantahala Capital Management, LLC ("Nantahala") : 709,761 Shares. (2) Wilmot B. Harkey: 709,761 Shares. (3) Daniel Mack: 709,761 Shares.
Item 5.	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.
	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. Each of Messrs. Harkey and Mack is filing this Schedule 13G as a control person in respect of shares beneficially owned by Nantahala, an investment adviser as described in ss. 240.13d-1(b)(1)(ii)(E). See Item 4(a).
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.

Nantahala Capital Management, LLC

Signature:	/s/ Taki Vasilakis
Name/Title:	Taki Vasilakis / Chief Compliance Officer
Date:	08/14/2025

Wilmot B. Harkey

Signature:	/s/ Wilmot B. Harkey
Name/Title:	Wilmot B. Harkey
Date:	08/14/2025

Daniel Mack

Signature:	/s/ Daniel Mack
Name/Title:	Daniel Mack
Date:	08/14/2025