[Form 4] The Sherwin-Williams Company Insider Trading Activity

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.

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
Estimated average burden
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^*

THAMAN MICHAEL H

(Last) (First) (Middle)

101 W. PROSPECT AVENUE

(Street)

CLEVELAND OH 44115

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
SHERWIN WILLIAMS CO [ SHW ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
07/07/2025

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	07/07/2025		A		97.4(1)	A	$346.53(2)	5,261.31(3)	I	Deferred Fee Plan
Common Stock								7,553(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

Explanation of Responses:

1. Represents the number of deferred stock units acquired by the Reporting Person, in an exempt transaction, pursuant to the 2005 Director Deferred Fee Plan ("Deferred Fee Plan"). Each deferred stock unit is the economic equivalent of one share of common stock. The deferred stock units become payable solely in stock, generally following the Reporting Person's separation from service as a Director of the Company.

2. Represents the weighted average share price on the transaction date used to determine the number of deferred stock units credited to the Reporting Person's account.

3. These securities consist of deferred stock units, held pursuant to the Deferred Fee Plan, and include deferred stock units acquired pursuant to the dividend reinvestment feature of such Plan.

4. These securities consist of 1,150 restricted stock units ("RSUs") and 6,403 shares of common stock. Each RSU represents the Reporting Person's right to receive one share of common stock.

Remarks:

	Stephen J. Perisutti, Attorney-in-fact	07/09/2025
	** 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.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

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%.