# EDGAR Filing Document

**Accession Number:** 0000918923
**File Stem:** 0000921895-25-001976
**Filing Date:** 2025-7
**Character Count:** 30789
**Document Hash:** ab458023cde5b1e46081556be5ec81f3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000921895-25-001976.hdr.sgml**: 20250709

**ACCESSION NUMBER**: 0000921895-25-001976

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13G

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20250709

**DATE AS OF CHANGE**: 20250709

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NEKTAR THERAPEUTICS
- **CENTRAL INDEX KEY:** 0000906709
- **STANDARD INDUSTRIAL CLASSIFICATION:** PHARMACEUTICAL PREPARATIONS [2834]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 943134940
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13G
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-45385
- **FILM NUMBER:** 251114001

**BUSINESS ADDRESS:**
- **STREET 1:** 455 MISSION BAY BOULEVARD SOUTH
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94158
- **BUSINESS PHONE:** 4154825300

**MAIL ADDRESS:**
- **STREET 1:** 455 MISSION BAY BOULEVARD SOUTH
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94158

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** INHALE THERAPEUTIC SYSTEMS INC
- **DATE OF NAME CHANGE:** 19980723

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** INHALE THERAPEUTIC SYSTEMS
- **DATE OF NAME CHANGE:** 19940303
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BIOTECHNOLOGY VALUE FUND L P
- **CENTRAL INDEX KEY:** 0000918923
- **STANDARD INDUSTRIAL CLASSIFICATION:** INVESTMENT ADVICE [6282]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 363924731
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13G

**BUSINESS ADDRESS:**
- **STREET 1:** 44 MONTGOMERY STREET
- **STREET 2:** 40TH FL
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94104
- **BUSINESS PHONE:** 3125066500

**MAIL ADDRESS:**
- **STREET 1:** 44 MONTGOMERY STREET
- **STREET 2:** 40TH FL
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94104

## Exhibit 99.1

Exhibit 99.1

**<u>Joint Filing Agreement</u>**

The undersigned hereby agree that the Statement on Schedule 13G dated July 9, 2025 with respect to the Common Stock, $0.0001 par value, of Nektar Therapeutics, a Delaware corporation, and any further amendments thereto executed by each and any of the undersigned shall be filed on behalf of each of the undersigned pursuant to and in accordance with the provisions of Rule 13d-1(k)(1) under the Securities Exchange Act of 1934, as amended.

---

| | |
|:---|:---|
| BIOTECHNOLOGY VALUE FUND L P | BIOTECHNOLOGY VALUE FUND L P |
| By: | /s/ Mark N. Lampert |
|  | Mark N. Lampert, Authorized Signatory |
| Date: | 07/09/2025 |

---

---

| | |
|:---|:---|
| BVF I GP LLC | BVF I GP LLC |
| By: | /s/ Mark N. Lampert |
|  | Mark N. Lampert, Authorized Signatory |
| Date: | 07/09/2025 |

---

---

| | |
|:---|:---|
| BIOTECHNOLOGY VALUE FUND II LP | BIOTECHNOLOGY VALUE FUND II LP |
| By: | /s/ Mark N. Lampert |
|  | Mark N. Lampert, Authorized Signatory |
| Date: | 07/09/2025 |

---

---

| | |
|:---|:---|
| BVF II GP LLC | BVF II GP LLC |
| By: | /s/ Mark N. Lampert |
|  | Mark N. Lampert, Authorized Signatory |
| Date: | 07/09/2025 |

---

---

| | |
|:---|:---|
| Biotechnology Value Trading Fund OS LP | Biotechnology Value Trading Fund OS LP |
| By: | /s/ Mark N. Lampert |
|  | Mark N. Lampert, Authorized Signatory |
| Date: | 07/09/2025 |

---

---

| | |
|:---|:---|
| BVF Partners OS Ltd. | BVF Partners OS Ltd. |
| By: | /s/ Mark N. Lampert |
|  | Mark N. Lampert, Authorized Signatory |
| Date: | 07/09/2025 |

---

---

| | |
|:---|:---|
| BVF GP HOLDINGS LLC | BVF GP HOLDINGS LLC |
| By: | /s/ Mark N. Lampert |
|  | Mark N. Lampert, Authorized Signatory |
| Date: | 07/09/2025 |

---

---

| | |
|:---|:---|
| BVF PARTNERS L P/IL | BVF PARTNERS L P/IL |
| By: | /s/ Mark N. Lampert |
|  | Mark N. Lampert, Authorized Signatory |
| Date: | 07/09/2025 |

---

---

| | |
|:---|:---|
| BVF INC/IL | BVF INC/IL |
| By: | /s/ Mark N. Lampert |
|  | Mark N. Lampert, Authorized Signatory |
| Date: | 07/09/2025 |

---

---

| | |
|:---|:---|
| LAMPERT MARK N | LAMPERT MARK N |
| By: | /s/ Mark N. Lampert |
|  | Mark N. Lampert |
| Date: | 07/09/2025 |

---

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13G

### Under the Securities Exchange Act of 1934

**Issuer:** NEKTAR THERAPEUTICS

**Title of Class of Securities:** Common Stock, $0.0001 par value

**CUSIP Number:** 640268306

**Date of Event Which Requires Filing of this Statement:** 07/01/2025

**Check the appropriate box to designate the rule pursuant to which this Schedule is filed:**

- [ ] Rule 13d-1(b)

- [x] Rule 13d-1(c)

- [ ] Rule 13d-1(d)

---

| 1. | Names of Reporting Persons<br>BIOTECHNOLOGY VALUE FUND L P | Names of Reporting Persons<br>BIOTECHNOLOGY VALUE FUND L P |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [x] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [x] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>DE | Citizenship or Place of Organization<br>DE |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>661758.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>661758.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>661758.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>661758.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>3.8% | Percent of Class Represented by Amount in Row (9)<br>3.8% |
| 12. | Type of Reporting Person (See Instructions)<br>PN | Type of Reporting Person (See Instructions)<br>PN |

---

| 1. | Names of Reporting Persons<br>BVF I GP LLC | Names of Reporting Persons<br>BVF I GP LLC |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [x] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [x] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>DE | Citizenship or Place of Organization<br>DE |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>661758.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>661758.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>661758.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>661758.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>3.8% | Percent of Class Represented by Amount in Row (9)<br>3.8% |
| 12. | Type of Reporting Person (See Instructions)<br>OO | Type of Reporting Person (See Instructions)<br>OO |

---

| 1. | Names of Reporting Persons<br>BIOTECHNOLOGY VALUE FUND II LP | Names of Reporting Persons<br>BIOTECHNOLOGY VALUE FUND II LP |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [x] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [x] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>DE | Citizenship or Place of Organization<br>DE |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>517813.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>517813.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>517813.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>517813.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>3.0% | Percent of Class Represented by Amount in Row (9)<br>3.0% |
| 12. | Type of Reporting Person (See Instructions)<br>PN | Type of Reporting Person (See Instructions)<br>PN |

---

| 1. | Names of Reporting Persons<br>BVF II GP LLC | Names of Reporting Persons<br>BVF II GP LLC |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [x] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [x] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>DE | Citizenship or Place of Organization<br>DE |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>517813.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>517813.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>517813.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>517813.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>3.0% | Percent of Class Represented by Amount in Row (9)<br>3.0% |
| 12. | Type of Reporting Person (See Instructions)<br>OO | Type of Reporting Person (See Instructions)<br>OO |

---

| 1. | Names of Reporting Persons<br>Biotechnology Value Trading Fund OS LP | Names of Reporting Persons<br>Biotechnology Value Trading Fund OS LP |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [x] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [x] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>E9 | Citizenship or Place of Organization<br>E9 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>71367.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>71367.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>71367.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>71367.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>0.4% | Percent of Class Represented by Amount in Row (9)<br>0.4% |
| 12. | Type of Reporting Person (See Instructions)<br>PN | Type of Reporting Person (See Instructions)<br>PN |

---

| 1. | Names of Reporting Persons<br>BVF Partners OS Ltd. | Names of Reporting Persons<br>BVF Partners OS Ltd. |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [x] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [x] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>E9 | Citizenship or Place of Organization<br>E9 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>71367.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>71367.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>71367.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>71367.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>0.4% | Percent of Class Represented by Amount in Row (9)<br>0.4% |
| 12. | Type of Reporting Person (See Instructions)<br>CO | Type of Reporting Person (See Instructions)<br>CO |

---

| 1. | Names of Reporting Persons<br>BVF GP HOLDINGS LLC | Names of Reporting Persons<br>BVF GP HOLDINGS LLC |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [x] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [x] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>DE | Citizenship or Place of Organization<br>DE |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>1179571.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>1179571.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>1179571.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>1179571.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>6.8% | Percent of Class Represented by Amount in Row (9)<br>6.8% |
| 12. | Type of Reporting Person (See Instructions)<br>OO | Type of Reporting Person (See Instructions)<br>OO |

---

| 1. | Names of Reporting Persons<br>BVF PARTNERS L P/IL | Names of Reporting Persons<br>BVF PARTNERS L P/IL |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [x] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [x] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>DE | Citizenship or Place of Organization<br>DE |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>1276595.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>1276595.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>1276595.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>1276595.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>7.4% | Percent of Class Represented by Amount in Row (9)<br>7.4% |
| 12. | Type of Reporting Person (See Instructions)<br>IA, PN | Type of Reporting Person (See Instructions)<br>IA, PN |

---

| 1. | Names of Reporting Persons<br>BVF INC/IL | Names of Reporting Persons<br>BVF INC/IL |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [x] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [x] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>DE | Citizenship or Place of Organization<br>DE |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>1276595.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>1276595.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>1276595.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>1276595.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>7.4% | Percent of Class Represented by Amount in Row (9)<br>7.4% |
| 12. | Type of Reporting Person (See Instructions)<br>CO | Type of Reporting Person (See Instructions)<br>CO |

---

| 1. | Names of Reporting Persons<br>LAMPERT MARK N | Names of Reporting Persons<br>LAMPERT MARK N |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [x] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [x] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>X1 | Citizenship or Place of Organization<br>X1 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>1276595.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>1276595.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>1276595.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>1276595.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>7.4% | Percent of Class Represented by Amount in Row (9)<br>7.4% |
| 12. | Type of Reporting Person (See Instructions)<br>IN | Type of Reporting Person (See Instructions)<br>IN |

---

**Item 1(a). Name of Issuer:**
NEKTAR THERAPEUTICS

**Item 1(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."

**Item 2(b). Address of Principal Business Office:**
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

**Item 2(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

**Item 2(d). Title of Class of Securities:**
Common Stock, $0.0001 par value

**Item 2(e). CUSIP Number:**
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 Five Percent or Less of a Class.**

[x] If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following.

**Item 6. Ownership of More than 5 Percent on Behalf of Another Person.**

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**

Not Applicable

**Item 8. Identification and Classification of Members of the Group**

See Exhibit 99.1.

**Item 9. Notice of Dissolution of Group**

Not Applicable

**Item 10. Certification:**

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**

**Date:** 07/09/2025

**By:** /s/ Mark N. Lampert

**Name & Title:** Mark N. Lampert, Authorized Signatory

**BVF I GP LLC**

**Date:** 07/09/2025

**By:** /s/ Mark N. Lampert

**Name & Title:** Mark N. Lampert, Authorized Signatory

**BIOTECHNOLOGY VALUE FUND II LP**

**Date:** 07/09/2025

**By:** /s/ Mark N. Lampert

**Name & Title:** Mark N. Lampert, Authorized Signatory

**BVF II GP LLC**

**Date:** 07/09/2025

**By:** /s/ Mark N. Lampert

**Name & Title:** Mark N. Lampert, Authorized Signatory

**Biotechnology Value Trading Fund OS LP**

**Date:** 07/09/2025

**By:** /s/ Mark N. Lampert

**Name & Title:** Mark N. Lampert, Authorized Signatory

**BVF Partners OS Ltd.**

**Date:** 07/09/2025

**By:** /s/ Mark N. Lampert

**Name & Title:** Mark N. Lampert, Authorized Signatory

**BVF GP HOLDINGS LLC**

**Date:** 07/09/2025

**By:** /s/ Mark N. Lampert

**Name & Title:** Mark N. Lampert, Authorized Signatory

**BVF PARTNERS L P/IL**

**Date:** 07/09/2025

**By:** /s/ Mark N. Lampert

**Name & Title:** Mark N. Lampert, Authorized Signatory

**BVF INC/IL**

**Date:** 07/09/2025

**By:** /s/ Mark N. Lampert

**Name & Title:** Mark N. Lampert, Authorized Signatory

**LAMPERT MARK N**

**Date:** 07/09/2025

**By:** /s/ Mark N. Lampert

**Name & Title:** Mark N. Lampert