# EDGAR Filing Document

**Accession Number:** 0001969280
**File Stem:** 0000950170-25-108881
**Filing Date:** 2025-8
**Character Count:** 16033
**Document Hash:** e42e788a8cf7671d7713a54d62597153
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950170-25-108881.hdr.sgml**: 20250814

**ACCESSION NUMBER**: 0000950170-25-108881

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13G/A

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20250814

**DATE AS OF CHANGE**: 20250814

**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/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-45385
- **FILM NUMBER:** 251219215

**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:** TCG Crossover GP II, LLC
- **CENTRAL INDEX KEY:** 0001969280

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

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

**BUSINESS ADDRESS:**
- **STREET 1:** 705 HIGH STREET
- **CITY:** PALO ALTO
- **STATE:** CA
- **ZIP:** 94301
- **BUSINESS PHONE:** 650-924-9424

**MAIL ADDRESS:**
- **STREET 1:** 705 HIGH STREET
- **CITY:** PALO ALTO
- **STATE:** CA
- **ZIP:** 94301

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

## SCHEDULE 13G

### Under the Securities Exchange Act of 1934

**(Amendment No. 1)**

**Issuer:** Nektar Therapeutics

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

**CUSIP Number:** 640268108

**Date of Event Which Requires Filing of this Statement:** 06/30/2025

**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>TCG Crossover GP II, LLC | Names of Reporting Persons<br>TCG Crossover GP II, LLC |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] |
| 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 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>1933333 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>1933333 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>1933333 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>1933333 |
| 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>9.3% | Percent of Class Represented by Amount in Row (9)<br>9.3% |
| 12. | Type of Reporting Person (See Instructions)<br>OO | Type of Reporting Person (See Instructions)<br>OO |

**Comment for Type of Reporting Person:** These securities are held of record by TCG Crossover II (as defined in Item 2(a) of the Original Schedule 13G (as defined in the Explanatory Note below)). TCG Crossover GP II (as defined in Item 2(a) of the Original Schedule 13G (as defined in the Explanatory Note below)) is the general partner of TCG Crossover II and may be deemed to have voting, investment, and dispositive power with respect to these securities. Chen Yu is the sole managing member of TCG Crossover GP II and may be deemed to share voting, investment and dispositive power with respect to these securities.

Consists of (i) 266,666 shares of Common Stock (as defined in Item 2(d) of the Original Schedule 13G (as defined in the Explanatory Note below)) of the Issuer (as defined in Item 1(a) of the Original Schedule 13G (as defined in the Explanatory Note below)) and (ii) 1,666,667 shares of Common Stock, issuable upon exercise of certain Pre-Funded Warrants (as defined and described in the Current Report on Form 8-K filed with the Securities and Exchange Commission (the Commission) on March 4, 2024).

Based on 19,018,573 shares of Common Stock outstanding as of July 31, 2025, as reported by the Issuer in its Annual Report on Form 10-K filed with the Commission on August 8, 2025 (the Form 10-Q), plus 1,666,667 shares of Common Stock issuable upon exercise of certain Pre-Funded Warrants held of record by TCG Crossover II.

---

| 1. | Names of Reporting Persons<br>TCG Crossover Fund II, L.P. | Names of Reporting Persons<br>TCG Crossover Fund II, L.P. |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] |
| 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 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>1933333 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>1933333 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>1933333 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>1933333 |
| 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>9.3% | Percent of Class Represented by Amount in Row (9)<br>9.3% |
| 12. | Type of Reporting Person (See Instructions)<br>PN | Type of Reporting Person (See Instructions)<br>PN |

**Comment for Type of Reporting Person:** These securities are held of record by TCG Crossover II. TCG Crossover GP II is the general partner of TCG Crossover II and may be deemed to have voting, investment, and dispositive power with respect to these securities. Chen Yu is the sole managing member of TCG Crossover GP II and may be deemed to share voting, investment and dispositive power with respect to these securities.

Consists of (i) 266,666 shares of Common Stock of the Issuer and (ii) 1,666,667 shares of Common Stock, issuable upon exercise of certain Pre-Funded Warrants (as defined and described in the Current Report on Form 8-K filed with the Commission on March 4, 2024).

Based on 19,018,573 shares of Common Stock outstanding as of July 31, 2025, as reported by the Issuer the Form 10-Q, plus 1,666,667 shares of Common Stock issuable upon exercise of certain Pre-Funded Warrants held of record by TCG Crossover II.

---

| 1. | Names of Reporting Persons<br>Chen Yu | Names of Reporting Persons<br>Chen Yu |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] |
| 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 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>1933333 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>1933333 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>1933333 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>1933333 |
| 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>9.3% | Percent of Class Represented by Amount in Row (9)<br>9.3% |
| 12. | Type of Reporting Person (See Instructions)<br>IN | Type of Reporting Person (See Instructions)<br>IN |

**Comment for Type of Reporting Person:** These securities are held of record by TCG Crossover II. TCG Crossover GP II is the general partner of TCG Crossover II and may be deemed to have voting, investment, and dispositive power with respect to these securities. Chen Yu is the sole managing member of TCG Crossover GP II and may be deemed to share voting, investment and dispositive power with respect to these securities.

Consists of (i) 266,666 shares of Common Stock of the Issuer and (ii) 1,666,667 shares of Common Stock, issuable upon exercise of certain Pre-Funded Warrants (as defined and described in the Current Report on Form 8-K filed with the Commission on March 4, 2024).

Based on 19,018,573 shares of Common Stock outstanding as of July 31, 2025, as reported by the Issuer the Form 10-Q, plus 1,666,667 shares of Common Stock issuable upon exercise of certain Pre-Funded Warrants held of record by TCG Crossover II.

---

**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, CA  94158

**Item 2(a). Name of Person Filing:**
This Amendment No. 1 (Amendment No. 1) amends and supplements the Schedule 13G initially filed with the Commission on March 15, 2024 (the Original Schedule 13G) and is being filed by TCG Crossover Fund II, L.P. (TCG Crossover II) and TCG Crossover GP II, LLC (TCG Crossover GP II and together with TCG Crossover II, the Reporting Entities) and Chen Yu (the Reporting Individual). The Reporting Entities and the Reporting Individual are collectively referred to as the "Reporting Persons." The agreement among the Reporting Persons to file jointly in accordance with the provisions of Rule 13d-1(k)(1) under the Act is filed as Exhibit 1 to the Original Schedule 13G. Only those items that are hereby reported are amended; all other items reported in the Original Schedule 13G remain unchanged. Information given in response to each item shall be deemed incorporated by reference in all other items, as applicable. Capitalized terms not defined in this Amendment No. 1 have the meanings ascribed to them in the Original Schedule 13G.

**Item 2(b). Address of Principal Business Office:**
The address of the principal business office of each Reporting Person is 705 High St., Palo Alto, CA 94301.

**Item 2(c). Citizenship:**
TCG Crossover GP II is a limited liability company organized under the laws of the State of Delaware. TCG Crossover II is a limited partnership organized under the laws of the State of Delaware. The Reporting Individual is a citizen of the United States of America.

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

**Item 2(e). CUSIP Number:**
640268108

**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:**

See Row 9 of the cover page for each Reporting Person and the corresponding comments.

**(b) Percent of class:**

See Row 11 of the cover page for each Reporting Person and the corresponding comments.

**(c) Number of shares as to which the person has:**

**(i) Sole power to vote or to direct the vote:**

See Row 5 of the cover page for each Reporting Person and the corresponding comments.

**(ii) Shared power to vote or to direct the vote:**

See Row 6 of the cover page for each Reporting Person and the corresponding comments.

**(iii) Sole power to dispose or to direct the disposition of:**

See Row 7 of the cover page for each Reporting Person and the corresponding comments.

**(iv) Shared power to dispose or to direct the disposition of:**

See Row 8 of the cover page for each Reporting Person and the corresponding comments.

**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.**

Not Applicable

**Item 7. Identification and Classification of the Subsidiary**

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. 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.

**TCG Crossover GP II, LLC**

**Date:** 08/14/2025

**By:** /s/ Craig Skaling

**Name & Title:** Craig Skaling, Authorized Signatory

**TCG Crossover Fund II, L.P.**

**Date:** 08/14/2025

**By:** /s/ Craig Skaling

**Name & Title:** Craig Skaling, Authorized Signatory

**Chen Yu**

**Date:** 08/14/2025

**By:** /s/ Craig Skaling

**Name & Title:** Craig Skaling, as Attorney-in-Fact for Chen Yu