NEKTAR THERAPEUTICS — Director's Dealing 2025

Nov 26, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: NEKTAR THERAPEUTICS (NKTR)
CIK: 0000906709
Period of Report: 2025-11-21

Reporting Person: Wilson Mark Andrew (N/A)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-11-21	Common Stock	A	1903	—	Acquired	22215	Direct
2025-11-25	Common Stock	S	630	$54.28	Disposed	21585	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-11-21	Stock Option	$281.25	A	3400	Acquired	2028-12-17	Common Stock (3400)	Direct

Footnotes

F1: Common stock was acquired pursuant to a grant of restricted stock units ("RSU"). Each RSU awarded represents a contingent right to receive, upon vesting of the unit, one share of Common Stock of the Issuer. These RSUs were granted on December 18, 2020 under the Issuer's Amended and Restated 2017 Performance Incentive Plan (the "2017 Plan") and at the time of their grant were subject to both performance-based and time-based vesting requirements. The time-based vesting is on a quarterly pro-rata basis over a period of three years from the date of grant.

F2: The Organization and Compensation Committee of the Board of Directors of the Issuer ("Compensation Committee") determined on November 20, 2025 that the performance-based vesting requirement for these RSUs was satisfied and these RSUs vested on November 21, 2025.

F3: This number includes 508 shares held by the reporting person in the Issuer's ESPP plan. The acquisition of these shares under the plan is exempt under Rule 16b-3(c).

F4: Represents the number of shares sold by the reporting person to cover required tax withholding obligations in connection with the vesting of the RSUs held by the reporting person and does not represent a discretionary trade by the reporting person.

F5: This transaction was executed in multiple trades at prices ranging from $58.26 to $59.56. The price reported above reflects the weighted average sale price. The reporting person hereby undertakes to provide full information regarding the number of shares and the prices at which the transactions were effected upon the request to the SEC staff, the Issuer, or a security holder of the Issuer.

F6: These stock options were granted on December 18, 2020 under the 2017 Plan and at the time of their grant were subject to both performance-based and time-based vesting requirements. The time-based vesting is on a monthly pro-rata basis over a period of four years from the date of grant.

F7: The Compensation Committee determined on November 20, 2025 that the performance-based vesting requirement for these stock options was satisfied and these stock options vested on November 21, 2025.