Beneficial Ownership Report · SCHEDULE 13G/A
Nektar Therapeutics
NKTRNASDAQEQUITYCurrent
Beneficial Ownership Report
Structured filing — SCHEDULE 13G/A
primary_doc.xml
Amendment · This filing reports the amendment as submitted.
Subject company
- Company
- NEKTAR THERAPEUTICS
- Company CIK
- 0000906709
- Street
- 455 Mission Bay Boulevard South
- City
- San Francisco
- State / country code
- CA
- Postal code
- 94158
Statement details
- Amendment number
- 2
- Security class
- Common Stock, $0.0001 par value
- Event date
- 09/25/2026
- Rule designation
- Rule 13d-1(b)
Reporting person 1
- Name
- Two Seas Capital LP
- Citizenship / organization
- DE
- Reporting person type
- IA · PN
- Aggregate amount owned
- 3,345,978.00
- Percent of class
- 9.8
- Sole voting power
- 3,345,978.00
- Shared voting power
- 0.00
- Sole dispositive power
- 3,345,978.00
- Shared dispositive power
- 0.00
- Aggregate excludes certain shares
- N
Reporting person 2
- Name
- Two Seas Capital GP LLC
- Citizenship / organization
- DE
- Reporting person type
- OO · HC
- Aggregate amount owned
- 3,345,978.00
- Percent of class
- 9.8
- Sole voting power
- 3,345,978.00
- Shared voting power
- 0.00
- Sole dispositive power
- 3,345,978.00
- Shared dispositive power
- 0.00
- Aggregate excludes certain shares
- N
Reporting person 3
- Name
- Sina Toussi
- Citizenship / organization
- X1
- Reporting person type
- IN · HC
- Aggregate amount owned
- 3,345,978.00
- Percent of class
- 9.8
- Sole voting power
- 3,345,978.00
- Shared voting power
- 0.00
- Sole dispositive power
- 3,345,978.00
- Shared dispositive power
- 0.00
- Aggregate excludes certain shares
- N
Item 1
Issuer
NEKTAR THERAPEUTICS
Principal executive office address
455 Mission Bay Boulevard South, San Francisco, California, 94158
Item 2
Citizenship
(i) Two Seas Capital LP is a Delaware limited partnership; (ii) Two Seas Capital GP LLC is a Delaware limited liability company; and (iii) Sina Toussi is a United States citizen.
Filing person
The Statement is filed on behalf of each of the following persons (collectively, the "Reporting Persons") (i) Two Seas Capital LP ("TSC"); (ii) Two Seas Capital GP LLC ("TSC GP"); and (iii) Sina Toussi. This statement relates to the Common Stock, $0.0001 par value (the "Common Stock"), of Nektar Therapeutics (the "Issuer") held by Two Seas Global (Master) Fund LP (the "Global Fund") and Two Seas Litigation Opportunities Fund LLC (the "Opportunities Fund," and together with the Global Fund, the "Funds"). The principal business of TSC is providing investment advice as a registered investment adviser and serving as investment manager to the Funds. As such, TSC has been granted investment discretion over portfolio investments, including the Common Stock, held by or for the account of the Funds, including the Funds' voting and discretionary decisions. TSC GP serves as general partner of TSC. Sina Toussi serves as the chief investment officer of TSC and managing member of TSC GP.
Principal business or residence address
The address of the principal business office of each of the Reporting Persons is 32 Elm Place - 3rd Floor, Rye, New York 10580.
Item 3
Not applicable indication
N
Type of filing person
IA · HC
Item 4
Percent of class
Percent of class as of the date hereof: TSC - 9.8% TSC GP - 9.8% Sina Toussi - 9.8% The shares of Common Stock reported for Item 4 total 3,345,978 shares of Common Stock, of which 3,175,430 are held by the Global Fund and 170,548 are held by the Opportunities Fund. TSC may be deemed to have sole power to vote and sole power to dispose of the Common Stock held by the Funds, through its capacity as investment adviser of the Funds. TSC GP may be deemed to have sole power to vote and sole power to dispose of the Common Stock held by the Funds, through its capacity as general partner of TSC. Sina Toussi may be deemed to have sole power to vote and sole power to dispose of the Common Stock owned by the Funds, through his capacity as Managing Member of TSC GP. The percentages reported for Item 4(b) are calculated based on a total of 34,142,994 shares of Common Stock outstanding on August 7, 2026, as disclosed in the Issuer's Form 10-Q filed with the Securities and Exchange Commission on August 14, 2026.
Amount beneficially owned
Amount beneficially owned as of the date hereof: TSC - 3,345,978 shares of Common Stock TSC GP - 3,345,978 shares of Common Stock Sina Toussi - 3,345,978 shares of Common Stock
Sole voting power
As of the date hereof, the Reporting Persons has sole power to vote or to direct the vote of 3,345,978 shares of Common Stock.
Shared voting power
As of the date hereof, the Reporting Persons has shared power to vote or to direct the vote of 0 shares of Common Stock.
Sole dispositive power
As of the date hereof, the Reporting Persons has sole power to dispose or to direct the disposition of 3,345,978 shares of Common Stock.
Shared dispositive power
As of the date hereof, the Reporting Persons has shared power to dispose or to direct the disposition of 0 shares of Common Stock.
Item 5
Not applicable indication
N
Item 6
Not applicable indication
N
Ownership on behalf of another person
See disclosure in Item 4, which is incorporated by reference herein.
Item 7
Not applicable indication
N
Subsidiaries
See disclosure in Item 2, which is incorporated by reference herein.
Item 8
Not applicable indication
Y
Item 9
Not applicable indication
Y
Item 10
Not applicable indication
N
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 1
- Reporting person
- Two Seas Capital LP
- Signed
- /s/ Sina Toussi
- Title
- Sina Toussi / Managing Member of Two Seas Capital GP LLC, its General Partner
- Date
- 09/28/2026
Signature 2
- Reporting person
- Two Seas Capital GP LLC
- Signed
- /s/ Sina Toussi
- Title
- Sina Toussi / Managing Member
- Date
- 09/28/2026
Signature 3
- Reporting person
- Sina Toussi
- Signed
- /s/ Sina Toussi
- Title
- Sina Toussi / Self
- Date
- 09/28/2026
Company context
Nektar Therapeutics is a clinical-stage biotechnology company focused on developing treatments that address the underlying immunological dysfunction in autoimmune and chronic inflammatory diseases. Nektar’s lead product candidate, rezpegaldesleukin (REZPEG, or NKTR-358), is a novel, first-in-class regulatory Tcell stimulator being evaluated in atopic dermatitis, alopecia areata, and Type 1 diabetes mellitus. Nektar’s pipeline also includes preclinical bivalent tumor necrosis factor receptor type II (TNFR2) antibody and bispecific programs, NKTR-0165 and NKTR-0166, and a modified hematopoietic colony stimulating factor (CSF) protein, NKTR-422.