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--------------------------------------------------------------------------------

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

                                    FORM 8-K

                                 CURRENT REPORT
     Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

        Date of Report (Date of earliest event reported): August 8, 2007


                               NEKTAR THERAPEUTICS
             (Exact name of Registrant as specified in its charter)


           Delaware                 0-24006               94-3134940
 (State or other jurisdiction     (Commission            (IRS Employer
       of incorporation)          File Number)         Identification No.)


                               201 Industrial Road
                          San Carlos, California 94070
              (Address of principal executive offices and Zip Code)

       Registrant's telephone number, including area code: (650) 631-3100


Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:

|_|   Written communications pursuant to Rule 425 under the Securities Act (17
      CFR 230.425)

|_|   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)

|_|   Pre-commencement communications pursuant to Rule 14d-2(b) under the
      Exchange Act (17 CFR 240.14d-2(b))

|_|   Pre-commencement communications pursuant to Rule 13e-4(c) under the
      Exchange Act (17 CFR 240.13e-4(c)) [GRAPHIC OMITTED]

<PAGE>

Item 2.02. Results of Operations and Financial Condition

      On August 8, 2007, Nektar Therapeutics issued a press release (the "Press
Release") announcing financial results for the quarter ended June 30, 2007. A
copy of the Press Release is attached as Exhibit 99.1 to this report and is
incorporated herein by reference.

      The information in this report, including the exhibit hereto, shall not be
deemed "filed" for purposes of Section 18 of the Securities Exchange Act of
1934, as amended, or otherwise subject to the liabilities of that Section or
Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended. The
information contained herein and in the accompanying exhibit shall not be
incorporated by reference into any filing with the Securities and Exchange
Commission made by Nektar Therapeutics, whether made before or after the date
hereof, regardless of any general incorporation language in such filing.

      On July 25, 2007, the company announced that it would hold a conference
call to review its financial results for the second quarter 2007 on Wednesday,
August 8, 2007. On this conference call, management expects to make certain
forward-looking statements regarding the market potential and revenue potential
for certain of the company's partnered and proprietary products and product
candidates. These forward-looking statements involve substantial risks and
uncertainties including, but not limited to, (i) the market sizes and revenue
potential are internal management estimates only and actual results may differ
materially, (ii) the overall market size and revenue potential to the company
will depend upon successful sales and marketing efforts by our partners,
competition from competing therapies (if any), government and private insurance
reimbursement, standard of care, commercial product profile and actual product
pricing, (iii) financial projections for the company's 2007 revenue, net loss,
and year-end cash balance are subject to unplanned revenue short-falls, charges
or expenses, (iv) clinical trials are long, expensive and uncertain processes
and the risk of failure of any product that is in clinical development and prior
to regulatory approval remains high and can occur at any stage due to efficacy,
safety or other factors, and (v) certain other risks and uncertainties set forth
in the company's Annual Report on Form 10-K for the annual period ending
December 31, 2006 and the most recent Quarterly Report on Form 10-Q.

Item 9.01  Financial Statements and Exhibits.

(d) Exhibits:


Exhibit No.      Description
-----------      ---------------------------------------------------------------

99.1             Press release titled "Nektar Therapeutics Announces Second
                 Quarter 2007 Financial Results" issued on August 8, 2007.

<PAGE>

                                   SIGNATURES

Pursuant to the requirement of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.



                                     By: /s/ Gil M. Labrucherie
                                         -----------------------------------
                                                Gil M. Labrucherie
                                          General Counsel and Secretary

                                     Date: August 8, 2007
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>v083502_ex99-1.txt
<TEXT>

       Nektar Therapeutics Announces Second Quarter 2007 Financial Results

    SAN CARLOS, Calif., Aug. 8 /PRNewswire-FirstCall/ -- Nektar Therapeutics
(Nasdaq: NKTR) announced today the company's financial results for the second
quarter that ended on June 30, 2007.

    Revenue totaled $65.9 million compared to $60.2 million in the second
quarter of 2006. For the six months ended June 30, 2007, Nektar reported total
revenue of $150.9 million compared to $89.2 million in the same period in 2006.

    Cash, cash equivalents, and short-term investments were $406.8 million at
June 30, 2007 compared to $398.3 million at March 31, 2007.

    Nektar reported a net loss of $27.5 million or $0.30 per share (which
included $4.4 million of stock-based compensation charges and $7.7 million
related to a workforce reduction charge) in the second quarter of 2007 compared
to a net loss of $62.8 million or $0.70 per share in the same period of 2006
(which included $14.4 million of stock-based compensation charges).

    For the six months ended June 30, 2007, net loss was $53.2 million or $0.58
per share compared to $96.3 million or $1.08 per share in the same period in
2006.

    "From both a business development and operational perspective, this was a
breakthrough quarter for Nektar," said Howard W. Robin, President and Chief
Executive Officer. "Earlier this week, we announced an exceptional collaboration
with Bayer HealthCare for the development and co-commercialization of NKTR-061
(inhaled amikacin) to treat gram negative pneumonias. Additionally, we generated
positive cash flow for the quarter and our cash and investments increased by
$8.5 million. Going forward, we will continue to build value in both our
Pulmonary and PEGylation business units. That means striking new partnerships
and moving our proprietary clinical programs forward according to schedule."

    Mr. Robin will host a conference call today for analysts and investors
beginning at 2:00 p.m. Pacific Time/5:00 p.m. Eastern Time to discuss the
company's performance. This conference call will be available via webcast and
can be accessed through a link that is posted on the Investor Relations section
of the Nektar website, http://www.nektar.com. The web broadcast of the
conference call will be available for replay through August 22, 2007.


    To access the conference call via telephone, follow these instructions:
    Dial: (800) 299-0433 (U.S.); (617) 801-9712 (international).
    Passcode: 10086899 (Howard Robin is the host).

    Audio replay dial-in and passcode:
    Dial: (888) 286-8010 (U.S.);(617) 801-6888 (international)
    Passcode: 59029899

<PAGE>

    About Nektar
    Nektar Therapeutics is a biopharmaceutical company with a mission to develop
and enable differentiated therapeutics with its industry-leading pulmonary and
PEGylation technology platforms. Nektar pulmonary and PEGylation technology,
expertise, manufacturing capabilities and know-how have enabled nine approved
products for partners, which include the world's leading pharmaceutical and
biotechnology companies. Nektar also develops its own products by applying its
pulmonary and PEGylation technology platforms to existing medicines with the
objective to enhance performance, such as improving efficacy, safety and
compliance.

    This press release contains forward-looking statements that reflect the
company's current views as to its financial plan, expectations regarding the
progress, potential, and clinical plans for the company's proprietary product
candidates in clinical development, the value of the company's technology
platforms, business development potential with respect to potential future
partnerships and overall prospects for the company's business. These
forward-looking statements involve risks and uncertainties, including but not
limited to: (i) the company's proprietary product candidates and those of
certain of its partners are in the early phases of clinical development and the
risk of failure is high and can occur at any stage prior to regulatory approval,
(ii) the company's or its partner's ability to obtain regulatory approval of its
proprietary product candidates, (iii) the company's or its partner's success in
obtaining regulatory approvals for product candidates, (iv) the company's patent
applications for its proprietary or partner product candidates may not issue,
patents that have issued may not be enforceable, or intellectual property
licenses from third parties may be required in the future, and (v) the outcome
of any existing or future intellectual property or other litigation related to
the company's proprietary product. Other important risks and uncertainties are
detailed in the company's reports and other filings with the Securities and
Exchange Commission, including its most recent Annual Report on Form 10-K and
Quarterly Report on Form 10-Q. Actual results could differ materially from the
forward-looking statements contained in this press release. The company
undertakes no obligation to update forward-looking statements, whether as a
result of new information, future events or otherwise.

<PAGE>

                               NEKTAR THERAPEUTICS
                 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                  (In thousands, except per share information)

                                           Unaudited           Unaudited
                                       Three-Months Ended   Six-Months Ended
                                            June 30,            June 30,
                                         2007      2006      2007      2006


    Revenue:
       Product sales and royalties      $49,302   $47,147  $122,321   $60,043
       Contract research                 16,615    13,076    28,612    29,139
    Total revenue                        65,917    60,223   150,933    89,182

    Operating costs and expenses:
       Cost of goods sold                39,490    36,773    96,012    45,768
       Research and development          41,000    40,610    78,492    72,011
       General and administrative        13,178    27,083    29,913    47,456
       Litigation Settlement                 --    17,710        --    17,710
       Amortization of other
        intangible assets                   237     1,259       473     2,623
    Total operating costs and expenses   93,905   123,435   204,890   185,568

    Loss from operations                (27,988)  (63,212)  (53,957)  (96,386)


    Interest income                       5,452     6,374    10,925    11,256
    Interest expense                     (4,702)   (4,938)   (9,635)  (10,080)
    Other expense, net                      (22)   (1,055)      (16)   (1,092)

    Loss before provision for income
     taxes                              (27,260)  (62,831)  (52,683)  (96,302)

    Provision for income taxes             (250)       --      (500)       --

    Net loss                           $(27,510) $(62,831) $(53,183) $(96,302)

    Basic and diluted net loss per
     share                               $(0.30)   $(0.70)   $(0.58)   $(1.08)

    Shares used in computing basic and
     diluted net loss per share          91,804    89,697    91,630    89,312

<PAGE>

                               NEKTAR THERAPEUTICS
                      CONDENSED CONSOLIDATED BALANCE SHEETS
                                  (In thousands)

                                            June 30, 2007   December 31, 2006
                                             (unaudited)          (1)
                    ASSETS

    Current assets:
       Cash and cash equivalents               $82,856           $63,760
       Short-term investments                  323,933           394,880
       Accounts receivable, net of
        allowance                               49,829            47,148
       Inventory                                17,228            14,656
       Other current assets                      9,520            14,595
          Total current assets                 483,366           535,039

    Long-term investments                         --               8,337
    Property and equipment, net                131,024           133,812
    Goodwill                                    78,431            78,431
    Other intangible assets, net                 3,153             3,626
    Other assets                                 7,491             8,932
       Total  assets                          $703,465          $768,177

     LIABILITIES AND STOCKHOLDERS' EQUITY

    Current liabilities:
       Accounts payable                         $2,941            $7,205
       Accrued compensation                     14,376            12,994
       Accrued expenses                         16,342            17,942
       Interest payable                          3,106             3,814
       Capital lease obligations, current
        portion                                    811               711
       Deferred revenue, current portion        13,762            16,409
       Convertible subordinated notes,
        current portion                         66,627           102,653
       Other current liabilities                 3,362             3,586
          Total current liabilities            121,327           165,314

    Convertible subordinated notes             315,000           315,000
    Capital lease obligations                   19,328            19,759
    Deferred revenue                            43,296            23,697
    Other long-term liabilities                 15,834            17,347
          Total liabilities                    514,785           541,117

    Commitments and contingencies

    Stockholders' equity:
       Preferred stock                              --                --
       Common stock                                  9                 9
       Capital in excess of par value        1,298,380         1,283,982
       Accumulated other comprehensive
        income                                     467                62
       Accumulated deficit                  (1,110,176)       (1,056,993)
          Total stockholders' equity           188,680           227,060
       Total liabilities and stockholders'
        equity                                $703,465          $768,177

(1) The consolidated balance sheet at December 31, 2006 has been derived from
    the audited financial statements at that date but does not include all of
    the information and notes required by generally accepted accounting
    principles in the United States for complete financial statements. Certain
    2006 amounts have been reclassified between line items to conform with the
    2007 presentation.

<PAGE>

    Tim Warner, 650-283-4915 (investors)
    twarner@nektar.com

    Stephan Herrera, 415-488-7699 (investors)
    sherrera@nektar.com

    Jennifer Ruddock, 650-631-4954 (media)
    jruddock@nektar.com

SOURCE  Nektar Therapeutics
</TEXT>
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