<SEC-DOCUMENT>0000921895-25-001976.txt : 20250709
<SEC-HEADER>0000921895-25-001976.hdr.sgml : 20250709
<ACCEPTANCE-DATETIME>20250709163922
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
</SEC-HEADER>
<DOCUMENT>
<TYPE>SCHEDULE 13G
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/schedule13g" xmlns:com="http://www.sec.gov/edgar/common">
  <headerData>
    <submissionType>SCHEDULE 13G</submissionType>
    <filerInfo>
      <filer>
        <filerCredentials>
          <!-- Field: Pseudo-Tag; ID: Name; Data: BIOTECHNOLOGY VALUE FUND L P -->
          <cik>0000918923</cik>
          <ccc>XXXXXXXX</ccc>
        </filerCredentials>
      </filer>
      <liveTestFlag>LIVE</liveTestFlag>


    </filerInfo>
  </headerData>
  <formData>
    <coverPageHeader>
      <securitiesClassTitle>Common Stock, $0.0001 par value</securitiesClassTitle>
      <eventDateRequiresFilingThisStatement>07/01/2025</eventDateRequiresFilingThisStatement>
      <issuerInfo>
        <issuerCik>0000906709</issuerCik>
        <issuerName>NEKTAR THERAPEUTICS</issuerName>
        <issuerCusip>640268306</issuerCusip>
        <issuerPrincipalExecutiveOfficeAddress>
          <com:street1>455 MISSION BAY BOULEVARD SOUTH</com:street1>
          <com:city>SAN FRANCISCO</com:city>
          <com:stateOrCountry>CA</com:stateOrCountry>
          <com:zipCode>94158</com:zipCode>
        </issuerPrincipalExecutiveOfficeAddress>
      </issuerInfo>
      <designateRulesPursuantThisScheduleFiled>
        <designateRulePursuantThisScheduleFiled>Rule 13d-1(c)</designateRulePursuantThisScheduleFiled>
      </designateRulesPursuantThisScheduleFiled>
    </coverPageHeader>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>BIOTECHNOLOGY VALUE FUND L P</reportingPersonName>
      <memberGroup>a</memberGroup>
      <citizenshipOrOrganization>DE</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>661758.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>661758.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>661758.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>3.8</classPercent>
      <typeOfReportingPerson>PN</typeOfReportingPerson>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>BVF I GP LLC</reportingPersonName>
      <memberGroup>a</memberGroup>
      <citizenshipOrOrganization>DE</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>661758.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>661758.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>661758.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>3.8</classPercent>
      <typeOfReportingPerson>OO</typeOfReportingPerson>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>BIOTECHNOLOGY VALUE FUND II LP</reportingPersonName>
      <memberGroup>a</memberGroup>
      <citizenshipOrOrganization>DE</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>517813.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>517813.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>517813.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>3.0</classPercent>
      <typeOfReportingPerson>PN</typeOfReportingPerson>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>BVF II GP LLC</reportingPersonName>
      <memberGroup>a</memberGroup>
      <citizenshipOrOrganization>DE</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>517813.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>517813.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>517813.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>3.0</classPercent>
      <typeOfReportingPerson>OO</typeOfReportingPerson>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>Biotechnology Value Trading Fund OS LP</reportingPersonName>
      <memberGroup>a</memberGroup>
      <citizenshipOrOrganization>E9</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>71367.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>71367.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>71367.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>0.4</classPercent>
      <typeOfReportingPerson>PN</typeOfReportingPerson>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>BVF Partners OS Ltd.</reportingPersonName>
      <memberGroup>a</memberGroup>
      <citizenshipOrOrganization>E9</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>71367.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>71367.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>71367.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>0.4</classPercent>
      <typeOfReportingPerson>CO</typeOfReportingPerson>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>BVF GP HOLDINGS LLC</reportingPersonName>
      <memberGroup>a</memberGroup>
      <citizenshipOrOrganization>DE</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>1179571.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>1179571.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>1179571.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>6.8</classPercent>
      <typeOfReportingPerson>OO</typeOfReportingPerson>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>BVF PARTNERS L P/IL</reportingPersonName>
      <memberGroup>a</memberGroup>
      <citizenshipOrOrganization>DE</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>1276595.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>1276595.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>1276595.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>7.4</classPercent>
      <typeOfReportingPerson>IA</typeOfReportingPerson>
      <typeOfReportingPerson>PN</typeOfReportingPerson>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>BVF INC/IL</reportingPersonName>
      <memberGroup>a</memberGroup>
      <citizenshipOrOrganization>DE</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>1276595.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>1276595.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>1276595.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>7.4</classPercent>
      <typeOfReportingPerson>CO</typeOfReportingPerson>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>LAMPERT MARK N</reportingPersonName>
      <memberGroup>a</memberGroup>
      <citizenshipOrOrganization>X1</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>1276595.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>1276595.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>1276595.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>7.4</classPercent>
      <typeOfReportingPerson>IN</typeOfReportingPerson>
    </coverPageHeaderReportingPersonDetails>
    <items>
      <item1>
        <issuerName>NEKTAR THERAPEUTICS</issuerName>
        <issuerPrincipalExecutiveOfficeAddress>455 MISSION BAY BOULEVARD SOUTH, SAN FRANCISCO, CALIFORNIA 94158</issuerPrincipalExecutiveOfficeAddress>
      </item1>
      <item2>
        <filingPersonName>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."</filingPersonName>
        <principalBusinessOfficeOrResidenceAddress>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</principalBusinessOfficeOrResidenceAddress>
        <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</citizenship>
      </item2>
      <item3>
        <notApplicableFlag>Y</notApplicableFlag>
      </item3>
      <item4>
        <amountBeneficiallyOwned>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.</amountBeneficiallyOwned>
        <classPercent>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).</classPercent>
        <numberOfSharesPersonHas>
          <solePowerOrDirectToVote>See Cover Pages Items 5-9.</solePowerOrDirectToVote>
          <sharedPowerOrDirectToVote>See Cover Pages Items 5-9.</sharedPowerOrDirectToVote>
          <solePowerOrDirectToDispose>See Cover Pages Items 5-9.</solePowerOrDirectToDispose>
          <sharedPowerOrDirectToDispose>See Cover Pages Items 5-9.</sharedPowerOrDirectToDispose>
        </numberOfSharesPersonHas>
      </item4>
      <item5>
        <notApplicableFlag>Y</notApplicableFlag>
      </item5>
      <item6>
        <notApplicableFlag>N</notApplicableFlag>
        <ownershipMoreThan5PercentOnBehalfOfAnotherPerson>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.</ownershipMoreThan5PercentOnBehalfOfAnotherPerson>
      </item6>
      <item7>
        <notApplicableFlag>Y</notApplicableFlag>
      </item7>
      <item8>
        <notApplicableFlag>N</notApplicableFlag>
        <identificationAndClassificationOfGroupMembers>See Exhibit 99.1.</identificationAndClassificationOfGroupMembers>
      </item8>
      <item9>
        <notApplicableFlag>Y</notApplicableFlag>
      </item9>
      <item10>
        <notApplicableFlag>N</notApplicableFlag>
        <certifications>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.</certifications>
      </item10>
    </items>
    <exhibitInfo>99.1 - Joint Filing Agreement, July 9, 2025.</exhibitInfo>
    <signatureInformation>
      <reportingPersonName>BIOTECHNOLOGY VALUE FUND L P</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Mark N. Lampert</signature>
        <title>Mark N. Lampert, Authorized Signatory</title>
        <date>07/09/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>BVF I GP LLC</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Mark N. Lampert</signature>
        <title>Mark N. Lampert, Authorized Signatory</title>
        <date>07/09/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>BIOTECHNOLOGY VALUE FUND II LP</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Mark N. Lampert</signature>
        <title>Mark N. Lampert, Authorized Signatory</title>
        <date>07/09/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>BVF II GP LLC</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Mark N. Lampert</signature>
        <title>Mark N. Lampert, Authorized Signatory</title>
        <date>07/09/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>Biotechnology Value Trading Fund OS LP</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Mark N. Lampert</signature>
        <title>Mark N. Lampert, Authorized Signatory</title>
        <date>07/09/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>BVF Partners OS Ltd.</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Mark N. Lampert</signature>
        <title>Mark N. Lampert, Authorized Signatory</title>
        <date>07/09/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>BVF GP HOLDINGS LLC</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Mark N. Lampert</signature>
        <title>Mark N. Lampert, Authorized Signatory</title>
        <date>07/09/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>BVF PARTNERS L P/IL</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Mark N. Lampert</signature>
        <title>Mark N. Lampert, Authorized Signatory</title>
        <date>07/09/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>BVF INC/IL</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Mark N. Lampert</signature>
        <title>Mark N. Lampert, Authorized Signatory</title>
        <date>07/09/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>LAMPERT MARK N</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Mark N. Lampert</signature>
        <title>Mark N. Lampert</title>
        <date>07/09/2025</date>
      </signatureDetails>
    </signatureInformation>
  </formData>

</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex991to13g07422nktr_070925.htm
<DESCRIPTION>JOINT FILING AGREEMENT
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">Exhibit 99.1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>Joint Filing Agreement</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 1.45pt; padding-left: 1.45pt">BIOTECHNOLOGY VALUE FUND L P</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 1.45pt; padding-left: 1.45pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; padding-right: 1.45pt; padding-left: 1.45pt; font: 10pt Times New Roman, Times, Serif">By:</TD>
    <TD STYLE="width: 45%; padding-right: 1.45pt; padding-left: 1.45pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">/s/ Mark N. Lampert</P></TD>
    <TD STYLE="width: 50%; padding-right: 1.45pt; padding-left: 1.45pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 1.45pt; padding-left: 1.45pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 1.45pt; padding-left: 1.45pt">Mark N. Lampert, Authorized Signatory</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 1.45pt; padding-left: 1.45pt">Date:</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 1.45pt; padding-left: 1.45pt">07/09/2025</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 1.45pt; padding-left: 1.45pt">BVF I GP LLC</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 1.45pt; padding-left: 1.45pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; padding-right: 1.45pt; padding-left: 1.45pt">By:</TD>
    <TD STYLE="width: 45%; padding-right: 1.45pt; padding-left: 1.45pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">/s/ Mark N. Lampert</P></TD>
    <TD STYLE="width: 50%; padding-right: 1.45pt; padding-left: 1.45pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.45pt; padding-left: 1.45pt">Mark N. Lampert, Authorized Signatory</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt">Date:</TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.45pt; padding-left: 1.45pt">07/09/2025</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 1.45pt; padding-left: 1.45pt">BIOTECHNOLOGY VALUE FUND II LP</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 1.45pt; padding-left: 1.45pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; padding-right: 1.45pt; padding-left: 1.45pt">By:</TD>
    <TD STYLE="width: 45%; padding-right: 1.45pt; padding-left: 1.45pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">/s/ Mark N. Lampert</P></TD>
    <TD STYLE="width: 50%; padding-right: 1.45pt; padding-left: 1.45pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.45pt; padding-left: 1.45pt">Mark N. Lampert, Authorized Signatory</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt">Date:</TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.45pt; padding-left: 1.45pt">07/09/2025</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 1.45pt; padding-left: 1.45pt">BVF II GP LLC</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 1.45pt; padding-left: 1.45pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; padding-right: 1.45pt; padding-left: 1.45pt">By:</TD>
    <TD STYLE="width: 45%; padding-right: 1.45pt; padding-left: 1.45pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">/s/ Mark N. Lampert</P></TD>
    <TD STYLE="width: 50%; padding-right: 1.45pt; padding-left: 1.45pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.45pt; padding-left: 1.45pt">Mark N. Lampert, Authorized Signatory</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt">Date:</TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.45pt; padding-left: 1.45pt">07/09/2025</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 1.45pt; padding-left: 1.45pt">Biotechnology Value Trading Fund OS LP</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 1.45pt; padding-left: 1.45pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; padding-right: 1.45pt; padding-left: 1.45pt">By:</TD>
    <TD STYLE="width: 45%; padding-right: 1.45pt; padding-left: 1.45pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">/s/ Mark N. Lampert</P></TD>
    <TD STYLE="width: 50%; padding-right: 1.45pt; padding-left: 1.45pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.45pt; padding-left: 1.45pt">Mark N. Lampert, Authorized Signatory</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt">Date:</TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.45pt; padding-left: 1.45pt">07/09/2025</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 1.45pt; padding-left: 1.45pt">BVF Partners OS Ltd.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 1.45pt; padding-left: 1.45pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; padding-right: 1.45pt; padding-left: 1.45pt">By:</TD>
    <TD STYLE="width: 45%; padding-right: 1.45pt; padding-left: 1.45pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">/s/ Mark N. Lampert</P></TD>
    <TD STYLE="width: 50%; padding-right: 1.45pt; padding-left: 1.45pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.45pt; padding-left: 1.45pt">Mark N. Lampert, Authorized Signatory</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt">Date:</TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.45pt; padding-left: 1.45pt">07/09/2025</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 1.45pt; padding-left: 1.45pt">BVF GP HOLDINGS LLC</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 1.45pt; padding-left: 1.45pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; padding-right: 1.45pt; padding-left: 1.45pt">By:</TD>
    <TD STYLE="width: 45%; padding-right: 1.45pt; padding-left: 1.45pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">/s/ Mark N. Lampert</P></TD>
    <TD STYLE="width: 50%; padding-right: 1.45pt; padding-left: 1.45pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.45pt; padding-left: 1.45pt">Mark N. Lampert, Authorized Signatory</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt">Date:</TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.45pt; padding-left: 1.45pt">07/09/2025</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 1.45pt; padding-left: 1.45pt">BVF PARTNERS L P/IL</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 1.45pt; padding-left: 1.45pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; padding-right: 1.45pt; padding-left: 1.45pt">By:</TD>
    <TD STYLE="width: 45%; padding-right: 1.45pt; padding-left: 1.45pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">/s/ Mark N. Lampert</P></TD>
    <TD STYLE="width: 50%; padding-right: 1.45pt; padding-left: 1.45pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.45pt; padding-left: 1.45pt">Mark N. Lampert, Authorized Signatory</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt">Date:</TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.45pt; padding-left: 1.45pt">07/09/2025</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 1.45pt; padding-left: 1.45pt">BVF INC/IL</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 1.45pt; padding-left: 1.45pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; padding-right: 1.45pt; padding-left: 1.45pt">By:</TD>
    <TD STYLE="width: 45%; padding-right: 1.45pt; padding-left: 1.45pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">/s/ Mark N. Lampert</P></TD>
    <TD STYLE="width: 50%; padding-right: 1.45pt; padding-left: 1.45pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.45pt; padding-left: 1.45pt">Mark N. Lampert, Authorized Signatory</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt">Date:</TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.45pt; padding-left: 1.45pt">07/09/2025</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 1.45pt; padding-left: 1.45pt">LAMPERT MARK N</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 1.45pt; padding-left: 1.45pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; padding-right: 1.45pt; padding-left: 1.45pt">By:</TD>
    <TD STYLE="width: 45%; padding-right: 1.45pt; padding-left: 1.45pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">/s/ Mark N. Lampert</P></TD>
    <TD STYLE="width: 50%; padding-right: 1.45pt; padding-left: 1.45pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.45pt; padding-left: 1.45pt">Mark N. Lampert</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt">Date:</TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.45pt; padding-left: 1.45pt">07/09/2025</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
