<SEC-DOCUMENT>0001446580-25-000123.txt : 20251113
<SEC-HEADER>0001446580-25-000123.hdr.sgml : 20251113
<ACCEPTANCE-DATETIME>20251113174511
ACCESSION NUMBER:		0001446580-25-000123
CONFORMED SUBMISSION TYPE:	SCHEDULE 13G
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20251113
DATE AS OF CHANGE:		20251113

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:		251480066

	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:			SUSQUEHANNA SECURITIES, LLC
		CENTRAL INDEX KEY:			0001446580
		ORGANIZATION NAME:           	
		EIN:				232754552

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G

	BUSINESS ADDRESS:	
		STREET 1:		401 CITY AVENUE, SUITE 220
		CITY:			BALA CYNWYD
		STATE:			PA
		ZIP:			19004
		BUSINESS PHONE:		610-617-2600

	MAIL ADDRESS:	
		STREET 1:		401 CITY AVENUE, SUITE 220
		CITY:			BALA CYNWYD
		STATE:			PA
		ZIP:			19004

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SUSQUEHANNA SECURITIES
		DATE OF NAME CHANGE:	20130709

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Susquehanna Securities
		DATE OF NAME CHANGE:	20080930
</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>
          <cik>0001446580</cik>
          <ccc>XXXXXXXX</ccc>
        </filerCredentials>
      </filer>
      <liveTestFlag>LIVE</liveTestFlag>



    </filerInfo>
  </headerData>
  <formData>
    <coverPageHeader>
      <securitiesClassTitle>Common Stock, $0.0001 par value per share</securitiesClassTitle>
      <eventDateRequiresFilingThisStatement>09/30/2025</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(b)</designateRulePursuantThisScheduleFiled>
      </designateRulesPursuantThisScheduleFiled>
    </coverPageHeader>
    <coverPageHeaderReportingPersonDetails>

      <reportingPersonName>Susquehanna Portfolio Strategies, LLC</reportingPersonName>
      <citizenshipOrOrganization>DE</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>16057</soleVotingPower>
        <sharedVotingPower>1235864</sharedVotingPower>
        <soleDispositivePower>16057</soleDispositivePower>
        <sharedDispositivePower>1235864</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>1235864</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <classPercent>6.3</classPercent>
      <typeOfReportingPerson>OO</typeOfReportingPerson>
      <comments>With respect to Row 5 through Row 9 above, Susquehanna Securities, LLC is a broker-dealer which, together with Susquehanna Portfolio Strategies, LLC, may be deemed a group.  For purposes of this report, we have indicated that each reporting person has sole voting and dispositive power with respect to the shares beneficially owned by it and that the reporting persons have shared voting and dispositive power with respect to all shares beneficially owned by all of the reporting persons.  Each of the reporting persons disclaims beneficial ownership of shares owned directly by another reporting person.</comments>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>

      <reportingPersonName>Susquehanna Securities, LLC</reportingPersonName>
      <citizenshipOrOrganization>DE</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>1219807</soleVotingPower>
        <sharedVotingPower>1235864</sharedVotingPower>
        <soleDispositivePower>1219807</soleDispositivePower>
        <sharedDispositivePower>1235864</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>1235864</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <classPercent>6.3</classPercent>
      <typeOfReportingPerson>BD</typeOfReportingPerson>
      <typeOfReportingPerson>OO</typeOfReportingPerson>
      <comments>With respect to Row 5 through Row 9 above, Susquehanna Securities, LLC is a broker-dealer which, together with Susquehanna Portfolio Strategies, LLC, may be deemed a group.  For purposes of this report, we have indicated that each reporting person has sole voting and dispositive power with respect to the shares beneficially owned by it and that the reporting persons have shared voting and dispositive power with respect to all shares beneficially owned by all of the reporting persons.  Each of the reporting persons disclaims beneficial ownership of shares owned directly by another reporting person.</comments>
    </coverPageHeaderReportingPersonDetails>
    <items>
      <item1>
        <issuerName>Nektar Therapeutics</issuerName>
        <issuerPrincipalExecutiveOfficeAddress>455 Mission Bay Boulevard South, San Francisco, California 94158</issuerPrincipalExecutiveOfficeAddress>
      </item1>
      <item2>
        <filingPersonName>This statement is filed by the entities listed below, who are collectively referred to herein as "Reporting Persons" with respect to the shares of Common Stock, $0.0001 par value per share (the "Shares"), of Nektar Therapeutics (the "Company").

(i) Susquehanna Portfolio Strategies, LLC
(ii) Susquehanna Securities, LLC</filingPersonName>
        <principalBusinessOfficeOrResidenceAddress>The address of the principal business office of each of Susquehanna Portfolio Strategies, LLC and Susquehanna Securities, LLC is:

401 E. City Avenue
Suite 220
Bala Cynwyd, PA 19004</principalBusinessOfficeOrResidenceAddress>
        <citizenship>Citizenship is set forth in Row 4 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.</citizenship>
      </item2>
      <item3>
        <notApplicableFlag>N</notApplicableFlag>
        <typeOfPersonFiling>BD</typeOfPersonFiling>
      </item3>
      <item4>
        <amountBeneficiallyOwned>
The information required by this Item 4(a) is set forth in Row 9 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.

The number of Shares reported as beneficially owned by Susquehanna Securities, LLC includes options to buy 294,911 Shares.

The Company's Quarterly Report on Form 10-Q, filed on November 7, 2025, indicates that there were 19,652,513 Shares outstanding as of September 30, 2025.
</amountBeneficiallyOwned>
        <classPercent>6.3</classPercent>
        <numberOfSharesPersonHas>
          <solePowerOrDirectToVote>
The information required by this Item 4(c)(i) is set forth in Row 5 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.</solePowerOrDirectToVote>
          <sharedPowerOrDirectToVote>
The information required by this Item 4(c)(ii) is set forth in Row 6 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.</sharedPowerOrDirectToVote>
          <solePowerOrDirectToDispose>
The information required by this Item 4(c)(iii) is set forth in Row 7 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.</solePowerOrDirectToDispose>
          <sharedPowerOrDirectToDispose>
The information required by this Item 4(c)(iv) is set forth in Row 8 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person. </sharedPowerOrDirectToDispose>
        </numberOfSharesPersonHas>
      </item4>
      <item5>
        <notApplicableFlag>Y</notApplicableFlag>
      </item5>
      <item6>
        <notApplicableFlag>Y</notApplicableFlag>
      </item6>
      <item7>
        <notApplicableFlag>Y</notApplicableFlag>
      </item7>
      <item8>
        <notApplicableFlag>Y</notApplicableFlag>
      </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 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.</certifications>
      </item10>
    </items>
    <exhibitInfo>	EXHIBIT INDEX

EXHIBIT					DESCRIPTION
________				________
99						Joint Filing Agreement</exhibitInfo>
    <signatureInformation>
      <reportingPersonName>Susquehanna Portfolio Strategies, LLC</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Brian Sopinsky</signature>
        <title>Brian Sopinsky, Assistant Secretary</title>
        <date>11/13/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>Susquehanna Securities, LLC</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Brian Sopinsky</signature>
        <title>Brian Sopinsky, Secretary</title>
        <date>11/13/2025</date>
      </signatureDetails>
    </signatureInformation>
  </formData>

</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>nktr_sc13g-ex99.htm
<DESCRIPTION>JOINT FILING AGREEMENT
<TEXT>
<html><head></head><body style="font: 11pt Times New Roman, Times, Serif"><p style="text-align: end"><b>Exhibit 99</b></p><p style="text-align: center"><b>JOINT FILING AGREEMENT</b></p><p>This will confirm the agreement by and among the undersigned that the Schedule 13G filed with the Securities and Exchange Commission on or about the date hereof with respect to the beneficial ownership by the undersigned of the Common Stock, $0.0001 par value per share of Nektar Therapeutics, is being filed, and all amendments thereto will be filed, on behalf of each of the persons and entities named below in accordance with Rule 13d-1(k) under the Securities Exchange Act of 1934, as amended. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.</p><p>Dated as of November 13, 2025</p><p>SUSQUEHANNA PORTFOLIO STRATEGIES, LLC</p><p style="margin: 0">By: <u>/s/ Brian Sopinsky</u></p><p style="margin: 0">Name: Brian Sopinsky</p><p style="margin: 0">Title: Assistant Secretary</p><p>SUSQUEHANNA SECURITIES, LLC</p><p style="margin: 0">By: <u>/s/ Brian Sopinsky</u></p><p style="margin: 0">Name: Brian Sopinsky</p><p style="margin: 0">Title: Secretary</p><p>&nbsp;</p><div style="border-bottom: Black 1pt solid"></div></body></html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
