SCHEDULE 13G/A 0001969280 XXXXXXXX LIVE 2 Common Stock, par value $0.0001 per share 09/30/2025 0000906709 Nektar Therapeutics, Inc. 640268108 6310 Nancy Ridge Drive, Suite 101 San Diego CA 92121 Rule 13d-1(c) TCG Crossover GP II, LLC b DE 0 0 0 0 0 N 0 OO TCG Crossover Fund II, L.P. b DE 0 0 0 0 0 N 0 PN Chen Yu b X1 0 0 0 0 0 N 0 IN Nektar Therapeutics, Inc. 455 Mission Bay Boulevard South, San Francisco, CA 94158 This Amendment No. 2 (Amendment No. 2) amends and supplements the Schedule 13G initially filed with the Commission on March 15, 2024, as amended by Amendment No. 1 filed with the Commission on August 14, 2025 (the Original Schedule 13G) and is being filed by TCG Crossover Fund II, L.P. (TCG Crossover II), TCG Crossover GP II, LLC (TCG Crossover GP II, and together with TCG Crossover II, the Reporting Entities) and Chen Yu (the Reporting Individual). The Reporting Entities and the Reporting Individual are collectively referred to as the Reporting Persons. The Reporting Persons expressly disclaim status as a group for purposes of this Schedule 13G. The agreement among the Reporting Persons to file jointly in accordance with the provisions of Rule 13d-1(k)(1) under the Act is attached as Exhibit 1 to the Original Schedule 13G. Other than those securities reported herein as being held directly by such Reporting Person, each Reporting Person disclaims beneficial ownership of all securities reported in this Statement except to the extent of such Reporting Person's pecuniary interest therein. Capitalized terms not defined in this Amendment No. 1 have the meanings ascribed to them in the Original Schedule 13G. The address of the principal business office of each Reporting Person is 245 Lytton Ave., Suite 350, Palo Alto, CA 94301. TCG Crossover GP II is a limited liability company organized under the laws of the State of Delaware. TCG Crossover II is a limited partnership organized under the laws of the State of Delaware. The Reporting Individual is a citizen of the United States of America. Y See Row 9 of the cover page for each Reporting Person and the corresponding comments. See Row 11 of the cover page for each Reporting Person and the corresponding comments. See Row 5 of the cover page for each Reporting Person and the corresponding comments. See Row 6 of the cover page for each Reporting Person and the corresponding comments. See Row 7 of the cover page for each Reporting Person and the corresponding comments. See Row 8 of the cover page for each Reporting Person and the corresponding comments. N Y Y Y Y Y N 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. TCG Crossover GP II, LLC /s/ Craig Skaling 11/14/2025 TCG Crossover Fund II, L.P. /s/ Craig Skaling 11/14/2025 Chen Yu /s/ Craig Skaling 11/14/2025