X0202 SCHEDULE 13G/A 0001823138 XXXXXXXX LIVE 2 Common Stock, $0.0001 par value 09/25/2026 0000906709 NEKTAR THERAPEUTICS 640268306 455 Mission Bay Boulevard South San Francisco CA 94158 Rule 13d-1(b) Two Seas Capital LP DE 3345978.00 0.00 3345978.00 0.00 3345978.00 N 9.8 IA PN Two Seas Capital GP LLC DE 3345978.00 0.00 3345978.00 0.00 3345978.00 N 9.8 OO HC Sina Toussi X1 3345978.00 0.00 3345978.00 0.00 3345978.00 N 9.8 IN HC NEKTAR THERAPEUTICS 455 Mission Bay Boulevard South, San Francisco, California, 94158 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. The address of the principal business office of each of the Reporting Persons is 32 Elm Place - 3rd Floor, Rye, New York 10580. (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. N IA HC 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 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. 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. As of the date hereof, the Reporting Persons has shared power to vote or to direct the vote of 0 shares of Common Stock. 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. As of the date hereof, the Reporting Persons has shared power to dispose or to direct the disposition of 0 shares of Common Stock. N N See disclosure in Item 4, which is incorporated by reference herein. N See disclosure in Item 2, which is incorporated by reference herein. Y Y N 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. Two Seas Capital LP /s/ Sina Toussi 09/28/2026 Two Seas Capital GP LLC /s/ Sina Toussi 09/28/2026 Sina Toussi /s/ Sina Toussi 09/28/2026