Nektar Therapeutics Schedule 13G shows Two Seas Capital and related filers report beneficial ownership of 1,959,178 shares of Common Stock, equal to 6.8% of the class. The stake is held by Two Seas Global (Master) Fund LP and reported with voting and dispositive power held solely by the reporting entities.
The percentage is calculated using 28,687,963 shares outstanding as of March 11, 2026, per the issuer's Form 10-K; filings are signed by Sina Toussi on behalf of the reporting parties.
Positive
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Negative
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Insights
Two Seas reports a meaningful passive stake of 6.8% in Nektar.
Two Seas Capital LP, Two Seas Capital GP LLC and Sina Toussi jointly report beneficial ownership of 1,959,178 shares, representing 6.8% of outstanding common stock calculated from March 11, 2026 outstanding figures.
Ownership is shown with sole voting and dispositive power via the Global Fund structure; this is a disclosure of position rather than an announced transaction or strategy.
Key Figures
Shares beneficially owned:1,959,178 sharesPercent of class:6.8%Shares outstanding used:28,687,963 shares+1 more
4 metrics
Shares beneficially owned1,959,178 sharesAmount owned by Two Seas Global (Master) Fund LP as of March 31, 2026
Percent of class6.8%Percent of common stock based on 28,687,963 shares outstanding as of March 11, 2026
Shares outstanding used28,687,963 sharesTotal outstanding common stock per issuer Form 10-K (as of March 11, 2026)
CUSIP640268306CUSIP for Nektar Common Stock as listed in the filing
Key Terms
beneficially owned, sole power to vote, Schedule 13G
3 terms
beneficially ownedregulatory
"Amount beneficially owned as of March 31, 2026: TSC - 1,959,178 shares"
Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.
sole power to voteregulatory
"TSC may be deemed to have sole power to vote and sole power to dispose"
Schedule 13Gregulatory
"The Statement is filed on behalf of each of the following persons (collectively, the "Reporting Persons")"
A Schedule 13G is a formal document that investors file with the government when they acquire a large ownership stake in a company, usually for investment purposes rather than control. It helps keep the public informed about who owns significant parts of a company's shares, which can influence how the company is managed and how investors make decisions. Filing this schedule is important for transparency and understanding the ownership landscape of publicly traded companies.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
NEKTAR THERAPEUTICS
(Name of Issuer)
Common Stock, $0.0001 par value
(Title of Class of Securities)
640268306
(CUSIP Number)
03/31/2026
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
640268306
1
Names of Reporting Persons
Two Seas Capital LP
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
1,959,178.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
1,959,178.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,959,178.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
6.8 %
12
Type of Reporting Person (See Instructions)
IA, PN
SCHEDULE 13G
CUSIP Number(s):
640268306
1
Names of Reporting Persons
Two Seas Capital GP LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
1,959,178.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
1,959,178.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,959,178.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
6.8 %
12
Type of Reporting Person (See Instructions)
OO, HC
SCHEDULE 13G
CUSIP Number(s):
640268306
1
Names of Reporting Persons
Sina Toussi
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
1,959,178.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
1,959,178.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,959,178.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
6.8 %
12
Type of Reporting Person (See Instructions)
IN, HC
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
NEKTAR THERAPEUTICS
(b)
Address of issuer's principal executive offices:
455 Mission Bay Boulevard South, San Francisco, California, 94158
Item 2.
(a)
Name of person filing:
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"). The principal business of TSC is providing investment advice as a registered investment adviser and serving as investment manager to the Global Fund. As such, TSC has been granted investment discretion over portfolio investments, including the Common Stock, held by or for the account of the Global Fund, including the Global Fund's 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.
(b)
Address or principal business office or, if none, residence:
The address of the principal business office of each of the Reporting Persons is 32 Elm Place - 3rd Floor, Rye, New York 10580.
(c)
Citizenship:
(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.
(d)
Title of class of securities:
Common Stock, $0.0001 par value
(e)
CUSIP Number(s):
640268306
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
Amount beneficially owned as of March 31, 2026:
TSC - 1,959,178 shares of Common Stock
TSC GP - 1,959,178 shares of Common Stock
Sina Toussi - 1,959,178 shares of Common Stock
(b)
Percent of class:
Percent of class as of March 31, 2026:
TSC - 6.8%
TSC GP - 6.8%
Sina Toussi - 6.8%
The shares of Common Stock reported for Item 4 total 1,959,178 shares of Common Stock held by the Global Fund. TSC may be deemed to have sole power to vote and sole power to dispose of the Common Stock held by the Global Fund, through its capacity as investment adviser of the Global Fund. TSC GP may be deemed to have sole power to vote and sole power to dispose of the Common Stock held by the Global Fund, 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 Global Fund, through his capacity as Managing Member of TSC GP.
The percentages reported for Item 4(b) are calculated based on a total of 28,687,963 shares of Common Stock outstanding on March 11, 2026, as disclosed in the Issuer's Form 10-K filed with the Securities and Exchange Commission on March 13, 2026.
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
As of March 31, 2026, the Reporting Persons had sole power to vote or to direct the vote of 1,959,178 shares of Common Stock.
(ii) Shared power to vote or to direct the vote:
As of March 31, 2026, the Reporting Persons had shared power to vote or to direct the vote of 0 shares of Common Stock.
(iii) Sole power to dispose or to direct the disposition of:
As of March 31, 2026, the Reporting Persons had sole power to dispose or to direct the disposition of 1,959,178 shares of Common Stock.
(iv) Shared power to dispose or to direct the disposition of:
As of March 31, 2026, the Reporting Persons had shared power to dispose or to direct the disposition of 0 shares of Common Stock.
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
See disclosure in Item 4, which is incorporated by reference herein.
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary.
See disclosure in Item 2, which is incorporated by reference herein.
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
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.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Two Seas Capital LP
Signature:
/s/ Sina Toussi
Name/Title:
Sina Toussi / Managing Member of Two Seas Capital GP LLC, its General Partner
What stake does Two Seas Capital report in Nektar (NKTR)?
Two Seas reports beneficial ownership of 1,959,178 shares, representing 6.8% of Nektar's common stock. The percentage uses a base of 28,687,963 shares outstanding as disclosed in the issuer's Form 10-K dated March 11, 2026.
Who holds voting and dispositive power over the shares reported in the 13G?
The reporting persons state they have sole voting and sole dispositive power over the 1,959,178 shares. Authority is exercised through Two Seas Capital as investment adviser and Two Seas Capital GP as general partner, with Sina Toussi as managing member.
On what date is the reported ownership calculated?
The amount beneficially owned is stated as of March 31, 2026 for the Reporting Persons. The shares-outstanding figure used to compute the percent is as of March 11, 2026 per the issuer's Form 10-K.
Is the 13G filing an acquisition or an active intent statement?
The Schedule 13G discloses beneficial ownership and voting/dispositive power; it does not announce an acquisition strategy or intent. It reports the position held by the Global Fund and the reporting parties' authority over those shares.
How was the 6.8% ownership percentage calculated?
The 6.8% figure is calculated by dividing 1,959,178 shares by the disclosed total of 28,687,963 shares outstanding as of March 11, 2026, according to the issuer's Form 10-K referenced in the filing.
