[SCHEDULE 13G] Nektar Therapeutics SEC Filing

Rhea-AI Filing Summary

Barclays Bank PLC is issuing $1.133 million in Callable Contingent Coupon Notes due 23 Jun 2028 linked to the worst performer among the Nasdaq-100 (NDX), Russell 2000 (RTY) and S&P 500 (SPX) indices. The notes form part of the bank’s Global Medium-Term Notes, Series A programme and are offered at 100 % of face value in $1,000 denominations.

Income mechanics

• Quarterly contingent coupon of 0.7708 % (≈9.25 % p.a.) is paid only if all three indices close at or above their Coupon Barrier (70 % of the initial level) on the relevant observation date.
• Coupons cease for any period in which at least one index breaches its barrier.

Principal repayment

• At maturity investors receive full principal only if the least-performing index is ≥ 60 % of its initial level (Barrier Value).
• If the worst index is < 60 %, principal is reduced 1-for-1 with the index decline, exposing holders to a maximum 100 % loss.

Issuer call option

• Barclays may redeem the notes in whole (not partly) on any monthly Call Valuation Date beginning 18 Sep 2025 at $1,000 + any due coupon. Early redemption caps total return and introduces reinvestment risk.

Key risk / value considerations

• Credit risk: unsecured, unsubordinated Barclays Bank PLC obligations subject to U.K. bail-in powers.
• Market risk: performance driven by the worst of three U.S. equity indices; historic non-correlation increases probability of barrier breach.
• Valuation gap: Barclays’ estimated fair value on trade date is $977.20 (97.72 % of par), reflecting dealer commission (0.95 %) and structuring/hedging costs.
• Liquidity: no exchange listing; secondary market making is discretionary.

Important dates

• Initial valuation: 18 Jun 2025  |  Issue: 24 Jun 2025
• Final valuation: 20 Jun 2028  |  Maturity: 23 Jun 2028

Investors seeking high contingent income and willing to accept potential loss of principal, early call and Barclays credit/bail-in risk may find the structure suitable. Those requiring guaranteed coupons, principal protection or secondary liquidity should avoid.

Positive

• High contingent coupon of 9.25 % per annum, above current investment-grade yields.
• Early issuer call could return full principal plus coupon in as little as three months if markets perform well.

Negative

• Full downside exposure below a 60 % barrier on the worst-performing index, risking 100 % principal loss.
• Coupons are not guaranteed; payment stops if any index closes below its 70 % coupon barrier on observation dates.
• Issuer credit and bail-in risk; obligations are unsecured and subject to U.K. resolution powers.
• Valuation premium; fair value estimated at 97.72 % versus 100 % offer price, implying 2.28 % upfront cost to investors.
• Reinvestment and upside cap; early redemption limits total return, while investors forego any index appreciation.
• Limited liquidity; notes are unlisted and secondary market making is discretionary.

Insights

Structured-Product Analyst

TL;DR: 9.25 % contingent yield, 60 % hard barrier, worst-of three indices—high income but high downside and issuer call.

The note offers above-market coupons thanks to twin risk levers: (1) all-asset coupon condition set at 70 % of initial and (2) 60 % principal barrier on the worst performer. Historical drawdowns show RTY breached –40 % several times in 2020–2022, illustrating barrier vulnerability. Early call likelihood is greatest if markets remain range-bound or rise, trimming upside for holders. The 2.3 % mark-up to internal value and 0.95 % selling concession are standard for retail structured products. From a risk/return standpoint, the structure suits investors with moderately bullish views who can absorb a 40 %+ equity drawdown and Barclays senior credit exposure. Impact rating: neutral.

Credit & Regulatory Risk Specialist

TL;DR: Unsecured Barclays debt subject to U.K. bail-in; investors face both equity and issuer stress scenarios.

Because the notes rank pari-passu with other senior Barclays obligations, any deterioration in the bank’s credit metrics or adverse U.K. regulatory action could trigger losses irrespective of index performance. The explicit consent to bail-in powers is notable—equity conversion or write-down can occur without investor approval. With only $1.1 million issued, liquidity will be thin, further elevating exit-price risk. Given these factors, the product’s risk profile skews negative for conservative portfolios.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Nektar Therapeutics

(Name of Issuer)

Common Stock, par value $0.0001 per share

(Title of Class of Securities)

640268306

(CUSIP Number)

06/27/2025

(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)

SCHEDULE 13G

CUSIP No. 640268306

1

Names of Reporting Persons

Integrated Core Strategies (US) 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 0.00
6	Shared Voting Power 815,948.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 815,948.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

815,948.00

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)

4.7 %

12

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13G

CUSIP No. 640268306

1

Names of Reporting Persons

Millennium Management 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 0.00
6	Shared Voting Power 932,863.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 932,863.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

932,863.00

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)

5.4 %

12

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13G

CUSIP No. 640268306

1

Names of Reporting Persons

Millennium Group Management 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 0.00
6	Shared Voting Power 932,863.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 932,863.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

932,863.00

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)

5.4 %

12

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13G

CUSIP No. 640268306

1

Names of Reporting Persons

Israel A. Englander

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 0.00
6	Shared Voting Power 932,863.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 932,863.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

932,863.00

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)

5.4 %

12

Type of Reporting Person (See Instructions)

IN

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: Integrated Core Strategies (US) LLC Millennium Management LLC Millennium Group Management LLC Israel A. Englander
(b)	Address or principal business office or, if none, residence: Integrated Core Strategies (US) LLC c/o Millennium Management LLC 399 Park Avenue New York, New York 10022 Millennium Management LLC 399 Park Avenue New York, New York 10022 Millennium Group Management LLC 399 Park Avenue New York, New York 10022 Israel A. Englander c/o Millennium Management LLC 399 Park Avenue New York, New York 10022
(c)	Citizenship: Integrated Core Strategies (US) LLC - Delaware Millennium Management LLC - Delaware Millennium Group Management LLC - Delaware Israel A. Englander - United States
(d)	Title of class of securities: Common Stock, par value $0.0001 per share
(e)	CUSIP No.: 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: See response to Item 9 on each cover page.
(b)	Percent of class: See response to Item 11 on each cover page.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: See response to Item 5 on each cover page.
	(ii) Shared power to vote or to direct the vote: See response to Item 6 on each cover page.
	(iii) Sole power to dispose or to direct the disposition of: See response to Item 7 on each cover page.
	(iv) Shared power to dispose or to direct the disposition of: See response to Item 8 on each cover page. The securities disclosed herein as potentially beneficially owned by Millennium Management LLC, Millennium Group Management LLC and Mr. Englander are held by entities subject to voting control and investment discretion by Millennium Management LLC and/or other investment managers that may be controlled by Millennium Group Management LLC (the managing member of Millennium Management LLC) and Mr. Englander (the sole voting trustee of the managing member of Millennium Group Management LLC). The foregoing should not be construed in and of itself as an admission by Millennium Management LLC, Millennium Group Management LLC or Mr. Englander as to beneficial ownership of the securities held by such entities.
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	If a group has filed this schedule pursuant to §240.13d-1(b)(1)(ii)(K), so indicate under Item 3(k) and attach an exhibit stating the identity and Item 3 classification of each member of the group. If a group has filed this schedule pursuant to §240.13d-1(c) or §240.13d-1(d), attach an exhibit stating the identity of each member of the group. See Exhibit I
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 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.

Integrated Core Strategies (US) LLC

Signature:	/s/ Gil Raviv
Name/Title:	Gil Raviv, Global General Counsel
Date:	07/02/2025

Millennium Management LLC

Signature:	/s/ Gil Raviv
Name/Title:	Gil Raviv, Global General Counsel
Date:	07/02/2025

Millennium Group Management LLC

Signature:	/s/ Gil Raviv
Name/Title:	Gil Raviv, Global General Counsel
Date:	07/02/2025

Israel A. Englander

Signature:	/s/ Israel A. Englander
Name/Title:	Israel A. Englander
Date:	07/02/2025

Comments accompanying signature: ** INTEGRATED CORE STRATEGIES (US) LLC By: Integrated Holding Group LP, its Managing Member By: Millennium Management LLC, its General Partner

Exhibit Information

Exhibit I: Joint Filing Agreement, dated as of July 2, 2025, by and among Integrated Core Strategies (US) LLC, Millennium Management LLC, Millennium Group Management LLC and Israel A. Englander.

FAQ

What coupon rate do the Barclays 2028 contingent notes pay?

The notes pay 0.7708 % quarterly (≈9.25 % p.a.) only if all three indices are at or above 70 % of their initial levels on each observation date.

How much principal protection do these notes provide?

Principal is protected only if the least-performing index stays at or above 60 % of its initial value at final valuation; otherwise losses mirror the index decline and may reach 100 %.

Can Barclays redeem the notes before 2028?

Yes. Barclays may call the notes monthly starting 18 Sep 2025 at $1,000 plus any due coupon, ending further payments.

Why is the estimated value ($977.20) below the $1,000 issue price?

The difference reflects dealer commission (0.95 %), hedging costs and Barclays’ expected profit, common in retail structured products.

Are the notes protected by FDIC insurance or the UK FSCS?

No. They are unsecured, unsubordinated obligations of Barclays Bank PLC and are not insured by any government agency.

What happens if UK regulators exercise bail-in powers?

Regulators could write down or convert the notes into equity, potentially resulting in partial or total loss irrespective of index performance.