On May 8, 2026, Nektar Therapeutics (the "Company") entered into an Equity Distribution Agreement (the "Agreement") with Guggenheim Securities, LLC ("Guggenheim Securities") and H.C. Wainwright & Co., LLC ("Wainwright"), pursuant to which the Company may offer and sell, from time to time in its sole discretion, shares of its common stock, par value $0.0001 per share (the "Common Stock") having an aggregate offering price of up to $150,000,000 (the "Shares"), through Guggenheim Securities and Wainwright as its sales agents. The Shares will be offered and sold pursuant to the Company's automatic shelf registration statement on Form S-3 and accompanying prospectus filed by the Company on November 12, 2025 (the "Registration Statement") and the sales agreement prospectus supplement filed by the Company on May 8, 2026 that forms a part of such Registration Statement. The issuance and sale, if any, of the Shares may be by any method permitted by law deemed to be an "at-the-market offering" as defined in Rule 415 of the Securities Act of 1933, as amended, including by means of ordinary brokers' transactions on the Nasdaq Capital Market at market prices or otherwise at prices related to prevailing market prices or at negotiated prices, by privately negotiated transactions (including block sales) or by any other methods permitted by applicable law.