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SCHEDULE 13G CUSIP NO. 640268108 PAGE 1 OF 9 PAGES UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 SCHEDULE 13G UNDER THE SECURITIES EXCHANGE ACT OF 1934 (AMENDMENT NO. 1)* Nektar Therapeutics (Name of Issuer) Common Stock, $.0001 par value (Title of Class of Securities) 640268108 (CUSIP Number) December 31, 2004 (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) [X] Rule 13d-1(c) [ ] Rule 13d-1(d) *The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page. The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes). SCHEDULE 13G CUSIP NO. 640268108 PAGE 2 OF 9 PAGES - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY) Alexandra Global Master Fund Ltd. (No I.R.S. ID Number) - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (A)[ ] (B)[ ] (See Item 6) - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 CITIZENSHIP OR PLACE OF ORGANIZATION British Virgin Islands - -------------------------------------------------------------------------------- NUMBER OF 5 SOLE VOTING POWER SHARES BENEFICIALLY -0- OWNED BY --------------------------------------------------------- EACH 6 SHARED VOTING POWER REPORTING PERSON 525,765 shares of Common Stock (See Item 4) WITH: --------------------------------------------------------- 7 SOLE DISPOSITIVE POWER -0- --------------------------------------------------------- 8 SHARED DISPOSITIVE POWER 525,765 shares of Common Stock (See Item 4) - -------------------------------------------------------------------------------- 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 525,765 shares of Common Stock (See Item 4) - -------------------------------------------------------------------------------- 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) 0.6% (See Item 4) - -------------------------------------------------------------------------------- 12 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) CO - -------------------------------------------------------------------------------- SCHEDULE 13G CUSIP NO. 640268108 PAGE 3 OF 9 PAGES - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY) Alexandra Investment Management, LLC 13-4092583 - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (A)[ ] (B)[ ] (See Item 6) - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware - -------------------------------------------------------------------------------- NUMBER OF 5 SOLE VOTING POWER SHARES BENEFICIALLY -0- OWNED BY --------------------------------------------------------- EACH 6 SHARED VOTING POWER REPORTING PERSON WITH: 525,765 shares of Common Stock (See Item 4) --------------------------------------------------------- 7 SOLE DISPOSITIVE POWER -0- --------------------------------------------------------- 8 SHARED DISPOSITIVE POWER 525,765 shares of Common Stock (See Item 4) - -------------------------------------------------------------------------------- 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 525,765 shares of Common Stock (See Item 4) - -------------------------------------------------------------------------------- 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) 0.6% (See Item 4) - -------------------------------------------------------------------------------- 12 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) OO - -------------------------------------------------------------------------------- SCHEDULE 13G CUSIP NO. 640268108 PAGE 4 OF 9 PAGES - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY) Mikhail A. Filimonov - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (A)[ ] (B)[ ] (See Item 6) - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 CITIZENSHIP OR PLACE OF ORGANIZATION U.S. - -------------------------------------------------------------------------------- NUMBER OF 5 SOLE VOTING POWER SHARES BENEFICIALLY -0- OWNED BY --------------------------------------------------------- EACH 6 SHARED VOTING POWER REPORTING PERSON 525,765 shares of Common Stock (See Item 4) WITH: --------------------------------------------------------- 7 SOLE DISPOSITIVE POWER -0- --------------------------------------------------------- 8 SHARED DISPOSITIVE POWER 525,765 shares of Common Stock (See Item 4) - -------------------------------------------------------------------------------- 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 525,765 shares of Common Stock (See Item 4) - -------------------------------------------------------------------------------- 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) 0.6% (See Item 4) - -------------------------------------------------------------------------------- 12 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) IN - -------------------------------------------------------------------------------- SCHEDULE 13G CUSIP NO. 640268108 PAGE 5 OF 9 PAGES - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY) Dimitri Sogoloff - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (A)[ ] (B)[ ] (See Item 6) - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 CITIZENSHIP OR PLACE OF ORGANIZATION U.S. - -------------------------------------------------------------------------------- NUMBER OF 5 SOLE VOTING POWER SHARES BENEFICIALLY -0- OWNED BY --------------------------------------------------------- EACH 6 SHARED VOTING POWER REPORTING PERSON 525,765 shares of Common Stock (See Item 4) WITH: --------------------------------------------------------- 7 SOLE DISPOSITIVE POWER -0- --------------------------------------------------------- 8 SHARED DISPOSITIVE POWER 525,765 shares of Common Stock (See Item 4) - -------------------------------------------------------------------------------- 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 525,765 shares of Common Stock (See Item 4) - -------------------------------------------------------------------------------- 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) 0.6% (See Item 4) - -------------------------------------------------------------------------------- 12 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) IN - -------------------------------------------------------------------------------- SCHEDULE 13G CUSIP NO. 640268108 PAGE 6 OF 9 PAGES Item 1(a). Name of Issuer: Nektar Therapeutics (the "Issuer") Item 1(b). Address of Issuer's Principal Executive Offices: 150 Industrial Road San Carlos, California 94070 Item 2(a). Names of Persons Filing: Alexandra Global Master Fund Ltd. ("Alexandra") Alexandra Investment Management, LLC ("Management") Mikhail A. Filimonov ("Filimonov") Dimitri Sogoloff ("Sogoloff") Item 2(b). Address of Principal Business Office: Alexandra - Citco Building, Wickams Cay, P.O. Box 662, Road Town, Tortola, British Virgin Islands Management - 767 Third Avenue, 39th Floor, New York, New York 10017 Filimonov - 767 Third Avenue, 39th Floor, New York, New York 10017 Sogoloff - 767 Third Avenue, 39th Floor, New York, New York 10017 Item 2(c). Place of Organization or Citizenship: Alexandra - British Virgin Islands Management - Delaware Filimonov - U.S. Sogoloff - U.S. Item 2(d). Title of Class of Securities: Common Stock, $0.0001 par value per share of the Issuer (the "Common Stock") Item 2(e). CUSIP Number: 640268108 Item 3. This Schedule is filed pursuant to Rule 13d-1(c) by Alexandra, Management, Filimonov and Sogoloff Item 4. Ownership: (a) Amount Beneficially Owned: Alexandra: 525,765 shares* Management: 525,765 shares* Filimonov: 525,765 shares* Sogoloff: 525,765 shares* (b) Percent of Class: Alexandra: 0.6%* Management: 0.6%* Filimonov: 0.6%* Sogoloff: 0.6%* SCHEDULE 13G CUSIP NO. 640268108 PAGE 7 OF 9 PAGES (Based on 83,966,223 shares of Common Stock outstanding, as of October 29, 2004, as stated in the Issuer's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2004) (c) Number of Shares as to which the Person has: (i) sole power to vote or to direct the vote -0- (ii) shared power to vote or to direct the vote: 525,765 shares of Common Stock* (iii) sole power to dispose or to direct the disposition of -0- (iv) shared power to dispose or to direct the disposition of 525,765 shares of Common Stock* *The shares of Common Stock reported as beneficially owned by Alexandra include 20,000 shares of Common Stock that are outstanding. 389,336 of the shares of Common Stock reported as beneficially owned by Alexandra are shares of Common Stock which Alexandra has the right to acquire upon conversion of 5% Convertible Notes Due 2007 of the Issuer. 116,429 of the shares of Common Stock reported as beneficially owned by Alexandra are shares of Common Stock which Alexandra has the right to acquire upon conversion of 3.5% Convertible Notes Due 2007 of the Issuer. Management serves as investment advisor to Alexandra. By reason of such relationship, Management may be deemed to share voting and dispositive power over the shares of Common Stock owned by Alexandra. Management disclaims beneficial ownership of the shares of Common Stock listed as beneficially owned by Alexandra or any other person reporting on this Schedule. Filimonov serves as the Chairman, the Chief Executive Officer, a Managing Member and the Chief Investment Officer of Management. Sogoloff serves as the President, a Managing Member and the Chief Information Officer of Management. By reason of such relationships, each of Filimonov and Sogoloff may be deemed to share voting and dispositive power over the shares of Common Stock listed as beneficially owned by Management. Filimonov and Sogoloff each disclaims beneficial ownership of the shares of Common Stock listed as beneficially owned by Management or any other person reporting on this Schedule. Item 5. Ownership of Five Percent or Less of a Class: If this statement is being filed to report the fact that as of the date hereof each of the Reporting Persons ceased to be the beneficial owner of more than five percent of the class of securities, check the following [X] Item 6. Ownership of More Than Five Percent on Behalf of Another Person: SCHEDULE 13G CUSIP NO. 640268108 PAGE 8 OF 9 PAGES Not applicable Item 7. Identification and Classification of the Subsidiary which Acquired the Security Being Reported on by the Parent Holding Company: Not applicable Item 8. Identification and Classification of Members of the Group: Not applicable Item 9. Notice of Dissolution of Group: Not applicable Item 10. Certification: By signing below each signatory certifies that, to the best of its 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. Exhibits: Exhibit I: Joint Filing Agreement, dated as of February 3, 2004 by and among Alexandra, Management, Filimonov and Sogoloff (incorporated herein by reference to the exhibit with the same number filed with Schedule 13G by the persons reporting on this Amendment No. 1). SCHEDULE 13G CUSIP NO. 640268108 PAGE 9 OF 9 PAGES SIGNATURE By signing below each signatory certifies that, to the best of its 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. Date: February 14, 2005 ALEXANDRA GLOBAL MASTER FUND LTD. By: ALEXANDRA INVESTMENT MANAGEMENT, LLC, Investment Advisor By: /s/ Mikhail A. Filimonov ---------------------------- Mikhail A. Filimonov Title: Managing Member ALEXANDRA INVESTMENT MANAGEMENT, LLC By: /s/ Mikhail A. Filimonov ---------------------------- Mikhail A. Filimonov Title: Managing Member /s/ Mikhail A. Filimonov ---------------------------- Mikhail A. Filimonov /s/ Dimitri Sogoloff ---------------------------- Dimitri Sogoloff