SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL OMB Number: 3235-0104 Estimated average burden hours per response: 0.5

1. Name and Address of Reporting Person* Huh Hoyoung (Last) (First) (Middle) 201 INDUSTRIAL ROAD (Street) SAN CARLOS CA 94070 (City) (State) (Zip)	2. Date of Event Requiring Statement (Month/Day/Year) 05/18/2007	3. Issuer Name and Ticker or Trading Symbol NEKTAR THERAPEUTICS [ NKTR ]
		4. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director 10% Owner X Officer (give title below) Other (specify below) COO & Head of PEGylation Bus	5. If Amendment, Date of Original Filed (Month/Day/Year)
			6. Individual or Joint/Group Filing (Check Applicable Line) X Form filed by One Reporting Person Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock	8,000	D

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option (Right to Buy)	(1)	03/07/2013	Common Stock	90,000	15.25	D
Restricted Stock Unit	(2)	03/10/2014	Common Stock	12,000	0.01	D
Stock Option (Right to Buy)	(3)	09/01/2014	Common Stock	10,000	17.39	D
Stock Option (Right to Buy)	(4)	04/02/2015	Common Stock	40,000	13.02	D

Explanation of Responses:

1. 1/5th of the shares subject to the option vested on March 7, 2006; the remaining shares vest monthly thereafter so that all of the shares shall be fully vested on March 7, 2010.

2. 1/2 of the shares subject to the RSU vest based on the achievement of a corporate milestone related to Exubera product royalties and the other 1/2 of the shares subject to the RSU vest based on the achievement of a corporate performance milestone related to advancement of the Company's proprietary product pipeline.

3. 1/5th of the shares subject to the option vest on September 1, 2007; the remaining shares vest monthly thereafter so that all of the shares shall be fully vested on September 1, 2011.

4. 1/4 of the shares subject to the option vest on April 2, 2008; the remaining shares vest monthly thereafter so that all of the shares shall be fully vested on April 2, 2011.

	Hoyoung Huh	05/29/2007
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.