Ownership Submission
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, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number: 3235-0104
Expires: January 31, 2005
Estimated average burden hours per response... 0.5

(Print or Type Responses)
1. Name and Address of Reporting Person *
  Huh Hoyoung
 2. Date of Event Requiring Statement (Month/Day/Year)
05/18/2007		 3. Issuer Name and Ticker or Trading Symbol
NEKTAR THERAPEUTICS [NKTR]
(Last)
(First)
(Middle)
201 INDUSTRIAL ROAD		 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 Original Filed(Month/Day/Year)
(Street)

SAN CARLOS, CA 94070		 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
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
 

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. SEC 1473 (7-02)
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 control number.

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 of Derivative Security: 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  

Reporting Owners

Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
Huh Hoyoung
201 INDUSTRIAL ROAD
SAN CARLOS, CA 94070		       COO & Head of PEGylation Bus  

Signatures

Hoyoung Huh 05/29/2007
**Signature of Reporting Person Date

Explanation of Responses:

* 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).
(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.

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, See Instruction 6 for procedure.

Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB number.