Two Seas Capital is a new top-10 holder at 9.8%, just under the 10% threshold that would trigger additional reporting. Monitor for any further accumulation or a potential conversion to a 13D (activist) filing, though the passive certification suggests no immediate control intent.
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Executive Summary
Two Seas Capital LP filed an amended Schedule 13G disclosing a 9.8% passive stake in Nektar Therapeutics as of September 25, 2026, representing 3,345,978 shares. This is a new filer on NKTR (no prior 13G from Two Seas in the cross-filing context), indicating a significant new passive position built over the past several months. The stake is held across two funds, with the bulk (3,175,430 shares) in the Global Fund.
Key Financial Metrics
Key Facts
- Two Seas Capital LP reports 3,345,978 shares of NKTR common stock, a 9.8% passive stake.
- Stake is held via Two Seas Global (Master) Fund LP (3,175,430 shares) and Two Seas Litigation Opportunities Fund LLC (170,548 shares).
- Filing date is September 28, 2026; beneficial ownership date is September 25, 2026.
- Shares outstanding used for percentage: 34,142,994 as of August 7, 2026 (per NKTR's 10-Q).
- Two Seas certifies passive intent under Rule 13d-1(b) — not an activist filing.
Financial Impact
9.8% stake valued at approximately $X million (no share price provided in filing).
Risk Factors
- Two Seas could increase stake above 10%, triggering additional scrutiny or a 13D filing.
- A large passive holder near 10% may create overhang if they decide to reduce position.
Investment Themes
Documents Analyzed
This report is based on 3 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| SC 13G/A Filing (Primary) | 0001193125-26-403411 |
| Document: 0001193125-26-403411-index.html | 0001193125-26-403411 |
| Document: 0001193125-26-403411.txt | 0001193125-26-403411 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 1, 2026 26d ago | 8-K | $46.99 $43.58 | ▼ −7.26% | ▼ −8.00% | $37.45 (−20.30%) |
Sep 28, 2026 29d ago | SC 13G/A | $60.40 $59.24 | ▼ −1.92% | ▼ −1.74% | $37.45 (−38.00%) |
Sep 25, 2026 4w ago | 8-K | $57.06 $60.40 | ▲ +5.85% | ▲ +6.60% | $37.45 (−34.37%) |
Aug 13, 2026 10w ago | Press Release | $73.02 $72.67 | ▼ −0.48% | ▼ −0.01% | $37.45 (−48.71%) |
Aug 9, 2026 11w ago | Institutional Cluster | $74.86 $75.50 | ▲ +0.85% | ▲ +1.17% | $37.45 (−49.97%) |
Aug 7, 2026 11w ago | Court Ruling | $74.86 $75.50 | ▲ +0.85% | ▲ +1.17% | $37.45 (−49.97%) |
Jul 28, 2026 12w ago | Press Release | $70.68 $71.45 | ▲ +1.09% | ▼ −0.59% | $37.45 (−47.01%) |
Jun 11, 2026 19w ago | Institutional Cluster | $59.21 $59.38 | ▲ +0.29% | ▼ −0.25% | $37.45 (−36.75%) |
Jun 11, 2026 19w ago | Institutional Cluster | $59.21 $59.38 | ▲ +0.29% | ▼ −0.25% | $37.45 (−36.75%) |
May 21, 2026 22w ago | Insider Cluster | $66.61 $65.56 | ▲ +1.58% | ▲ +2.16% | $37.45 (+43.78%) |
US Market Status
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