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                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549




                                    FORM 8-K



                                 CURRENT REPORT
     Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

       Date of Report (Date of earliest event reported): February 2, 2004




                               NEKTAR THERAPEUTICS
             (Exact name of Registrant as specified in its charter)





          Delaware                     0-23556                   94-3134940
(State or other jurisdiction         (Commission                (IRS Employer
      of incorporation)             File Number)             Identification No.)




                               150 Industrial Road
                          San Carlos, California 94070
              (Address of principal executive offices and Zip Code)


       Registrant's telephone number, including area code: (650) 631-3100

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Item 12. Results of Operations and Financial Condition

On February 2, 2004, Nektar Therapeutics issued a press release announcing
results for the quarter and the year ended December 31, 2003. A copy of the
press release is attached as Exhibit 99.1 to this Current Report and is
incorporated herein by reference.

The information in this report, including the exhibit hereto, shall not be
deemed "filed" for purposes of Section 18 of the Securities Exchange Act of
1934, as amended, or otherwise subject to the liabilities of that Section or
Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended. The
information contained herein and in the accompanying exhibit shall not be
incorporated by reference into any filing with the Securities and Exchange
Commission made by Nektar Therapeutics, whether made before or after the date
hereof, regardless of any general incorporation language in such filing.









                                   SIGNATURES

Pursuant to the requirement of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.

                        By:                 /s/ AJIT S. GILL
                                   -----------------------------------
                                              Ajit S. Gill
                                        Chief Executive Officer,
                                         President and Director

                        Date:      February 2, 2004

                        By:                  /s/ AJAY BANSAL
                                   -----------------------------------
                                               Ajay Bansal
                                    Chief Financial Officer and Vice
                                         President, Finance and
                                             Administration

                        Date:      February 2, 2004







                                  EXHIBIT INDEX

Exhibit No.  Description
-----------  -----------

99.1         Earnings Press Release of Nektar Therapeutics dated February 2,
             2004.