Equity Method Investment (Tables)

6 Months Ended

Jun. 30, 2026

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Ownership Interest

Our ownership interest in Gannet BioChem is as follows:


		June 30, 2026				December 31, 2025
Common units owned by Nektar			20,000,000				20,000,000
Percentage ownership of common units outstanding			89	%			100	%
Percentage ownership of common and preferred units outstanding			19	%			20	%

Schedule of Equity Method Investments

Our loss from our investment in Gannet BioChem is as follows (in thousands):


		Three Months Ended June 30,								Six Months Ended June 30,
		2026				2025				2026				2025
Claim on net assets of Gannet BioChem - beginning of period		$	1,741			$	7,757			$	3,491			$	12,218
Claim on net assets of Gannet BioChem - end of period			1,422				5,371				1,422				5,371
Change in claim on net assets of Gannet BioChem		$	(319	)		$	(2,386	)		$	(2,069	)		$	(6,847	)