Nektar Therapeutics Investor Presentation — January 2019

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J.P . Morgan Healthcare Conference

January 8, 20192This presentation includes forward -looking statements regarding Nektar’s proprietary drug

candidates, the timing of the start and conclusion of ongoing or planned clinical trials, the timing

and outcome of regulatory decisions, and future availability of clinical trial data. Actual results

could differ materially and these statements are subject to important risks detailed in Nektar's

filings with the SEC including the Form 10 -Q filed on November 8, 2018. Nektar undertakes no

obligation to update forward -looking statements as a result of new information or otherwise.3

Focus of Nektar Pipeline

Target the innate and

adaptive immune systemImmuno -oncology

NKTR -255 (Wholly -Owned)

IL-15 Receptor Agonist

IND in firsthalf of 2019

(Co-Develop and Co -Promote)

CD122 -Biased Agonist

Multiple Solid Tumors

NKTR -262 (Wholly -Owned)

Multiple Solid Tumors

Phase 1/2 studies ongoingA next generation opioid

molecule Chronic Pain

NKTR -181 (Wholly -Owned)

Chronic Low Back Pain

May 29, 2019 PDUFA dateHarness the immune

system to fight auto -

immune disease Immunology

NKTR -358 (Co-Promote)

T Regulatory Cell Stimulator

Rheumatoid Arthritis

MAD in Lupus patients

Initiated April 2018

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