SCHEDULE 13G
CUSIP NO. 640268108                                           PAGE 1 OF 9 PAGES

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

                                  SCHEDULE 13G

                    UNDER THE SECURITIES EXCHANGE ACT OF 1934
                               (AMENDMENT NO. 1)*

                               Nektar Therapeutics
                                (Name of Issuer)

                         Common Stock, $.0001 par value
                         (Title of Class of Securities)

                                    640268108
                                 (CUSIP Number)

                                December 31, 2004
             (Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:

[ ]  Rule 13d-1(b)
[X]  Rule 13d-1(c)
[ ]  Rule 13d-1(d)

*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).





SCHEDULE 13G
CUSIP NO. 640268108                                            PAGE 2 OF 9 PAGES

--------------------------------------------------------------------------------
    1   NAME OF REPORTING PERSON
        I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)

                 Alexandra Global Master Fund Ltd.
                 (No I.R.S. ID Number)

--------------------------------------------------------------------------------
    2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP  (A)[ ]
                                                          (B)[ ] (See Item 6)

--------------------------------------------------------------------------------
    3   SEC USE ONLY

--------------------------------------------------------------------------------
    4   CITIZENSHIP OR PLACE OF ORGANIZATION

                 British Virgin Islands
--------------------------------------------------------------------------------
      NUMBER OF          5  SOLE VOTING POWER
       SHARES
    BENEFICIALLY                     -0-
      OWNED BY         ---------------------------------------------------------
        EACH             6  SHARED VOTING POWER
      REPORTING
       PERSON                     525,765 shares of Common Stock (See Item 4)
        WITH:          ---------------------------------------------------------
                         7  SOLE DISPOSITIVE POWER

                                     -0-
                       ---------------------------------------------------------
                         8  SHARED DISPOSITIVE POWER

                                  525,765 shares of Common Stock (See Item 4)
--------------------------------------------------------------------------------
    9       AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

                                  525,765 shares of Common Stock (See Item 4)
--------------------------------------------------------------------------------
    10      CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
            CERTAIN SHARES (SEE INSTRUCTIONS)                         [ ]

--------------------------------------------------------------------------------
    11      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

                  0.6% (See Item 4)

--------------------------------------------------------------------------------
    12      TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

                  CO
--------------------------------------------------------------------------------





SCHEDULE 13G
CUSIP NO. 640268108                                            PAGE 3 OF 9 PAGES

--------------------------------------------------------------------------------
    1   NAME OF REPORTING PERSON
        I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)

                 Alexandra Investment Management, LLC
                 13-4092583
--------------------------------------------------------------------------------
    2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP  (A)[ ]
                                                          (B)[ ] (See Item 6)
--------------------------------------------------------------------------------
    3   SEC USE ONLY
--------------------------------------------------------------------------------
    4   CITIZENSHIP OR PLACE OF ORGANIZATION

                 Delaware
--------------------------------------------------------------------------------
      NUMBER OF          5  SOLE VOTING POWER
       SHARES
    BENEFICIALLY                     -0-
      OWNED BY         ---------------------------------------------------------
        EACH             6  SHARED VOTING POWER
      REPORTING
       PERSON
        WITH:                     525,765 shares of Common Stock (See Item 4)
                       ---------------------------------------------------------

                         7  SOLE DISPOSITIVE POWER

                                     -0-
                       ---------------------------------------------------------
                         8  SHARED DISPOSITIVE POWER

                                  525,765 shares of Common Stock (See Item 4)
--------------------------------------------------------------------------------
    9       AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

                                  525,765 shares of Common Stock (See Item 4)
--------------------------------------------------------------------------------
    10      CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
            CERTAIN SHARES (SEE INSTRUCTIONS)                         [ ]

--------------------------------------------------------------------------------
    11      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

                  0.6% (See Item 4)
--------------------------------------------------------------------------------
    12      TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

                  OO
--------------------------------------------------------------------------------





SCHEDULE 13G
CUSIP NO. 640268108                                           PAGE 4 OF 9 PAGES

--------------------------------------------------------------------------------
    1   NAME OF REPORTING PERSON
        I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)

                 Mikhail A. Filimonov
--------------------------------------------------------------------------------
    2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP  (A)[ ]
                                                          (B)[ ] (See Item 6)

--------------------------------------------------------------------------------
    3   SEC USE ONLY

--------------------------------------------------------------------------------
    4   CITIZENSHIP OR PLACE OF ORGANIZATION

                 U.S.
--------------------------------------------------------------------------------
      NUMBER OF          5  SOLE VOTING POWER
       SHARES
    BENEFICIALLY                     -0-
      OWNED BY         ---------------------------------------------------------
        EACH             6  SHARED VOTING POWER
      REPORTING
       PERSON                     525,765 shares of Common Stock (See Item 4)
        WITH:          ---------------------------------------------------------
                                7  SOLE DISPOSITIVE POWER

                                     -0-
                       ---------------------------------------------------------
                         8  SHARED DISPOSITIVE POWER

                                  525,765 shares of Common Stock (See Item 4)
--------------------------------------------------------------------------------
    9       AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

                               525,765 shares of Common Stock (See Item 4)
--------------------------------------------------------------------------------
    10      CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
            CERTAIN SHARES (SEE INSTRUCTIONS)                         [ ]

--------------------------------------------------------------------------------
    11      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

                  0.6% (See Item 4)
--------------------------------------------------------------------------------
    12      TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

                  IN
--------------------------------------------------------------------------------




SCHEDULE 13G
CUSIP NO. 640268108                                           PAGE 5 OF 9 PAGES

--------------------------------------------------------------------------------
    1   NAME OF REPORTING PERSON
        I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)

                 Dimitri Sogoloff
--------------------------------------------------------------------------------
    2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP  (A)[ ]
                                                          (B)[ ] (See Item 6)

--------------------------------------------------------------------------------
    3   SEC USE ONLY

--------------------------------------------------------------------------------
    4   CITIZENSHIP OR PLACE OF ORGANIZATION

                 U.S.
--------------------------------------------------------------------------------
      NUMBER OF          5  SOLE VOTING POWER
       SHARES
    BENEFICIALLY                     -0-
      OWNED BY         ---------------------------------------------------------
        EACH             6  SHARED VOTING POWER
      REPORTING
       PERSON                    525,765 shares of Common Stock (See Item 4)
       WITH:           ---------------------------------------------------------

                         7  SOLE DISPOSITIVE POWER

                                     -0-

                       ---------------------------------------------------------
                         8  SHARED DISPOSITIVE POWER

                               525,765 shares of Common Stock (See Item 4)
--------------------------------------------------------------------------------
    9       AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

                               525,765 shares of Common Stock (See Item 4)
--------------------------------------------------------------------------------
    10      CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
            CERTAIN SHARES (SEE INSTRUCTIONS)                         [ ]

--------------------------------------------------------------------------------
    11      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

                 0.6% (See Item 4)
--------------------------------------------------------------------------------
    12      TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

                 IN
--------------------------------------------------------------------------------





SCHEDULE 13G
CUSIP NO. 640268108                                            PAGE 6 OF 9 PAGES

Item 1(a).        Name of Issuer:

                  Nektar Therapeutics (the "Issuer")

Item 1(b).        Address of Issuer's Principal Executive Offices:

                  150 Industrial Road
                  San Carlos, California  94070

Item 2(a).        Names of Persons Filing:

                  Alexandra Global Master Fund Ltd. ("Alexandra")
                  Alexandra Investment Management, LLC ("Management")
                  Mikhail A. Filimonov ("Filimonov")
                  Dimitri Sogoloff ("Sogoloff")

Item 2(b).        Address of Principal Business Office:

                  Alexandra - Citco Building, Wickams Cay, P.O. Box 662,
                  Road Town, Tortola, British Virgin Islands
                  Management - 767 Third Avenue, 39th Floor, New York,
                  New York 10017
                  Filimonov - 767 Third Avenue, 39th Floor, New York,
                  New York 10017
                  Sogoloff - 767 Third Avenue, 39th Floor, New York,
                  New York 10017

Item 2(c).        Place of Organization or Citizenship:

                  Alexandra - British Virgin Islands
                  Management - Delaware
                  Filimonov - U.S.
                  Sogoloff - U.S.

Item 2(d).        Title of Class of Securities:

                  Common Stock, $0.0001 par value per share of the Issuer (the
                  "Common Stock")

Item 2(e).        CUSIP Number: 640268108

Item 3.           This Schedule is filed pursuant to Rule 13d-1(c) by
                  Alexandra, Management, Filimonov and Sogoloff

Item 4.           Ownership:

                  (a) Amount Beneficially Owned:

                         Alexandra:  525,765 shares*
                         Management: 525,765 shares*
                         Filimonov:  525,765 shares*
                         Sogoloff:   525,765 shares*

                  (b) Percent of Class:

                         Alexandra:   0.6%*
                         Management:   0.6%*
                         Filimonov:    0.6%*
                         Sogoloff:     0.6%*





SCHEDULE 13G
CUSIP NO. 640268108                                            PAGE 7 OF 9 PAGES

                        (Based on 83,966,223 shares of Common Stock outstanding,
                        as of October 29, 2004, as stated in the Issuer's
                        Quarterly Report on Form 10-Q for the quarterly period
                        ended September 30, 2004)

                  (c)   Number of Shares as to which the Person has:

                        (i)     sole power to vote or to direct the vote

                                                -0-

                        (ii)    shared power to vote or to direct the vote:

                                525,765 shares of Common Stock*

                        (iii)   sole power to dispose or to direct the
                                disposition of

                                                -0-

                        (iv)    shared power to dispose or to direct the
                                disposition of

                                525,765 shares of Common Stock*

*The shares of Common Stock reported as beneficially owned by Alexandra include
20,000 shares of Common Stock that are outstanding. 389,336 of the shares of
Common Stock reported as beneficially owned by Alexandra are shares of Common
Stock which Alexandra has the right to acquire upon conversion of 5% Convertible
Notes Due 2007 of the Issuer. 116,429 of the shares of Common Stock reported as
beneficially owned by Alexandra are shares of Common Stock which Alexandra has
the right to acquire upon conversion of 3.5% Convertible Notes Due 2007 of the
Issuer.

Management serves as investment advisor to Alexandra. By reason of such
relationship, Management may be deemed to share voting and dispositive power
over the shares of Common Stock owned by Alexandra. Management disclaims
beneficial ownership of the shares of Common Stock listed as beneficially owned
by Alexandra or any other person reporting on this Schedule.

Filimonov serves as the Chairman, the Chief Executive Officer, a Managing Member
and the Chief Investment Officer of Management. Sogoloff serves as the
President, a Managing Member and the Chief Information Officer of Management. By
reason of such relationships, each of Filimonov and Sogoloff may be deemed to
share voting and dispositive power over the shares of Common Stock listed as
beneficially owned by Management. Filimonov and Sogoloff each disclaims
beneficial ownership of the shares of Common Stock listed as beneficially owned
by Management or any other person reporting on this Schedule.

Item 5.           Ownership of Five Percent or Less of a Class:

                  If this statement is being filed to report the fact that as of
                  the date hereof each of the Reporting Persons ceased to be the
                  beneficial owner of more than five percent of the class of
                  securities, check the following [X]

Item 6.           Ownership of More Than Five Percent on Behalf of Another
                  Person:





SCHEDULE 13G
CUSIP NO. 640268108                                            PAGE 8 OF 9 PAGES

                  Not applicable

Item 7.           Identification and Classification of the Subsidiary which
                  Acquired the Security Being Reported on by the Parent
                  Holding Company:

                  Not applicable

Item 8.           Identification and Classification of Members of the Group:

                  Not applicable

Item 9.           Notice of Dissolution of Group:

                  Not applicable

Item 10.          Certification:

By signing below each signatory certifies that, to the best of its knowledge and
belief, the securities referred to above were not acquired and are not held for
the purpose of or with the effect of changing or influencing the control of the
issuer of the securities and were not acquired and are not held in connection
with or as a participant in any transaction having that purpose or effect.

Exhibits:

      Exhibit I: Joint Filing Agreement, dated as of February 3, 2004 by and
among Alexandra, Management, Filimonov and Sogoloff (incorporated herein by
reference to the exhibit with the same number filed with Schedule 13G by the
persons reporting on this Amendment No. 1).





SCHEDULE 13G
CUSIP NO. 640268108                                            PAGE 9 OF 9 PAGES

                                    SIGNATURE

      By signing below each signatory certifies that, to the best of its
knowledge and belief, the securities referred to above were not acquired and are
not held for the purpose of or with the effect of changing or influencing the
control of the issuer of the securities and were not acquired and are not held
in connection with or as a participant in any transaction having that purpose or
effect.

Date: February 14, 2005   ALEXANDRA GLOBAL MASTER FUND LTD.

                          By: ALEXANDRA INVESTMENT MANAGEMENT, LLC,
                              Investment Advisor

                              By: /s/ Mikhail A. Filimonov
                              ----------------------------
                              Mikhail A. Filimonov
                              Title: Managing Member

                          ALEXANDRA INVESTMENT MANAGEMENT, LLC

                          By: /s/ Mikhail A. Filimonov
                          ----------------------------
                          Mikhail A. Filimonov
                          Title: Managing Member

                          /s/ Mikhail A. Filimonov
                          ----------------------------
                          Mikhail A. Filimonov

                          /s/ Dimitri Sogoloff
                          ----------------------------
                          Dimitri Sogoloff