Cash and investments in marketable securities at
"
Revenue for the first quarter of 2014 was
Total operating costs and expenses for the first quarter of 2014 were
R&D expense in the first quarter of 2014 was
General and administrative expense was
Non-cash interest expense in connection with the 2012 royalty monetization was
Net loss for the first quarter of 2014 was
The company also announced upcoming presentations at the following medical meetings and scientific congresses during the first half of 2014:
SMI 14th Annual
- Presentation Title: "NKTR-181: An Opioid for Chronic Pain with Intrinsically Low Abuse Potential",
Steve Harrison May 19 , 2014,5:00 p.m. British Summer Time- Session: How can success in analgesia be improved?
- Abstract Title: "Etirinotecan pegol (EP, NKTR-102) in the treatment of high grade glioma (HGG): a phase 2 trial," Nagpal et al.
- Abstract Number: 2096
- Session Title/Track: Central Nervous System Tumors
- Date:
May 31, 2014 ,1:15 p.m. -5:00 p.m. Central Time - Location: S Hall A2
- Abstract Title: "Combination Immunotherapy: Synergy of a Long-Acting Engineered Cytokine (NKTR-214) and Checkpoint Inhibitors Anti-CTLA-2 or Anti-PD1 in Murine Tumor Models," Kantak et al.
- Abstract Number: 3082
- Session Title/Track: Developmental Therapies - Immunotherapy
- Date:
June 1, 2014 ,8:00 a.m. -11:45 a.m. Central Time - Location: S Hall A2
Conference Call to Discuss First Quarter 2014 Financial Results
This press release and a live audio-only Webcast of the conference call can be accessed through a link that is posted on the home page and Investor Relations section of the
To access the conference call, follow these instructions:
Dial: (877) 881.2183 (U.S.); (970) 315.0453 (international) Passcode: 31565461 (
In the event that any non-GAAP financial measure is discussed on the conference call that is not described in the press release, or explained on the conference call, related information will be made available on the Investor Relations page at the
About
Cautionary Note Regarding Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: "anticipate," "intend," "plan," "expect," "believe," "should," "may," "will" and similar references to future periods. Examples of forward-looking statements include, among others, statements we make regarding the potential regulatory approval of naloxegol; potential future regulatory filings by
Nektar Investor Inquiries: |
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(415) 482-5585 |
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(212) 966-3650 |
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Nektar Media Inquiries: |
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(415) 512-0770 |
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CONDENSED CONSOLIDATED BALANCE SHEETS |
|||||||||||
(In thousands) |
|||||||||||
(Unaudited) |
|||||||||||
ASSETS |
|
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(1) | ||||||||
Current assets: |
|||||||||||
Cash and cash equivalents |
$ 32,443 |
$ 39,067 |
|||||||||
Short-term investments |
251,628 |
197,959 |
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Accounts receivable |
1,855 |
2,229 |
|||||||||
Inventory |
12,872 |
13,452 |
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Other current assets |
5,972 |
5,175 |
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Total current assets |
304,770 |
257,882 |
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Restricted cash |
25,000 |
25,000 |
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Property and equipment, net |
72,968 |
66,974 |
|||||||||
Goodwill |
76,501 |
76,501 |
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Other assets |
7,774 |
8,170 |
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Total assets |
$ 487,013 |
$ 434,527 |
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LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) |
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Current liabilities: |
|||||||||||
Accounts payable |
$ 3,064 |
$ 9,115 |
|||||||||
Accrued compensation |
9,427 |
14,254 |
|||||||||
Accrued expenses |
6,821 |
6,243 |
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Accrued clinical trial expenses |
13,726 |
16,905 |
|||||||||
Interest payable |
3,167 |
6,917 |
|||||||||
Deferred revenue, current portion |
23,542 |
23,664 |
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Liability related to sale of future royalties, current portion |
- |
7,000 |
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Other current liabilities |
19,566 |
14,123 |
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Total current liabilities |
79,313 |
98,221 |
|||||||||
Senior secured notes |
125,000 |
125,000 |
|||||||||
Capital lease obligations, less current portion |
7,050 |
8,049 |
|||||||||
Liability related to receipt of refundable milestone payment |
70,000 |
70,000 |
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Liability related to sale of future royalties, less current portion |
121,134 |
121,520 |
|||||||||
Deferred revenue, less current portion |
76,549 |
82,384 |
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Other long-term liabilities |
17,776 |
19,256 |
|||||||||
Total liabilities |
496,822 |
524,430 |
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Commitments and contingencies |
|||||||||||
Stockholders' equity (deficit): |
|||||||||||
Preferred stock |
- |
- |
|||||||||
Common stock |
12 |
11 |
|||||||||
Capital in excess of par value |
1,769,713 |
1,643,660 |
|||||||||
Accumulated other comprehensive loss |
(940) |
(1,181) |
|||||||||
Accumulated deficit |
(1,778,594) |
(1,732,393) |
|||||||||
Total stockholders' equity (deficit) |
(9,809) |
(89,903) |
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Total liabilities and stockholders' equity (deficit) |
$ 487,013 |
$ 434,527 |
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(1) The consolidated balance sheet at | |||||||||||
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||
(In thousands, except per share information) | ||||||||||||
(Unaudited) | ||||||||||||
Three Months Ended |
||||||||||||
March 31, |
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2014 |
2013 |
|||||||||||
Revenue: |
||||||||||||
Product sales and royalty revenue |
$ 5,917 |
$ 12,135 |
||||||||||
Non-cash royalty revenue related to sale of future royalties |
5,773 |
4,393 |
||||||||||
License, collaboration and other revenue |
8,081 |
6,476 |
||||||||||
Total revenue |
19,771 |
23,004 |
||||||||||
Operating costs and expenses: |
||||||||||||
Cost of goods sold |
7,907 |
11,661 |
||||||||||
Research and development |
38,338 |
45,618 |
||||||||||
General and administrative |
9,928 |
10,829 |
||||||||||
Total operating costs and expenses |
56,173 |
68,108 |
||||||||||
Loss from operations |
(36,402) |
(45,104) |
||||||||||
Non-operating income (expense): |
||||||||||||
Interest income |
134 |
314 |
||||||||||
Interest expense |
(4,533) |
(4,645) |
||||||||||
Non-cash interest expense on liability related to sale of future royalties |
(5,387) |
(5,543) |
||||||||||
Other income (expense), net |
178 |
127 |
||||||||||
Total non-operating expense, net |
(9,608) |
(9,747) |
||||||||||
Loss before provision for income taxes |
(46,010) |
(54,851) |
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Provision for income taxes |
191 |
212 |
||||||||||
Net loss |
$ (46,201) |
$ (55,063) |
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Basic and diluted net loss per share |
$ (0.37) |
$ (0.48) |
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Weighted average shares outstanding used in computing basic and diluted net loss per share |
123,543 |
115,309 |
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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||||||
(In thousands) | ||||||||||||
(Unaudited) | ||||||||||||
Three Months Ended | ||||||||||||
2014 |
2013 | |||||||||||
Cash flows from operating activities: |
||||||||||||
Net loss |
$ (46,201) |
$ (55,063) | ||||||||||
Adjustments to reconcile net loss to net cash used in operating activities: |
||||||||||||
Non-cash royalty revenue related to sale of future royalties |
(5,773) |
(4,393) | ||||||||||
Non-cash interest expense on liability related to sale of future royalties |
5,387 |
5,543 | ||||||||||
Stock-based compensation |
4,361 |
4,245 | ||||||||||
Depreciation and amortization |
3,264 |
3,628 | ||||||||||
Other non-cash transactions |
777 |
139 | ||||||||||
Changes in operating assets and liabilities: |
||||||||||||
Accounts receivable |
374 |
2,158 | ||||||||||
Inventory |
580 |
(112) | ||||||||||
Other assets |
(718) |
3,844 | ||||||||||
Accounts payable |
(6,126) |
1,355 | ||||||||||
Accrued compensation |
(4,827) |
179 | ||||||||||
Accrued expenses |
693 |
(1,130) | ||||||||||
Accrued clinical trial expenses |
(3,179) |
6,532 | ||||||||||
Interest payable |
(3,750) |
(3,916) | ||||||||||
Deferred revenue |
(5,957) |
2,710 | ||||||||||
Other liabilities |
(1,195) |
(3,830) | ||||||||||
Net cash used in operating activities |
(62,290) |
(38,111) | ||||||||||
Cash flows from investing activities: |
||||||||||||
Maturities of investments |
56,972 |
100,338 | ||||||||||
Purchases of investments |
(110,661) |
(56,336) | ||||||||||
Purchases of property and equipment |
(4,524) |
(316) | ||||||||||
Net cash (used in) provided by investing activities |
(58,213) |
43,686 | ||||||||||
Cash flows from financing activities: |
||||||||||||
Payment of capital lease obligations |
(825) |
(692) | ||||||||||
Repayment of proceeds from sale of future royalties |
(7,000) |
(3,000) | ||||||||||
Proceeds from issuance of common stock, net of issuance costs |
116,619 |
- | ||||||||||
Proceeds from shares issued under equity compensation plans |
5,074 |
1,218 | ||||||||||
Net cash provided by (used in) financing activities |
113,868 |
(2,474) | ||||||||||
Effect of exchange rates on cash and cash equivalents |
11 |
(7) | ||||||||||
Net (decrease) increase in cash and cash equivalents |
(6,624) |
3,094 | ||||||||||
Cash and cash equivalents at beginning of period |
39,067 |
25,437 | ||||||||||
Cash and cash equivalents at end of period |
$ 32,443 |
$ 28,531 | ||||||||||
Supplemental disclosure of cash flow information: |
||||||||||||
Cash paid for interest |
$ 7,961 |
$ 8,250 |
SOURCE
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