Cash, cash equivalents, and investments at
"In 2011, Nektar continued to demonstrate that our technology platform is capable of generating multiple new drug candidates in high value therapeutic areas such as pain, oncology and hemophilia," said
The company also announced today that AstraZeneca is planning regulatory filings in the US and EU in the middle of 2013 for NKTR-118 (naloxegol) in opioid-induced constipation. Naloxegol is currently in Phase 3 clinical development as a once-daily, oral tablet for the treatment of opioid-induced constipation.
Revenue for the fourth quarter of 2011 was
Total operating costs and expenses in the fourth quarter of 2011 were
Net loss for the fourth quarter ended
The company also announced upcoming partner events and presentations at the following medical meeting during the first and second quarters of 2012:
- Partner Event:
- Partner Event:
-
Phase 2 results of NKTR-102 in metastatic breast cancer will be reviewed and the BEACON Phase 3 study design will be highlighted to members of the European breast cancer community.
- Abstract Title: "Significant antitumor activity in a randomized phase 2 study comparing 2 schedules of NKTR-102 in patients with metastatic breast cancer", Awada A, et. al.
- Abstract/Poster Number: #249
- Session Title/Track: "New Drug Development"
- Date:
May 4, 2012 , Gold Hall, 16:15 —17:20 pm CET
- Abstract Title: "Phase 3 study of NKTR-102 versus Treatment of Physician's Choice (TPC) in patients (pts) with locally recurrent or metastatic breast cancer (MBC) previously treated with an anthracycline, a taxane, and capecitabine (ATC)", Cortes, J, et. al.
- Abstract/Poster Number: #173
- Session Title/Track: "New Drug Development"
- Date:
May 4, 2012 , Gold Hall, 16:15 —17:20 pm CET
Conference Call to Discuss Year-end and Fourth Quarter 2011 Financial Results
Nektar management will host a conference call to review the results beginning at
The 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 Nektar website: http://www.nektar.com. The web broadcast of the conference call will be available for replay through
To access the conference call, follow these instructions:
Dial: (800) 299-0433 (U.S.); (617) 801-9712(international)
Passcode: 34860642 (
An audio replay will also be available shortly following the call through
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 Nektar website as soon as practical after the conclusion of the conference call.
About Nektar
Nektar is headquartered in
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 our plans to initiate a Phase 2 clinical study for NKTR-181; our plans to initiate a Phase 1 clinical study for NKTR-192; AstraZeneca's planned regulatory filings with government health authorities for approval of NKTR-118 in one or more countries if the Phase 3 clinical studies for this drug candidate are successful; the value and potential of certain drug candidates being developed by our collaboration partners; the expected decision on approval by the
Nektar Investor Inquiries: | ||
(415) 482-5585 | ||
(212) 966-3650 | ||
Nektar Media Inquiries: | ||
(650) 575-1509 | ||
(415) 794-8662 | ||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||||
(In thousands) | ||||||||||
(Unaudited) | ||||||||||
ASSETS | (1) | |||||||||
Current assets: | ||||||||||
Cash and cash equivalents | $ 15,312 | $ 17,755 | ||||||||
Short-term investments | 225,856 | 298,177 | ||||||||
Accounts receivable | 4,938 | 25,102 | ||||||||
Inventory | 12,656 | 7,266 | ||||||||
Other current assets | 17,944 | 5,679 | ||||||||
Total current assets | 276,706 | 353,979 | ||||||||
Long-term investments | 173,768 | - | ||||||||
Property and equipment, net | 78,576 | 89,773 | ||||||||
Goodwill | 76,501 | 76,501 | ||||||||
Other assets | 999 | 972 | ||||||||
Total assets | $ 606,550 | $ 521,225 | ||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||
Current liabilities: | ||||||||||
Accounts payable | $ 3,019 | $ 7,194 | ||||||||
Accrued compensation | 12,807 | 9,252 | ||||||||
Accrued expenses | 6,669 | 8,540 | ||||||||
Accrued clinical trial expenses | 11,953 | 12,144 | ||||||||
Deferred revenue, current portion | 19,643 | 20,584 | ||||||||
Convertible subordinated notes, current portion | 214,955 | - | ||||||||
Other current liabilities | 6,486 | 6,394 | ||||||||
Total current liabilities | 275,532 | 64,108 | ||||||||
Convertible subordinated notes | - | 214,955 | ||||||||
Capital lease obligations | 14,582 | 17,014 | ||||||||
Deferred revenue | 108,188 | 124,763 | ||||||||
Deferred gain | 3,278 | 4,152 | ||||||||
Other long-term liabilities | 7,159 | 5,571 | ||||||||
Total liabilities | 408,739 | 430,563 | ||||||||
Commitments and contingencies | ||||||||||
Stockholders' equity: | ||||||||||
Preferred stock | - | - | ||||||||
Common stock | 11 | 9 | ||||||||
Capital in excess of par value | 1,597,428 | 1,354,232 | ||||||||
Accumulated other comprehensive (loss) income | (1,103) | 968 | ||||||||
Accumulated deficit | (1,398,525) | (1,264,547) | ||||||||
Total stockholders' equity | 197,811 | 90,662 | ||||||||
Total liabilities and stockholders' equity | $ 606,550 | $ 521,225 | ||||||||
(1) The consolidated balance sheet at | ||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||
(In thousands, except per share information) | |||||||||
(Unaudited) | |||||||||
Three Months Ended | Twelve Months Ended | ||||||||
December 31, | |||||||||
2011 | 2010 | 2011 | 2010 | ||||||
Revenue: | |||||||||
Product sales | $ 6,073 | $ 10,700 | $ 24,864 | $ 27,412 | |||||
Royalty revenues | 3,095 | 1,999 | 10,327 | 7,255 | |||||
License, collaboration and other | 6,614 | 32,615 | 36,289 | 124,372 | |||||
Total revenue | 15,782 | 45,314 | 71,480 | 159,039 | |||||
Operating costs and expenses: | |||||||||
Cost of goods sold | 5,450 | 10,237 | 21,891 | 25,667 | |||||
Research and development | 33,302 | 31,455 | 126,766 | 108,065 | |||||
General and administrative | 11,498 | 11,585 | 46,760 | 40,986 | |||||
Impairment of long-lived assets | - | 12,576 | - | 12,576 | |||||
Total operating costs and expenses | 50,250 | 65,853 | 195,417 | 187,294 | |||||
Loss from operations | (34,468) | (20,539) | (123,937) | (28,255) | |||||
Non-operating income (expense): | |||||||||
Interest income | 661 | 320 | 2,244 | 1,545 | |||||
Interest expense | (2,525) | (2,488) | (10,223) | (11,174) | |||||
Other income (expense), net | (445) | 391 | (1,044) | 827 | |||||
Total non-operating expense, net | (2,309) | (1,777) | (9,023) | (8,802) | |||||
Loss before provision for income taxes | (36,777) | (22,316) | (132,960) | (37,057) | |||||
Provision for income taxes | 718 | 264 | 1,018 | 881 | |||||
Net loss | |||||||||
Basic and diluted net loss per share | $ (0.33) | $ (0.24) | $ (1.19) | $ (0.40) | |||||
Weighted average shares outstanding used in | |||||||||
computing basic and diluted net loss per | |||||||||
share | 114,446 | 94,398 | 112,942 | 94,079 | |||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||
(In thousands) | ||||
(Unaudited) | ||||
Twelve Months Ended December 31, | ||||
2011 | 2010 | |||
Cash flows from operating activities: | ||||
Net loss | ||||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||
Depreciation and amortization | 14,951 | 16,551 | ||
Stock-based compensation | 18,885 | 17,399 | ||
Impairment of long-lived assets | - | 12,576 | ||
Other non-cash transactions | 1,359 | 198 | ||
Changes in operating assets and liabilities: | ||||
Accounts receivable | 20,164 | (20,301) | ||
Inventory | (5,390) | (795) | ||
Other assets | (12,267) | 577 | ||
Accounts payable | (3,384) | 4,274 | ||
Accrued compensation | 3,555 | (800) | ||
Accrued expenses | 1,013 | 1,683 | ||
Accrued clinical trial expenses | (191) | (2,023) | ||
Deferred revenue | (17,516) | (47,025) | ||
Other liabilities | (943) | (247) | ||
Net cash used in operating activities | (113,742) | (55,871) | ||
Cash flows from investing activities: | ||||
Purchases of investments | (695,371) | (443,122) | ||
Sales of investments | 210,089 | 15,479 | ||
Maturities of investments | 383,052 | 475,813 | ||
Purchases of property and equipment | (9,722) | (31,457) | ||
Net cash (used in) provided by investing activities | (111,952) | 16,713 | ||
Cash flows from financing activities: | ||||
Proceeds from issuances of common stock | 224,313 | 8,891 | ||
Payments of loan and capital lease obligations | (1,978) | (1,356) | ||
Net cash provided by financing activities | 222,335 | 7,535 | ||
Effect of exchange rates on cash and cash equivalents | 916 | (219) | ||
Net decrease in cash and cash equivalents | $ (2,443) | |||
Cash and cash equivalents at beginning of period | 17,755 | 49,597 | ||
Cash and cash equivalents at end of period | $ 15,312 | $ 17,755 | ||
SOURCE
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