Cash, cash equivalents, and investments at
Revenue for the third quarter of 2011 was
"
Total operating costs and expenses in the third quarter of 2011 were
Net loss for the third quarter ended
The company also announced upcoming presentations at medical meetings and scientific congresses scheduled for the fourth quarter of 2011:
Chemotherapy Foundation Symposium XXIX: Innovative Cancer Therapy for Tomorrow,
- Session Title: "Evaluating Single-Agent NKTR-102 in Metastatic Breast Cancer"
- Presenter:
Edith Perez , MD - Session Type: Oral
- Program Track: Breast Cancer
- Date and Time:
November 10, 2011 ,1:25 PM Eastern Time
Neuroscience 2011:
Preclinical data for NKTR-192, a new opioid drug candidate being developed to treat acute pain, will be presented.
- Abstract Title: "Pharmacological characterization of an orally active opioid analgesic with rapid onset of activity and low abuse liability." Harrison, S., et al.
- Abstract/Poster Number: #178.10/NN20
- Session Title/Track: "Pharmacology Relevant to Pain, Addiction, and Development"
- Date and Time:
Nov 13, 2011 ,8:00 AM - 12:00 PM Eastern Time
2011
Preclinical data for NKTR-102 in ovarian cancer will be presented.
- Abstract Title: "Strong synergistic activity of NKTR-102 - pegylated liposomal doxorubicin (PLD) combination therapy in a nonclinical model of platinum-resistant A2780 human ovarian cancer."
Hoch , et al. - Abstract/Poster Number: C209
- Session Title/Track: Topoisomerase Inhibitors
- Date and Time:
Nov 15, 2011 ,12:30 PM - 2:30 PM Pacific Time
Conference Call to Discuss Third Quarter 2011 Financial Results
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
To access the conference call, follow these instructions:
Dial: (866) 203-3436 (U.S.); (617) 213-8849 (international)
Passcode: 16610535 (
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
About
This press release contains forward-looking statements including but not limited to
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 | $ 43,008 | $ 17,755 | |||||
Short-term investments | 223,479 | 298,177 | |||||
Accounts receivable | 12,914 | 25,102 | |||||
Inventory | 10,654 | 7,266 | |||||
Other current assets | 7,565 | 5,679 | |||||
Total current assets | 297,620 | 353,979 | |||||
Long-term investments | 191,478 | - | |||||
Property and equipment, net | 81,649 | 89,773 | |||||
Goodwill | 76,501 | 76,501 | |||||
Other assets | 845 | 972 | |||||
Total assets | $ 648,093 | $ 521,225 | |||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
Current liabilities: | |||||||
Accounts payable | $ 2,175 | $ 7,194 | |||||
Accrued compensation | 11,760 | 9,252 | |||||
Accrued expenses | 11,777 | 8,540 | |||||
Accrued clinical trial expenses | 13,612 | 12,144 | |||||
Deferred revenue, current portion | 19,982 | 20,584 | |||||
Convertible subordinated notes, current portion | 214,955 | - | |||||
Other current liabilities | 4,781 | 6,394 | |||||
Total current liabilities | 279,042 | 64,108 | |||||
Convertible subordinated notes | - | 214,955 | |||||
Capital lease obligations | 15,250 | 17,014 | |||||
Deferred revenue | 113,045 | 124,763 | |||||
Deferred gain | 3,497 | 4,152 | |||||
Other long-term liabilities | 6,462 | 5,571 | |||||
Total liabilities | 417,296 | 430,563 | |||||
Commitments and contingencies | |||||||
Stockholders' equity: | |||||||
Preferred stock | - | - | |||||
Common stock | 11 | 9 | |||||
Capital in excess of par value | 1,592,803 | 1,354,232 | |||||
Accumulated other comprehensive income (loss) | (987) | 968 | |||||
Accumulated deficit | (1,361,030) | (1,264,547) | |||||
Total stockholders' equity | 230,797 | 90,662 | |||||
Total liabilities and stockholders' equity | $ 648,093 | $ 521,225 | |||||
(1) The consolidated balance sheet at | |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||
(In thousands, except per share information) | ||||||||
(Unaudited) | ||||||||
Three Months Ended | Nine Months Ended | |||||||
September 30, | ||||||||
2011 | 2010 | 2011 | 2010 | |||||
Revenue: | ||||||||
Product sales and royalties | $ 10,222 | $ 7,230 | $ 26,023 | $ 21,968 | ||||
License, collaboration and other | 16,846 | 30,695 | 29,675 | 91,757 | ||||
Total revenue | 27,068 | 37,925 | 55,698 | 113,725 | ||||
Operating costs and expenses: | ||||||||
Cost of goods sold | 5,038 | 6,245 | 16,441 | 15,430 | ||||
Research and development | 31,018 | 27,724 | 93,464 | 76,610 | ||||
General and administrative | 12,350 | 10,181 | 35,262 | 29,401 | ||||
Total operating costs and expenses | 48,406 | 44,150 | 145,167 | 121,441 | ||||
Loss from operations | (21,338) | (6,225) | (89,469) | (7,716) | ||||
Non-operating income (expense): | ||||||||
Interest income | 622 | 369 | 1,583 | 1,225 | ||||
Interest expense | (2,543) | (2,826) | (7,698) | (8,686) | ||||
Other income (expense), net | (717) | 249 | (599) | 436 | ||||
Total non-operating expense | (2,638) | (2,208) | (6,714) | (7,025) | ||||
Loss before provision for income taxes | (23,976) | (8,433) | (96,183) | (14,741) | ||||
Provision for income taxes | 92 | 278 | 300 | 617 | ||||
Net loss | ||||||||
Basic and diluted net loss per share | $ (0.21) | $ (0.09) | $ (0.86) | $ (0.16) | ||||
Weighted average shares outstanding used in | ||||||||
computing basic and diluted net loss per share | 114,413 | 94,213 | 112,435 | 93,972 | ||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||
(In thousands) | ||||
(Unaudited) | ||||
Nine Months Ended September 30, | ||||
2011 | 2010 | |||
Cash flows from operating activities: | ||||
Net loss | $ (96,483) | |||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||
Depreciation and amortization | 11,424 | 12,499 | ||
Stock-based compensation | 14,501 | 12,716 | ||
Other non-cash transactions | 967 | (176) | ||
Changes in operating assets and liabilities: | ||||
Accounts receivable | 12,188 | (752) | ||
Inventory | (3,388) | (4,989) | ||
Other assets | (1,750) | 1 | ||
Accounts payable | (4,200) | 1,755 | ||
Accrued compensation | 2,508 | 500 | ||
Accrued expenses | 6,238 | 4,090 | ||
Accrued clinical trial expenses | 1,468 | (1,408) | ||
Deferred revenue | (12,320) | (83,107) | ||
Other liabilities | (2,681) | (2,049) | ||
Net cash used in operating activities | $ (71,528) | |||
Cash flows from investing activities: | ||||
Purchases of investments | (627,529) | (315,160) | ||
Sales of investments | 218,660 | 10,290 | ||
Maturities of investments | 290,810 | 360,906 | ||
Purchases of property and equipment | (8,294) | (22,160) | ||
Net cash (used in) provided by investing activities | $ 33,876 | |||
Cash flows from financing activities: | ||||
Payments of loan and capital lease obligations | (1,431) | (1,119) | ||
Issuance of common stock, net of issuance costs | 224,072 | 7,142 | ||
Net cash provided by financing activities | $ 222,641 | $ 6,023 | ||
Effect of exchange rates on cash and cash equivalents | 493 | (312) | ||
Net increase (decrease) in cash and cash equivalents | $ 25,253 | |||
Cash and cash equivalents at beginning of period | 17,755 | 49,597 | ||
Cash and cash equivalents at end of period | $ 43,008 | $ 12,906 | ||
SOURCE
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