Delaware
|
0-24006
|
94-3134940
|
||
(State
or Other Jurisdiction
of
Incorporation)
|
(Commission
File
Number)
|
(IRS
Employer
Identification
No.)
|
¨
|
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
|
¨
|
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|
¨
|
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
|
¨
|
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
|
Item
2.02
|
Results
of Operations and Financial
Condition
|
Item 9.01
|
Financial
Statements and Exhibits
|
|
Exhibit No.
|
Description
|
|
99.1
|
Press
release titled “Nektar Therapeutics Reports
First Quarter 2009 Financial Results” issued on May 6,
2009.
|
By:
|
/s/
Gil M. Labrucherie
|
|
Gil
M. Labrucherie
|
||
General
Counsel and Secretary
|
||
Date:
|
May
6, 2009
|
March 31, 2009
|
December
31, 2008(1)
|
|||||||
ASSETS
|
||||||||
Current
assets:
|
||||||||
Cash
and cash equivalents
|
$ | 122,300 | $ | 155,584 | ||||
Short-term
investments
|
202,999 | 223,410 | ||||||
Accounts
receivable, net of allowance
|
5,796 | 11,161 | ||||||
Inventory
|
13,392 | 9,319 | ||||||
Other
current assets
|
6,108 | 6,746 | ||||||
Total
current assets
|
350,595 | 406,220 | ||||||
Property
and equipment, net
|
75,020 | 73,578 | ||||||
Goodwill
|
76,501 | 76,501 | ||||||
Other
assets
|
3,823 | 4,237 | ||||||
Total assets
|
$ | 505,939 | $ | 560,536 | ||||
LIABILITIES
AND STOCKHOLDERS' EQUITY
|
||||||||
Current
liabilities:
|
||||||||
Accounts
payable
|
$ | 2,675 | $ | 13,832 | ||||
Accrued
compensation
|
5,437 | 11,570 | ||||||
Accrued
clinical trial expenses
|
14,982 | 17,622 | ||||||
Accrued
expenses
|
11,583 | 9,923 | ||||||
Deferred
revenue, current portion
|
8,416 | 10,010 | ||||||
Interest
payable
|
58 | 1,805 | ||||||
Other
current liabilities
|
3,486 | 3,612 | ||||||
Total
current liabilities
|
46,637 | 68,374 | ||||||
Convertible
subordinated notes
|
214,955 | 214,955 | ||||||
Capital
lease obligations
|
19,989 | 20,347 | ||||||
Deferred
revenue
|
54,132 | 55,567 | ||||||
Deferred
gain
|
5,682 | 5,901 | ||||||
Other
long-term liabilities
|
5,270 | 5,238 | ||||||
Total
liabilities
|
346,665 | 370,382 | ||||||
Commitments
and contingencies
|
||||||||
Stockholders'
equity:
|
||||||||
Preferred
stock
|
- | - | ||||||
Common
stock
|
9 | 9 | ||||||
Capital
in excess of par value
|
1,315,182 | 1,312,796 | ||||||
Accumulated
other comprehensive income (loss)
|
(20 | ) | 1,439 | |||||
Accumulated
deficit
|
(1,155,897 | ) | (1,124,090 | ) | ||||
Total
stockholders' equity
|
159,274 | 190,154 | ||||||
Total
liabilities and stockholders' equity
|
$ | 505,939 | $ | 560,536 |
Three-Months Ended March 31,
|
||||||||
2009
|
2008
|
|||||||
Revenue:
|
||||||||
Product
sales and royalties
|
$ | 6,470 | $ | 10,371 | ||||
Collaboration
and other
|
3,241 | 9,621 | ||||||
Total
revenue
|
9,711 | 19,992 | ||||||
Operating
costs and expenses:
|
||||||||
Cost
of goods sold
|
5,099 | 7,227 | ||||||
Other
cost of revenue
|
- | 5,334 | ||||||
Research
and development
|
23,890 | 37,373 | ||||||
General
and administrative
|
11,020 | 11,947 | ||||||
Total
operating costs and expenses
|
40,009 | 61,881 | ||||||
Loss
from operations
|
(30,298 | ) | (41,889 | ) | ||||
Non-Operating
income (expense):
|
||||||||
Interest
income
|
1,650 | 5,013 | ||||||
Interest
expense
|
(3,337 | ) | (3,918 | ) | ||||
Other
Income
|
45 | 302 | ||||||
Total
non-operating income (expense)
|
(1,642 | ) | 1,397 | |||||
Loss
before provision for income taxes
|
(31,940 | ) | (40,492 | ) | ||||
Provision
(benefit) for income taxes
|
(133 | ) | 213 | |||||
Net
income (loss)
|
$ | (31,807 | ) | $ | (40,705 | ) | ||
Basic
and diluted net earnings (loss) per share
|
$ | (0.34 | ) | $ | (0.44 | ) | ||
Shares
used in computing basic and diluted net earnings (loss) per
share
|
92,516 | 92,330 |
Three-Months Ended March 31,
|
||||||||
2009
|
2008
|
|||||||
Cash
flows used in operating activities:
|
||||||||
Net
loss
|
$ | (31,807 | ) | $ | (40,705 | ) | ||
Adjustments
to reconcile net loss to net cash used in operating
activities:
|
||||||||
Depreciation
and amortization
|
3,615 | 5,917 | ||||||
Stock-based
compensation
|
2,325 | 1,084 | ||||||
Other
non-cash transactions
|
115 | (112 | ) | |||||
Changes
in assets and liabilities:
|
||||||||
Decrease
(increase) in trade accounts receivable
|
5,365 | 7,597 | ||||||
Decrease
(increase) in inventories
|
(4,073 | ) | 1,160 | |||||
Decrease
(increase) in other assets
|
496 | 2,044 | ||||||
Increase
(decrease) in accounts payable
|
(8,095 | ) | (2,033 | ) | ||||
Increase
(decrease) in accrued compensation
|
(6,133 | ) | (3,932 | ) | ||||
Increase
(decrease) in accrued clinical trial expenses
|
(2,640 | ) | 86 | |||||
Increase
(decrease) in accrued expenses to contract manufacturers
|
- | (31,994 | ) | |||||
Increase
(decrease) in accrued expenses
|
3,364 | (123 | ) | |||||
Increase
(decrease) in deferred revenue
|
(3,029 | ) | (1,200 | ) | ||||
Increase
(decrease) in other liabilities
|
(1,897 | ) | (2,761 | ) | ||||
Net
cash used in operating activities
|
(42,394 | ) | (64,972 | ) | ||||
Cash
flows from investing activities:
|
||||||||
Purchases
of property and equipment
|
(5,104 | ) | (5,281 | ) | ||||
Purchases
of investments
|
(85,298 | ) | (156,092 | ) | ||||
Maturities
of investments
|
104,458 | 186,758 | ||||||
Transaction
costs from Novartis pulmonary asset sale
|
(4,766 | ) | - | |||||
Net
cash provided by investing activities
|
9,290 | 25,385 | ||||||
Cash
flows used in financing activities:
|
||||||||
Proceeds
from issuances of common stock
|
61 | 371 | ||||||
Payments
of loan and capital lease obligations
|
(302 | ) | (411 | ) | ||||
Net
cash used in financing activities
|
(241 | ) | (40 | ) | ||||
Effect
of exchange rates on cash and cash equivalents
|
61 | 10 | ||||||
Net
decrease in cash and cash equivalents
|
$ | (33,284 | ) | $ | (39,617 | ) | ||
Cash
and cash equivalents at beginning of period
|
$ | 155,584 | $ | 76,293 | ||||
Cash
and cash equivalents at end of period
|
$ | 122,300 | $ | 36,676 |