0000906709-22-000010 | 10-Q | XBRL Viewer

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Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2022	Apr. 29, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
Document Transition Report	false
Entity File Number	0-24006
Entity Registrant Name	NEKTAR THERAPEUTICS
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	94-3134940
Entity Address, Address Line One	455 Mission Bay Boulevard South
Entity Address, City or Town	San Francisco
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94158
City Area Code	415
Local Phone Number	482-5300
Title of 12(b) Security	Common Stock, $0.0001 par value
Trading Symbol	NKTR
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		186,274,156
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Entity Central Index Key	0000906709
Current Fiscal Year End Date	--12-31

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 67,993	$ 25,218
Short-term investments	599,032	708,737
Accounts receivable	30,220	22,492
Inventory	15,379	15,801
Other current assets	20,831	23,333
Total current assets	733,455	795,581
Long-term investments	37,363	64,828
Property, plant and equipment, net	60,980	60,510
Operating lease right-of-use assets	114,296	117,025
Goodwill	76,501	76,501
Other assets	1,521	2,744
Total assets	1,024,116	1,117,189
Current liabilities:
Accounts payable	12,617	9,747
Accrued compensation	22,653	15,735
Accrued clinical trial expenses	33,403	26,809
Other accrued expenses	17,011	15,468
Operating lease liabilities, current portion	19,597	17,441
Total current liabilities	105,281	85,200
Operating lease liabilities, less current portion	122,638	125,736
Development derivative liability	0	27,726
Liabilities related to the sales of future royalties, net	185,604	195,427
Other long-term liabilities	2,704	3,592
Total liabilities	416,227	437,681
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.0001 par value; 10,000 shares authorized; no shares designated or outstanding at March 31, 2022 or December 31, 2021, respectively	0	0
Common stock, $0.0001 par value; 300,000 shares authorized; 186,274 shares and 185,468 shares outstanding at March 31, 2022 or December 31, 2021, respectively	19	19
Capital in excess of par value	3,537,790	3,516,641
Accumulated other comprehensive loss	(6,532)	(4,157)
Accumulated deficit	(2,923,388)	(2,832,995)
Total stockholders’ equity	607,889	679,508
Total liabilities and stockholders’ equity	$ 1,024,116	$ 1,117,189

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares designated (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	300,000,000	300,000,000
Common stock, shares outstanding (in shares)	186,274,000	185,468,000

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenue:
Total revenue	$ 24,822	$ 23,647
Operating costs and expenses:
Cost of goods sold	5,315	5,756
Research and development	107,253	95,604
General and administrative	27,339	31,679
Restructuring, impairment and other costs of terminated program	1,475	0
Total operating costs and expenses	141,382	133,039
Loss from operations	(116,560)	(109,392)
Non-operating income (expense):
Change in fair value of development derivative liability	33,427	(1,599)
Non-cash interest expense on liabilities related to the sales of future royalties	(7,529)	(13,296)
Interest income and other income (expense), net	395	1,412
Total non-operating income (expense), net	26,293	(13,483)
Loss before provision for income taxes	(90,267)	(122,875)
Provision for income taxes	126	92
Net loss	$ (90,393)	$ (122,967)
Basic net loss per share (in dollars per share)	$ (0.49)	$ (0.68)
Diluted net loss per share (in dollars per share)	$ (0.49)	$ (0.68)
Weighted average shares outstanding used in computing basic net loss per share (in shares)	185,848	181,370
Weighted average shares outstanding used in computing diluted net loss per share (in shares)	185,848	181,370
Product sales
Revenue:
Total revenue	$ 5,688	$ 4,795
Non-cash royalty revenue related to the sales of future royalties
Revenue:
Total revenue	17,561	18,798
License, collaboration and other revenue
Revenue:
Total revenue	$ 1,573	$ 54

Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Comprehensive Income [Abstract]
Net loss	$ (90,393)	$ (122,967)
Other comprehensive income (loss):
Net unrealized gain (loss) on available-for-sale investments	(2,091)	(766)
Net foreign currency translation gain (loss)	(284)	(60)
Other comprehensive income (loss)	(2,375)	(826)
Comprehensive loss	$ (92,768)	$ (123,793)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

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Condensed Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Shares	Capital in Excess of Par Value	Accumulated Other Comprehensive Loss	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2020		180,091
Beginning balance at Dec. 31, 2020	$ 1,077,295	$ 18	$ 3,388,730	$ (2,295)	$ (2,309,158)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued under equity compensation plans (in shares)		2,199
Shares issued under equity compensation plans	17,106	$ 0	17,106
Stock-based compensation	23,898		23,898
Comprehensive income (loss)	(123,793)			(826)	(122,967)
Ending balance (in shares) at Mar. 31, 2021		182,290
Ending balance at Mar. 31, 2021	994,506	$ 18	3,429,734	(3,121)	(2,432,125)
Beginning balance (in shares) at Dec. 31, 2021		185,468
Beginning balance at Dec. 31, 2021	679,508	$ 19	3,516,641	(4,157)	(2,832,995)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued under equity compensation plans (in shares)		806
Shares issued under equity compensation plans	188	$ 0	188
Stock-based compensation	20,961		20,961
Comprehensive income (loss)	(92,768)			(2,375)	(90,393)
Ending balance (in shares) at Mar. 31, 2022		186,274
Ending balance at Mar. 31, 2022	$ 607,889	$ 19	$ 3,537,790	$ (6,532)	$ (2,923,388)

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

+ Details

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		123 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022
Cash flows from operating activities:
Net loss	$ (90,393)	$ (122,967)
Adjustments to reconcile net loss to net cash used in operating activities:
Non-cash royalty revenue related to the sales of future royalties	(17,561)	(18,798)	$ 351,012
Non-cash interest expense on liabilities related to the sales of future royalties	7,529	13,296	251,802
Change in fair value of development derivative liability	(33,427)	1,599
Non-cash research and development expense	4,951	2,248
Stock-based compensation	20,961	23,898
Depreciation and amortization	3,730	3,543
Amortization of premiums (discounts), net and other non-cash transactions	1,276	2,345
Changes in operating assets and liabilities:
Accounts receivable	(7,728)	9,733
Inventory	422	(1,516)
Operating leases, net	1,787	1,541
Other assets	2,864	6,183
Accounts payable	2,998	779
Accrued compensation	6,918	8,981
Other accrued expenses	7,249	(7,950)
Net cash used in operating activities	(88,424)	(77,085)
Cash flows from investing activities:
Purchases of investments	(93,493)	(295,314)
Maturities of investments	227,974	303,612
Sales of investments	0	5,036
Purchases of property, plant and equipment	(4,203)	(2,876)
Net cash provided by investing activities	130,278	10,458
Cash flows from financing activities:
Proceeds from shares issued under equity compensation plans	188	17,106
Cash receipts from development derivative liability	750	750
Net cash provided by financing activities	938	17,856
Effect of foreign exchange rates on cash and cash equivalents	(17)	(20)
Net increase (decrease) in cash and cash equivalents	42,775	(48,791)
Cash and cash equivalents at beginning of period	25,218	198,955
Cash and cash equivalents at end of period	67,993	150,164	$ 67,993
Supplemental disclosures of cash flow information:
Operating lease right-of-use asset recognized in exchange for lease liabilities	$ 0	$ 1,057

Organization and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Summary of Significant Accounting Policies	Organization and Summary of Significant Accounting Policies Organization We are a research-based biopharmaceutical company headquartered in San Francisco, California and incorporated in Delaware. We are developing a pipeline of drug candidates that utilize our advanced polymer conjugate technology platforms, which are designed to enable the development of new molecular entities that target known mechanisms of action. Our research and development pipeline of new investigational drugs includes investigational treatments in oncology and immunology. Our research and development activities have required significant ongoing investment to date and are expected to continue to require significant investment. As a result, we expect to continue to incur substantial losses and negative cash flows from operations in the future. We have financed our operations primarily through cash generated from licensing, collaboration and manufacturing agreements and financing transactions. As of March 31, 2022, we had approximately $704.4 million in cash and investments in marketable securities. Restructuring, Impairment and Other Costs of Terminated Program In March and April 2022, we announced the unsuccessful results from our clinical trials studying bempegaldesleukin in combination with Opdivo® under our Strategic Collaboration Agreement with Bristol-Myers Squibb Company (BMS). Based on these results, we decided to discontinue all of our ongoing clinical trials of bempegaldesleukin in combination with checkpoint inhibitors. In April 2022, we also announced new strategic reorganization and cost restructuring plans for the Company’s future: •On March 14, 2022, BMS and we announced that the registrational trial for bempegaldesleukin in combination with Opdivo® in metastatic melanoma did not meet its primary endpoints and that BMS and we decided to discontinue the registrational trials in metastatic melanoma and adjuvant melanoma. See Note 7 for additional information on our BMS Collaboration Agreement. •On April 14, 2022, we announced that each of our registrational trials for bempegaldesleukin in combination with Opdivo® in renal cell carcinoma and in cisplatin-ineligible, locally advanced or metastatic urothelial cancer did not meet their respective primary endpoints. Due to these results, BMS and we decided to discontinue these studies and all other ongoing studies for bempegaldesleukin in combination with Opdivo®. •On April 14, 2022, we announced that, in consultation with SFJ Pharmaceuticals and based upon a recommendation from an independent Data Monitoring Committee, we made the decision to discontinue our Phase 2/3 study in bempegaldesleukin in combination with Keytruda® in patients with metastatic or unresectable recurrent squamous cell cancer of the head and neck under our Co-Development Agreement with SFJ Pharmaceuticals. See Note 4 for additional information regarding our Co-Development Agreement with SFJ Pharmaceuticals. In addition to announcing the decision to discontinue this Phase 2/3 study, we also announced on April 14, 2022, the discontinuation of our Phase 1/2 PROPEL study of bempegaldesleukin in combination with Keytruda® in locally advanced or metastatic solid tumors, including non-small cell lung cancer. With these announcements on April 14, 2022, there are no ongoing clinical development activities of bempegaldesleukin. •On April 25, 2022, we announced our strategic reorganization and cost restructuring plans (together, the Reorganization and Restructuring Plans), which were reviewed and approved by our Board of Directors on April 14, 2022. On April 26, 2022, our duly authorized officers approved certain strategic, operational and organizational steps to undertake in connection with the Reorganization and Restructuring Plans. Under the Reorganization and Restructuring Plans, we are prioritizing key research and development efforts and continuing to evaluate our early stage drug candidate pipeline. We are also reducing our workforce by approximately 70%. See Note 10 for additional information regarding our reorganization and restructuring plans. For the three months ended March 31, 2022, restructuring, impairment and other costs for terminated programs primarily include cancellation fees for certain manufacturing activities for bempegaldesleukin which were scheduled to support our efforts at securing potential FDA approval and commercial launch of bempegaldesleukin in metastatic melanoma in 2022. Basis of Presentation and Principles of Consolidation Our Condensed Consolidated Financial Statements include the financial position, results of operations and cash flows of Nektar Therapeutics and our wholly-owned subsidiaries. We have eliminated all intercompany accounts and transactions in consolidation. We prepared our Condensed Consolidated Financial Statements following the requirements of the Securities and Exchange Commission (SEC) for interim reporting. As permitted under those rules, we may condense or omit certain footnotes or other financial information that are normally required by U.S. generally accepted accounting principles (GAAP) for annual periods. In the opinion of management, these financial statements include all normal and recurring adjustments that we consider necessary for the fair presentation of our financial position and operating results. Our Condensed Consolidated Financial Statements are denominated in U.S. dollars. Accordingly, changes in exchange rates between the applicable foreign currency and the U.S. dollar will affect the translation of each foreign subsidiary’s financial results into U.S. dollars for purposes of reporting our consolidated financial results. We include translation gains and losses in accumulated other comprehensive loss in the stockholders’ equity section of our Condensed Consolidated Balance Sheets. To date, such cumulative currency translation adjustments have not been significant to our consolidated financial position. Our comprehensive loss consists of our net loss plus our foreign currency translation gains and losses and unrealized gains and losses on available-for-sale securities. There were no significant reclassifications out of accumulated other comprehensive loss to the statements of operations during the three months ended March 31, 2022 and 2021. The accompanying Condensed Consolidated Financial Statements are unaudited. The Condensed Consolidated Balance Sheet data as of December 31, 2021 was derived from the audited consolidated financial statements which are included in our Annual Report on Form 10-K for the year ended December 31, 2021 filed with the SEC on March 1, 2022. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the consolidated financial statements and the accompanying notes to those financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2021. Revenue, expenses, assets, and liabilities can vary during each quarter of the year. The results and trends in these interim Condensed Consolidated Financial Statements are not necessarily indicative of the results to be expected for the full year or any other period. Use of Estimates The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Accounting estimates and assumptions are inherently uncertain. Actual results could differ materially from those estimates and assumptions. As appropriate, we assess estimates each period, update them to reflect current information, and generally reflect any changes in estimates in the period first identified. Significant Concentrations Our customers are primarily pharmaceutical and biotechnology companies that are located in the U.S. and Europe and with whom we have multi-year arrangements. Our accounts receivable balance contains billed and unbilled trade receivables from product sales, milestones (to the extent that they have been achieved and are due from the counterparty), and other contingent payments, as well as reimbursable costs from collaborative research and development agreements. As of March 31, 2022 and December 31, 2021, our accounts receivable includes $26.9 million and $21.4 million, respectively, for unbilled net expense reimbursements from BMS. The remaining accounts receivable relate primarily to product sales. We generally do not require collateral from our customers. We perform a regular review of our customers’ credit risk and payment histories, including payments made after period end. Historically, we have not experienced credit losses from our accounts receivable and recorded no bad debt expense for the three months ended March 31, 2022 and 2021. We have not recorded a reserve for credit losses at March 31, 2022 or December 31, 2021. We are dependent on our suppliers and contract manufacturers to provide raw materials and drugs of appropriate quality and reliability and to meet applicable contract and regulatory requirements. In certain cases, we rely on single sources of supply of one or more critical materials. Consequently, in the event that supplies are delayed or interrupted for any reason, including as a result of the COVID-19 pandemic, our ability to develop and produce our drug candidates, our ability to supply comparator drugs for our clinical trials, or our ability to meet our supply obligations could be significantly impaired, which could have a material adverse effect on our business, financial condition and results of operations. For our available-for-sale securities, we have significant concentrations of issuers in the banking and financial services industries. While our investment policy requires that we only invest in highly-rated securities and limit our exposure to any single issuer, the COVID-19 pandemic or other factors may materially affect the financial condition of issuers. Additionally, pursuant to our investment policy, we may sell securities before maturity if the issuer’s credit rating has been downgraded below our minimum credit rating requirements, which may result in a loss on the sale. Accordingly, if the COVID-19 pandemic or other factors result in downgrades below our minimum credit rating requirements and if we decide to sell these securities, we may experience losses on such sales. Collaborative Arrangements We enter into collaboration arrangements with pharmaceutical and biotechnology collaboration partners, under which we may grant licenses to our collaboration partners to further develop and commercialize one of our drug candidates, either alone or in combination with the collaboration partners’ compounds, or grant licenses to partners to use our technology to research and develop their own drug candidates. We may also perform research, development, manufacturing and supply activities under our collaboration agreements. Consideration under these contracts may include an upfront payment, development and regulatory milestones and other contingent payments, expense reimbursements, royalties based on net sales of approved drugs, and commercial sales milestone payments. Additionally, these contracts may provide options for the customer to purchase our proprietary PEGylation materials, drug candidates or additional contract research and development services under separate contracts. When we enter into collaboration agreements, we assess whether the arrangements fall within the scope of ASC 808, Collaborative Arrangements (ASC 808) based on whether the arrangements involve joint operating activities and whether both parties have active participation in the arrangement and are exposed to significant risks and rewards of the arrangement. To the extent that the arrangement falls within the scope of ASC 808, we assess whether the payments between us and our collaboration partner fall within the scope of other accounting literature. If we conclude that payments from the collaboration partner to us represent consideration from a customer, such as license fees and contract research and development activities, we account for those payments within the scope of ASC 606, Revenue from Contracts with Customers (ASC 606). However, if we conclude that our collaboration partner is not a customer for certain activities and associated payments, such as for certain collaborative research, development, manufacturing and commercial activities, we present such payments as a reduction of research and development expense or general and administrative expense, based on where we present the underlying expense. Revenue Recognition For elements of those arrangements that we determine should be accounted for under ASC 606, we assess which activities in our collaboration agreements are performance obligations that should be accounted for separately and determine the transaction price of the arrangement, which includes the assessment of the probability of achievement of future milestones and other potential consideration. For arrangements that include multiple performance obligations, such as granting a license or performing contract research and development activities or participation on joint steering or other committees, we allocate upfront and milestone payments under a relative standalone selling price method. Accordingly, we develop assumptions that require judgment to determine the standalone selling price for each performance obligation identified in the contract. These key assumptions may include revenue forecasts, clinical development timelines and costs, discount rates and probabilities of clinical and regulatory success. Product Sales Product sales are primarily derived from manufacturing and supply agreements with our customers. We have assessed our current manufacturing and supply arrangements and have generally determined that they provide the customer an option to purchase our proprietary PEGylation materials. Accordingly, we treat each purchase order as a discrete exercise of the customer’s option (i.e. a separate contract) rather than as a component of the overall arrangement. The pricing for the manufacturing and supply is generally at a fixed price and may be subject to annual producer price index (PPI) adjustments. We invoice and recognize product sales when title and risk of loss pass to the customer, which generally occurs upon shipment. Customer payments are generally due 30 days from receipt of invoice. We test our products for adherence to technical specifications before shipment; accordingly, we have not experienced any significant returns from our customers. We recognize costs related to shipping and handling of product to customers in cost of goods sold. Non-cash royalty revenue Generally, for our collaboration arrangements that include sales-based royalties, we have granted our collaboration partner a license to our intellectual property. Pursuant to these arrangements, our collaboration partners are typically obligated to pay a royalty that is based on the net sales of their approved drugs that are sold in the countries where we have intellectual property rights covering their drugs. As of December 30, 2020, we have sold our rights to receive sales-based royalties for CIMZIA®, MIRCERA®, MOVANTIK®, ADYNOVATE® and REBINYN® as further described in Note 5. For collaboration arrangements that include sales-based royalties, we have concluded that the license is the predominant item to which the royalties relate. Accordingly, we recognize royalty revenue when the underlying sales occur based on our best estimates of sales of the drugs. Our non-cash royalty revenue of $17.6 million and $18.8 million for the three months ended March 31, 2022 and 2021, respectively, represents revenue for granting licenses which we had satisfied in prior periods. Our partners generally pay royalties after the end of the calendar quarter in accordance with contractual terms. License, collaboration and other revenue License Grants: For collaboration arrangements that include a grant of a license to our intellectual property, we consider whether the license grant is distinct from the other performance obligations included in the arrangement. Generally, we would conclude that the license is distinct if the customer is able to benefit from the license with the resources available to it. For licenses that are distinct, we recognize revenues from nonrefundable, upfront payments and other consideration allocated to the license when the license term has begun and we have provided all necessary information regarding the underlying intellectual property to the customer, which generally occurs at or near the inception of the arrangement. Milestone Payments: At the inception of the arrangement and at each reporting date thereafter, we assess whether we should include any milestone payments or other forms of variable consideration in the transaction price, based on whether a significant reversal of revenue previously recognized is not probable upon resolution of the uncertainty. Since milestone payments may become payable to us upon the initiation of a clinical study, filing for or receipt of regulatory approval or the first commercial sale of a product, we review the relevant facts and circumstances to determine when we should update the transaction price, which may occur before the triggering event. When we do update the transaction price for milestone payments, we allocate it on a relative standalone selling price basis and record revenue on a cumulative catch-up basis, which results in recognizing revenue for previously satisfied performance obligations in such period. If we update the transaction price before the triggering event, we recognize the increase in the transaction price as a contract asset. Our partners generally pay development milestones subsequent to achievement of the triggering event. Research and Development Services: For amounts allocated to our research and development obligations in a collaboration arrangement, we recognize revenue over time using a proportional performance model, representing the transfer of goods or services as we perform activities over the term of the agreement. Research and Development Expense Research and development costs are expensed as incurred and include salaries, benefits and other operating costs such as outside services, supplies and allocated overhead costs. We perform research and development activities for our drug candidates and technology development and for certain third parties under collaboration agreements. For our drug candidates and our internal technology development programs, we invest our own funds without reimbursement from a third party. Where we perform research and development activities under a joint development collaboration, such as our collaboration with BMS, we record the cost reimbursement from our partner as a reduction to research and development expense when reimbursement amounts are due to us under the agreement. We record an accrued expense for the estimated unbilled costs of our clinical study activities performed by third parties. The financial terms of these agreements are subject to negotiation, vary from contract to contract and may result in uneven payment flows to our vendors. Payments under the contracts depend on factors such as the achievement of certain events, successful enrollment of patients and completion of certain clinical trial activities. We generally recognize costs associated with the start-up and reporting phases of the clinical trials as incurred. We generally accrue costs associated with the treatment phase of clinical trials based on the estimated activities performed by our third party vendors, including our contract research organizations. We may also accrue expenses based on the total estimated cost of the treatment phase on a per patient basis and expense the per patient cost ratably over the estimated patient treatment period. In specific circumstances, such as for certain time-based costs, we recognize clinical trial expenses ratable over the service period, as we believe that this methodology may be more reflective of the timing of costs incurred. We record an accrued expense for the estimated costs of our contract manufacturing activities performed by third parties. The financial terms of these agreements are subject to negotiation, vary from contract to contract and may result in uneven payment flows to our vendors. Payments under the contracts include upfront payments and milestone payments, which depend on factors such as the achievement of the completion of certain stages of the manufacturing process. For purposes of recognizing expense, we assess whether we consider the production process to be sufficiently defined such that the resulting product can be considered the delivery of a good, as evidenced by predictive or contractually required yields in the production process or payment terms based on the actual yield, or the delivery of a service, where processes and yields are developing and less certain. If we consider the process to be the delivery of a good, we recognize expense when the drug product is delivered, or we otherwise bear risk of loss. If we consider the process to be the delivery of a service, we recognize expense based on our best estimates of the contract manufacturer’s progress towards completion of the stages in the contracts. We recognize and amortize upfront payments and accrue liabilities based on the specific terms of each arrangement. Certain arrangements may provide upfront payments for certain stages of the arrangement and milestone payments for the completion of certain stages, and, accordingly, we may record advance payments for services that have not been completed or goods not delivered and liabilities for stages where the contract manufacturer is entitled to a milestone payment. We capitalize advance payments for goods or services that will be used or rendered for future research and development activities and recognize expense as the related goods are delivered or services performed. We base our estimates on the best information available at the time. However, additional information may become available to us in the future which may allow us to make a more accurate estimate in future periods. In this event, we may be required to record adjustments to research and development expenses in future periods when the actual level of activity becomes more certain. We generally consider such increases or decreases in cost as changes in estimates and reflect them in research and development expenses in the period identified.

Cash and Investments in Marketable Securities

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Cash and Investments in Marketable Securities

Cash and investments in marketable securities, including cash equivalents, are as follows (in thousands):


	Estimated Fair Value at
	March 31, 2022		December 31, 2021
Cash and cash equivalents	$	67,993	$	25,218
Short-term investments	599,032		708,737
Long-term investments	37,363		64,828
Total cash and investments in marketable securities	$	704,388	$	798,783

We invest in liquid, high quality debt securities. Our investments in debt securities are subject to interest rate risk. To minimize the exposure due to an adverse shift in interest rates, we invest in securities with maturities of two years or less and maintain a weighted average maturity of one year or less. As of March 31, 2022 and December 31, 2021, all of our long-term investments had maturities between one and two years.

Our portfolio of cash and investments in marketable securities includes (in thousands):


	Fair Value Hierarchy Level	March 31, 2022								December 31, 2021
		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Fair Value
Corporate notes and bonds	2	$	196,643	$	4	$	(1,270)	$	195,377	$	278,121
Corporate commercial paper	2	439,280		—		(1,479)		437,801		478,629
Obligations of U.S. government agencies	2	4,880		—		(9)		4,871		5,875
Available-for-sale investments		$	640,803	$	4	$	(2,758)	$	638,049	$	762,625
Money market funds	1							43,523		23,968
Certificates of deposit	2							10,894		10,940
Cash	N/A							11,922		1,250
Total cash and investments in marketable securities								$	704,388	$	798,783

For the three months ended March 31, 2022 and 2021, there were no transfers between Level 1 and Level 2 of the fair value hierarchy. At December 31, 2021, our gross unrealized losses totaled $0.7 million, and our gross unrealized gains were insignificant.

Inventory

3 Months Ended

Mar. 31, 2022

Inventory Disclosure [Abstract]

Inventory

Inventory consists of the following (in thousands):


	March 31, 2022		December 31, 2021
Raw materials	$	2,084	$	3,166
Work-in-process	9,420		9,342
Finished goods	3,875		3,293
Total inventory	$	15,379	$	15,801

We manufacture finished goods inventory upon receipt of firm purchase orders, and we may manufacture certain intermediate work-in-process materials and purchase raw materials based on purchase forecasts from our collaboration partners. We include direct materials, direct labor, and manufacturing overhead in inventory and determine cost on a first-in, first-out basis for raw materials and on a specific identification basis for work-in-process and finished goods. We value inventory at the lower of cost or net realizable value, and we write down defective or excess inventory to net realizable value based on historical experience or projected usage. We expense inventory related to our research and development activities as manufactured by us or when purchased.

Co-Development Agreement with SFJ Pharmaceuticals and Development Derivative Liability

3 Months Ended

Mar. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Co-Development Agreement with SFJ Pharmaceuticals and Development Derivative Liability

On February 12, 2021, we entered into a Co-Development Agreement (the SFJ Agreement) with SFJ Pharmaceuticals XII, L.P., a SFJ Pharmaceuticals Group company (SFJ), pursuant to which SFJ would pay up to $150.0 million in committed funding to support a Phase 2/3 study of bempegaldesleukin in combination with Keytruda® (pembrolizumab) for first-line treatment of patients with metastatic or unresectable recurrent squamous cell carcinoma of the head and neck (the SCCHN Clinical Trial) whose tumors express PD-L1 (the SCCHN Indication). SFJ has primary responsibility for the clinical trial management of the SCCHN Clinical Trial, and we are the sponsor of the SCCHN Clinical Trial. The SFJ Agreement provided for us to pay up to $637.5 million in Success Payments in the event of FDA approval of bempegaldesleukin for the metastatic melanoma, the SCCHN Indication, or both, and in the event of FDA approval of one additional bempegaldesleukin indication.

As discussed in Note 1, on March 14, 2022, we announced that the metastatic melanoma trial did not meet its primary endpoints and that we and BMS decided to discontinue the registrational trials in metastatic melanoma trial and adjuvant melanoma. On April 14, 2022, BMS and we announced that, due to the negative results of our trials for bempegaldesleukin in each of renal cell carcinoma and cisplatin-ineligible, locally advanced or metastatic urothelial cancer, BMS and we decided to end the development for bempegaldesleukin in combination with Opdivo® and that these studies and all other ongoing studies in the bempegaldesleukin program will be discontinued. On April 14, 2022, due to these results, SFJ and we agreed to discontinue the SCCHN Clinical Trial. Accordingly, SFJ will not be entitled to any Success Payments, and SFJ has the responsibility to wind down the SCCHN Clinical Trial at its sole cost. SFJ has no right to seek reimbursement from us for any costs incurred for the SCCHN Clinical Trial.

We presented the SFJ Agreement as a Development derivative liability in our Condensed Consolidated Balance Sheets, which we remeasured to fair value at each reporting date. As SFJ conducted the SCCHN Clinical Trial, we recorded non-cash research and development expense with a corresponding increase to the development derivative liability, and as SFJ remitted funding to us to support our internal costs of conducting the trial, we also recorded a corresponding increase to the development derivative liability. We presented the gain (loss) from the remeasurement as change in fair value of development derivative liability in our Condensed Consolidated Statements of Operations. As of March 31, 2022, due to the negative results of the metastatic melanoma trial and initial discussions with SFJ, we concluded that it was remote that SFJ and we would continue the SCCHN Clinical Trial. Accordingly, the fair value of the development derivative liability was reduced to $0 as of March 31, 2022, and we recognized a corresponding gain in the Change in fair value of development derivative liability.

The following table presents the changes in the development derivative liability for the three months ended March 31, 2022 and 2021:


		Three months ended March 31,
	Fair Value Hierarchy Level	2022		2021
Fair value as of December 31, 2021 and February 12, 2021 (inception), respectively	3	$	27,726	$	—
Non-cash research and development expense		4,951		2,248
Cash receipts from SFJ		750		750
Change in the fair value of development derivative liability		(33,427)		1,599
Fair value at end of period	3	$	—	$	4,597

Liabilities Related to Sales of Future Royalties

3 Months Ended

Mar. 31, 2022

Other Liabilities Disclosure [Abstract]

In 2012 and 2020, we sold to RPI Finance Trust (RPI) and entities managed by Healthcare Royalty Management, LLC (collectively, HCR), respectively, our rights to receive royalties under our license and manufacturing agreements with certain pharmaceutical partners as summarized below under the 2012 Purchase and Sale Agreement and the 2020 Purchase and Sale Agreement, respectively:


Drug	Manufacturer	Counterparty under Purchase and Sale Agreement	Date Sold
ADYNOVATE® and ADYNOVI® (brand name for ADYNOVATE® in Europe)	Takeda Pharmaceutical Company Limited	Healthcare Royalty Management, LLC	December 16, 2020
MOVANTIK® (naloxegol tablets) and MOVENTIG® (brand name for MOVANTIK® in Europe)	AstraZeneca AB	Healthcare Royalty Management, LLC	December 16, 2020
REBINYN®	Novo Nordisk Inc., Novo Nordisk A/S and Novo Nordisk A/G	Healthcare Royalty Management, LLC	December 16, 2020
CIMZIA® (certolizumab pegol)	UCB Pharma	RPI Finance Trust	February 24, 2012
MIRCERA® (Continuous Erythropoietin Receptor Activator)	F. Hoffmann-La Roche Ltd	RPI Finance Trust	February 24, 2012

Due to our ongoing manufacturing obligations in both arrangements, we account for the proceeds as debt (Royalty Obligations) and therefore continue to recognize these non-cash royalties as revenue. As royalties are remitted to RPI and HCR by our licensees, the balances of the respective Royalty Obligations will be effectively repaid over the lives of the agreements. To determine the amortization of the Royalty Obligations, we are required to estimate the total amount of future royalty payments to be received by RPI and HCR, respectively. The sum of these amounts less the net proceeds we received will be recorded as non-cash interest expense over the lives of the respective Royalty Obligations. The following table shows the activity within the liability account of each arrangement (in thousands):


	Period from inception to March 31, 2022
	2012 Purchase and Sale Agreement		2020 Purchase and Sale Agreement		Total
Royalty monetization proceeds	$	124,000	$	150,000	$	274,000
Non-cash royalty revenue	(289,655)		(61,357)		(351,012)
Non-cash interest expense	226,506		25,296		251,802
Payments to RPI	(10,000)		—		(10,000)
Loss on revaluation of liability related to the sale of future royalties (1)	23,522		—		23,522
Liabilities related to the sales of future royalties – ending balance	74,373		113,939		188,312
Less: unamortized transaction costs	—		(2,708)		(2,708)
Liabilities related to the sales of future royalties, net	$	74,373	$	111,231	$	185,604
(1) Loss recognized from Settlement Agreement to resolve UCB’s challenges to our patents, as agreed to by UCB, RPI and us, on October 13, 2021.

We periodically assess the estimated royalty payments to RPI and HCR from our licensees and to the extent the amount or timing of such payments is materially different from our original estimates, we will prospectively adjust the imputed interest rate and the related amortization of the applicable Royalty Obligation. As of March 31, 2022, our imputed interest rates for the arrangements with RPI and HCR were 16% and 15%, respectively.

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Matters From time to time, we are involved in lawsuits, arbitrations, claims, investigations and proceedings, consisting of intellectual property, commercial, employment and other matters, which arise in the ordinary course of business. We make provisions for liabilities when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. Such provisions are reviewed at least quarterly and adjusted to reflect the impact of settlement negotiations, judicial and administrative rulings, advice of legal counsel, and other information and events pertaining to a particular case. Litigation is inherently unpredictable. If any unfavorable ruling were to occur in any specific period, there exists the possibility of a material adverse impact on the results of our operations for that period and on our cash flows and liquidity. In October 2018, we and certain of our executives were named in a putative securities class action complaint filed in the U.S. District Court for the Northern District of California (Case No. 18-cv-06607, which we refer to as the Mulquin action). The Mulquin plaintiffs have challenged public statements Nektar made, between January 2017 and June 2018, about the clinical trials of bempegaldesleukin. The Mulquin complaint was amended in May 2019. The defendants moved to dismiss and the court granted the motion without prejudice in July 2020. The Mulquin plaintiffs again amended their complaint and the defendants again moved to dismiss. In December 2020, the court dismissed the action with prejudice. The plaintiffs filed a notice of appeal in January 2021 and appellate briefing in the U.S. Court of Appeals for the Ninth Circuit was completed in September 2021. Oral argument occurred on December 10, 2021, and the matter remains pending with the court. A second putative securities class action was filed against the Company and certain of our executives in the U.S. District Court for the Northern District of California in August 2019 (Case No. 4-19-cv-05173, which we refer to as the Damiba action). The Damiba plaintiffs challenged public statements Nektar made, between February 2019 and May 2019, about its bempegaldesleukin clinical trials and collaboration with Bristol-Myers Squibb. After the Damiba plaintiffs filed an amended complaint and the defendants moved to dismiss, the court dismissed the action without prejudice in January 2021. The Damiba plaintiffs subsequently voluntarily dismissed the action, with prejudice, in March 2021. In addition to the two securities actions (the Mulquin action and the Damiba action), three additional sets of derivative actions have been filed against certain of the Company’s current and former officers and directors, purportedly on the Company’s behalf. These derivative actions are based on the allegations in the securities actions and on the premise that the Company’s officers and directors breached their fiduciary duties by exposing the Company to one or both of the securities actions. The first derivative action was filed in the U.S. District Court for the District of Delaware in February 2019 (Case No. 1:19-cv-00322-MN-JLH). After amending their complaint several times, the plaintiffs in that action voluntarily dismissed their claims without prejudice in April 2021. A second set of derivative actions was filed in February 2020 in the U.S. District Court for the Northern District of California (Case No. 4:20-cv-01088-JSW). The derivative actions in California were consolidated and the Company moved to dismiss on the basis that the plaintiffs had neither made a demand on the Company’s board of directors nor shown that a demand would be futile. On September 1, 2021, the court dismissed the action with prejudice. A third derivative complaint was filed in February 2021 in the Court of Chancery of the State of Delaware (C.A. No. 2021-0118-PAF). The parties agreed to stay further proceedings in this action until thirty days after the U.S. Court of Appeals for the Ninth Circuit’s final resolution of the appeal in the Mulquin action. Given the nature and status of these securities class action lawsuits and derivative complaints, we cannot reasonably estimate a potential future loss or a range of potential future losses. However, an unfavorable resolution could potentially have a material adverse effect on our business, financial condition, and results of operations or prospects, and potentially result in paying monetary damages. We have recorded no liability for these matters in our Consolidated Balance Sheets at either March 31, 2022 or December 31, 2021. Indemnifications in Connection with Commercial Agreements As part of our collaboration agreements with our partners related to the license, development, manufacture and supply of drugs and PEGylation materials based on our proprietary technologies and drug candidates, we generally agree to defend, indemnify and hold harmless our partners from and against third party liabilities arising out of the agreement, including product liability (with respect to our activities) and infringement of intellectual property to the extent the intellectual property is developed by us and licensed to our partners. The term of these indemnification obligations is generally perpetual commencing after execution of the agreement. There is generally no limitation on the potential amount of future payments we could be required to make under these indemnification obligations. From time to time, we enter into other strategic agreements such as divestitures and financing transactions pursuant to which we are required to make representations and warranties and undertake to perform or comply with certain covenants. For example, we made certain intellectual property representations in connection with our RPI and HCR transactions, however, the time limitation we have to indemnify RPI with respect to any breach of these intellectual property-based representations and warranties has passed. In the event it is determined that we breached certain of the representations and warranties or covenants made by us in any such agreements or certain express indemnification provisions are applicable, we could incur substantial indemnification liabilities depending on the timing, nature, and amount of any such claims. To date, we have not incurred any costs to defend lawsuits or settle claims related to these indemnification obligations, nor any breaches of representations or warranties or covenants. Because the aggregate amount of any potential indemnification obligation is not a stated amount, we cannot reasonably estimate the overall maximum amount of any such obligations.

License and Collaboration Agreements	3 Months Ended
License and Collaboration Agreements	Mar. 31, 2022
License And Collaboration Agreements [Abstract]
License and Collaboration Agreements	License and Collaboration Agreements We have entered into various collaboration agreements including license agreements and collaborative research, development and commercialization agreements with various pharmaceutical and biotechnology companies. Under these collaboration arrangements, we are entitled to receive license fees, upfront payments, milestone and other contingent payments, royalties, sales milestone payments, and payments for the manufacture and supply of our proprietary PEGylation materials and/or reimbursement for research and development activities. We generally include our costs of performing these services in research and development expense, except for costs for product sales to our collaboration partners which we include in cost of goods sold. We analyze our agreements to determine whether we should account for the agreements within the scope of ASC 808, and, if so, we analyze whether we should account for any elements under ASC 606. There have been no material changes to our collaboration agreements in the three months ended March 31, 2022, other than as described below for our Strategic Collaboration Agreement with BMS. Bristol-Myers Squibb Company (BMS): Bempegaldesleukin, also referred to as NKTR-214 On February 13, 2018, we entered into a Strategic Collaboration Agreement (the BMS Collaboration Agreement) and a Share Purchase Agreement with BMS, both of which became effective on April 3, 2018. Pursuant to the BMS Collaboration Agreement, we and BMS have jointly developed bempegaldesleukin in combination with BMS’s Opdivo®. The parties share the internal and external development costs for bempegaldesleukin in combination regimens based on each party’s relative ownership interest in the compounds included in the regimens. In accordance with the agreement, the parties share development costs for bempegaldesleukin in combination with Opdivo®, 67.5% of costs to BMS and 32.5% to Nektar. The parties share costs for the manufacturing and commercialization of bempegaldesleukin, 35% of the costs to BMS and 65% to Nektar. Upon the effective date of the BMS Collaboration Agreement in April 2018, BMS paid us a non-refundable upfront cash payment of $1.0 billion and purchased 8,284,600 shares of our common stock pursuant to the Share Purchase Agreement for total additional cash consideration of $850.0 million. In 2020, we received non-refundable milestone payments of $50.0 million in aggregate for the first patient, first visit in the registrational trials in muscle-invasive bladder cancer and adjuvant melanoma. As discussed in Note 1, on March 14, 2022, we announced our registrational trial in metastatic melanoma did not meet its primary endpoints and that BMS and we decided to discontinue the trials in metastatic melanoma and adjuvant melanoma. On April 14, 2022, we announced that our registrational trials in each of renal cell carcinoma and cisplatin-ineligible, locally advanced or metastatic urothelial cancer did not meet their respective primary endpoints. Due to these results, BMS and we decided that these studies and all other ongoing studies in the program will be discontinued. The decision to terminate the program does not affect the cost-sharing provisions under the BMS Collaboration Agreement. However, without further development of bempegaldesleukin, we will no longer be eligible for the development, regulatory and sales milestones under the arrangement. We determined that the BMS Collaboration Agreement falls within the scope of ASC 808. As mentioned above, BMS shares certain percentages of development costs incurred by us and we share certain percentages of development costs incurred by BMS. We consider these activities to represent collaborative activities under ASC 808 and we recognize such cost sharing proportionately with the performance of the underlying services. We recognize BMS’ reimbursement of our expenses as a reduction of research and development expense and our reimbursement of BMS’ expenses as research and development expense. During the three months ended March 31, 2022 and March 31, 2021, we recorded $24.9 million and $26.7 million, respectively, as reductions of research and development expense for BMS’ share of our expenses, net of our share of BMS’ expenses. As of March 31, 2022, we have recorded an unbilled receivable of $26.9 million from BMS in accounts receivable in our Condensed Consolidated Balance Sheet. Eli Lilly and Company (Lilly): NKTR-358 On July 23, 2017, we entered into a worldwide license agreement (the Lilly Agreement) with Eli Lilly and Company (Lilly) to co-develop NKTR-358, a novel immunological drug candidate that we invented, pursuant to which we received an initial payment of $150.0 million and are eligible for up to $250.0 million in additional development and regulatory milestones. We are currently in Phase 1B and Phase 2 development, where we share costs with 75% of the costs borne by Lilly and 25% of the costs borne by us. Lilly is responsible for the costs of Phase 3 development, but we retain the option to contribute up to 25% of the costs of Phase 3 development on an indication-by-indication basis in order for us to achieve maximum royalty level under the Lilly Agreement, and further, if approved, we will have the opportunity to receive a royalty rate up to the low twenties based upon our Phase 3 development cost contribution and the level of annual global product sales. Lilly will be responsible for all costs of global commercialization, and we will have an option to co-promote in the U.S. under certain conditions. A portion of the development milestones may be reduced by 50% under certain conditions, related to the final formulation of the approved product and the timing of prior approval (if any) of competitive products with a similar mechanism of action, which could reduce these milestone payments by 75% if both conditions occur. The Lilly Agreement will continue until Lilly no longer has any royalty payment obligations or, if earlier, the termination of the agreement in accordance with its terms. The Lilly Agreement may be terminated by Lilly for convenience, and may also be terminated under certain other circumstances, including material breach. Although we are entitled to significant development milestones under this arrangement, through March 31, 2022, we have excluded such milestones from the transaction price due to the significant uncertainties involved with clinical development. We re-evaluate the transaction price at each reporting period and as uncertain events are resolved or other changes in circumstances occur. Other We have other collaboration agreements that have resulted in commercialized products for our collaborations partners. Under these agreements, we may sell our proprietary PEGylation materials for use in these products, and we are entitled to receive royalties based on net sales of these products as well as sales milestones. As discussed in Note 5, we have sold our rights to receive royalties from these other collaboration agreements. Additionally, we have a collaboration agreement for a product under development, under which we are entitled to up to a total of $40.0 million of regulatory milestones, as well as sales milestones upon achievement of annual sales targets and royalties based on net sales of commercialized products, if any. However, given the current phase of development of the potential product under this collaboration agreement, we cannot estimate the probability or timing of achieving these milestones, and, therefore, have excluded all development milestones from the transaction price for this agreement.

Stock-Based Compensation

3 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation

We recognized total stock-based compensation expense in our Condensed Consolidated Statements of Operations as follows (in thousands):


	Three months ended March 31,
	2022		2021
Cost of goods sold	$	669	$	727
Research and development	12,041		14,162
General and administrative	8,251		9,009
Total stock-based compensation	$	20,961	$	23,898

We issued stock-based awards of our common stock as follows (shares in thousands):


	Three months ended March 31,
	2022		2021
Options granted	22		121
Weighted-average grant-date fair value of options granted	$	6.61	$	10.82
RSUs granted	405		367
Weighted-average grant-date fair value of RSUs granted	$	9.39	$	20.63

Net Loss Per Share

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Net Loss Per Share

We calculate basic net loss per share based on the weighted-average number of common shares outstanding during the periods presented and calculate diluted net loss per share based on the weighted-average number of shares of common stock outstanding, including potentially dilutive securities. For all periods presented in the accompanying Condensed Consolidated Statements of Operations, our net loss available to common stockholders equals the reported net loss.

For the three months ended March 31, 2022 and 2021, basic and diluted net loss per share are the same due to our net losses and the requirement to exclude potentially dilutive securities which would have an antidilutive effect on net loss per share. During the three months ended March 31, 2022 and 2021, potentially dilutive securities consisted of weighted-average common shares underlying outstanding stock options and RSUs as follows (in thousands):


	Three months ended March 31,
	2022	2021
Potentially dilutive securities	22,338	19,393

Subsequent Event	3 Months Ended
Subsequent Event	Mar. 31, 2022
Subsequent Events [Abstract]
Subsequent Event	Subsequent EventAs discussed in Note 1, on April 25, 2022, we announced our Reorganization and Restructuring Plans, pursuant to which we are prioritizing key research and development efforts and reducing our workforce by approximately 70% from approximately 735 to approximately 225 employees. We will recognize all costs of the Reorganization and Restructuring Plans, including severance and benefits for employees laid off and employee compensation and third-party costs for the wind down of the bempegaldesleukin program, net of BMS’ reimbursement of our costs, in the restructuring, impairment and other costs of terminated program line in our Condensed Consolidated Statement of Operations. We expect to recognize approximately $30.0 to $35.0 million for severance and related benefits for employees laid off under the Reorganization and Restructuring Plans, primarily in the three months ending June 30, 2022

Organization and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization We are a research-based biopharmaceutical company headquartered in San Francisco, California and incorporated in Delaware. We are developing a pipeline of drug candidates that utilize our advanced polymer conjugate technology platforms, which are designed to enable the development of new molecular entities that target known mechanisms of action. Our research and development pipeline of new investigational drugs includes investigational treatments in oncology and immunology. Our research and development activities have required significant ongoing investment to date and are expected to continue to require significant investment. As a result, we expect to continue to incur substantial losses and negative cash flows from operations in the future. We have financed our operations primarily through cash generated from licensing, collaboration and manufacturing agreements and financing transactions.
Restructuring, Impairment and Other Costs of Terminated Program	Restructuring, Impairment and Other Costs of Terminated Program In March and April 2022, we announced the unsuccessful results from our clinical trials studying bempegaldesleukin in combination with Opdivo® under our Strategic Collaboration Agreement with Bristol-Myers Squibb Company (BMS). Based on these results, we decided to discontinue all of our ongoing clinical trials of bempegaldesleukin in combination with checkpoint inhibitors. In April 2022, we also announced new strategic reorganization and cost restructuring plans for the Company’s future: •On March 14, 2022, BMS and we announced that the registrational trial for bempegaldesleukin in combination with Opdivo® in metastatic melanoma did not meet its primary endpoints and that BMS and we decided to discontinue the registrational trials in metastatic melanoma and adjuvant melanoma. See Note 7 for additional information on our BMS Collaboration Agreement. •On April 14, 2022, we announced that each of our registrational trials for bempegaldesleukin in combination with Opdivo® in renal cell carcinoma and in cisplatin-ineligible, locally advanced or metastatic urothelial cancer did not meet their respective primary endpoints. Due to these results, BMS and we decided to discontinue these studies and all other ongoing studies for bempegaldesleukin in combination with Opdivo®. •On April 14, 2022, we announced that, in consultation with SFJ Pharmaceuticals and based upon a recommendation from an independent Data Monitoring Committee, we made the decision to discontinue our Phase 2/3 study in bempegaldesleukin in combination with Keytruda® in patients with metastatic or unresectable recurrent squamous cell cancer of the head and neck under our Co-Development Agreement with SFJ Pharmaceuticals. See Note 4 for additional information regarding our Co-Development Agreement with SFJ Pharmaceuticals. In addition to announcing the decision to discontinue this Phase 2/3 study, we also announced on April 14, 2022, the discontinuation of our Phase 1/2 PROPEL study of bempegaldesleukin in combination with Keytruda® in locally advanced or metastatic solid tumors, including non-small cell lung cancer. With these announcements on April 14, 2022, there are no ongoing clinical development activities of bempegaldesleukin. •On April 25, 2022, we announced our strategic reorganization and cost restructuring plans (together, the Reorganization and Restructuring Plans), which were reviewed and approved by our Board of Directors on April 14, 2022. On April 26, 2022, our duly authorized officers approved certain strategic, operational and organizational steps to undertake in connection with the Reorganization and Restructuring Plans. Under the Reorganization and Restructuring Plans, we are prioritizing key research and development efforts and continuing to evaluate our early stage drug candidate pipeline. We are also reducing our workforce by approximately 70%. See Note 10 for additional information regarding our reorganization and restructuring plans. For the three months ended March 31, 2022, restructuring, impairment and other costs for terminated programs primarily include cancellation fees for certain manufacturing activities for bempegaldesleukin which were scheduled to support our efforts at securing potential FDA approval and commercial launch of bempegaldesleukin in metastatic melanoma in 2022.
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation Our Condensed Consolidated Financial Statements include the financial position, results of operations and cash flows of Nektar Therapeutics and our wholly-owned subsidiaries. We have eliminated all intercompany accounts and transactions in consolidation. We prepared our Condensed Consolidated Financial Statements following the requirements of the Securities and Exchange Commission (SEC) for interim reporting. As permitted under those rules, we may condense or omit certain footnotes or other financial information that are normally required by U.S. generally accepted accounting principles (GAAP) for annual periods. In the opinion of management, these financial statements include all normal and recurring adjustments that we consider necessary for the fair presentation of our financial position and operating results. Our Condensed Consolidated Financial Statements are denominated in U.S. dollars. Accordingly, changes in exchange rates between the applicable foreign currency and the U.S. dollar will affect the translation of each foreign subsidiary’s financial results into U.S. dollars for purposes of reporting our consolidated financial results. We include translation gains and losses in accumulated other comprehensive loss in the stockholders’ equity section of our Condensed Consolidated Balance Sheets. To date, such cumulative currency translation adjustments have not been significant to our consolidated financial position. Our comprehensive loss consists of our net loss plus our foreign currency translation gains and losses and unrealized gains and losses on available-for-sale securities. There were no significant reclassifications out of accumulated other comprehensive loss to the statements of operations during the three months ended March 31, 2022 and 2021. The accompanying Condensed Consolidated Financial Statements are unaudited. The Condensed Consolidated Balance Sheet data as of December 31, 2021 was derived from the audited consolidated financial statements which are included in our Annual Report on Form 10-K for the year ended December 31, 2021 filed with the SEC on March 1, 2022. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the consolidated financial statements and the accompanying notes to those financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2021. Revenue, expenses, assets, and liabilities can vary during each quarter of the year. The results and trends in these interim Condensed Consolidated Financial Statements are not necessarily indicative of the results to be expected for the full year or any other period.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Accounting estimates and assumptions are inherently uncertain. Actual results could differ materially from those estimates and assumptions. As appropriate, we assess estimates each period, update them to reflect current information, and generally reflect any changes in estimates in the period first identified.
Significant Concentrations	Significant Concentrations Our customers are primarily pharmaceutical and biotechnology companies that are located in the U.S. and Europe and with whom we have multi-year arrangements. Our accounts receivable balance contains billed and unbilled trade receivables from product sales, milestones (to the extent that they have been achieved and are due from the counterparty), and other contingent payments, as well as reimbursable costs from collaborative research and development agreements. As of March 31, 2022 and December 31, 2021, our accounts receivable includes $26.9 million and $21.4 million, respectively, for unbilled net expense reimbursements from BMS. The remaining accounts receivable relate primarily to product sales. We generally do not require collateral from our customers. We perform a regular review of our customers’ credit risk and payment histories, including payments made after period end. Historically, we have not experienced credit losses from our accounts receivable and recorded no bad debt expense for the three months ended March 31, 2022 and 2021. We have not recorded a reserve for credit losses at March 31, 2022 or December 31, 2021. We are dependent on our suppliers and contract manufacturers to provide raw materials and drugs of appropriate quality and reliability and to meet applicable contract and regulatory requirements. In certain cases, we rely on single sources of supply of one or more critical materials. Consequently, in the event that supplies are delayed or interrupted for any reason, including as a result of the COVID-19 pandemic, our ability to develop and produce our drug candidates, our ability to supply comparator drugs for our clinical trials, or our ability to meet our supply obligations could be significantly impaired, which could have a material adverse effect on our business, financial condition and results of operations. For our available-for-sale securities, we have significant concentrations of issuers in the banking and financial services industries. While our investment policy requires that we only invest in highly-rated securities and limit our exposure to any single issuer, the COVID-19 pandemic or other factors may materially affect the financial condition of issuers. Additionally, pursuant to our investment policy, we may sell securities before maturity if the issuer’s credit rating has been downgraded below our minimum credit rating requirements, which may result in a loss on the sale. Accordingly, if the COVID-19 pandemic or other factors result in downgrades below our minimum credit rating requirements and if we decide to sell these securities, we may experience losses on such sales.
Collaborative Arrangements	Collaborative Arrangements We enter into collaboration arrangements with pharmaceutical and biotechnology collaboration partners, under which we may grant licenses to our collaboration partners to further develop and commercialize one of our drug candidates, either alone or in combination with the collaboration partners’ compounds, or grant licenses to partners to use our technology to research and develop their own drug candidates. We may also perform research, development, manufacturing and supply activities under our collaboration agreements. Consideration under these contracts may include an upfront payment, development and regulatory milestones and other contingent payments, expense reimbursements, royalties based on net sales of approved drugs, and commercial sales milestone payments. Additionally, these contracts may provide options for the customer to purchase our proprietary PEGylation materials, drug candidates or additional contract research and development services under separate contracts. When we enter into collaboration agreements, we assess whether the arrangements fall within the scope of ASC 808, Collaborative Arrangements (ASC 808) based on whether the arrangements involve joint operating activities and whether both parties have active participation in the arrangement and are exposed to significant risks and rewards of the arrangement. To the extent that the arrangement falls within the scope of ASC 808, we assess whether the payments between us and our collaboration partner fall within the scope of other accounting literature. If we conclude that payments from the collaboration partner to us represent consideration from a customer, such as license fees and contract research and development activities, we account for those payments within the scope of ASC 606, Revenue from Contracts with Customers (ASC 606). However, if we conclude that our collaboration partner is not a customer for certain activities and associated payments, such as for certain collaborative research, development, manufacturing and commercial activities, we present such payments as a reduction of research and development expense or general and administrative expense, based on where we present the underlying expense.
Revenue Recognition	Revenue Recognition For elements of those arrangements that we determine should be accounted for under ASC 606, we assess which activities in our collaboration agreements are performance obligations that should be accounted for separately and determine the transaction price of the arrangement, which includes the assessment of the probability of achievement of future milestones and other potential consideration. For arrangements that include multiple performance obligations, such as granting a license or performing contract research and development activities or participation on joint steering or other committees, we allocate upfront and milestone payments under a relative standalone selling price method. Accordingly, we develop assumptions that require judgment to determine the standalone selling price for each performance obligation identified in the contract. These key assumptions may include revenue forecasts, clinical development timelines and costs, discount rates and probabilities of clinical and regulatory success. Product Sales Product sales are primarily derived from manufacturing and supply agreements with our customers. We have assessed our current manufacturing and supply arrangements and have generally determined that they provide the customer an option to purchase our proprietary PEGylation materials. Accordingly, we treat each purchase order as a discrete exercise of the customer’s option (i.e. a separate contract) rather than as a component of the overall arrangement. The pricing for the manufacturing and supply is generally at a fixed price and may be subject to annual producer price index (PPI) adjustments. We invoice and recognize product sales when title and risk of loss pass to the customer, which generally occurs upon shipment. Customer payments are generally due 30 days from receipt of invoice. We test our products for adherence to technical specifications before shipment; accordingly, we have not experienced any significant returns from our customers. We recognize costs related to shipping and handling of product to customers in cost of goods sold. Non-cash royalty revenue Generally, for our collaboration arrangements that include sales-based royalties, we have granted our collaboration partner a license to our intellectual property. Pursuant to these arrangements, our collaboration partners are typically obligated to pay a royalty that is based on the net sales of their approved drugs that are sold in the countries where we have intellectual property rights covering their drugs. As of December 30, 2020, we have sold our rights to receive sales-based royalties for CIMZIA®, MIRCERA®, MOVANTIK®, ADYNOVATE® and REBINYN® as further described in Note 5. For collaboration arrangements that include sales-based royalties, we have concluded that the license is the predominant item to which the royalties relate. Accordingly, we recognize royalty revenue when the underlying sales occur based on our best estimates of sales of the drugs. Our non-cash royalty revenue of $17.6 million and $18.8 million for the three months ended March 31, 2022 and 2021, respectively, represents revenue for granting licenses which we had satisfied in prior periods. Our partners generally pay royalties after the end of the calendar quarter in accordance with contractual terms. License, collaboration and other revenue License Grants: For collaboration arrangements that include a grant of a license to our intellectual property, we consider whether the license grant is distinct from the other performance obligations included in the arrangement. Generally, we would conclude that the license is distinct if the customer is able to benefit from the license with the resources available to it. For licenses that are distinct, we recognize revenues from nonrefundable, upfront payments and other consideration allocated to the license when the license term has begun and we have provided all necessary information regarding the underlying intellectual property to the customer, which generally occurs at or near the inception of the arrangement. Milestone Payments: At the inception of the arrangement and at each reporting date thereafter, we assess whether we should include any milestone payments or other forms of variable consideration in the transaction price, based on whether a significant reversal of revenue previously recognized is not probable upon resolution of the uncertainty. Since milestone payments may become payable to us upon the initiation of a clinical study, filing for or receipt of regulatory approval or the first commercial sale of a product, we review the relevant facts and circumstances to determine when we should update the transaction price, which may occur before the triggering event. When we do update the transaction price for milestone payments, we allocate it on a relative standalone selling price basis and record revenue on a cumulative catch-up basis, which results in recognizing revenue for previously satisfied performance obligations in such period. If we update the transaction price before the triggering event, we recognize the increase in the transaction price as a contract asset. Our partners generally pay development milestones subsequent to achievement of the triggering event. Research and Development Services: For amounts allocated to our research and development obligations in a collaboration arrangement, we recognize revenue over time using a proportional performance model, representing the transfer of goods or services as we perform activities over the term of the agreement.
Research and Development Expense	Research and Development Expense Research and development costs are expensed as incurred and include salaries, benefits and other operating costs such as outside services, supplies and allocated overhead costs. We perform research and development activities for our drug candidates and technology development and for certain third parties under collaboration agreements. For our drug candidates and our internal technology development programs, we invest our own funds without reimbursement from a third party. Where we perform research and development activities under a joint development collaboration, such as our collaboration with BMS, we record the cost reimbursement from our partner as a reduction to research and development expense when reimbursement amounts are due to us under the agreement. We record an accrued expense for the estimated unbilled costs of our clinical study activities performed by third parties. The financial terms of these agreements are subject to negotiation, vary from contract to contract and may result in uneven payment flows to our vendors. Payments under the contracts depend on factors such as the achievement of certain events, successful enrollment of patients and completion of certain clinical trial activities. We generally recognize costs associated with the start-up and reporting phases of the clinical trials as incurred. We generally accrue costs associated with the treatment phase of clinical trials based on the estimated activities performed by our third party vendors, including our contract research organizations. We may also accrue expenses based on the total estimated cost of the treatment phase on a per patient basis and expense the per patient cost ratably over the estimated patient treatment period. In specific circumstances, such as for certain time-based costs, we recognize clinical trial expenses ratable over the service period, as we believe that this methodology may be more reflective of the timing of costs incurred. We record an accrued expense for the estimated costs of our contract manufacturing activities performed by third parties. The financial terms of these agreements are subject to negotiation, vary from contract to contract and may result in uneven payment flows to our vendors. Payments under the contracts include upfront payments and milestone payments, which depend on factors such as the achievement of the completion of certain stages of the manufacturing process. For purposes of recognizing expense, we assess whether we consider the production process to be sufficiently defined such that the resulting product can be considered the delivery of a good, as evidenced by predictive or contractually required yields in the production process or payment terms based on the actual yield, or the delivery of a service, where processes and yields are developing and less certain. If we consider the process to be the delivery of a good, we recognize expense when the drug product is delivered, or we otherwise bear risk of loss. If we consider the process to be the delivery of a service, we recognize expense based on our best estimates of the contract manufacturer’s progress towards completion of the stages in the contracts. We recognize and amortize upfront payments and accrue liabilities based on the specific terms of each arrangement. Certain arrangements may provide upfront payments for certain stages of the arrangement and milestone payments for the completion of certain stages, and, accordingly, we may record advance payments for services that have not been completed or goods not delivered and liabilities for stages where the contract manufacturer is entitled to a milestone payment. We capitalize advance payments for goods or services that will be used or rendered for future research and development activities and recognize expense as the related goods are delivered or services performed. We base our estimates on the best information available at the time. However, additional information may become available to us in the future which may allow us to make a more accurate estimate in future periods. In this event, we may be required to record adjustments to research and development expenses in future periods when the actual level of activity becomes more certain. We generally consider such increases or decreases in cost as changes in estimates and reflect them in research and development expenses in the period identified.
Inventory	We value inventory at the lower of cost or net realizable value, and we write down defective or excess inventory to net realizable value based on historical experience or projected usage. We expense inventory related to our research and development activities as manufactured by us or when purchased.

Cash and Investments in Marketable Securities (Tables)

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Schedule of Cash and Investments in Marketable Securities, Including Cash Equivalents

Cash and investments in marketable securities, including cash equivalents, are as follows (in thousands):


	Estimated Fair Value at
	March 31, 2022		December 31, 2021
Cash and cash equivalents	$	67,993	$	25,218
Short-term investments	599,032		708,737
Long-term investments	37,363		64,828
Total cash and investments in marketable securities	$	704,388	$	798,783

Schedule of Portfolio of Cash and Investments in Marketable Securities

Our portfolio of cash and investments in marketable securities includes (in thousands):


	Fair Value Hierarchy Level	March 31, 2022								December 31, 2021
		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Fair Value
Corporate notes and bonds	2	$	196,643	$	4	$	(1,270)	$	195,377	$	278,121
Corporate commercial paper	2	439,280		—		(1,479)		437,801		478,629
Obligations of U.S. government agencies	2	4,880		—		(9)		4,871		5,875
Available-for-sale investments		$	640,803	$	4	$	(2,758)	$	638,049	$	762,625
Money market funds	1							43,523		23,968
Certificates of deposit	2							10,894		10,940
Cash	N/A							11,922		1,250
Total cash and investments in marketable securities								$	704,388	$	798,783

Inventory (Tables)

3 Months Ended

Mar. 31, 2022

Inventory Disclosure [Abstract]

Inventory

Inventory consists of the following (in thousands):


	March 31, 2022		December 31, 2021
Raw materials	$	2,084	$	3,166
Work-in-process	9,420		9,342
Finished goods	3,875		3,293
Total inventory	$	15,379	$	15,801

Co-Development Agreement with SFJ Pharmaceuticals and Development Derivative Liability (Tables)

3 Months Ended

Mar. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Liabilities at Fair Value

The following table presents the changes in the development derivative liability for the three months ended March 31, 2022 and 2021:


		Three months ended March 31,
	Fair Value Hierarchy Level	2022		2021
Fair value as of December 31, 2021 and February 12, 2021 (inception), respectively	3	$	27,726	$	—
Non-cash research and development expense		4,951		2,248
Cash receipts from SFJ		750		750
Change in the fair value of development derivative liability		(33,427)		1,599
Fair value at end of period	3	$	—	$	4,597

Liabilities Related to Sales of Future Royalties (Tables)

3 Months Ended

Mar. 31, 2022

Other Liabilities Disclosure [Abstract]

Schedule of Purchase and Sale Agreement


Drug	Manufacturer	Counterparty under Purchase and Sale Agreement	Date Sold
ADYNOVATE® and ADYNOVI® (brand name for ADYNOVATE® in Europe)	Takeda Pharmaceutical Company Limited	Healthcare Royalty Management, LLC	December 16, 2020
MOVANTIK® (naloxegol tablets) and MOVENTIG® (brand name for MOVANTIK® in Europe)	AstraZeneca AB	Healthcare Royalty Management, LLC	December 16, 2020
REBINYN®	Novo Nordisk Inc., Novo Nordisk A/S and Novo Nordisk A/G	Healthcare Royalty Management, LLC	December 16, 2020
CIMZIA® (certolizumab pegol)	UCB Pharma	RPI Finance Trust	February 24, 2012
MIRCERA® (Continuous Erythropoietin Receptor Activator)	F. Hoffmann-La Roche Ltd	RPI Finance Trust	February 24, 2012

Schedule Of Liability Related To Sale Of Potential Future Royalties

The following table shows the activity within the liability account of each arrangement (in thousands):


	Period from inception to March 31, 2022
	2012 Purchase and Sale Agreement		2020 Purchase and Sale Agreement		Total
Royalty monetization proceeds	$	124,000	$	150,000	$	274,000
Non-cash royalty revenue	(289,655)		(61,357)		(351,012)
Non-cash interest expense	226,506		25,296		251,802
Payments to RPI	(10,000)		—		(10,000)
Loss on revaluation of liability related to the sale of future royalties (1)	23,522		—		23,522
Liabilities related to the sales of future royalties – ending balance	74,373		113,939		188,312
Less: unamortized transaction costs	—		(2,708)		(2,708)
Liabilities related to the sales of future royalties, net	$	74,373	$	111,231	$	185,604
(1) Loss recognized from Settlement Agreement to resolve UCB’s challenges to our patents, as agreed to by UCB, RPI and us, on October 13, 2021.

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement [Abstract]

Schedule of Stock-Based Compensation Expense

We recognized total stock-based compensation expense in our Condensed Consolidated Statements of Operations as follows (in thousands):


	Three months ended March 31,
	2022		2021
Cost of goods sold	$	669	$	727
Research and development	12,041		14,162
General and administrative	8,251		9,009
Total stock-based compensation	$	20,961	$	23,898

Schedule of Share-based Compensation, Activity

We issued stock-based awards of our common stock as follows (shares in thousands):


	Three months ended March 31,
	2022		2021
Options granted	22		121
Weighted-average grant-date fair value of options granted	$	6.61	$	10.82
RSUs granted	405		367
Weighted-average grant-date fair value of RSUs granted	$	9.39	$	20.63

Net Loss Per Share (Tables)

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

During the three months ended March 31, 2022 and 2021, potentially dilutive securities consisted of weighted-average common shares underlying outstanding stock options and RSUs as follows (in thousands):


	Three months ended March 31,
	2022	2021
Potentially dilutive securities	22,338	19,393

Organization and Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)		3 Months Ended
	Apr. 25, 2022	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Organization And Summary Of Significant Accounting Policies [Line Items]
Cash and investments in marketable securities		$ 704,388,000		$ 798,783,000
Accounts receivable		30,220,000		22,492,000
Allowance for credit loss		0		0
Revenue, excluding assessed tax		24,822,000	$ 23,647,000
Non-cash royalty revenue related to the sales of future royalties
Organization And Summary Of Significant Accounting Policies [Line Items]
Revenue, excluding assessed tax		17,561,000	$ 18,798,000
Subsequent Event \| Employee Severance
Organization And Summary Of Significant Accounting Policies [Line Items]
Workforce termination, percentage	70.00%
Bristol Myers Squibb Collaboration Agreement
Organization And Summary Of Significant Accounting Policies [Line Items]
Accounts receivable		$ 26,900,000		$ 21,400,000

Cash and Investments in Marketable Securities - Cash and Investments in Marketable Securities, Including Cash Equivalents (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Cash and cash equivalents	$ 67,993	$ 25,218
Short-term investments	599,032	708,737
Long-term investments	37,363	64,828
Total cash and investments in marketable securities	$ 704,388	$ 798,783

Cash and Investments in Marketable Securities - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Cash and Investments in Marketable Securities [Line Items]
Maximum maturity term for debt securities investment	2 years
Weighted average maturity term for debt securities investment (or less)	1 year
Debt securities, available-for-sale accumulated gross unrealized loss, before tax		$ 0.7
Minimum
Cash and Investments in Marketable Securities [Line Items]
Long term investment maturity period	1 year	1 year
Maximum
Cash and Investments in Marketable Securities [Line Items]
Long term investment maturity period	2 years	2 years

Cash and Investments in Marketable Securities - Portfolio of Cash and Investments in Marketable Securities (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gross Unrealized Losses		$ (700)
Cash	$ 11,922	1,250
Total cash and investments in marketable securities	704,388	798,783
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	640,803
Gross Unrealized Gains	4
Gross Unrealized Losses	(2,758)
Fair Value	638,049	762,625
Corporate notes and bonds \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	196,643
Gross Unrealized Gains	4
Gross Unrealized Losses	(1,270)
Fair Value	195,377	278,121
Corporate commercial paper \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	439,280
Gross Unrealized Gains	0
Gross Unrealized Losses	(1,479)
Fair Value	437,801	478,629
Obligations of U.S. government agencies \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	4,880
Gross Unrealized Gains	0
Gross Unrealized Losses	(9)
Fair Value	4,871	5,875
Money market funds \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value disclosure	43,523	23,968
Certificates of deposit \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value disclosure	$ 10,894	$ 10,940

Inventory (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Raw materials	$ 2,084	$ 3,166
Work-in-process	9,420	9,342
Finished goods	3,875	3,293
Total inventory	$ 15,379	$ 15,801

Co-Development Agreement with SFJ Pharmaceuticals and Development Derivative Liability - Additional Information (Details) - USD ($)	Feb. 12, 2021	Mar. 31, 2022
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Derivative liability		$ 0
SFJ
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Committed funding (up to)	$ 150,000,000
Success payments (up to)	$ 637,500,000

Co-Development Agreement with SFJ Pharmaceuticals and Development Derivative Liability - Fair Value of Derivative Liability (Details) - Development Derivative Liability - Fair Value, Level 3 - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Feb. 12, 2021
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value as of December 31, 2021 and February 12, 2021 (inception), respectively	$ 27,726	$ 0
Fair value as of December 31, 2021 and February 12, 2021 (inception), respectively	0	4,597	$ 27,726
Non-cash research and development expense	4,951	2,248
Cash receipts from SFJ	750	750
Change in the fair value of development derivative liability	(33,427)	1,599
Fair value at end of period	$ 0	$ 4,597

Liabilities Related to Sales of Future Royalties - Additional Information (Details)	Mar. 31, 2022
2012 Purchase and Sale Agreement
Liability Related to Sale of Future Royalties [Line Items]
Royalties liability discount rate	0.16
2020 Purchase and Sale Agreement
Liability Related to Sale of Future Royalties [Line Items]
Royalties liability discount rate	0.15

Liabilities Related to Sales of Future Royalties - Activity Within the Liability Account (Details) - USD ($) $ in Thousands	3 Months Ended		123 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Dec. 31, 2021
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Royalty monetization proceeds			$ 274,000
Non-cash royalty revenue	$ 17,561	$ 18,798	(351,012)
Non-cash interest expense	7,529	$ 13,296	251,802
Payments to RPI			(10,000)
Loss on revaluation of liability related to the sale of future royalties			23,522
Liabilities related to the sales of future royalties – ending balance	188,312		188,312
Less: unamortized transaction costs	(2,708)		(2,708)
Liabilities related to the sales of future royalties, net	185,604		185,604	$ 195,427
2012 Purchase and Sale Agreement
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Royalty monetization proceeds			124,000
Non-cash royalty revenue			(289,655)
Non-cash interest expense			226,506
Payments to RPI			(10,000)
Loss on revaluation of liability related to the sale of future royalties			23,522
Liabilities related to the sales of future royalties – ending balance	74,373		74,373
Less: unamortized transaction costs	0		0
Liabilities related to the sales of future royalties, net	74,373		74,373
2020 Purchase and Sale Agreement
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Royalty monetization proceeds			150,000
Non-cash royalty revenue			(61,357)
Non-cash interest expense			25,296
Payments to RPI			0
Loss on revaluation of liability related to the sale of future royalties			0
Liabilities related to the sales of future royalties – ending balance	113,939		113,939
Less: unamortized transaction costs	(2,708)		(2,708)
Liabilities related to the sales of future royalties, net	$ 111,231		$ 111,231

Commitments and Contingencies - Additional Information (Detail)	25 Months Ended
	Feb. 28, 2021 action	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	May 31, 2019 action
Legal Matters
Loss Contingencies [Line Items]
Litigation matters, liabilities \| $		$ 0	$ 0
Mulquin Action And Damiba Action
Loss Contingencies [Line Items]
Previous claims				2
Derivative Action
Loss Contingencies [Line Items]
New claims	3

License and Collaboration Agreements - Additional Information (Details) - USD ($)			1 Months Ended		3 Months Ended
	Feb. 13, 2018	Aug. 23, 2017	Apr. 30, 2018	Sep. 30, 2017	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Accounts receivable					$ 30,220,000		$ 22,492,000
Bristol Myers Squibb Collaboration Agreement
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Accounts receivable					26,900,000		$ 21,400,000
Bristol Myers Squibb Company \| Purchase Agreement
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Shares issued (in shares)			8,284,600
Sale of stock consideration received			$ 850,000,000
Other Partner
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Potential future additional payments for development milestones (up to)					40,000,000
Nektar-358 \| Nektar's
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Received upfront and milestone payment				$ 150,000,000
Percentage of sharing in Phase 2 development costs		25.00%
Nektar-358 \| Eli Lilly And Company \| Maximum
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Potential future additional development and regulatory milestones (up to)		$ 250,000,000
Nektar-358 \| Eli Lilly And Company \| Nektar's
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Percentage of regulatory milestones payments will be reduced under certain conditions		50.00%
Percentage of regulatory milestones payments will be reduced if conditions occur		75.00%
Nektar-358 \| Eli Lilly And Company \| Nektar's \| Maximum
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Percentage of funding phase 3 development costs on an indication by indication basis borne		25.00%
Nektar-358 \| Eli Lilly
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Percentage of sharing in Phase 2 development costs		75.00%
Nektar 214 \| Bristol Myers Squibb Company \| Research and Development Expense
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Reimbursement of expenses					$ 24,900,000	$ 26,700,000
Nektar 214 \| Bristol Myers Squibb Collaboration Agreement \| Nektar's
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Percentage of sharing production costs	65.00%
Upfront and milestone payments received from license agreements			$ 1,000,000,000
Nektar 214 \| Bristol Myers Squibb Collaboration Agreement \| Nektar's \| Milestone One
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Potential future additional payments for development milestones (up to)								$ 50,000,000
Nektar 214 \| Bristol Myers Squibb Collaboration Agreement \| Bristol Myers Squibb Company
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Percentage of sharing production costs	35.00%
Nektar 214 \| Opdivo \| Bristol Myers Squibb Collaboration Agreement \| Nektar's
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Percentage of sharing development costs	32.50%
Nektar 214 \| Opdivo \| Bristol Myers Squibb Collaboration Agreement \| Bristol Myers Squibb Company
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Percentage of sharing development costs	67.50%

Stock-Based Compensation - Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation	$ 20,961	$ 23,898
Cost of goods sold
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation	669	727
Research and development
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation	12,041	14,162
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation	$ 8,251	$ 9,009

Stock-Based Compensation - Activity (Detail) - $ / shares shares in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted (in shares)	22	121
Weighted average grant-date fair value of options granted (in dollars per share)	$ 6.61	$ 10.82
Restricted Stock Units (RSU)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSUs granted (in shares)	405	367
Weighted average grant-date fair value, of RSUs granted (in dollars per share)	$ 9.39	$ 20.63

Net Loss Per Share (Detail) - shares shares in Thousands	3 Months Ended
Net Loss Per Share (Detail) - shares shares in Thousands	Mar. 31, 2022	Mar. 31, 2021
Earnings Per Share [Abstract]
Potentially dilutive securities (in shares)	22,338	19,393

Subsequent Event (Details) - Subsequent Event - Employee Severance $ in Millions	Apr. 25, 2022 USD ($) segment	Apr. 24, 2022 segment
Subsequent Event [Line Items]
Workforce termination, percentage	70.00%
Number of employees \| segment	225	735
Minimum
Subsequent Event [Line Items]
Expected cost to be recognized	$ 30.0
Maximum
Subsequent Event [Line Items]
Expected cost to be recognized	$ 35.0