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Washington, D.C. 20549





Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934


Date of report (Date of earliest event reported): May 5, 2022



(Exact Name of Registrant as Specified in Charter)


Delaware   0-24006   94-3134940
(State or Other Jurisdiction
of Incorporation)
  (Commission File Number)   (IRS Employer
Identification No.)


455 Mission Bay Boulevard South

San Francisco, California 94158

(Address of Principal Executive Offices and Zip Code)


Registrant’s telephone number, including area code: (415) 482-5300


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:


Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)


Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)


Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))


Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


Securities registered pursuant to Section 12(b) of the Act:


Title of each class   Trading symbol(s)   Name of each exchange on which registered
Common Stock, $0.0001 par value   NKTR   NASDAQ Global Select Market


Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).


Emerging growth company


If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐







Item 2.02 Results of Operations and Financial Condition.


On May 5, 2022, Nektar Therapeutics, a Delaware corporation (“Nektar”), issued a press release (the “Press Release”) announcing its financial results for the quarter ended March 31, 2022. A copy of the Press Release is furnished herewith as Exhibit 99.1.


The information in this report, including the exhibit hereto, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended. The information contained herein and in the accompanying exhibit shall not be incorporated by reference into any filing with the Securities and Exchange Commission made by Nektar, whether made before or after the date hereof, regardless of any general incorporation language in such filing.


Item 9.01 Financial Statements and Exhibits.


(d) Exhibits.


Exhibit No.   Description 
99.1   Press release titled “Nektar Therapeutics Reports First Quarter 2022 Financial Results” issued by Nektar Therapeutics on May 5, 2022.
104   Cover Page Interactive Data File (embedded within the Inline XBRL document).







Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


Date: May 5, 2022 By: /s/ Mark A. Wilson
    Mark A. Wilson
    General Counsel and Secretary






Exhibit 99.1



Nektar Therapeutics Reports First Quarter 2022 Financial Results


SAN FRANCISCO, May 5, 2022 /PRNewswire/ -- Nektar Therapeutics (Nasdaq: NKTR) today reported financial results for the first quarter ended March 31, 2022.


Cash and investments in marketable securities at March 31, 2022 were approximately $704.4 million as compared to $798.8 million at December 31, 2021, which is expected to support operations into 2025.


“The new strategic plan that we recently announced refocuses our company around specific investment into our most important pipeline programs – NKTR-358, NKTR-255, and core preclinical candidates,” said Howard W. Robin, President and CEO of Nektar. “In addition, we have now implemented a cost restructuring plan which extends our cash runway through the first half of 2025. We believe our pipeline in auto-immune disease and oncology provides a path to bringing important therapeutics to patients and creating value for our shareholders.”


Summary of Financial Results


Revenue in the first quarter of 2022 was $24.8 million as compared to $23.6 million in the first quarter of 2021.


Total operating costs and expenses in the first quarter of 2022 were $141.4 million as compared to $133.0 million in the first quarter of 2021. Operating costs and expenses increased primarily as a result of an increase in R&D expense.


R&D expense in the first quarter of 2022 was $107.3 million as compared to $95.6 million for the first quarter of 2021. R&D expense increased primarily due to increases in expense for bempegaldesleukin, NKTR-255 and NKTR-358.


G&A expense was $27.3 million in the first quarter of 2022 and $31.7 million in the first quarter of 2021.


Net loss for the first quarter of 2022 was $90.4 million or $0.49 basic and diluted loss per share as compared to a net loss of $123.0 million or $0.68 basic and diluted loss per share in the first quarter of 2021.


On April 25, 2022, Nektar announced new strategic and cost restructuring plans (https://ir.nektar.com/news-releases/news-release-details/nektar-therapeutics-announces-strategic-reorganization-plan-and) and conducted a call with analysts and investors to present those plans. On that call, the company provided annual financial guidance for 2022, and because of that, the company stated it would not hold its regular quarterly conference call conducted in conjunction with release of Q1 2022 financial results.


About Nektar


Nektar Therapeutics is a biopharmaceutical company with a robust, wholly owned R&D pipeline of investigational medicines in oncology, immunology, and inflammatory diseases as well as a portfolio of approved partnered medicines. Nektar is headquartered in San Francisco, California, with additional operations in Huntsville, Alabama and Hyderabad, India. Further information about the company and its drug development programs and capabilities may be found online at http://www.nektar.com.





Cautionary Note Regarding Forward-Looking Statements


This press release contains forward-looking statements which can be identified by words such as: “will,” “may,” “extend,” “potential,” “create,” “provide” and similar references to future periods. Examples of forward-looking statements include, among others, statements we make regarding the therapeutic potential of, and future development plans for NKTR-358, NKTR-255 and our other drug candidates in research programs, the prospects and plans for our collaborations with other companies,  the timing of the initiation of clinical studies and the data readouts for our drug candidates, and our expectations (including our expected charges and cost savings) following our corporate restructuring, reorganization and workforce reduction, and our expected working capital and our cash runway. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results to differ materially from those indicated in the forward-looking statements include, among others: (i) our statements regarding the therapeutic potential of  NKTR-358, NKTR-255 and our other drug candidates are based on preclinical and clinical findings and observations and are subject to change as research and development continue; (ii) NKTR-358, NKTR-255 and our other drug candidates are investigational agents and continued research and development for these drug candidates is subject to substantial risks, including negative safety and efficacy findings in ongoing clinical studies (notwithstanding positive findings in earlier preclinical and clinical studies); (iii) NKTR-358, NKTR-255 and our other drug candidates are in various stages of clinical development and the risk of failure is high and can unexpectedly occur at any stage prior to regulatory approval; (iv) the timing of the commencement or end of clinical trials and the availability of clinical data may be delayed or unsuccessful due to challenges caused by the COVID-19 pandemic, regulatory delays, slower than anticipated patient enrollment, manufacturing challenges, changing standards of care, evolving regulatory requirements, clinical trial design, clinical outcomes, competitive factors, or delay or failure in ultimately obtaining regulatory approval in one or more important markets; (v) we may not achieve the expected costs savings we expect from the restructuring and reorganization, (vi) patents may not issue from our patent applications for our drug candidates, patents that have issued may not be enforceable, or additional intellectual property licenses from third parties may be required; and (vii) certain other important risks and uncertainties set forth in our Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 1, 2022. Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.




Vivian Wu of Nektar Therapeutics








(In thousands)



   March 31,
   December 31,
2021 (1)
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       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        
Common stock   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 


(1)The consolidated balance sheet at December 31, 2021 has been derived from the audited financial statements at that date but does not include all of the information and notes required by generally accepted accounting principles in the United States for complete financial statements.







(In thousands, except per share information)



   Three months ended
March 31,
   2022   2021 
Product sales  $5,688   $4,795 
Non-cash royalty revenue related to the sales of future royalties   17,561    18,798 
License, collaboration and other revenue   1,573    54 
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     
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 and diluted net loss per share  $(0.49)  $(0.68)
Weighted average shares outstanding used in computing basic and diluted net loss per share   185,848    181,370 







(In thousands)



   Three Months Ended
March 31,
   2022   2021 
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)
Non-cash interest expense on liabilities related to the sales of future royalties   7,529    13,296 
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       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 
Supplemental disclosure of cash flow information:          
Operating lease right-of-use asset recognized in exchange for lease liabilities  $   $1,057