0000906709-22-000019 | 10-Q | XBRL Viewer

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Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2022	Oct. 27, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 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		187,954,482
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Entity Central Index Key	0000906709
Current Fiscal Year End Date	--12-31

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 105,758	$ 25,218
Short-term investments	440,629	708,737
Accounts receivable	11,532	22,492
Inventory	19,057	15,801
Other current assets	22,507	23,333
Total current assets	599,483	795,581
Long-term investments	0	64,828
Property, plant and equipment, net	36,803	60,510
Operating lease right-of-use assets	65,896	117,025
Goodwill	76,501	76,501
Other assets	2,323	2,744
Total assets	781,006	1,117,189
Current liabilities:
Accounts payable	5,329	9,747
Accrued compensation	24,392	15,735
Accrued clinical trial expenses	20,461	26,809
Other accrued expenses	15,299	15,468
Operating lease liabilities, current portion	18,508	17,441
Total current liabilities	83,989	85,200
Operating lease liabilities, less current portion	116,145	125,736
Development derivative liability	0	27,726
Liabilities related to the sales of future royalties, net	165,595	195,427
Other long-term liabilities	3,054	3,592
Total liabilities	368,783	437,681
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.0001 par value; 10,000 shares authorized; no shares designated or outstanding at September 30, 2022 or December 31, 2021, respectively	0	0
Common stock, $0.0001 par value; 300,000 shares authorized; 187,954 shares and 185,468 shares outstanding at September 30, 2022 and December 31, 2021, respectively	19	19
Capital in excess of par value	3,561,878	3,516,641
Accumulated other comprehensive loss	(8,169)	(4,157)
Accumulated deficit	(3,141,505)	(2,832,995)
Total stockholders’ equity	412,223	679,508
Total liabilities and stockholders’ equity	$ 781,006	$ 1,117,189

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 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)	187,954,000	185,468,000

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenue:
Total revenue	$ 23,625	$ 24,921	$ 70,032	$ 76,898
Operating costs and expenses:
Cost of goods sold	4,972	5,311	15,402	18,734
Research and development	33,590	103,738	183,583	300,655
General and administrative	22,534	29,468	70,394	90,702
Restructuring, impairment and other costs of terminated program	16,830	0	124,350	0
Total operating costs and expenses	77,926	138,517	393,729	410,091
Loss from operations	(54,301)	(113,596)	(323,697)	(333,193)
Non-operating income (expense):
Change in fair value of development derivative liability	0	(3,328)	33,427	(7,640)
Non-cash interest expense on liabilities related to the sales of future royalties	(6,953)	(12,801)	(21,710)	(39,186)
Interest income and other income (expense), net	2,050	131	3,541	2,388
Total non-operating income (expense), net	(4,903)	(15,998)	15,258	(44,438)
Loss before provision for income taxes	(59,204)	(129,594)	(308,439)	(377,631)
Provision (benefit) for income taxes	(155)	112	71	561
Net loss	$ (59,049)	$ (129,706)	$ (308,510)	$ (378,192)
Basic net loss per share (in dollars per share)	$ (0.31)	$ (0.70)	$ (1.65)	$ (2.07)
Diluted net loss per share (in dollars per share)	$ (0.31)	$ (0.70)	$ (1.65)	$ (2.07)
Weighted average shares outstanding used in computing basic net loss per share (in shares)	187,641	184,110	186,767	182,736
Weighted average shares outstanding used in computing diluted net loss per share (in shares)	187,641	184,110	186,767	182,736
Product sales
Revenue:
Total revenue	$ 4,969	$ 5,194	$ 15,969	$ 17,835
Non-cash royalty revenue related to the sales of future royalties
Revenue:
Total revenue	18,342	19,413	52,167	58,667
License, collaboration and other revenue
Revenue:
Total revenue	$ 314	$ 314	$ 1,896	$ 396

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Comprehensive Income [Abstract]
Net loss	$ (59,049)	$ (129,706)	$ (308,510)	$ (378,192)
Other comprehensive income (loss):
Net unrealized gain (loss) on available-for-sale investments	490	(176)	(2,589)	(1,006)
Net foreign currency translation gain (loss)	(468)	13	(1,423)	(262)
Other comprehensive income (loss)	22	(163)	(4,012)	(1,268)
Comprehensive loss	$ (59,027)	$ (129,869)	$ (312,522)	$ (379,460)

- 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		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, 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]
Comprehensive income (loss)	(379,460)
Ending balance (in shares) at Sep. 30, 2021		184,554
Ending balance at Sep. 30, 2021	801,540	$ 18	3,492,435	(3,563)	(2,687,350)
Beginning balance (in shares) at Mar. 31, 2021		182,290
Beginning balance at Mar. 31, 2021	994,506	$ 18	3,429,734	(3,121)	(2,432,125)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued under equity compensation plans (in shares)		1,483
Shares issued under equity compensation plans	12,553		12,553
Stock-based compensation	23,714		23,714
Comprehensive income (loss)	(125,798)			(279)	(125,519)
Ending balance (in shares) at Jun. 30, 2021		183,773
Ending balance at Jun. 30, 2021	904,975	$ 18	3,466,001	(3,400)	(2,557,644)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued under equity compensation plans (in shares)		781
Shares issued under equity compensation plans	1,777		1,777
Stock-based compensation	24,657		24,657
Comprehensive income (loss)	(129,869)			(163)	(129,706)
Ending balance (in shares) at Sep. 30, 2021		184,554
Ending balance at Sep. 30, 2021	$ 801,540	$ 18	3,492,435	(3,563)	(2,687,350)
Beginning balance (in shares) at Dec. 31, 2021	185,468	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		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)
Beginning balance (in shares) at Dec. 31, 2021	185,468	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]
Comprehensive income (loss)	$ (312,522)
Ending balance (in shares) at Sep. 30, 2022	187,954	187,954
Ending balance at Sep. 30, 2022	$ 412,223	$ 19	3,561,878	(8,169)	(3,141,505)
Beginning balance (in shares) at Mar. 31, 2022		186,274
Beginning balance at Mar. 31, 2022	607,889	$ 19	3,537,790	(6,532)	(2,923,388)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued under equity compensation plans (in shares)		1,131
Shares issued under equity compensation plans	467		467
Stock-based compensation	11,103		11,103
Comprehensive income (loss)	(160,727)			(1,659)	(159,068)
Ending balance (in shares) at Jun. 30, 2022		187,405
Ending balance at Jun. 30, 2022	458,732	$ 19	3,549,360	(8,191)	(3,082,456)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued under equity compensation plans (in shares)		549
Shares issued under equity compensation plans	0
Stock-based compensation	12,518		12,518
Comprehensive income (loss)	$ (59,027)			22	(59,049)
Ending balance (in shares) at Sep. 30, 2022	187,954	187,954
Ending balance at Sep. 30, 2022	$ 412,223	$ 19	$ 3,561,878	$ (8,169)	$ (3,141,505)

- 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.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 852
-SubTopic 10
-Section 55
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=84165509&loc=d3e56426-112766

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 4.E)
-URI https://asc.fasb.org/extlink&oid=122038336&loc=d3e74512-122707

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(31))
-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(30))
-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

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 https://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

+ Details

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		129 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022
Cash flows from operating activities:
Net loss			$ (308,510)	$ (378,192)
Adjustments to reconcile net loss to net cash used in operating activities:
Non-cash royalty revenue related to the sales of future royalties			(52,167)	(58,667)	$ 385,618
Non-cash interest expense on liabilities related to the sales of future royalties	$ 6,953	$ 12,801	21,710	39,186	265,983
Change in fair value of development derivative liability	0	3,328	(33,427)	7,640
Non-cash research and development expense			4,951	11,497
Stock-based compensation	12,518	24,657	44,582	72,269
Depreciation and amortization			9,848	10,710
Impairment of right-of-use assets and property, plant and equipment	1,200		58,521	0
Amortization of premiums (discounts), net and other non-cash transactions			(372)	5,677
Changes in operating assets and liabilities:
Accounts receivable			10,960	9,895
Inventory			(3,256)	(38)
Operating leases, net			(1,423)	2,932
Other assets			4,861	814
Accounts payable			(4,184)	1,247
Accrued compensation			8,657	18,350
Other accrued expenses			(7,055)	(4,442)
Net cash used in operating activities			(246,304)	(261,122)
Cash flows from investing activities:
Purchases of investments			(295,439)	(816,049)
Maturities of investments			626,424	902,687
Sales of investments			0	5,035
Purchases of property, plant and equipment			(5,164)	(9,093)
Net cash provided by investing activities			325,821	82,580
Cash flows from financing activities:
Proceeds from shares issued under equity compensation plans			655	31,436
Cash receipts from development derivative liability			750	2,250
Net cash provided by financing activities			1,405	33,686
Effect of foreign exchange rates on cash and cash equivalents			(382)	(82)
Net increase (decrease) in cash and cash equivalents			80,540	(144,938)
Cash and cash equivalents at beginning of period			25,218	198,955
Cash and cash equivalents at end of period	$ 105,758	$ 54,017	105,758	54,017	$ 105,758
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	9 Months Ended
	Sep. 30, 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 (individually or with a partner) 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 September 30, 2022, we had approximately $546.4 million in cash and investments in marketable securities. Results of Bempegaldesleukin Program and the Restructuring Plan 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 and tyrosine kinase inhibitors. In April 2022, we also announced new strategic reorganization and cost restructuring plans (together, the Restructuring Plan) 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 decided 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. •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, subject to activities required for an orderly wind down of the studies, there will be no ongoing clinical development activities of bempegaldesleukin. •On April 25, 2022, we announced our Restructuring Plan, which was reviewed and approved by our Board of Directors on April 14, 2022. Pursuant to the Restructuring Plan, on April 26, 2022, our duly authorized officers implemented certain strategic, operational and organizational steps, including the prioritization of key Phase 2 development programs to advance our early stage research pipeline. In addition, we announced our plan to reduce our workforce by approximately 70% and to close our research facility in India. We have incurred and expect to incur significant costs resulting from these decisions and plans. See Note 8 for additional information on the effect on our Condensed Consolidated Financial Statements. 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 and nine months ended September 30, 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. 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 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 September 30, 2022 and December 31, 2021, our accounts receivable includes $8.0 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. We have not recorded reserves for credit losses for the three and nine months ended September 30, 2022 and 2021, nor have recorded such an allowance as of September 30, 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, various 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 various 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. Restructuring We recognize restructuring charges related to reorganization plans that have been committed to by management when liabilities have been incurred. In connection with these activities, we record restructuring charges at fair value for: •contractual employee termination benefits provided that the obligations result from services already rendered based on vested rights to such benefits when the payment of benefits becomes probable and the amount can be reasonably estimated, •one-time employee termination benefits on the communication date from management to the employees provided that management has committed to a plan of termination, the plan identifies the employees and their expected termination dates, the details of termination benefits are complete, and it is unlikely that changes to the plan will be made or the plan will be withdrawn, •contract termination costs when we cancel the contract in accordance with its terms, and •costs to be incurred over the remaining contract term without economic benefit to us at the cease-use date. For one-time employee terminations benefits, we recognize the liability in full on the communication date when future services are not required or amortize the liability ratably over the service period, if required. The fair value of termination benefits reflects our estimates of expected utilization of certain Company-funded post-employment benefits. See Note 8 for additional information on the severance expense that we recognized for employees terminated in connection with our reduction-in-force. Long-Lived Asset Impairment We assess the impairment of long-lived assets whenever events or changes in business circumstances indicate that the carrying amounts of the assets may not be fully recoverable. In the case of property, plant and equipment and right-of-use assets for our leases, we determine whether there has been an impairment by comparing the carrying value of the asset to the anticipated undiscounted net cash flows associated with the asset. If such cash flows are less than the carrying value, we write down the asset to its fair value, which may be measured as anticipated net cash flows associated with the asset, discounted at a rate that we believe a market participant would utilize to reflect the risks associated with the cash flows, such as credit risk. See Note 8 for additional information regarding the impairment charge we recorded in connection with our leased facilities and certain property and equipment.

Cash and Investments in Marketable Securities

9 Months Ended

Sep. 30, 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
	September 30, 2022		December 31, 2021
Cash and cash equivalents	$	105,758	$	25,218
Short-term investments	440,629		708,737
Long-term investments	—		64,828
Total cash and investments in marketable securities	$	546,387	$	798,783

We invest in liquid, high quality debt securities which 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 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	September 30, 2022								December 31, 2021
		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Fair Value
Corporate notes and bonds	2	$	115,652	$	—	$	(1,489)	$	114,163	$	278,121
Corporate commercial paper	2	358,066		—		(1,763)		356,303		478,629
Obligations of U.S. government agencies	2	1,130		—		—		1,130		5,875
Available-for-sale investments		$	474,848	$	—	$	(3,252)	$	471,596	$	762,625
Money market funds	1							50,696		23,968
Certificates of deposit	2							15,754		10,940
Cash	N/A							8,341		1,250
Total cash and investments in marketable securities								$	546,387	$	798,783

For the three and nine months ended September 30, 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

9 Months Ended

Sep. 30, 2022

Inventory Disclosure [Abstract]

Inventory

Inventory consists of the following (in thousands):


	September 30, 2022		December 31, 2021
Raw materials	$	2,053	$	3,166
Work-in-process	15,312		9,342
Finished goods	1,692		3,293
Total inventory	$	19,057	$	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

9 Months Ended

Sep. 30, 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 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. As discussed in Note 1, on April 14, 2022, BMS and we decided to end the development for bempegaldesleukin in combination with Opdivo® and that all other ongoing studies in the bempegaldesleukin program would be discontinued. We also announced that 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.

The following table presents the changes in the development derivative liability:


		Three Months Ended September 30,
	Fair Value Hierarchy Level	2022		2021
Fair value as of June 30, 2022 and 2021, respectively	3	$	—	$	11,607
Non-cash research and development expense		—		5,702
Cash receipts from SFJ		—		750
Change in the fair value of development derivative liability		—		3,328
Fair value at end of period	3	$	—	$	21,387


		Nine Months Ended September 30,
	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		11,497
Cash receipts from SFJ		750		2,250
Change in the fair value of development derivative liability		(33,427)		7,640
Fair value at end of period	3	$	—	$	21,387

Liabilities Related to Sales of Future Royalties

9 Months Ended

Sep. 30, 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 imputed 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. Additionally, to the extent that the amount or timing of the royalty 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 September 30, 2022, our imputed interest rates for the arrangements with RPI and HCR were 16% and 15%, respectively.

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


	Period from inception to September 30, 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	(307,218)		(78,400)		(385,618)
Non-cash interest expense	232,276		33,707		265,983
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	62,580		105,307		167,887
Less: unamortized transaction costs	—		(2,292)		(2,292)
Liabilities related to the sales of future royalties, net	$	62,580	$	103,015	$	165,595
(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.

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 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 challenged public statements Nektar made, between January 2017 and June 2018, about the clinical trials of bempegaldesleukin. In December 2020, the district court dismissed the action with prejudice. The plaintiffs filed a notice of appeal in January 2021 in the U.S. Court of Appeals for the Ninth Circuit. On May 19, 2022, the Ninth Circuit affirmed the district court's dismissal of all claims against the defendants. A derivative action was also filed against certain of the Company’s current and former officers and directors, purportedly on the Company’s behalf, which was based on the allegations in the Mulquin action and on the premise that the Company’s officers and directors breached their fiduciary duties to the Company. The complaint for the derivative action was filed in February 2021 in the Court of Chancery of the State of Delaware (C.A. No. 2021-0118-PAF). Following a stay in the proceedings during the pendency of the appeal in the Mulquin action, the Company received an amended complaint in July 2022, which the defendants responded to in September 2022. Subsequently, the plaintiffs and defendants filed a joint stipulation to dismiss the action with prejudice on September 27, 2022. We have recorded no liability for any litigation matters in our Consolidated Balance Sheets at either September 30, 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	9 Months Ended
License and Collaboration Agreements	Sep. 30, 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 and nine months ended September 30, 2022, other than as described below for our Strategic Collaboration Agreement with BMS and Note 4 regarding SFJ. 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 recognized BMS’ reimbursement of our expenses as a reduction of research and development expense and our reimbursement of BMS’ expenses as research and development expense. As discussed in Note 8, beginning in the three months ended June 30, 2022, we began reporting clinical trial, other third-party costs and employee costs for the bempegaldesleukin program in Restructuring, impairment and other costs of program. Accordingly, during the three and nine months ended September 30, 2022, we recorded $8.3 million and $16.7 million, respectively, as a reduction of such expense for the net reimbursement from BMS. During the nine months ended September 30, 2022, we recorded $24.9 million as a reduction of research and development expense for the net reimbursement from BMS, reflecting the reimbursement recorded in the three months ended March 31, 2022. For the three and nine months ended September 30, 2021, we recorded $24.3 million and $76.5 million, respectively, as a reduction of research and development expense for the net reimbursement from BMS. As of September 30, 2022, we have recorded an unbilled receivable of $8.0 million from BMS in accounts receivable in our Condensed Consolidated Balance Sheet. Eli Lilly and Company (Lilly): Rezpegaldesleukin (previously referred to as 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 rezpegaldesleukin, 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 the 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 percent 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 September 30, 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. Our non-cash royalty revenue which totaled $18.3 million and $52.2 million for the three and nine months ended September 30, 2022, respectively, and totaled $19.4 million and $58.7 million for the three and nine months ended September 30, 2021, respectively, represents revenue for granting licenses which we had satisfied in prior periods. 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.

Restructuring, Impairment and Other Costs of Terminated Program

9 Months Ended

Sep. 30, 2022

Restructuring and Related Activities [Abstract]

Restructuring, Impairment and Other Costs of Terminated Program

Restructuring, Impairment and Other Costs of Terminated ProgramAs discussed in Note 1, because our registrational trials in bempegaldesleukin did not meet their primary endpoints, we decided to discontinue all of our ongoing clinical trials of bempegaldesleukin in combination with checkpoint inhibitors and tyrosine kinase inhibitors, and, during April 2022, we announced the Restructuring Plan to prioritize key Phase 2 development programs, to advance our early stage research pipeline and to reduce our workforce by approximately 70% from approximately

735 to approximately 225 employees. In connection with these events, we reported the following costs in Restructuring, impairment and other costs of terminated program in the three and nine months ended September 30, 2022:

•Clinical trial expense, other third-party costs and employee costs for the wind down of the bempegaldesleukin program, net of the reimbursement from BMS;

•Severance and related benefit costs pursuant to the Restructuring Plan;

•Impairment of right-of-use assets and property, plant and equipment resulting from the Restructuring Plan, primarily reflecting excess office and laboratory leased spaces in San Francisco, CA; and

•Contract termination and other costs associated with these plans.

In prior periods through March 31, 2022, we reported the clinical trial costs, other third-party costs and employee costs related to the bempegaldesleukin program primarily in research and development expense.

Restructuring, impairment and other costs of terminated program includes the following (in thousands):


	Three Months Ended		Nine Months Ended
	September 30, 2022
Clinical trial expense, other third-party and employee costs for the wind down of the bempegaldesleukin program	$	8,530	$	28,938
Severance and benefit expense	2,077		29,827
Impairment of right-of-use assets and property, plant and equipment	1,200		58,521
Contract termination and other restructuring costs	5,023		7,064
Restructuring, impairment and other costs of terminated program	$	16,830	$	124,350

For the three and nine months ended September 30, 2022, we recorded reductions of expense of $8.3 million and $16.7 million, respectively, for the net reimbursement from BMS, primarily for clinical trial expense, other third-party and employee costs for the wind down of the bempegaldesleukin program.

Severance and Benefit Expense

Employees affected by the reduction in force under our Restructuring Plan are entitled to receive severance payments and certain Company funded benefits. We recognized severance and benefit expense in full for employees who were notified of their termination in April 2022 and have no requirements for future service, and we are recognizing expense for employees who are required to render services to receive their severance and benefits over the service period ratably over the service period. This service period began in April 2022 and all will end during 2022. The following table provides details regarding the severance and other termination benefit expense and a reconciliation of such liability for the three and nine months ended September 30, 2022, which we report within Accrued compensation on our Condensed Consolidated Balance Sheet (in thousands):


	Three and Nine Months Ended September 30, 2022
	No service period		Service period required		Total
Total severance and other termination benefits, at fair value	$	23,000	$	7,955	$	30,955

Liability balance as of March 31, 2022	$	—	$	—	$	—
Expense recognized during the period	23,588		4,162		27,750
Payments during the period	(12,881)		—		(12,881)
Liability balance as of June 30, 2022	$	10,707	$	4,162	$	14,869
Expense recognized during the period	(588)		2,661		2,073
Payments during the period	(9,544)		(2,505)		(12,049)
Liability balance as of September 30, 2022	$	575	$	4,318	$	4,893

In the three months ended September 30, 2022, we recorded a reduction to severance and benefits expense for a decrease in the estimated utilization of Company-funded post-employment benefits, and we may record similar adjustments in future periods. However, we do not expect that such adjustments will have a material effect on our results of operations or financial condition.

Impairment of Right-of-Use Assets and Property, Plant and Equipment

In connection with our Restructuring Plan, we have consolidated our operations by exiting all of the office space from our leased facility at 360 Third St. and certain laboratory and office spaces at our leased facility at 455 Mission Bay Blvd. South, both in San Francisco, CA. We are seeking to sublease these spaces, while still maintaining sufficient office and laboratory space to allow our team to develop our proprietary programs. We have also terminated all research and development activities at our owned facility in India, which we plan to sell.

As a result of these plans, we reviewed each of our excess spaces for impairment as of May 31, 2022, when management had determined which spaces we would retain and which spaces we may sublease, and subsequently at each reporting date or as facts and circumstances change. As part of our impairment evaluation of each excess space, we separately compared the estimated undiscounted income for each sublease to the net book value of the related long-term assets, which include right-of-use assets and certain property, plant and equipment, primarily for leasehold improvements (collectively, sublease assets). We estimated sublease income using market participant assumptions, including the length of time to enter into a sublease and sublease payments, which we evaluated using sublease negotiations or agreements when applicable, current real estate trends and market conditions. If such income exceeded the net book value of the related assets, we did not record an impairment charge. Otherwise, we recorded an impairment charge by reducing the net book value of the assets to their estimated fair value, which we determined by discounting the estimated sublease income using the estimated borrowing rate of a market participant subtenant, which we estimated to be 6.4%. For our India site, we recorded no impairment charge because the estimated net proceeds from the anticipated sale exceed the net book value of the site. We have classified the India facility as an asset held for sale as of September 30, 2022 and report this in other current assets in our Condensed Consolidated Balance Sheet. Additionally, we recorded an impairment expense primarily for software which we plan to abandon and certain excess equipment based on the estimated income from selling such assets, which we also present as assets held for sale in other current assets in our Condensed Consolidated Balance Sheet as of September 30, 2022. We recorded impairment charges as follows (in thousands):


	Nine Months Ended September 30, 2022
	Property, Plant and Equipment		Operating Lease Right-of-Use Assets		Total
Net book value of impaired facilities before write-off	$	16,348	$	74,191	$	90,539
Less: Fair value of impaired facilities — Level 3 of Fair Value Hierarchy	(6,976)		(30,162)		(37,138)
Impairment expense for facilities	9,372		44,029		53,401
Impairment of other property, plant and equipment	5,120		—		5,120
Total impairment of right-of-use assets and property, plant and equipment	$	14,492	$	44,029	$	58,521

In the three months ended September 30, 2022, we recorded an impairment charge of $1.2 million for a right-of-use asset based on changes to sublease negotiations during such period. We may record adjustments to impairment expense in future periods as we enter into sublease or sale agreements or update our estimates when additional information becomes available to us.

The following table presents our property, plant and equipment as of September 30, 2022 and December 31, 2021, reflecting the effects of the impairment charges and held-for-sale reclassifications.


	September 30, 2022		December 31, 2021
Building and leasehold improvements	$	78,380	$	97,385
Laboratory equipment	34,628		42,704
Computer equipment and software	28,183		28,829
Manufacturing equipment	23,779		22,374
Furniture, fixtures, and other	4,647		10,094
Depreciable property, plant and equipment at cost	169,617		201,386
Less: accumulated depreciation	(135,064)		(148,039)
Depreciable property, plant and equipment, net	34,553		53,347
Construction-in-progress	2,250		7,163
Property, plant and equipment, net	$	36,803	$	60,510

Stock-Based Compensation

9 Months Ended

Sep. 30, 2022

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

On June 8, 2022, the stockholders of Nektar approved an amendment to the Amended and Restated 2017 Performance Incentive Plan to increase the aggregate number of shares of Common Stock authorized for issuance thereunder by 5,000,000 shares.

In connection with our Restructuring Plan, we recorded the benefit for the forfeitures of stock awards from employees who were terminated as part of our reduction-in-force during the nine months ended September 30, 2022. We recognized total stock-based compensation expense in our Condensed Consolidated Statements of Operations as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Cost of goods sold	$	720	$	688	$	2,037	$	2,131
Research and development	5,422		14,138		22,215		41,779
General and administrative	5,369		9,831		18,401		28,359
Restructuring, impairment and other costs of terminated program	1,007		—		1,929		—
Total stock-based compensation	$	12,518	$	24,657	$	44,582	$	72,269

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Options granted	5,890		397		6,019		674
Weighted-average grant-date fair value of options granted	$	3.23	$	9.36	$	3.24	$	9.72
RSUs granted	3,896		727		4,905		1,614
Weighted-average grant-date fair value of RSUs granted	$	4.73	$	16.48	$	4.98	$	17.98

Net Loss Per Share

9 Months Ended

Sep. 30, 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.

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. Potentially dilutive securities consisted of weighted-

average common shares underlying outstanding stock options and RSUs as follows (in thousands):


	Three Months Ended September 30,		Nine Months Ended September 30,
	2022	2021	2022	2021
Potentially dilutive securities	19,575	17,634	20,809	18,454

Organization and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 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 (individually or with a partner) 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.
Results of Bempegaldesleukin Program and the Restructuring Plan	Results of Bempegaldesleukin Program and the Restructuring Plan 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 and tyrosine kinase inhibitors. In April 2022, we also announced new strategic reorganization and cost restructuring plans (together, the Restructuring Plan) 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 decided 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. •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, subject to activities required for an orderly wind down of the studies, there will be no ongoing clinical development activities of bempegaldesleukin. •On April 25, 2022, we announced our Restructuring Plan, which was reviewed and approved by our Board of Directors on April 14, 2022. Pursuant to the Restructuring Plan, on April 26, 2022, our duly authorized officers implemented certain strategic, operational and organizational steps, including the prioritization of key Phase 2 development programs to advance our early stage research pipeline. In addition, we announced our plan to reduce our workforce by approximately 70% and to close our research facility in India. We have incurred and expect to incur significant costs resulting from these decisions and plans. See Note 8 for additional information on the effect on our Condensed Consolidated Financial Statements.
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 and nine months ended September 30, 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. 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 ConcentrationsOur customers are primarily pharmaceutical 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.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, various 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 various 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.
Restructuring	Restructuring We recognize restructuring charges related to reorganization plans that have been committed to by management when liabilities have been incurred. In connection with these activities, we record restructuring charges at fair value for: •contractual employee termination benefits provided that the obligations result from services already rendered based on vested rights to such benefits when the payment of benefits becomes probable and the amount can be reasonably estimated, •one-time employee termination benefits on the communication date from management to the employees provided that management has committed to a plan of termination, the plan identifies the employees and their expected termination dates, the details of termination benefits are complete, and it is unlikely that changes to the plan will be made or the plan will be withdrawn, •contract termination costs when we cancel the contract in accordance with its terms, and •costs to be incurred over the remaining contract term without economic benefit to us at the cease-use date. For one-time employee terminations benefits, we recognize the liability in full on the communication date when future services are not required or amortize the liability ratably over the service period, if required. The fair value of termination benefits reflects our estimates of expected utilization of certain Company-funded post-employment benefits. See Note 8 for additional information on the severance expense that we recognized for employees terminated in connection with our reduction-in-force.
Long-Lived Asset Impairment	Long-Lived Asset Impairment We assess the impairment of long-lived assets whenever events or changes in business circumstances indicate that the carrying amounts of the assets may not be fully recoverable. In the case of property, plant and equipment and right-of-use assets for our leases, we determine whether there has been an impairment by comparing the carrying value of the asset to the anticipated undiscounted net cash flows associated with the asset. If such cash flows are less than the carrying value, we write down the asset to its fair value, which may be measured as anticipated net cash flows associated with the asset, discounted at a rate that we believe a market participant would utilize to reflect the risks associated with the cash flows, such as credit risk. See Note 8 for additional information regarding the impairment charge we recorded in connection with our leased facilities and certain property and equipment.
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.

- Definition

Disclosure of inventory accounting policy for inventory classes, including, but not limited to, basis for determining inventory amounts, methods by which amounts are added and removed from inventory classes, loss recognition on impairment of inventories, and situations in which inventories are stated above cost.

+ References + Details

Cash and Investments in Marketable Securities (Tables)

9 Months Ended

Sep. 30, 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
	September 30, 2022		December 31, 2021
Cash and cash equivalents	$	105,758	$	25,218
Short-term investments	440,629		708,737
Long-term investments	—		64,828
Total cash and investments in marketable securities	$	546,387	$	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	September 30, 2022								December 31, 2021
		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Fair Value
Corporate notes and bonds	2	$	115,652	$	—	$	(1,489)	$	114,163	$	278,121
Corporate commercial paper	2	358,066		—		(1,763)		356,303		478,629
Obligations of U.S. government agencies	2	1,130		—		—		1,130		5,875
Available-for-sale investments		$	474,848	$	—	$	(3,252)	$	471,596	$	762,625
Money market funds	1							50,696		23,968
Certificates of deposit	2							15,754		10,940
Cash	N/A							8,341		1,250
Total cash and investments in marketable securities								$	546,387	$	798,783

Inventory (Tables)

9 Months Ended

Sep. 30, 2022

Inventory Disclosure [Abstract]

Inventory

Inventory consists of the following (in thousands):


	September 30, 2022		December 31, 2021
Raw materials	$	2,053	$	3,166
Work-in-process	15,312		9,342
Finished goods	1,692		3,293
Total inventory	$	19,057	$	15,801

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

9 Months Ended

Sep. 30, 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:


		Three Months Ended September 30,
	Fair Value Hierarchy Level	2022		2021
Fair value as of June 30, 2022 and 2021, respectively	3	$	—	$	11,607
Non-cash research and development expense		—		5,702
Cash receipts from SFJ		—		750
Change in the fair value of development derivative liability		—		3,328
Fair value at end of period	3	$	—	$	21,387


		Nine Months Ended September 30,
	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		11,497
Cash receipts from SFJ		750		2,250
Change in the fair value of development derivative liability		(33,427)		7,640
Fair value at end of period	3	$	—	$	21,387

Liabilities Related to Sales of Future Royalties (Tables)

9 Months Ended

Sep. 30, 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 September 30, 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	(307,218)		(78,400)		(385,618)
Non-cash interest expense	232,276		33,707		265,983
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	62,580		105,307		167,887
Less: unamortized transaction costs	—		(2,292)		(2,292)
Liabilities related to the sales of future royalties, net	$	62,580	$	103,015	$	165,595
(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.

Restructuring, Impairment and Other Costs of Terminated Program (Tables)

9 Months Ended

Sep. 30, 2022

Restructuring and Related Activities [Abstract]

Schedule of Restructuring, Impairment and Other Costs of Terminated Program

Restructuring, impairment and other costs of terminated program includes the following (in thousands):


	Three Months Ended		Nine Months Ended
	September 30, 2022
Clinical trial expense, other third-party and employee costs for the wind down of the bempegaldesleukin program	$	8,530	$	28,938
Severance and benefit expense	2,077		29,827
Impairment of right-of-use assets and property, plant and equipment	1,200		58,521
Contract termination and other restructuring costs	5,023		7,064
Restructuring, impairment and other costs of terminated program	$	16,830	$	124,350

The following table provides details regarding the severance and other termination benefit expense and a reconciliation of such liability for the three and nine months ended September 30, 2022, which we report within Accrued compensation on our Condensed Consolidated Balance Sheet (in thousands):


	Three and Nine Months Ended September 30, 2022
	No service period		Service period required		Total
Total severance and other termination benefits, at fair value	$	23,000	$	7,955	$	30,955

Liability balance as of March 31, 2022	$	—	$	—	$	—
Expense recognized during the period	23,588		4,162		27,750
Payments during the period	(12,881)		—		(12,881)
Liability balance as of June 30, 2022	$	10,707	$	4,162	$	14,869
Expense recognized during the period	(588)		2,661		2,073
Payments during the period	(9,544)		(2,505)		(12,049)
Liability balance as of September 30, 2022	$	575	$	4,318	$	4,893

Additionally, we recorded an impairment expense primarily for software which we plan to abandon and certain excess equipment based on the estimated income from selling such assets, which we also present as assets held for sale in other current assets in our Condensed Consolidated Balance Sheet as of September 30, 2022. We recorded impairment charges as follows (in thousands):


	Nine Months Ended September 30, 2022
	Property, Plant and Equipment		Operating Lease Right-of-Use Assets		Total
Net book value of impaired facilities before write-off	$	16,348	$	74,191	$	90,539
Less: Fair value of impaired facilities — Level 3 of Fair Value Hierarchy	(6,976)		(30,162)		(37,138)
Impairment expense for facilities	9,372		44,029		53,401
Impairment of other property, plant and equipment	5,120		—		5,120
Total impairment of right-of-use assets and property, plant and equipment	$	14,492	$	44,029	$	58,521

Schedule of Property, Plant and Equipment

The following table presents our property, plant and equipment as of September 30, 2022 and December 31, 2021, reflecting the effects of the impairment charges and held-for-sale reclassifications.


	September 30, 2022		December 31, 2021
Building and leasehold improvements	$	78,380	$	97,385
Laboratory equipment	34,628		42,704
Computer equipment and software	28,183		28,829
Manufacturing equipment	23,779		22,374
Furniture, fixtures, and other	4,647		10,094
Depreciable property, plant and equipment at cost	169,617		201,386
Less: accumulated depreciation	(135,064)		(148,039)
Depreciable property, plant and equipment, net	34,553		53,347
Construction-in-progress	2,250		7,163
Property, plant and equipment, net	$	36,803	$	60,510

Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 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 September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Cost of goods sold	$	720	$	688	$	2,037	$	2,131
Research and development	5,422		14,138		22,215		41,779
General and administrative	5,369		9,831		18,401		28,359
Restructuring, impairment and other costs of terminated program	1,007		—		1,929		—
Total stock-based compensation	$	12,518	$	24,657	$	44,582	$	72,269

Schedule of Share-based Compensation, Activity

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Options granted	5,890		397		6,019		674
Weighted-average grant-date fair value of options granted	$	3.23	$	9.36	$	3.24	$	9.72
RSUs granted	3,896		727		4,905		1,614
Weighted-average grant-date fair value of RSUs granted	$	4.73	$	16.48	$	4.98	$	17.98

Net Loss Per Share (Tables)

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

Potentially dilutive securities consisted of weighted-average common shares underlying outstanding stock options and RSUs as follows (in thousands):


	Three Months Ended September 30,		Nine Months Ended September 30,
	2022	2021	2022	2021
Potentially dilutive securities	19,575	17,634	20,809	18,454

Organization and Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)	1 Months Ended	3 Months Ended		9 Months Ended
	Apr. 30, 2022	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Organization And Summary Of Significant Accounting Policies [Line Items]
Cash and investments in marketable securities		$ 546,387,000		$ 546,387,000		$ 798,783,000
Accounts receivable		11,532,000		11,532,000		22,492,000
Accounts receivable, credit loss expense (reversal)		0	$ 0	0	$ 0
Bristol Myers Squibb Collaboration Agreement
Organization And Summary Of Significant Accounting Policies [Line Items]
Accounts receivable		$ 8,000,000		$ 8,000,000		$ 21,400,000
Employee Severance
Organization And Summary Of Significant Accounting Policies [Line Items]
Workforce termination, percentage	70.00%

Cash and Investments in Marketable Securities - Cash and Investments in Marketable Securities, Including Cash Equivalents (Detail) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Cash and cash equivalents	$ 105,758	$ 25,218
Short-term investments	440,629	708,737
Long-term investments	0	64,828
Total cash and investments in marketable securities	$ 546,387	$ 798,783

Cash and Investments in Marketable Securities - Additional Information (Detail) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 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
Maximum
Cash and Investments in Marketable Securities [Line Items]
Long term investment maturity period		2 years

Cash and Investments in Marketable Securities - Portfolio of Cash and Investments in Marketable Securities (Detail) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gross Unrealized Losses		$ (700)
Cash	$ 8,341	1,250
Total cash and investments in marketable securities	546,387	798,783
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	474,848
Gross Unrealized Gains	0
Gross Unrealized Losses	(3,252)
Fair Value	471,596	762,625
Level 2 \| Corporate notes and bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	115,652
Gross Unrealized Gains	0
Gross Unrealized Losses	(1,489)
Fair Value	114,163	278,121
Level 2 \| Corporate commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	358,066
Gross Unrealized Gains	0
Gross Unrealized Losses	(1,763)
Fair Value	356,303	478,629
Level 2 \| Obligations of U.S. government agencies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	1,130
Gross Unrealized Gains	0
Gross Unrealized Losses	0
Fair Value	1,130	5,875
Level 2 \| Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value disclosure	15,754	10,940
Level 1 \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value disclosure	$ 50,696	$ 23,968

Inventory (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Raw materials	$ 2,053	$ 3,166
Work-in-process	15,312	9,342
Finished goods	1,692	3,293
Total inventory	$ 19,057	$ 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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at beginning of period	$ 0	$ 11,607	$ 27,726	$ 0
Non-cash research and development expense	0	5,702	4,951	11,497
Cash receipts from SFJ	0	750	750	2,250
Change in the fair value of development derivative liability	0	3,328	(33,427)	7,640
Fair value at end of period	$ 0	$ 21,387	$ 0	$ 21,387

Liabilities Related to Sales of Future Royalties - Activity Within the Liability Account (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		129 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Dec. 31, 2021
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Royalty monetization proceeds					$ 274,000
Non-cash royalty revenue			$ 52,167	$ 58,667	(385,618)
Non-cash interest expense	$ 6,953	$ 12,801	21,710	$ 39,186	265,983
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	167,887		167,887		167,887
Less: unamortized transaction costs	(2,292)		(2,292)		(2,292)
Liabilities related to the sales of future royalties, net	165,595		165,595		165,595	$ 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					(307,218)
Non-cash interest expense					232,276
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	62,580		62,580		62,580
Less: unamortized transaction costs	0		0		0
Liabilities related to the sales of future royalties, net	62,580		62,580		62,580
2020 Purchase and Sale Agreement
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Royalty monetization proceeds			150,000
Non-cash royalty revenue			(78,400)
Non-cash interest expense			33,707
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	105,307		105,307		105,307
Less: unamortized transaction costs	(2,292)		(2,292)		(2,292)
Liabilities related to the sales of future royalties, net	$ 103,015		$ 103,015		$ 103,015

Liabilities Related to Sales of Future Royalties - Additional Information (Details)	Sep. 30, 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

Commitments and Contingencies (Detail) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Legal Matters
Loss Contingencies [Line Items]
Litigation matters, liabilities	$ 0	$ 0

License and Collaboration Agreements - Additional Information (Details) - USD ($)			1 Months Ended	3 Months Ended		9 Months Ended
	Feb. 13, 2018	Jul. 23, 2017	Apr. 30, 2018	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021	Dec. 31, 2020
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Accounts receivable				$ 11,532,000		$ 11,532,000		$ 22,492,000
Revenue, excluding assessed tax				23,625,000	$ 24,921,000	70,032,000	$ 76,898,000
Bristol Myers Squibb Collaboration Agreement
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Accounts receivable				8,000,000		8,000,000		$ 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		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
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Reimbursement of expenses				8,300,000		16,700,000
Nektar 214 \| Bristol Myers Squibb Company \| Research and Development Expense
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Reimbursement of expenses					24,300,000	24,900,000	76,500,000
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%
Non-cash royalty revenue related to the sales of future royalties
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Revenue, excluding assessed tax				$ 18,342,000	$ 19,413,000	$ 52,167,000	$ 58,667,000

Restructuring, Impairment and Other Costs of Terminated Program - Narrative (Details) $ in Millions	1 Months Ended	3 Months Ended		9 Months Ended
	Apr. 30, 2022 employee	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Jun. 30, 2022 employee
Restructuring Cost and Reserve [Line Items]
Impairment expense for facilities		$ 1.2
Measurement Input, Market Participant Subtenant Borrowing Rate
Restructuring Cost and Reserve [Line Items]
Operating lease, measurement input				6.40%
Nektar 214 \| Bristol Myers Squibb Company
Restructuring Cost and Reserve [Line Items]
Reimbursement of expenses		$ 8.3		$ 16.7
Nektar 214 \| Research and Development Expense \| Bristol Myers Squibb Company
Restructuring Cost and Reserve [Line Items]
Reimbursement of expenses			$ 24.3	$ 24.9	$ 76.5
Employee Severance
Restructuring Cost and Reserve [Line Items]
Workforce termination, percentage	70.00%
Number of employees \| employee	225					735

Restructuring, Impairment and Other Costs of Terminated Program - Summary of Restructuring Costs (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2022	Sep. 30, 2021
Restructuring and Related Activities [Abstract]
Clinical trial expense, other third-party and employee costs for the wind down of the bempegaldesleukin program	$ 8,530	$ 28,938
Severance and benefit expense	2,077	29,827
Impairment of right-of-use assets and property, plant and equipment	1,200	58,521	$ 0
Contract termination and other restructuring costs	5,023	7,064
Restructuring, impairment and other costs of terminated program	$ 16,830	$ 124,350

Restructuring, Impairment and Other Costs of Terminated Program - Restructuring Reserve Rollforward (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Restructuring Reserve [Roll Forward]
Expense recognized during the period	$ 16,830		$ 0	$ 124,350	$ 0
Employee Severance
Restructuring Cost and Reserve [Line Items]
Total severance and other termination benefits, at fair value	30,955			30,955
Restructuring Reserve [Roll Forward]
Liability balance as of March 31, 2022	14,869	$ 0
Expense recognized during the period	2,073	27,750
Payments during the period	(12,049)	(12,881)
Liability balance as of June 30, 2022	4,893	14,869		4,893
No service period
Restructuring Cost and Reserve [Line Items]
Total severance and other termination benefits, at fair value	23,000			23,000
Restructuring Reserve [Roll Forward]
Liability balance as of March 31, 2022	10,707	0
Expense recognized during the period	(588)	23,588
Payments during the period	(9,544)	(12,881)
Liability balance as of June 30, 2022	575	10,707		575
Service period required
Restructuring Cost and Reserve [Line Items]
Total severance and other termination benefits, at fair value	7,955			7,955
Restructuring Reserve [Roll Forward]
Liability balance as of March 31, 2022	4,162	0
Expense recognized during the period	2,661	4,162
Payments during the period	(2,505)	0
Liability balance as of June 30, 2022	$ 4,318	$ 4,162		$ 4,318

Restructuring, Impairment and Other Costs of Terminated Program - Sublease Information (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2022	Sep. 30, 2021
Restructuring Cost and Reserve [Line Items]
Impairment expense for facilities		$ 53,401
Impairment of other property, plant and equipment		5,120
Total impairment of right-of-use assets and property, plant and equipment	$ 1,200	58,521	$ 0
Reported Value Measurement
Restructuring Cost and Reserve [Line Items]
Property, plant and equipment and Operating lease right-of-use assets	90,539	90,539
Property, Plant and Equipment
Restructuring Cost and Reserve [Line Items]
Impairment expense for facilities		9,372
Impairment of other property, plant and equipment		5,120
Total impairment of right-of-use assets and property, plant and equipment		14,492
Property, Plant and Equipment \| Reported Value Measurement
Restructuring Cost and Reserve [Line Items]
Property, plant and equipment and Operating lease right-of-use assets	16,348	16,348
Operating Lease Right-of-Use Assets
Restructuring Cost and Reserve [Line Items]
Impairment expense for facilities		44,029
Total impairment of right-of-use assets and property, plant and equipment		44,029
Operating Lease Right-of-Use Assets \| Reported Value Measurement
Restructuring Cost and Reserve [Line Items]
Property, plant and equipment and Operating lease right-of-use assets	74,191	74,191
Fair Value, Level 3 \| Estimate of Fair Value Measurement
Restructuring Cost and Reserve [Line Items]
Property, plant and equipment and Operating lease right-of-use assets	37,138	37,138
Fair Value, Level 3 \| Property, Plant and Equipment \| Estimate of Fair Value Measurement
Restructuring Cost and Reserve [Line Items]
Property, plant and equipment and Operating lease right-of-use assets	6,976	6,976
Fair Value, Level 3 \| Operating Lease Right-of-Use Assets \| Estimate of Fair Value Measurement
Restructuring Cost and Reserve [Line Items]
Property, plant and equipment and Operating lease right-of-use assets	$ 30,162	$ 30,162

Restructuring, Impairment and Other Costs of Terminated Program - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property, plant and equipment, net	$ 36,803	$ 60,510
Building and leasehold improvements
Property, Plant and Equipment [Line Items]
Depreciable property, plant and equipment at cost	78,380	97,385
Laboratory equipment
Property, Plant and Equipment [Line Items]
Depreciable property, plant and equipment at cost	34,628	42,704
Computer equipment and software
Property, Plant and Equipment [Line Items]
Depreciable property, plant and equipment at cost	28,183	28,829
Manufacturing equipment
Property, Plant and Equipment [Line Items]
Depreciable property, plant and equipment at cost	23,779	22,374
Furniture, fixtures, and other
Property, Plant and Equipment [Line Items]
Depreciable property, plant and equipment at cost	4,647	10,094
Depreciable property, plant and equipment, net
Property, Plant and Equipment [Line Items]
Depreciable property, plant and equipment at cost	169,617	201,386
Less: accumulated depreciation	(135,064)	(148,039)
Property, plant and equipment, net	34,553	53,347
Construction-in-progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment, net	$ 2,250	$ 7,163

Stock-Based Compensation - Additional Information (Detail)	Jun. 08, 2022 shares
2017 Performance Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate number of shares authorized (in shares)	5,000,000

Stock-Based Compensation - Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation	$ 12,518	$ 24,657	$ 44,582	$ 72,269
Cost of goods sold
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation	720	688	2,037	2,131
Research and development
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation	5,422	14,138	22,215	41,779
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation	5,369	9,831	18,401	28,359
Restructuring, impairment and other costs of terminated program
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation	$ 1,007	$ 0	$ 1,929	$ 0

Stock-Based Compensation - Activity (Detail) - $ / shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted (in shares)	5,890	397	6,019	674
Weighted-average grant-date fair value of options granted (in dollars per share)	$ 3.23	$ 9.36	$ 3.24	$ 9.72
Restricted Stock Units (RSU)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSUs granted (in shares)	3,896	727	4,905	1,614
Weighted-average grant-date fair value of RSUs granted (in dollars per share)	$ 4.73	$ 16.48	$ 4.98	$ 17.98

Net Loss Per Share (Detail) - shares shares in Thousands	3 Months Ended		9 Months Ended
Net Loss Per Share (Detail) - shares shares in Thousands	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Earnings Per Share [Abstract]
Potentially dilutive securities (in shares)	19,575	17,634	20,809	18,454