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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Nektar Therapeutics | NASDAQ:NKTR | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.10 | -5.99% | 1.57 | 0.97 | 1.74 | 1.74 | 1.55 | 1.74 | 1,140,601 | 05:00:06 |
SAN FRANCISCO, March 1, 2017 /PRNewswire/ -- Nektar Therapeutics (Nasdaq: NKTR) today reported its financial results for the fourth quarter and year ended December 31, 2016.
Cash and investments in marketable securities at December 31, 2016 were $389.1 million as compared to $308.9 million at December 31, 2015.
"Nektar begins 2017 in a strong position with highly promising wholly-owned immuno-oncology and immunology clinical programs and several important data readouts expected throughout this year," said Howard W. Robin, President and Chief Executive Officer of Nektar. "Our Phase 1/2 study evaluating NKTR-214 as a potential combination treatment regimen with Opdivo® in collaboration with Bristol-Myers Squibb is proceeding nicely. We plan to report initial data from the dose-escalation part of the study in the middle of this year. Later this month, we will have data from our Phase 3 efficacy study of NKTR-181 in patients with chronic low back pain. Finally, we are pleased that we will initiate a first-in-human trial shortly for NKTR-358, our proprietary T regulatory cell stimulator, which has the potential to become a first-in-class resolution therapeutic for a wide range of immune disorders."
Summary of Financial Results
Revenue for the fourth quarter of 2016 was $37.5 million as compared to $39.4 million in the fourth quarter of 2015.
Revenue for the year ended December 31, 2016 was $165.4 million as compared to $230.8 million in 2015. Revenue in 2016 included recognition of $31.0 million from AstraZeneca as a result of its sublicense of MOVENTIG® (naloxegol) to Kyowa Kirin in Europe. In addition, product sales, royalty revenue, and non-cash royalty revenue increased in 2016 compared to 2015. Revenue in 2015 included recognition of a total of $130.0 million of milestone payments from AstraZeneca following the first commercial sale of MOVANTIK® in the U.S. in Q1 2015 and the first commercial sale of MOVENTIG in the EU in Q3 2015.
Total operating costs and expenses in the fourth quarter of 2016 were $69.6 million as compared to $68.7 million in the fourth quarter of 2015. Total operating costs and expenses increased primarily as a result of higher research and development (R&D) expense. Total operating costs and expenses for the year ended December 31, 2016 were $278.3 million as compared to $260.2 million in 2015.
R&D expense in the fourth quarter of 2016 was $50.2 million as compared to $47.1 million for the fourth quarter of 2015. R&D expense for the year ended December 31, 2016 was $203.8 million as compared to $182.8 million in 2015. R&D expense increased primarily due to expenses for our NKTR-214 and NKTR-358 programs.
General and administrative (G&A) expense was $12.8 million in the fourth quarter of 2016 as compared to $13.2 million in the fourth quarter of 2015. G&A expense for the year ended December 31, 2016 was $44.3 million as compared to $43.3 million in 2015.
Net loss for the fourth quarter of 2016 was $42.2 million or $0.28 loss per share as compared to a net loss of $54.1 million or $0.40 loss per share in the fourth quarter of 2015. Net loss for the year ended December 31, 2016 was $153.5 million or $1.10 loss per share as compared to a net loss of $81.2 million or $0.61 loss per share in 2015.
2016 and Year-to-Date Business Highlights
Nektar Wholly-Owned Programs
Additional Pipeline and Partner Developments
Conference Call to Discuss Fourth Quarter and Year-End 2016 Financial Results
Nektar management will host a conference call to review the results beginning at 5:00 p.m. Eastern Time/2:00 p.m. Pacific Time today, Wednesday, March 1, 2017.
This press release and a live audio-only Webcast of the conference call can be accessed through a link that is posted on the home page and Investors section of the Nektar website: http://www.nektar.com. The web broadcast of the conference call will be available for replay through Monday, April 3, 2017.
To access the conference call, follow these instructions:
Dial: (877) 881.2183 (U.S.); (970) 315.0453 (international)
Passcode: 75461730 (Nektar Therapeutics is the host)
In the event that any non-GAAP financial measure is discussed on the conference call that is not described in the press release, or explained on the conference call, related information will be made available on the Investors page at the Nektar website as soon as practical after the conclusion of the conference call.
About Nektar Therapeutics
Nektar Therapeutics is a research-based biopharmaceutical company whose mission is to discover and develop innovative medicines to address the unmet medical needs of patients. Our R&D pipeline of new investigational medicines includes treatments for cancer, auto-immune disease and chronic pain. We leverage Nektar's proprietary and proven chemistry platform in the discovery and design of our new therapeutic candidates. Nektar is headquartered in San Francisco, California, with additional operations in Huntsville, Alabama and Hyderabad, India. Further information about the company and its drug development programs and capabilities may be found online at http://www.nektar.com.
MOVANTIK™ is a trademark and MOVENTIG® is a registered trademark of the AstraZeneca group of companies.
ADYNOVATE® is a registered trademark of Baxalta Incorporated, a wholly owned, indirect subsidiary of Shire plc.
ONZEALD™ is a trademark of Nektar Therapeutics.
Opdivo® is a registered trademark of Bristol-Myers Squibb.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements which can be identified by words such as: "anticipate," "intend," "plan," "expect," "believe," "should," "may," "will" and similar references to future periods. Examples of forward-looking statements include, among others, statements we make regarding the timing of the availability of Phase 3 data for our NKTR-181 efficacy study and for our partnered programs with Bayer, the timing of the European CHMP decision for conditional approval of ONZEALD, the timing of the availability of data for the dose-escalation study for NKTR-214 in combination with Opdivo, the future clinical development plans for our products (including NKTR-358 and NKTR-262), the timing of availability of future clinical results, the timing of planned regulatory filings, the potential of NKTR-214 in combination with other immunotherapy agents including Bristol-Myers Squibb's Opdivo (nivolumab), the timing of the completion of the NKTR-181 HAL study, and the potential of our technology and drug candidates in our research and development pipeline. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results to differ materially from those indicated in the forward-looking statements include, among others: (i) clinical study outcomes, including the Phase 3 clinical study outcome of NKTR-181, remain very unpredictable and it is possible that a clinical study could fail due to efficacy, safety or other important clinical findings; (ii) the CHMP and FDA have substantial discretion as to whether to grant marketing approval for pharmaceutical products (including ONZEALD and those of our partners) and the decisions from these regulatory authorities are difficult to predict and these decisions have significant financial consequences; (iii) NKTR-214 is in early-stage clinical development and there are substantial risks that can unexpectedly occur for numerous reasons including negative safety and efficacy findings in the ongoing Phase 1 clinical study notwithstanding positive findings in preclinical studies; (iv) our drug candidates and those of our collaboration partners are in various stages of clinical development and the risk of failure is high and can unexpectedly occur at any stage prior to regulatory approval for numerous reasons including negative safety and efficacy findings even after positive findings in previous preclinical and clinical studies; (v) the timing of the commencement or end of clinical trials and the availability of clinical data may be delayed or unsuccessful due to regulatory delays, slower than anticipated patient enrollment, manufacturing challenges, changing standards of care, evolving regulatory requirements, clinical trial design, clinical outcomes, competitive factors, or delay or failure in ultimately obtaining regulatory approval in one or more important markets; (vi) scientific discovery of new medical breakthroughs is an inherently uncertain process and the future success of applying our technology platform to potential new drug candidates (such as NKTR-181, NKTR-214 and NKTR-358) is therefore highly uncertain and unpredictable and one or more research and development programs could fail; (vii) patents may not issue from our patent applications for our drug candidates including NKTR-181 and NKTR-214, patents that have issued may not be enforceable, or additional intellectual property licenses from third parties may be required; and (viii) certain other important risks and uncertainties set forth in our Annual Report on Form 10-K for the year ended December 31, 2016 filed with the Securities and Exchange Commission on March 1, 2017. Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.
For Investors:
Jennifer Ruddock of Nektar Therapeutics
415-482-5585
Jodi Sievers of Nektar Therapeutics
415-482-5593
For Media:
Dan Budwick of Pure Communications
973-271-6085
dan@purecommunicationsinc.com
NEKTAR THERAPEUTICS |
||||||
CONDENSED CONSOLIDATED BALANCE SHEETS |
||||||
(In thousands) |
||||||
(Unaudited) |
||||||
ASSETS |
December 31, 2016 |
(1) |
December 31, 2015 |
(1) | ||
Current assets: |
||||||
Cash and cash equivalents |
$ 59,640 |
$ 55,570 |
||||
Short-term investments |
329,462 |
253,374 |
||||
Accounts receivable, net |
15,678 |
19,947 |
||||
Inventory |
11,109 |
11,346 |
||||
Other current assets |
10,363 |
9,814 |
||||
Total current assets |
426,252 |
350,051 |
||||
Property, plant and equipment, net |
65,601 |
71,336 |
||||
Goodwill |
76,501 |
76,501 |
||||
Other assets |
517 |
754 |
||||
Total assets |
$ 568,871 |
$ 498,642 |
||||
LIABILITIES AND STOCKHOLDERS' EQUITY |
||||||
Current liabilities: |
||||||
Accounts payable |
$ 2,816 |
$ 2,363 |
||||
Accrued compensation |
18,280 |
5,998 |
||||
Accrued clinical trial expenses |
7,958 |
8,220 |
||||
Other accrued expenses |
4,711 |
4,156 |
||||
Interest payable |
4,198 |
4,198 |
||||
Capital lease obligations, current portion |
2,908 |
4,756 |
||||
Liability related to refundable upfront payment |
12,500 |
- |
||||
Deferred revenue, current portion |
14,352 |
21,428 |
||||
Other current liabilities |
4,499 |
10,127 |
||||
Total current liabilities |
72,222 |
61,246 |
||||
Senior secured notes, net |
243,464 |
241,699 |
||||
Capital lease obligations, less current portion |
2,223 |
1,073 |
||||
Liability related to the sale of future royalties, net |
105,950 |
116,029 |
||||
Deferred revenue, less current portion |
51,887 |
62,426 |
||||
Other long-term liabilities |
5,000 |
9,740 |
||||
Total liabilities |
480,746 |
492,213 |
||||
Commitments and contingencies |
||||||
Stockholders' equity: |
||||||
Preferred stock |
- |
- |
||||
Common stock |
15 |
13 |
||||
Capital in excess of par value |
2,111,483 |
1,876,072 |
||||
Accumulated other comprehensive loss |
(2,363) |
(2,170) |
||||
Accumulated deficit |
(2,021,010) |
(1,867,486) |
||||
Total stockholders' equity |
88,125 |
6,429 |
||||
Total liabilities and stockholders' equity |
$ 568,871 |
$ 498,642 |
||||
(1) The consolidated balance sheets at December 31, 2016 and 2015 have been derived from the audited financial statements at those dates but do not include all of the information and notes required by generally accepted accounting principles in the United States for complete financial statements. |
NEKTAR THERAPEUTICS | ||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||
(In thousands, except per share information) | ||||||||
(Unaudited) | ||||||||
Three Months Ended December 31, |
Year Ended December 31, |
|||||||
2016 |
2015 |
2016 |
(1) |
2015 |
(1) | |||
Revenue: |
||||||||
Product sales |
$ 13,690 |
$ 13,973 |
$ 55,354 |
$ 40,155 |
||||
Royalty revenue |
6,392 |
1,910 |
19,542 |
2,967 |
||||
Non-cash royalty revenue related to sale of future royalties |
7,817 |
7,306 |
30,158 |
22,058 |
||||
License, collaboration and other revenue |
9,553 |
16,181 |
60,382 |
165,604 |
||||
Total revenue |
37,452 |
39,370 |
165,436 |
230,784 |
||||
Operating costs and expenses: |
||||||||
Cost of goods sold |
6,604 |
8,364 |
30,215 |
34,102 |
||||
Research and development |
50,232 |
47,135 |
203,801 |
182,787 |
||||
General and administrative |
12,760 |
13,235 |
44,275 |
43,266 |
||||
Total operating costs and expenses |
69,596 |
68,734 |
278,291 |
260,155 |
||||
Loss from operations |
(32,144) |
(29,364) |
(112,855) |
(29,371) |
||||
Non-operating income (expense): |
||||||||
Interest expense |
(5,550) |
(5,791) |
(22,468) |
(18,282) |
||||
Non-cash interest expense on liability related to sale of future royalties |
(4,783) |
(5,191) |
(19,712) |
(20,619) |
||||
Loss on extinguishment of debt |
- |
(14,079) |
- |
(14,079) |
||||
Interest income and other income (expense), net |
721 |
325 |
2,387 |
1,680 |
||||
Total non-operating expense, net |
(9,612) |
(24,736) |
(39,793) |
(51,300) |
||||
Loss before provision for income taxes |
(41,756) |
(54,100) |
(152,648) |
(80,671) |
||||
Provision for income taxes |
443 |
37 |
876 |
506 |
||||
Net loss |
$ (42,199) |
$ (54,137) |
$ (153,524) |
$ (81,177) |
||||
Basic and diluted net loss per share |
$ (0.28) |
$ (0.40) |
$ (1.10) |
$ (0.61) |
||||
Weighted average shares outstanding used in computing basic and diluted net loss per share |
149,071 |
134,166 |
139,596 |
132,458 |
||||
(1) The consolidated statements of operations for the years ended December 31, 2016 and 2015 have been derived from the audited financial statements as of those dates but do not include all of the information and notes required by generally accepted accounting principles in the United States for complete financial statements. |
NEKTAR THERAPEUTICS | ||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||
(In thousands) | ||||||
(Unaudited) | ||||||
Year Ended December 31, |
||||||
2016 |
(1) |
2015 |
(1) | |||
Cash flows from operating activities: |
||||||
Net loss |
$ (153,524) |
$ (81,177) |
||||
Adjustments to reconcile net loss to net cash used in operating activities: |
||||||
Non-cash royalty revenue related to sale of future royalties |
(30,158) |
(22,058) |
||||
Non-cash interest expense on liability related to sale of future royalties |
19,712 |
20,619 |
||||
Stock-based compensation |
25,850 |
19,669 |
||||
Depreciation and amortization |
15,351 |
12,855 |
||||
Loss from redemption premium and incremental interest on 12% senior secured notes |
- |
12,500 |
||||
Write-off of deferred financing costs on 12% senior secured notes |
- |
1,579 |
||||
Other non-cash transactions |
(2,185) |
(2,365) |
||||
Changes in operating assets and liabilities: |
||||||
Accounts receivable, net |
4,269 |
(16,340) |
||||
Inventory |
237 |
1,606 |
||||
Other assets |
(312) |
(825) |
||||
Accounts payable |
518 |
(412) |
||||
Accrued compensation |
12,282 |
249 |
||||
Accrued clinical trial expenses |
(262) |
512 |
||||
Other accrued expenses |
191 |
(2,278) |
||||
Interest payable |
- |
(2,719) |
||||
Liability related to refundable upfront payment |
12,500 |
- |
||||
Deferred revenue |
(17,615) |
(17,530) |
||||
Other liabilities |
(3,878) |
3,032 |
||||
Net cash used in operating activities |
(117,024) |
(73,083) |
||||
Cash flows from investing activities: |
||||||
Purchases of investments |
(334,659) |
(297,608) |
||||
Maturities of investments |
253,682 |
226,923 |
||||
Sales of investments |
4,969 |
42,544 |
||||
Release of restricted cash |
- |
25,000 |
||||
Purchases of property, plant and equipment |
(6,392) |
(11,195) |
||||
Net cash used in investing activities |
(82,400) |
(14,336) |
||||
Cash flows from financing activities: |
||||||
Payment of capital lease obligations |
(5,945) |
(5,187) |
||||
Issuance of common stock, net of issuance costs |
189,276 |
- |
||||
Proceeds from shares issued under equity compensation plans |
20,287 |
32,208 |
||||
Proceeds from issuance of 7.75% senior secured notes, net of issuance costs |
- |
241,262 |
||||
Repayment of 12% senior secured notes |
- |
(125,000) |
||||
Payment of redemption premium and incremental interest on 12% senior secured notes |
- |
(12,500) |
||||
Net cash provided by financing activities |
203,618 |
130,783 |
||||
Effect of exchange rates on cash and cash equivalents |
(124) |
(159) |
||||
Net increase in cash and cash equivalents |
4,070 |
43,205 |
||||
Cash and cash equivalents at beginning of period |
55,570 |
12,365 |
||||
Cash and cash equivalents at end of period |
$ 59,640 |
$ 55,570 |
||||
Supplemental disclosure of cash flow information: |
||||||
Cash paid for interest |
$ 20,589 |
$ 20,225 |
||||
Cash paid for income taxes |
$ 757 |
$ 860 |
||||
(1) The consolidated statements of cash flows for the years ended December 31, 2016 and 2015 have been derived from the audited financial statements as of those dates but do not include all of the information and notes required by generally accepted accounting principles in the United States for complete financial statements. |
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/nektar-therapeutics-reports-fourth-quarter-and-year-end-2016-financial-results-300416315.html
SOURCE Nektar Therapeutics
Copyright 2017 PR Newswire
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