2020 Q4 Form 10-Q Financial Statement

#000090670920000017 Filed on November 06, 2020

View on sec.gov

Income Statement

Concept 2020 Q4 2020 Q3 2019 Q3
Revenue $23.46M $30.03M $29.22M
YoY Change -30.71% 2.79% 5.24%
Cost Of Revenue $4.323M $5.570M $4.927M
YoY Change -27.82% 13.05% 3.01%
Gross Profit $19.14M $24.46M $24.29M
YoY Change -31.33% 0.71% 5.71%
Gross Profit Margin 81.57% 81.45% 83.14%
Selling, General & Admin $27.10M $27.00M $24.00M
YoY Change 0.0% 12.5% 28.34%
% of Gross Profit 141.6% 110.37% 98.8%
Research & Development $102.7M $100.5M $99.05M
YoY Change -6.93% 1.5% -3.74%
% of Gross Profit 536.73% 410.95% 407.76%
Depreciation & Amortization $3.300M $3.200M $3.500M
YoY Change -8.33% -8.57% 29.63%
% of Gross Profit 17.24% 13.08% 14.41%
Operating Expenses $102.7M $100.5M $99.05M
YoY Change -6.93% 1.5% -3.74%
Operating Profit -$110.7M -$103.1M -$98.74M
YoY Change 0.99% 4.36% 0.11%
Interest Expense -$6.400M $0.00 $5.425M
YoY Change 190.91% -100.0% -0.31%
% of Operating Profit
Other Income/Expense, Net -$5.515M $254.0K
YoY Change -2271.26% -84.04%
Pretax Income -$117.1M -$108.6M -$98.49M
YoY Change 4.65% 10.23% 1.49%
Income Tax $100.0K $21.00K $99.00K
% Of Pretax Income
Net Earnings -$117.2M -$108.6M -$98.59M
YoY Change 4.49% 10.14% 2.54%
Net Earnings / Revenue -499.54% -361.56% -337.41%
Basic Earnings Per Share -$0.65 -$0.61 -$0.56
Diluted Earnings Per Share -$0.65 -$0.61 -$0.56
COMMON SHARES
Basic Shares Outstanding 179.4M shares 179.1M shares 175.4M shares
Diluted Shares Outstanding 179.1M shares 175.4M shares

Balance Sheet

Concept 2020 Q4 2020 Q3 2019 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.062B $956.0M $1.496B
YoY Change -19.85% -36.08% 5.3%
Cash & Equivalents $199.0M $55.84M $81.22M
Short-Term Investments $862.9M $900.2M $1.414B
Other Short-Term Assets $21.93M $21.55M $15.21M
YoY Change 42.51% 41.66% 21.31%
Inventory $15.29M $12.89M $13.72M
Prepaid Expenses
Receivables $38.89M $42.93M $41.21M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.138B $1.044B $1.579B
YoY Change -19.95% -33.88% 4.89%
LONG-TERM ASSETS
Property, Plant & Equipment $59.66M $60.19M $64.61M
YoY Change -9.14% -6.85% 43.91%
Goodwill $76.50M $76.50M $76.50M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments $136.7M $197.7M $231.1M
YoY Change -51.02% -14.45% -62.67%
Other Assets $1.461M $1.420M $2.385M
YoY Change 324.71% -40.46% -29.85%
Total Long-Term Assets $400.8M $464.8M $509.5M
YoY Change -27.9% -8.77% -31.52%
TOTAL ASSETS
Total Short-Term Assets $1.138B $1.044B $1.579B
Total Long-Term Assets $400.8M $464.8M $509.5M
Total Assets $1.539B $1.509B $2.088B
YoY Change -22.18% -27.76% -7.15%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $22.14M $15.48M $21.96M
YoY Change 15.1% -29.5% 192.84%
Accrued Expenses $93.50M $110.5M $95.00M
YoY Change 17.61% 16.32% 21.33%
Deferred Revenue $91.00K $507.0K $8.400M
YoY Change -98.35% -93.96% -46.41%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00
YoY Change -100.0%
Total Short-Term Liabilities $115.8M $126.5M $125.4M
YoY Change -67.28% 0.92% 15.96%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $248.3M
YoY Change -100.0% 0.73%
Other Long-Term Liabilities $8.980M $3.291M $643.0K
YoY Change 1069.27% 411.82% -99.38%
Total Long-Term Liabilities $8.980M $3.291M $643.0K
YoY Change 1069.27% 411.82% -99.82%
TOTAL LIABILITIES
Total Short-Term Liabilities $115.8M $126.5M $125.4M
Total Long-Term Liabilities $8.980M $3.291M $643.0K
Total Liabilities $461.5M $337.7M $599.6M
YoY Change -19.32% -43.68% 30.63%
SHAREHOLDERS EQUITY
Retained Earnings -$2.309B -$2.192B -$1.751B
YoY Change 23.83% 25.16%
Common Stock $3.389B $3.364B $3.241B
YoY Change 3.6% 3.79%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.077B $1.171B $1.489B
YoY Change
Total Liabilities & Shareholders Equity $1.539B $1.509B $2.088B
YoY Change -22.18% -27.76% -7.15%

Cashflow Statement

Concept 2020 Q4 2020 Q3 2019 Q3
OPERATING ACTIVITIES
Net Income -$117.2M -$108.6M -$98.59M
YoY Change 4.49% 10.14% 2.54%
Depreciation, Depletion And Amortization $3.300M $3.200M $3.500M
YoY Change -8.33% -8.57% 29.63%
Cash From Operating Activities -$98.60M -$52.70M -$68.70M
YoY Change -21.25% -23.29% -3.78%
INVESTING ACTIVITIES
Capital Expenditures -$1.800M -$1.900M -$5.300M
YoY Change -51.35% -64.15% 178.95%
Acquisitions
YoY Change
Other Investing Activities $94.50M $50.60M $63.60M
YoY Change -32.11% -20.44% -110.27%
Cash From Investing Activities $92.70M $48.70M $58.20M
YoY Change -31.59% -16.32% -109.37%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 148.9M 1.600M 6.200M
YoY Change 2878.0% -74.19% 58.97%
NET CHANGE
Cash From Operating Activities -98.60M -52.70M -68.70M
Cash From Investing Activities 92.70M 48.70M 58.20M
Cash From Financing Activities 148.9M 1.600M 6.200M
Net Change In Cash 143.0M -2.400M -4.300M
YoY Change 834.64% -44.19% -99.38%
FREE CASH FLOW
Cash From Operating Activities -$98.60M -$52.70M -$68.70M
Capital Expenditures -$1.800M -$1.900M -$5.300M
Free Cash Flow -$96.80M -$50.80M -$63.40M
YoY Change -20.33% -19.87% -8.78%

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CY2019Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-360000 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-498000 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-217000 USD
CY2020Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-1795000 USD
CY2019Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-621000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-75000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
6404000 USD
CY2020Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-110381000 USD
CY2019Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-99206000 USD
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-327312000 USD
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-322099000 USD
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
1717575000 USD
CY2019Q1 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
5463000 USD
CY2019Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
25385000 USD
CY2019Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-114912000 USD
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
1633511000 USD
CY2019Q2 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
7103000 USD
CY2019Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
24522000 USD
CY2019Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-107981000 USD
CY2019Q2 us-gaap Stockholders Equity
StockholdersEquity
1557155000 USD
CY2019Q3 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
5882000 USD
CY2019Q3 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
24880000 USD
CY2019Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-99206000 USD
CY2019Q3 us-gaap Stockholders Equity
StockholdersEquity
1488711000 USD
CY2019Q4 us-gaap Stockholders Equity
StockholdersEquity
1405391000 USD
CY2020Q1 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
11347000 USD
CY2020Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
24211000 USD
CY2020Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-144523000 USD
CY2020Q1 us-gaap Stockholders Equity
StockholdersEquity
1296426000 USD
CY2020Q2 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
7826000 USD
CY2020Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
24396000 USD
CY2020Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-72408000 USD
CY2020Q2 us-gaap Stockholders Equity
StockholdersEquity
1256240000 USD
CY2020Q3 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
1455000 USD
CY2020Q3 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
23667000 USD
CY2020Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-110381000 USD
CY2020Q3 us-gaap Stockholders Equity
StockholdersEquity
1170981000 USD
us-gaap Profit Loss
ProfitLoss
-327237000 USD
us-gaap Profit Loss
ProfitLoss
-328503000 USD
nktr Non Cash Royalty Revenue Related To Sale Of Future Royalties
NonCashRoyaltyRevenueRelatedToSaleOfFutureRoyalties
28001000 USD
nktr Non Cash Royalty Revenue Related To Sale Of Future Royalties
NonCashRoyaltyRevenueRelatedToSaleOfFutureRoyalties
27585000 USD
nktr Non Cash Interest Expense Related To Sale Of Royalties
NonCashInterestExpenseRelatedToSaleOfRoyalties
22084000 USD
nktr Non Cash Interest Expense Related To Sale Of Royalties
NonCashInterestExpenseRelatedToSaleOfRoyalties
17853000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
72274000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
74787000 USD
us-gaap Depreciation And Amortization
DepreciationAndAmortization
10937000 USD
us-gaap Depreciation And Amortization
DepreciationAndAmortization
9582000 USD
nktr Impairment Of Equipment From Terminated Program
ImpairmentOfEquipmentFromTerminatedProgram
20351000 USD
nktr Impairment Of Equipment From Terminated Program
ImpairmentOfEquipmentFromTerminatedProgram
0 USD
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-1150000 USD
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
9147000 USD
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
6123000 USD
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-2008000 USD
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
227000 USD
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
2339000 USD
nktr Increase Decrease In Operating Lease Right Of Use Assets Net Of Operating Lease Liabilities
IncreaseDecreaseInOperatingLeaseRightOfUseAssetsNetOfOperatingLeaseLiabilities
-4316000 USD
nktr Increase Decrease In Operating Lease Right Of Use Assets Net Of Operating Lease Liabilities
IncreaseDecreaseInOperatingLeaseRightOfUseAssetsNetOfOperatingLeaseLiabilities
-11550000 USD
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
5588000 USD
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-18127000 USD
nktr Debt Investment Maturity Term
DebtInvestmentMaturityTerm
P1Y
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-3337000 USD
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
16109000 USD
us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
20478000 USD
us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
13164000 USD
us-gaap Increase Decrease In Other Accrued Liabilities
IncreaseDecreaseInOtherAccruedLiabilities
9340000 USD
us-gaap Increase Decrease In Other Accrued Liabilities
IncreaseDecreaseInOtherAccruedLiabilities
10401000 USD
us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
-5070000 USD
us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
-9465000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-214653000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-203458000 USD
us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
791445000 USD
us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
1028883000 USD
us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
1158722000 USD
us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
1122902000 USD
us-gaap Proceeds From Sale Of Available For Sale Securities Debt
ProceedsFromSaleOfAvailableForSaleSecuritiesDebt
41700000 USD
us-gaap Proceeds From Sale Of Available For Sale Securities Debt
ProceedsFromSaleOfAvailableForSaleSecuritiesDebt
0 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
5504000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
22614000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
403473000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
71405000 USD
us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlans
20651000 USD
us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlans
18449000 USD
us-gaap Repayments Of Senior Debt
RepaymentsOfSeniorDebt
250000000 USD
us-gaap Repayments Of Senior Debt
RepaymentsOfSeniorDebt
0 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-229349000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
18449000 USD
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
9000 USD
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
-77000 USD
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-40520000 USD
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-113681000 USD
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
96363000 USD
CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
194905000 USD
CY2020Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
55843000 USD
CY2019Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
81224000 USD
us-gaap Interest Paid Net
InterestPaidNet
9742000 USD
us-gaap Interest Paid Net
InterestPaidNet
14299000 USD
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
2133000 USD
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
56025000 USD
CY2020Q3 nktr Cash Restricted Cash Cash Equivalents And Available For Sale Investments
CashRestrictedCashCashEquivalentsAndAvailableForSaleInvestments
1200000000 USD
us-gaap Use Of Estimates
UseOfEstimates
<div style="margin-top:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-top:6pt;text-indent:31.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of consolidated financial statements in conformity with 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 </span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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. </span></div><div style="margin-top:10pt;text-indent:31.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The full extent to which the COVID-19 pandemic will directly or indirectly impact our business, results of operations and financial condition, including sales, expenses, reserves and allowances, manufacturing, clinical trials, research and development costs and employee-related amounts, will depend on future developments that are highly uncertain, including as a result of new information that may emerge concerning the COVID-19 pandemic and the actions taken to contain it or treat COVID-19, as well as the economic impact on local, regional, national and international customers and markets. We consider the effects of the COVID-19 pandemic in developing our estimates.</span></div><div style="margin-top:10pt;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Actual results could differ materially from those estimates and assumptions. As appropriate, we assess our estimates each period, update them to reflect current information and generally recognize any changes in such estimates in the period first identified.</span></div>
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="margin-top:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Reclassifications</span></div><div style="margin-top:6pt;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In December 2019, the FASB issued <span style="-sec-ix-hidden:id3VybDovL2RvY3MudjEvZG9jOjc2YzE3YTNiZmY2MjQ1ODY4MzM2Mjg2MDc0YzQ3NjA4L3NlYzo3NmMxN2EzYmZmNjI0NTg2ODMzNjI4NjA3NGM0NzYwOF8zNy9mcmFnOmJlNWFlODIzZjNkNjQ5OTU4MDU2YmEyNTA5YmQ2YTA1L3RleHRyZWdpb246YmU1YWU4MjNmM2Q2NDk5NTgwNTZiYTI1MDliZDZhMDVfNTQzMg_facdf9c8-a26e-4931-8e77-5a08808f543a">ASU 2019-12</span> - Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (ASU 2019-12). ASU 2019-12 created an exception to the incremental approach for intraperiod tax allocation when there is a loss from continuing operations and income or a gain from other items (for example, discontinued operations or other comprehensive income). Under the historical guidance, in this situation, an entity would record an income tax provision from other items, such as unrealized gains on available-for-sale securities reported in other comprehensive income, with an offsetting income tax benefit in continuing operations. Under ASU 2019-12, an entity would record no income tax provision. We elected to adopt ASU 2019-12 effective January 1, 2019 on a prospective basis in accordance with the guidance. Because we reported a net loss and unrealized gains on available-for-sale securities during 2019 and accordingly recorded a tax provision pursuant to the legacy guidance, we have recast such results from previously reported amounts. As a result, we eliminated the tax benefit in continuing operations and tax provision in other comprehensive income (loss). The tax effect in continuing operations was a tax benefit of $1.3 million for the nine months ended September 30, 2019, and was a tax expense of $0.2 million for the three months ended September 30, 2019.</span></div><div style="margin-top:10pt;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Additionally, certain items previously reported in specific financial statement captions have been reclassified to conform to the current period presentation. Such reclassifications do not materially impact previously reported revenue, operating loss, net loss, total assets, liabilities or stockholders’ equity.</span></div>
CY2019Q3 us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
200000 USD
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 segment
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 segment
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="margin-top:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Significant Concentrations</span></div><div style="margin-top:6pt;text-indent:31.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our customers are primarily pharmaceutical and biotechnology companies that are located in the U.S. and Europe and with whom we have multi-year arrangements. Our accounts receivable balance contains billed and unbilled trade receivables from product sales, milestones (to the extent that they have been achieved and are due from the counterparty), other contingent payments and royalties, as well as reimbursable costs from collaborative research and development agreements. As of September 30, 2020, our accounts receivable includes $13.0 million under customer contracts from our collaboration partners and $29.9 million for unbilled net expense reimbursements from our collaboration partner Bristol-Myers Squibb Company (BMS). As of December 31, 2019, our accounts receivable included $12.8 million from customer contracts and $24.0 million for unbilled net expense reimbursements from BMS. We generally do not require collateral from our customers. We perform a regular review of our customers’ credit risk and payment histories, including payments made after period end. Historically, we have not experienced credit losses from our accounts receivable and recorded no bad debt expense for the three and nine months ended September 30, 2020 and 2019. We have not recorded a reserve for credit losses at September 30, 2020 or December 31, 2019.</span></div><div style="margin-top:10pt;text-indent:31.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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 </span></div><div style="margin-top:10pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-top:10pt;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">For our available-for-sale securities, we have significant concentrations of issuers in the banking and financial services industry. While our investment policy requires that we only invest in highly-rated securities and limit our exposure to any single issuer, the COVID-19 pandemic may materially affect the financial conditions 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. As a result of the COVID-19 pandemic, we have begun to see an increase in credit downgrades for certain of our securities. Accordingly, if the COVID-19 pandemic or other factors result in downgrades below our minimum credit rating requirements and if we decide to sell these securities, we may experience losses on such sales.</span></div>
CY2020Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
55843000 USD
CY2019Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
96363000 USD
CY2020Q3 us-gaap Available For Sale Securities Debt Securities Current
AvailableForSaleSecuritiesDebtSecuritiesCurrent
900163000 USD
CY2019Q4 us-gaap Available For Sale Securities Debt Securities Current
AvailableForSaleSecuritiesDebtSecuritiesCurrent
1228499000 USD
CY2020Q3 us-gaap Available For Sale Securities Debt Securities Noncurrent
AvailableForSaleSecuritiesDebtSecuritiesNoncurrent
197715000 USD
CY2019Q4 us-gaap Available For Sale Securities Debt Securities Noncurrent
AvailableForSaleSecuritiesDebtSecuritiesNoncurrent
279119000 USD
CY2020Q3 nktr Cash Restricted Cash Cash Equivalents And Available For Sale Investments
CashRestrictedCashCashEquivalentsAndAvailableForSaleInvestments
1153721000 USD
CY2019Q4 nktr Cash Restricted Cash Cash Equivalents And Available For Sale Investments
CashRestrictedCashCashEquivalentsAndAvailableForSaleInvestments
1603981000 USD
nktr Debt Investment Maximum Maturity Period
DebtInvestmentMaximumMaturityPeriod
P2Y
CY2020Q3 us-gaap Proceeds From Sale Of Available For Sale Securities Debt
ProceedsFromSaleOfAvailableForSaleSecuritiesDebt
0 USD
us-gaap Proceeds From Sale Of Available For Sale Securities Debt
ProceedsFromSaleOfAvailableForSaleSecuritiesDebt
41700000 USD
CY2019Q3 us-gaap Proceeds From Sale Of Available For Sale Securities Debt
ProceedsFromSaleOfAvailableForSaleSecuritiesDebt
0 USD
us-gaap Proceeds From Sale Of Available For Sale Securities Debt
ProceedsFromSaleOfAvailableForSaleSecuritiesDebt
0 USD
CY2020Q3 us-gaap Interest Receivable Current
InterestReceivableCurrent
5400000 USD
CY2019Q4 us-gaap Interest Receivable Current
InterestReceivableCurrent
6500000 USD
CY2020Q3 us-gaap Cash
Cash
6368000 USD
CY2019Q4 us-gaap Cash
Cash
5829000 USD
CY2020Q3 nktr Cash Restricted Cash Cash Equivalents And Available For Sale Investments
CashRestrictedCashCashEquivalentsAndAvailableForSaleInvestments
1153721000 USD
CY2019Q4 nktr Cash Restricted Cash Cash Equivalents And Available For Sale Investments
CashRestrictedCashCashEquivalentsAndAvailableForSaleInvestments
1603981000 USD
CY2019Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
2100000 USD
CY2019Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
300000 USD
CY2020Q3 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
1387000 USD
CY2019Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
1673000 USD
CY2020Q3 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
11188000 USD
CY2019Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
8267000 USD
CY2020Q3 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
317000 USD
CY2019Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
2725000 USD
CY2020Q3 us-gaap Inventory Net
InventoryNet
12892000 USD
CY2019Q4 us-gaap Inventory Net
InventoryNet
12665000 USD
nktr Non Cash Royalty Revenue Related To Sale Of Future Royalties
NonCashRoyaltyRevenueRelatedToSaleOfFutureRoyalties
28000000.0 USD
nktr Non Cash Royalty Revenue Related To Sale Of Future Royalties
NonCashRoyaltyRevenueRelatedToSaleOfFutureRoyalties
27600000 USD
nktr Non Cash Interest Expense Related To Sale Of Royalties
NonCashInterestExpenseRelatedToSaleOfRoyalties
22100000 USD
nktr Non Cash Interest Expense Related To Sale Of Royalties
NonCashInterestExpenseRelatedToSaleOfRoyalties
17900000 USD
nktr Estimated Annual Interest Rate Over Life Of Royalty Liability
EstimatedAnnualInterestRateOverLifeOfRoyaltyLiability
0.17
CY2020Q3 nktr Estimated Annual Interest Rate Over Life Of Royalty Liability
EstimatedAnnualInterestRateOverLifeOfRoyaltyLiability
0.202
CY2020Q3 nktr Prospective Interest Rate Percentage
ProspectiveInterestRatePercentage
0.48
CY2020Q3 nktr License Collaboration Other Revenue
LicenseCollaborationOtherRevenue
1631000 USD
CY2019Q3 nktr License Collaboration Other Revenue
LicenseCollaborationOtherRevenue
3121000 USD
nktr License Collaboration Other Revenue
LicenseCollaborationOtherRevenue
55421000 USD
nktr License Collaboration Other Revenue
LicenseCollaborationOtherRevenue
9860000 USD
CY2020Q3 us-gaap Contract With Customer Performance Obligation Satisfied In Previous Period
ContractWithCustomerPerformanceObligationSatisfiedInPreviousPeriod
22700000 USD
us-gaap Contract With Customer Performance Obligation Satisfied In Previous Period
ContractWithCustomerPerformanceObligationSatisfiedInPreviousPeriod
109400000 USD
CY2019Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
8071000 USD
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
5070000 USD
CY2020Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
3001000 USD
CY2020Q3 nktr Potential Development And Regulatory Milestones
PotentialDevelopmentAndRegulatoryMilestones
1700000000 USD
CY2020Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
23667000 USD
CY2019Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
24880000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
72274000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
74787000 USD
CY2020Q3 us-gaap Stock Issued During Period Shares Share Based Compensation
StockIssuedDuringPeriodSharesShareBasedCompensation
584000 shares
CY2019Q3 us-gaap Stock Issued During Period Shares Share Based Compensation
StockIssuedDuringPeriodSharesShareBasedCompensation
820000 shares
us-gaap Stock Issued During Period Shares Share Based Compensation
StockIssuedDuringPeriodSharesShareBasedCompensation
2889000 shares
us-gaap Stock Issued During Period Shares Share Based Compensation
StockIssuedDuringPeriodSharesShareBasedCompensation
2256000 shares
CY2020Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
16575000 shares
CY2019Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
17163000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
17499000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
18012000 shares

Files In Submission

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0000906709-20-000017-index-headers.html Edgar Link pending
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