2022 Q1 Form 10-Q Financial Statement

#000090670922000010 Filed on May 06, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $24.82M $23.65M
YoY Change 4.97% -53.24%
Cost Of Revenue $5.315M $5.756M
YoY Change -7.66% 51.04%
Gross Profit $19.51M $17.89M
YoY Change 9.03% -61.74%
Gross Profit Margin 78.59% 75.66%
Selling, General & Admin $27.34M $31.70M
YoY Change -13.76% 20.99%
% of Gross Profit 140.15% 177.18%
Research & Development $107.3M $95.60M
YoY Change 12.18% -12.28%
% of Gross Profit 549.82% 534.37%
Depreciation & Amortization $3.730M $3.500M
YoY Change 6.57% -22.22%
% of Gross Profit 19.12% 19.56%
Operating Expenses $107.3M $95.60M
YoY Change 12.18% -12.28%
Operating Profit -$116.6M -$109.4M
YoY Change 6.55% -18.14%
Interest Expense $26.29M $0.00
YoY Change -100.0%
% of Operating Profit
Other Income/Expense, Net $26.29M -$13.48M
YoY Change -295.01% 179.73%
Pretax Income -$90.27M -$122.9M
YoY Change -26.54% -11.25%
Income Tax $126.0K $92.00K
% Of Pretax Income
Net Earnings -$90.39M -$123.0M
YoY Change -26.49% -11.31%
Net Earnings / Revenue -364.16% -520.01%
Basic Earnings Per Share -$0.49 -$0.68
Diluted Earnings Per Share -$0.49 -$0.68
COMMON SHARES
Basic Shares Outstanding 185.8M shares 181.4M shares
Diluted Shares Outstanding 185.8M shares 181.4M shares

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $667.0M $1.037B
YoY Change -35.7% -22.93%
Cash & Equivalents $67.99M $150.2M
Short-Term Investments $599.0M $887.2M
Other Short-Term Assets $20.83M $15.77M
YoY Change 32.08% 14.19%
Inventory $15.38M $16.81M
Prepaid Expenses
Receivables $30.22M $29.16M
Other Receivables $0.00 $0.00
Total Short-Term Assets $733.5M $1.099B
YoY Change -33.26% -23.11%
LONG-TERM ASSETS
Property, Plant & Equipment $60.98M $58.51M
YoY Change 4.22% -6.09%
Goodwill $76.50M $76.50M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments $37.36M $96.10M
YoY Change -61.12% -48.31%
Other Assets $1.521M $1.435M
YoY Change 5.99%
Total Long-Term Assets $290.7M $357.5M
YoY Change -18.7% -22.04%
TOTAL ASSETS
Total Short-Term Assets $733.5M $1.099B
Total Long-Term Assets $290.7M $357.5M
Total Assets $1.024B $1.457B
YoY Change -29.69% -22.85%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $12.62M $22.43M
YoY Change -43.76% 2.96%
Accrued Expenses $92.66M $101.2M
YoY Change -8.43% 4.22%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $105.3M $123.6M
YoY Change -14.84% -67.25%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $2.704M $4.130M
YoY Change -34.53% -98.07%
Total Long-Term Liabilities $2.704M $4.130M
YoY Change -34.53% -98.07%
TOTAL LIABILITIES
Total Short-Term Liabilities $105.3M $123.6M
Total Long-Term Liabilities $2.704M $4.130M
Total Liabilities $416.2M $462.1M
YoY Change -9.92% -21.89%
SHAREHOLDERS EQUITY
Retained Earnings -$2.923B -$2.432B
YoY Change 20.2% 21.4%
Common Stock $3.538B $3.430B
YoY Change 3.15% 3.72%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $607.9M $994.5M
YoY Change
Total Liabilities & Shareholders Equity $1.024B $1.457B
YoY Change -29.69% -22.85%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income -$90.39M -$123.0M
YoY Change -26.49% -11.31%
Depreciation, Depletion And Amortization $3.730M $3.500M
YoY Change 6.57% -22.22%
Cash From Operating Activities -$88.42M -$77.09M
YoY Change 14.71% -1.27%
INVESTING ACTIVITIES
Capital Expenditures $4.203M $2.876M
YoY Change 46.14% 219.56%
Acquisitions
YoY Change
Other Investing Activities $134.5M $13.30M
YoY Change 911.14% -93.31%
Cash From Investing Activities $130.3M $10.46M
YoY Change 1145.73% -94.71%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $938.0K $17.86M
YoY Change -94.75% 61.2%
NET CHANGE
Cash From Operating Activities -$88.42M -$77.09M
Cash From Investing Activities $130.3M $10.46M
Cash From Financing Activities $938.0K $17.86M
Net Change In Cash $42.78M -$48.79M
YoY Change -187.67% -137.34%
FREE CASH FLOW
Cash From Operating Activities -$88.42M -$77.09M
Capital Expenditures $4.203M $2.876M
Free Cash Flow -$92.63M -$79.96M
YoY Change 15.84% 1.25%

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IncreaseDecreaseInOtherAccruedLiabilities
7249000 USD
CY2021Q1 us-gaap Increase Decrease In Other Accrued Liabilities
IncreaseDecreaseInOtherAccruedLiabilities
-7950000 USD
CY2022Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-88424000 USD
CY2021Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-77085000 USD
CY2022Q1 us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
93493000 USD
CY2021Q1 us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
295314000 USD
CY2022Q1 us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
227974000 USD
CY2021Q1 us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
303612000 USD
CY2022Q1 us-gaap Proceeds From Sale Of Available For Sale Securities Debt
ProceedsFromSaleOfAvailableForSaleSecuritiesDebt
0 USD
CY2021Q1 us-gaap Proceeds From Sale Of Available For Sale Securities Debt
ProceedsFromSaleOfAvailableForSaleSecuritiesDebt
5036000 USD
CY2022Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
4203000 USD
CY2021Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2876000 USD
CY2022Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
130278000 USD
CY2021Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
10458000 USD
CY2022Q1 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlans
188000 USD
CY2021Q1 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlans
17106000 USD
CY2022Q1 us-gaap Proceeds From Derivative Instrument Financing Activities
ProceedsFromDerivativeInstrumentFinancingActivities
750000 USD
CY2021Q1 us-gaap Proceeds From Derivative Instrument Financing Activities
ProceedsFromDerivativeInstrumentFinancingActivities
750000 USD
CY2022Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
938000 USD
CY2021Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
17856000 USD
CY2022Q1 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
-17000 USD
CY2021Q1 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
-20000 USD
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
42775000 USD
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-48791000 USD
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
25218000 USD
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
198955000 USD
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
67993000 USD
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
150164000 USD
CY2022Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
0 USD
CY2021Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
1057000 USD
CY2022Q1 nktr Cash Restricted Cash Cash Equivalents And Available For Sale Investments
CashRestrictedCashCashEquivalentsAndAvailableForSaleInvestments
704400000 USD
CY2022Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="margin-top:9pt"><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:9pt;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 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. </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%">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.</span></div>
CY2022Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="margin-top:9pt"><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:9pt;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), and other contingent payments, as well as reimbursable costs from collaborative research and development agreements. As of March 31, 2022 and December 31, 2021, our accounts receivable includes $26.9 million and $21.4 million, respectively, for unbilled net expense reimbursements from BMS. The remaining accounts receivable relate primarily to product sales. We generally do not require collateral from our customers. We perform a regular review of our customers’ credit risk and payment histories, including payments made after period end. Historically, we have not experienced credit losses from our accounts receivable and recorded no bad debt expense for the three months ended March 31, 2022 and 2021. We have not recorded a reserve for credit losses at March 31, 2022 or December 31, 2021.</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%">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.</span></div>For our available-for-sale securities, we have significant concentrations of issuers in the banking and financial services industries. While our investment policy requires that we only invest in highly-rated securities and limit our exposure to any single issuer, the COVID-19 pandemic or other factors may materially affect the financial condition of issuers. Additionally, pursuant to our investment policy, we may sell securities before maturity if the issuer’s credit rating has been downgraded below our minimum credit rating requirements, which may result in a loss on the sale. Accordingly, if the COVID-19 pandemic or other factors result in downgrades below our minimum credit rating requirements and if we decide to sell these securities, we may experience losses on such sales.
CY2022Q1 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
0 USD
CY2021Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
0 USD
CY2022Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
67993000 USD
CY2021Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
25218000 USD
CY2022Q1 us-gaap Available For Sale Securities Debt Securities Current
AvailableForSaleSecuritiesDebtSecuritiesCurrent
599032000 USD
CY2021Q4 us-gaap Available For Sale Securities Debt Securities Current
AvailableForSaleSecuritiesDebtSecuritiesCurrent
708737000 USD
CY2022Q1 us-gaap Available For Sale Securities Debt Securities Noncurrent
AvailableForSaleSecuritiesDebtSecuritiesNoncurrent
37363000 USD
CY2021Q4 us-gaap Available For Sale Securities Debt Securities Noncurrent
AvailableForSaleSecuritiesDebtSecuritiesNoncurrent
64828000 USD
CY2022Q1 nktr Cash Restricted Cash Cash Equivalents And Available For Sale Investments
CashRestrictedCashCashEquivalentsAndAvailableForSaleInvestments
704388000 USD
CY2021Q4 nktr Cash Restricted Cash Cash Equivalents And Available For Sale Investments
CashRestrictedCashCashEquivalentsAndAvailableForSaleInvestments
798783000 USD
CY2022Q1 nktr Debt Investment Maximum Maturity Period
DebtInvestmentMaximumMaturityPeriod
P2Y
CY2022Q1 nktr Debt Investment Maturity Term
DebtInvestmentMaturityTerm
P1Y
CY2022Q1 us-gaap Cash
Cash
11922000 USD
CY2021Q4 us-gaap Cash
Cash
1250000 USD
CY2022Q1 nktr Cash Restricted Cash Cash Equivalents And Available For Sale Investments
CashRestrictedCashCashEquivalentsAndAvailableForSaleInvestments
704388000 USD
CY2021Q4 nktr Cash Restricted Cash Cash Equivalents And Available For Sale Investments
CashRestrictedCashCashEquivalentsAndAvailableForSaleInvestments
798783000 USD
CY2021Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
700000 USD
CY2022Q1 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
2084000 USD
CY2021Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
3166000 USD
CY2022Q1 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
9420000 USD
CY2021Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
9342000 USD
CY2022Q1 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
3875000 USD
CY2021Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
3293000 USD
CY2022Q1 us-gaap Inventory Net
InventoryNet
15379000 USD
CY2021Q4 us-gaap Inventory Net
InventoryNet
15801000 USD
CY2022Q1 us-gaap Derivative Liabilities
DerivativeLiabilities
0 USD
nktr Royalty Monetization Proceeds
RoyaltyMonetizationProceeds
274000000 USD
nktr Non Cash Royalty Revenue Related To Sale Of Future Royalties
NonCashRoyaltyRevenueRelatedToSaleOfFutureRoyalties
-351012000 USD
nktr Non Cash Interest Expense Related To Sale Of Royalties
NonCashInterestExpenseRelatedToSaleOfRoyalties
251802000 USD
nktr Partial Repayment Of Royalty Sale Proceeds
PartialRepaymentOfRoyaltySaleProceeds
10000000 USD
nktr Gain Loss On Revaluation Of Liabilities Related To The Sale Of Future Royalties Gross
GainLossONRevaluationOfLiabilitiesRelatedToTheSaleOfFutureRoyaltiesGross
23522000 USD
CY2022Q1 nktr Liability Related To Sale Of Potential Future Royalties Non Current
LiabilityRelatedToSaleOfPotentialFutureRoyaltiesNonCurrent
188312000 USD
CY2022Q1 nktr Liabilities On Sale Of Future Royalties Unamortized Transaction Costs
LiabilitiesOnSaleOfFutureRoyaltiesUnamortizedTransactionCosts
2708000 USD
CY2022Q1 nktr Liability Related To Sale Of Potential Future Royalties Non Current Net Of Issuance Costs
LiabilityRelatedToSaleOfPotentialFutureRoyaltiesNonCurrentNetOfIssuanceCosts
185604000 USD
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
20961000 USD
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
23898000 USD
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
22000 shares
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
121000 shares
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
6.61
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
10.82
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
22338000 shares
CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
19393000 shares

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