$NKTR
Nektar Therapeutics

2024 Q3 Form 10-Q Financial Statement

#000095017024094231 Filed on August 09, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $24.12M $23.49M
YoY Change -0.08% 14.59%
Cost Of Revenue $4.435M $9.740M
YoY Change -64.32% 39.26%
Gross Profit $19.69M $13.75M
YoY Change 68.1% 1.81%
Gross Profit Margin 81.62% 58.53%
Selling, General & Admin $20.51M
YoY Change 14.78%
% of Gross Profit 149.17%
Research & Development $35.03M $29.72M
YoY Change 45.54% 0.14%
% of Gross Profit 177.92% 216.19%
Depreciation & Amortization $1.459M
YoY Change -32.64%
% of Gross Profit 10.61%
Operating Expenses $35.03M $29.72M
YoY Change 45.54% 0.14%
Operating Profit -$34.35M -$49.77M
YoY Change -23.45% -1.63%
Interest Expense -$2.507M
YoY Change 339.82%
% of Operating Profit
Other Income/Expense, Net -$2.703M -$2.543M
YoY Change 161.41% 346.14%
Pretax Income -$37.05M -$52.32M
YoY Change -19.28% 2.24%
Income Tax $9.000K $46.00K
% Of Pretax Income
Net Earnings -$37.06M -$52.36M
YoY Change -19.15% 2.43%
Net Earnings / Revenue -153.61% -222.93%
Basic Earnings Per Share -$0.18 -$0.25
Diluted Earnings Per Share -$0.18 -$0.25
COMMON SHARES
Basic Shares Outstanding 184.1M 183.6M
Diluted Shares Outstanding 209.2M 208.8M

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $244.5M $271.2M
YoY Change -34.39% -33.75%
Cash & Equivalents $30.11M $27.94M
Short-Term Investments $214.4M $243.3M
Other Short-Term Assets $8.933M $8.292M
YoY Change -1.11% -13.64%
Inventory $0.00 $14.47M
Prepaid Expenses
Receivables $0.00 $1.196M
Other Receivables $0.00
Total Short-Term Assets $286.5M $295.2M
YoY Change -28.2% -33.07%
LONG-TERM ASSETS
Property, Plant & Equipment $3.603M $15.19M
YoY Change -81.94% -32.66%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $19.41M
YoY Change
Other Assets $4.519M $4.314M
YoY Change -0.09% 161.14%
Total Long-Term Assets $21.49M $48.15M
YoY Change -50.29% -9.54%
TOTAL ASSETS
Total Short-Term Assets $286.5M $295.2M
Total Long-Term Assets $21.49M $48.15M
Total Assets $308.0M $343.3M
YoY Change -30.36% -30.54%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $8.577M $6.475M
YoY Change 160.86% 147.23%
Accrued Expenses $32.38M $29.51M
YoY Change 8.91% 1.28%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $67.58M $57.33M
YoY Change 29.69% 13.08%
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities $6.912M $8.051M
YoY Change 39.33% 56.3%
Total Long-Term Liabilities $6.912M $8.051M
YoY Change 39.33% 56.3%
TOTAL LIABILITIES
Total Short-Term Liabilities $67.58M $57.33M
Total Long-Term Liabilities $6.912M $8.051M
Total Liabilities $259.1M $263.6M
YoY Change -8.41% -11.33%
SHAREHOLDERS EQUITY
Retained Earnings -$3.603B -$3.566B
YoY Change 4.9% 5.22%
Common Stock $3.655B $3.650B
YoY Change 1.5% 1.58%
Preferred Stock
YoY Change
Treasury Stock (at cost) $3.000M $3.000M
YoY Change
Treasury Stock Shares
Shareholders Equity $48.88M $79.69M
YoY Change
Total Liabilities & Shareholders Equity $308.0M $343.3M
YoY Change -30.36% -30.54%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income -$37.06M -$52.36M
YoY Change -19.15% 2.43%
Depreciation, Depletion And Amortization $1.459M
YoY Change -32.64%
Cash From Operating Activities -$37.70M
YoY Change -26.82%
INVESTING ACTIVITIES
Capital Expenditures $186.0K
YoY Change 14.81%
Acquisitions
YoY Change
Other Investing Activities $17.17M
YoY Change -32.23%
Cash From Investing Activities $16.98M
YoY Change -32.53%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 19.00K
YoY Change 5.56%
NET CHANGE
Cash From Operating Activities -37.70M
Cash From Investing Activities 16.98M
Cash From Financing Activities 19.00K
Net Change In Cash -20.70M
YoY Change -21.39%
FREE CASH FLOW
Cash From Operating Activities -$37.70M
Capital Expenditures $186.0K
Free Cash Flow -$37.89M
YoY Change -26.69%

Facts In Submission

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us-gaap Increase Decrease In Other Accrued Liabilities
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NetCashProvidedByUsedInOperatingActivities
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
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us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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NetCashProvidedByUsedInInvestingActivities
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us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans
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ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlans
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us-gaap Proceeds From Issuance Of Warrants
ProceedsFromIssuanceOfWarrants
30000000
us-gaap Proceeds From Issuance Of Warrants
ProceedsFromIssuanceOfWarrants
0
nktr Proceeds From Sale Of Future Royalties
ProceedsFromSaleOfFutureRoyalties
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nktr Proceeds From Sale Of Future Royalties
ProceedsFromSaleOfFutureRoyalties
0
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
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us-gaap Payments For Repurchase Of Common Stock
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us-gaap Net Cash Provided By Used In Financing Activities
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NetCashProvidedByUsedInFinancingActivities
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us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2024Q2 nktr Cash Restricted Cash Cash Equivalents And Available For Sale Investments
CashRestrictedCashCashEquivalentsAndAvailableForSaleInvestments
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us-gaap Use Of Estimates
UseOfEstimates
<p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Use of Estimates</span></p><p style="text-indent:5.84%;font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">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><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:5.867%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">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></p>
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Significant Concentrations</span></p><p style="text-indent:5.84%;font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">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. 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 </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">no</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">t experienced credit losses from our accounts receivable. We have not recorded reserves for credit losses for the </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">three and six months ended June 30, 2024 and 2023, nor have recorded such an allowance as of June 30, 2024 or December 31, 2023.</span></p><p style="text-indent:5.84%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">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, our ability to develop and produce our drug candidates 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></p><p style="text-indent:5.867%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">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.</span></p>
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
0
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
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CY2024Q2 us-gaap Provision For Doubtful Accounts
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268339000
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290640000
CY2023Q4 nktr Cash Restricted Cash Cash Equivalents And Available For Sale Investments
CashRestrictedCashCashEquivalentsAndAvailableForSaleInvestments
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CY2024Q2 us-gaap Cash
Cash
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Cash
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CashRestrictedCashCashEquivalentsAndAvailableForSaleInvestments
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CY2024Q2 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
1719000
CY2023Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
1861000
CY2024Q2 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
10590000
CY2023Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
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CY2024Q2 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
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CY2023Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
1360000
CY2024Q2 us-gaap Inventory Net
InventoryNet
14465000
CY2023Q4 us-gaap Inventory Net
InventoryNet
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CY2024Q2 us-gaap Other Assets Current
OtherAssetsCurrent
8292000
CY2023Q4 us-gaap Other Assets Current
OtherAssetsCurrent
9779000
CY2024Q2 nktr Depreciable Property Plant And Equipment Gross
DepreciablePropertyPlantAndEquipmentGross
102891000
CY2023Q4 nktr Depreciable Property Plant And Equipment Gross
DepreciablePropertyPlantAndEquipmentGross
105015000
CY2024Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
88428000
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
86898000
CY2024Q2 nktr Depreciable Property Plant And Equipment Net
DepreciablePropertyPlantAndEquipmentNet
14463000
CY2023Q4 nktr Depreciable Property Plant And Equipment Net
DepreciablePropertyPlantAndEquipmentNet
18117000
CY2024Q2 us-gaap Construction In Progress Gross
ConstructionInProgressGross
724000
CY2023Q4 us-gaap Construction In Progress Gross
ConstructionInProgressGross
739000
CY2024Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
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CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
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CY2024Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
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CY2023Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
5553000
CY2024Q2 nktr Accrued Research And Development Expenses Current
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CY2024Q2 us-gaap Other Accrued Liabilities Current
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CY2023Q4 nktr Liability Related To Sale Of Potential Future Royalties Non Current
LiabilityRelatedToSaleOfPotentialFutureRoyaltiesNonCurrent
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nktr Non Cash Royalty Revenue Related To Sale Of Future Royalties
NonCashRoyaltyRevenueRelatedToSaleOfFutureRoyalties
32298000
nktr Non Cash Interest Expense Related To Sale Of Royalties
NonCashInterestExpenseRelatedToSaleOfRoyalties
11939000
nktr Liabilities On Sale Of Future Royalties Amortized Transaction Costs
LiabilitiesOnSaleOfFutureRoyaltiesAmortizedTransactionCosts
240000
nktr Proceeds From Amendment Related To Sales Of Future Royalties Net
ProceedsFromAmendmentRelatedToSalesOfFutureRoyaltiesNet
15000000
CY2024Q2 nktr Liability Related To Sale Of Potential Future Royalties Non Current
LiabilityRelatedToSaleOfPotentialFutureRoyaltiesNonCurrent
107506000
CY2024Q2 us-gaap Litigation Reserve
LitigationReserve
0
CY2023Q4 us-gaap Litigation Reserve
LitigationReserve
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CY2024Q2 us-gaap Business Exit Costs1
BusinessExitCosts1
0
CY2023Q2 us-gaap Business Exit Costs1
BusinessExitCosts1
1356000
us-gaap Business Exit Costs1
BusinessExitCosts1
0
us-gaap Business Exit Costs1
BusinessExitCosts1
2954000
CY2024Q2 us-gaap Severance Costs1
SeveranceCosts1
0
CY2023Q2 us-gaap Severance Costs1
SeveranceCosts1
1943000
us-gaap Severance Costs1
SeveranceCosts1
0
us-gaap Severance Costs1
SeveranceCosts1
7426000
CY2024Q2 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
8329000
CY2023Q2 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
13255000
us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
8329000
us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
26455000
CY2024Q2 us-gaap Loss On Contract Termination
LossOnContractTermination
4960000
CY2023Q2 us-gaap Loss On Contract Termination
LossOnContractTermination
0
us-gaap Loss On Contract Termination
LossOnContractTermination
5935000
us-gaap Loss On Contract Termination
LossOnContractTermination
912000
CY2024Q2 us-gaap Restructuring Costs And Asset Impairment Charges
RestructuringCostsAndAssetImpairmentCharges
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CY2023Q2 us-gaap Restructuring Costs And Asset Impairment Charges
RestructuringCostsAndAssetImpairmentCharges
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us-gaap Restructuring Costs And Asset Impairment Charges
RestructuringCostsAndAssetImpairmentCharges
14264000
us-gaap Restructuring Costs And Asset Impairment Charges
RestructuringCostsAndAssetImpairmentCharges
37747000
CY2024Q1 us-gaap Operating Lease Impairment Loss
OperatingLeaseImpairmentLoss
0
CY2024Q2 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
8329000
us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
8329000
CY2023Q2 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
13255000
us-gaap Operating Lease Impairment Loss
OperatingLeaseImpairmentLoss
24755000
nktr Impairment Long Lived Asset Held For Use Other
ImpairmentLongLivedAssetHeldForUseOther
1700000
us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
26455000
nktr Impairment Of Remaining Long Lived Asset Held For Use
ImpairmentOfRemainingLongLivedAssetHeldForUse
0
CY2023Q1 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
76500000
CY2024Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5418000
CY2023Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
7966000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
11418000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
17985000

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