$NKTR
NEKTAR THERAPEUTICS

2014 Q2 Form 10-Q Financial Statement

#000119312514290292 Filed on August 01, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2013 Q2
Revenue $28.51M $33.86M
YoY Change -15.8% 42.97%
Cost Of Revenue $5.108M $5.011M
YoY Change 1.94% -30.43%
Gross Profit $23.41M $28.85M
YoY Change -18.88% 75.06%
Gross Profit Margin 82.09% 85.2%
Selling, General & Admin $9.600M $9.200M
YoY Change 4.35% -10.68%
% of Gross Profit 41.02% 31.89%
Research & Development $36.70M $52.23M
YoY Change -29.73% 57.31%
% of Gross Profit 156.81% 181.03%
Depreciation & Amortization $3.200M $3.700M
YoY Change -13.51% 5.71%
% of Gross Profit 13.67% 12.82%
Operating Expenses $36.70M $52.23M
YoY Change -29.73% 57.31%
Operating Profit -$22.92M -$32.61M
YoY Change -29.72% 20.81%
Interest Expense $4.488M $4.656M
YoY Change -3.61% 81.73%
% of Operating Profit
Other Income/Expense, Net -$9.526M -$9.938M
YoY Change -4.15% 37.95%
Pretax Income -$32.44M -$42.54M
YoY Change -23.74% 24.42%
Income Tax $195.0K $205.0K
% Of Pretax Income
Net Earnings -$32.64M -$42.75M
YoY Change -23.65% 24.68%
Net Earnings / Revenue -114.46% -126.24%
Basic Earnings Per Share -$0.26 -$0.37
Diluted Earnings Per Share -$0.26 -$0.37
COMMON SHARES
Basic Shares Outstanding 127.0M shares 115.5M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2014 Q2 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $276.4M $201.9M
YoY Change 36.9% -53.36%
Cash & Equivalents $30.70M $41.43M
Short-Term Investments $245.7M $160.5M
Other Short-Term Assets $4.629M $6.018M
YoY Change -23.08% -35.29%
Inventory $14.11M $20.48M
Prepaid Expenses
Receivables $3.047M $6.041M
Other Receivables $0.00 $0.00
Total Short-Term Assets $298.2M $234.4M
YoY Change 27.22% -49.94%
LONG-TERM ASSETS
Property, Plant & Equipment $71.07M $67.85M
YoY Change 4.75% -7.94%
Goodwill $76.50M $76.50M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $7.343M $9.036M
YoY Change -18.74% 58.53%
Total Long-Term Assets $179.9M $178.4M
YoY Change 0.86% -10.85%
TOTAL ASSETS
Total Short-Term Assets $298.2M $234.4M
Total Long-Term Assets $179.9M $178.4M
Total Assets $478.1M $412.8M
YoY Change 15.83% -38.24%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.437M $5.572M
YoY Change 33.47% 79.74%
Accrued Expenses $5.814M $11.36M
YoY Change -48.8% -63.13%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $84.36M $90.28M
YoY Change -6.56% -67.4%
LONG-TERM LIABILITIES
Long-Term Debt $201.0M $134.9M
YoY Change 49.0% -4.26%
Other Long-Term Liabilities $17.77M $8.623M
YoY Change 106.05% -92.72%
Total Long-Term Liabilities $17.77M $8.623M
YoY Change 106.05% -96.67%
TOTAL LIABILITIES
Total Short-Term Liabilities $84.36M $90.28M
Total Long-Term Liabilities $17.77M $8.623M
Total Liabilities $513.5M $453.4M
YoY Change 13.27% -15.45%
SHAREHOLDERS EQUITY
Retained Earnings -$1.811B -$1.668B
YoY Change 8.57%
Common Stock $1.777B $1.629B
YoY Change 9.07%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$35.36M -$40.55M
YoY Change
Total Liabilities & Shareholders Equity $478.1M $412.8M
YoY Change 15.83% -38.24%

Cashflow Statement

Concept 2014 Q2 2013 Q2
OPERATING ACTIVITIES
Net Income -$32.64M -$42.75M
YoY Change -23.65% 24.68%
Depreciation, Depletion And Amortization $3.200M $3.700M
YoY Change -13.51% 5.71%
Cash From Operating Activities -$9.100M -$34.30M
YoY Change -73.47% 66.5%
INVESTING ACTIVITIES
Capital Expenditures -$700.0K -$500.0K
YoY Change 40.0% -70.59%
Acquisitions
YoY Change
Other Investing Activities $6.000M $47.10M
YoY Change -87.26% 395.79%
Cash From Investing Activities $5.300M $46.60M
YoY Change -88.63% 497.44%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.000M 700.0K
YoY Change 185.71% 133.33%
NET CHANGE
Cash From Operating Activities -9.100M -34.30M
Cash From Investing Activities 5.300M 46.60M
Cash From Financing Activities 2.000M 700.0K
Net Change In Cash -1.800M 13.00M
YoY Change -113.85% -204.0%
FREE CASH FLOW
Cash From Operating Activities -$9.100M -$34.30M
Capital Expenditures -$700.0K -$500.0K
Free Cash Flow -$8.400M -$33.80M
YoY Change -75.15% 78.84%

Facts In Submission

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dei Current Fiscal Year End Date
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dei Document Type
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10-Q
dei Entity Registrant Name
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NEKTAR THERAPEUTICS
dei Trading Symbol
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NKTR
dei Entity Filer Category
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us-gaap Use Of Estimates
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b><i>Use of Estimates</i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> The preparation of 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 date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ materially from those estimates and assumptions. On an ongoing basis, we evaluate our estimates, including those related to deferred revenue recognition periods, inventory, the impairment of investments, the impairment of goodwill and long-lived assets, contingencies, accrued clinical trial expenses, estimated interest expense from our liability related to our sale of future royalties, stock-based compensation, and ongoing litigation, among other estimates. We base our estimates on historical experience and on other</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt"> assumptions that management believes are reasonable under the circumstances. These estimates form the basis for making judgments about the carrying values of assets and liabilities when these values are not readily apparent from other sources.</p> </div>
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dei Document Period End Date
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us-gaap Number Of Operating Segments
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dei Document Fiscal Period Focus
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Q2
us-gaap Prior Period Reclassification Adjustment Description
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b><i>Reclassifications</i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> 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&#x2019; equity (deficit).</p> </div>
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us-gaap Interest Paid
InterestPaid
8622000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
818000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
8525000
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
6000
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
7636000
us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
-2868000
us-gaap Interest Expense
InterestExpense
9021000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
75040000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-8368000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
386000
us-gaap Cost Of Goods Sold
CostOfGoodsSold
13015000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
6519000
us-gaap Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
0
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
115912000
us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlans
7961000
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-314000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-52911000
us-gaap Costs And Expenses
CostsAndExpenses
107602000
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
19547000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-1818000
us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
118777000
us-gaap Share Based Compensation
ShareBasedCompensation
8525000
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
-6557000
nktr Repayment Of And Proceeds From Sale Of Future Royalties Net Of Transaction Costs
RepaymentOfAndProceedsFromSaleOfFutureRoyaltiesNetOfTransactionCosts
-7000000
nktr License Collaboration Other Revenue
LicenseCollaborationOtherRevenue
25866000
nktr Royalty Agreement Contingent Payment Description
RoyaltyAgreementContingentPaymentDescription
As a result of worldwide net sales of MIRCERAfor the 12 month periods ended on December 31, 2013 and 2012 not reaching certain minimum thresholds
nktr Product Sales And Royalties
ProductSalesAndRoyalties
11808000
nktr Estimated Annual Interest Rate On Royalty Liability
EstimatedAnnualInterestRateOnRoyaltyLiability
0.17
nktr Debt Instrument Maximum Maturity Period
DebtInstrumentMaximumMaturityPeriod
Two years or less
nktr Potential Development Milestones
PotentialDevelopmentMilestones
146300000
nktr Debt Instrument Weighted Average Maturity Period One
DebtInstrumentWeightedAverageMaturityPeriodOne
One year or less
nktr Noncash Interest Expense
NoncashInterestExpense
10521000
nktr Proceeds From Issuance Of Common Stock Net Of Issuance Costs
ProceedsFromIssuanceOfCommonStockNetOfIssuanceCosts
116601000
nktr Non Cash Royalty Revenue Related To Sale Of Future Royalties
NonCashRoyaltyRevenueRelatedToSaleOfFutureRoyalties
10610000
nktr Increase Decrease In Accrued Clinical Trial Expenses
IncreaseDecreaseInAccruedClinicalTrialExpenses
-3697000
nktr Non Cash Interest Expense Related To Sale Of Royalties
NonCashInterestExpenseRelatedToSaleOfRoyalties
10521000
CY2013Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.34 pure
CY2013Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
115544000 shares
CY2013Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.37
CY2013Q2 us-gaap Available For Sale Securities Gross Realized Gains Losses Sale Proceeds
AvailableForSaleSecuritiesGrossRealizedGainsLossesSaleProceeds
0
CY2013Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-32605000
CY2013Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-43689000
CY2013Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-9938000
CY2013Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-42543000
CY2013Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-6000
CY2013Q2 us-gaap Revenues
Revenues
33862000
CY2013Q2 us-gaap Net Income Loss
NetIncomeLoss
-42748000
CY2013Q2 us-gaap Investment Income Interest
InvestmentIncomeInterest
209000
CY2013Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4356000
CY2013Q2 us-gaap Interest Expense
InterestExpense
4656000
CY2013Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
52230000
CY2013Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
205000
CY2013Q2 us-gaap Cost Of Goods Sold
CostOfGoodsSold
5011000
CY2013Q2 us-gaap Costs And Expenses
CostsAndExpenses
66467000
CY2013Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
9226000
CY2013Q2 nktr License Collaboration Other Revenue
LicenseCollaborationOtherRevenue
19359000
CY2013Q2 nktr Product Sales And Royalties
ProductSalesAndRoyalties
10675000
CY2013Q2 nktr Non Cash Royalty Revenue Related To Sale Of Future Royalties
NonCashRoyaltyRevenueRelatedToSaleOfFutureRoyalties
3828000
CY2013Q2 nktr Non Cash Interest Expense Related To Sale Of Royalties
NonCashInterestExpenseRelatedToSaleOfRoyalties
5485000
CY2014Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.34 pure
CY2014Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
127040000 shares
CY2014Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.26
CY2014Q2 us-gaap Available For Sale Securities Gross Realized Gains Losses Sale Proceeds
AvailableForSaleSecuritiesGrossRealizedGainsLossesSaleProceeds
0
CY2014Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-22916000
CY2014Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-32584000
CY2014Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-9526000
CY2014Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-32442000
CY2014Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-36000
CY2014Q2 us-gaap Revenues
Revenues
28513000
CY2014Q2 us-gaap Net Income Loss
NetIncomeLoss
-32637000
CY2014Q2 us-gaap Investment Income Interest
InvestmentIncomeInterest
132000
CY2014Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4164000
CY2014Q2 us-gaap Interest Expense
InterestExpense
4488000
CY2014Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
36702000
CY2014Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
195000
CY2014Q2 us-gaap Cost Of Goods Sold
CostOfGoodsSold
5108000
CY2014Q2 us-gaap Costs And Expenses
CostsAndExpenses
51429000
CY2014Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
9619000
CY2014Q2 nktr License Collaboration Other Revenue
LicenseCollaborationOtherRevenue
17785000
CY2014Q2 nktr Product Sales And Royalties
ProductSalesAndRoyalties
5891000
CY2014Q2 nktr Non Cash Royalty Revenue Related To Sale Of Future Royalties
NonCashRoyaltyRevenueRelatedToSaleOfFutureRoyalties
4837000
CY2014Q2 nktr Non Cash Interest Expense Related To Sale Of Royalties
NonCashInterestExpenseRelatedToSaleOfRoyalties
5134000

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