$NKTR
Nektar Therapeutics

2014 Q4 Form 10-Q Financial Statement

#000119312514402021 Filed on November 07, 2014

View on sec.gov

Income Statement

Concept 2014 Q4 2014 Q3 2013 Q3
Revenue $19.55M $132.9M $60.91M
YoY Change -37.23% 118.15% 230.81%
Cost Of Revenue $6.298M $9.220M $12.88M
YoY Change -29.71% -28.4% 78.15%
Gross Profit $13.25M $123.7M $48.03M
YoY Change -40.26% 157.43% 329.47%
Gross Profit Margin 67.79% 93.06% 78.86%
Selling, General & Admin $12.20M $9.100M $10.60M
YoY Change 24.49% -14.15% 4.95%
% of Gross Profit 92.05% 7.36% 22.07%
Research & Development $38.49M $34.20M $43.91M
YoY Change -20.22% -22.12% 29.1%
% of Gross Profit 290.45% 27.66% 91.43%
Depreciation & Amortization $3.200M $3.200M $3.600M
YoY Change -5.88% -11.11% 0.0%
% of Gross Profit 24.15% 2.59% 7.5%
Operating Expenses $38.49M $34.20M $43.91M
YoY Change -20.22% -22.12% 29.1%
Operating Profit -$37.49M $80.32M -$6.525M
YoY Change 4.44% -1330.97% -80.17%
Interest Expense -$9.300M $4.391M $4.587M
YoY Change -7.92% -4.27% -19.48%
% of Operating Profit 5.47%
Other Income/Expense, Net -$9.468M -$9.825M
YoY Change -3.63% -5.76%
Pretax Income -$46.80M $70.85M -$16.35M
YoY Change 1.74% -533.35% -62.26%
Income Tax -$1.100M $248.0K $193.0K
% Of Pretax Income 0.35%
Net Earnings -$45.68M $70.61M -$16.54M
YoY Change -4.15% -526.8% -62.01%
Net Earnings / Revenue -233.66% 53.14% -27.16%
Basic Earnings Per Share -$0.35 $0.55 -$0.14
Diluted Earnings Per Share -$0.35 $0.53 -$0.14
COMMON SHARES
Basic Shares Outstanding 128.4M shares 127.5M shares 115.8M shares
Diluted Shares Outstanding 132.2M shares 115.8M shares

Balance Sheet

Concept 2014 Q4 2014 Q3 2013 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $237.8M $236.6M $183.6M
YoY Change 0.34% 28.87% -42.5%
Cash & Equivalents $12.37M $32.01M $65.41M
Short-Term Investments $225.5M $204.6M $118.1M
Other Short-Term Assets $8.817M $4.708M $4.759M
YoY Change 70.38% -1.07% -32.04%
Inventory $12.95M $11.70M $15.08M
Prepaid Expenses
Receivables $3.607M $46.07M $4.557M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $288.2M $324.1M $207.9M
YoY Change 11.76% 55.87% -40.06%
LONG-TERM ASSETS
Property, Plant & Equipment $70.37M $69.28M $65.08M
YoY Change 5.07% 6.44% -11.16%
Goodwill $76.50M $76.50M $76.50M
YoY Change 0.0% 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $6.552M $7.006M $8.510M
YoY Change -19.8% -17.67% -12.52%
Total Long-Term Assets $153.4M $152.8M $175.1M
YoY Change -13.15% -12.74% -9.98%
TOTAL ASSETS
Total Short-Term Assets $288.2M $324.1M $207.9M
Total Long-Term Assets $153.4M $152.8M $175.1M
Total Assets $441.6M $476.9M $383.0M
YoY Change 1.63% 24.51% -29.26%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.703M $5.428M $3.723M
YoY Change -70.35% 45.8% 41.88%
Accrued Expenses $6.418M $7.760M $10.77M
YoY Change 2.8% -27.95% 66.99%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $4.500M
YoY Change
Total Short-Term Liabilities $64.05M $80.55M $80.91M
YoY Change -34.79% -0.45% 16.47%
LONG-TERM LIABILITIES
Long-Term Debt $129.1M $130.3M $134.0M
YoY Change -36.4% -2.76% -49.28%
Other Long-Term Liabilities $14.72M $15.40M $9.217M
YoY Change -23.55% 67.1% -14.08%
Total Long-Term Liabilities $14.72M $15.40M $9.217M
YoY Change -23.55% 67.1% -14.08%
TOTAL LIABILITIES
Total Short-Term Liabilities $64.05M $80.55M $80.91M
Total Long-Term Liabilities $14.72M $15.40M $9.217M
Total Liabilities $405.3M $429.7M $433.3M
YoY Change -22.72% -0.83% -2.88%
SHAREHOLDERS EQUITY
Retained Earnings -$1.786B -$1.741B -$1.685B
YoY Change 3.11% 3.32% 11.02%
Common Stock $1.824B $1.789B $1.636B
YoY Change 10.98% 9.34% 1.46%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $36.33M $47.22M -$50.25M
YoY Change
Total Liabilities & Shareholders Equity $441.6M $476.9M $383.0M
YoY Change 1.63% 24.51% -29.26%

Cashflow Statement

Concept 2014 Q4 2014 Q3 2013 Q3
OPERATING ACTIVITIES
Net Income -$45.68M $70.61M -$16.54M
YoY Change -4.15% -526.8% -62.01%
Depreciation, Depletion And Amortization $3.200M $3.200M $3.600M
YoY Change -5.88% -11.11% 0.0%
Cash From Operating Activities -$24.60M -$46.00M -$19.80M
YoY Change -145.81% 132.32% -27.21%
INVESTING ACTIVITIES
Capital Expenditures -$3.900M -$900.0K -$600.0K
YoY Change 44.44% 50.0% -76.0%
Acquisitions
YoY Change
Other Investing Activities -$20.90M $41.00M $42.30M
YoY Change -73.68% -3.07% -1558.62%
Cash From Investing Activities -$24.80M $40.10M $41.80M
YoY Change -69.83% -4.07% -874.07%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 29.90M 7.200M 1.900M
YoY Change 1323.81% 278.95% -102.04%
NET CHANGE
Cash From Operating Activities -24.60M -46.00M -19.80M
Cash From Investing Activities -24.80M 40.10M 41.80M
Cash From Financing Activities 29.90M 7.200M 1.900M
Net Change In Cash -19.50M 1.300M 23.90M
YoY Change -26.14% -94.56% -119.0%
FREE CASH FLOW
Cash From Operating Activities -$24.60M -$46.00M -$19.80M
Capital Expenditures -$3.900M -$900.0K -$600.0K
Free Cash Flow -$20.70M -$45.10M -$19.20M
YoY Change -136.7% 134.9% -22.27%

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NEKTAR THERAPEUTICS
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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. Accounting estimates and assumptions are inherently uncertain. Actual results could differ materially from those estimates and assumptions. On an ongoing basis, we evaluate our estimates, including those related to collaboration agreements and 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 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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1 Segment
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
126043000 shares
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.07
dei Entity Central Index Key
EntityCentralIndexKey
0000906709
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
12647000
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<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 income (loss), net income (loss), total assets, liabilities or stockholders&#x2019; equity (deficit).</p> </div>
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
126043000 shares
us-gaap Payments To Acquire Available For Sale Securities
PaymentsToAcquireAvailableForSaleSecurities
200160000
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
2578000
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-679000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-1757000
us-gaap Available For Sale Securities Gross Realized Gains Losses Sale Proceeds
AvailableForSaleSecuritiesGrossRealizedGainsLossesSaleProceeds
21700000
us-gaap Operating Income Loss
OperatingIncomeLoss
21003000
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-8230000
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-28602000
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-7599000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
136000
us-gaap Revenues
Revenues
181155000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
6090000
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-43000
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
1480000
us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
-501000
us-gaap Interest Expense
InterestExpense
13412000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
109240000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-7059000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
634000
us-gaap Cost Of Goods Sold
CostOfGoodsSold
22235000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
9733000
us-gaap Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
-3750000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-12763000
us-gaap Costs And Expenses
CostsAndExpenses
160152000
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
28677000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-3670000
us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
171826000
us-gaap Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
21661000
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
-7366000
nktr Repayment Of And Proceeds From Sale Of Future Royalties Net Of Transaction Costs
RepaymentOfAndProceedsFromSaleOfFutureRoyaltiesNetOfTransactionCosts
-7000000
nktr License Collaboration Other Revenue
LicenseCollaborationOtherRevenue
146422000
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
17980000
nktr Estimated Annual Interest Rate On Royalty Liability
EstimatedAnnualInterestRateOnRoyaltyLiability
0.17 pure
nktr Debt Instrument Maximum Maturity Period
DebtInstrumentMaximumMaturityPeriod
Two years or less
nktr Potential Development Milestones
PotentialDevelopmentMilestones
138300000
nktr Debt Instrument Weighted Average Maturity Period One
DebtInstrumentWeightedAverageMaturityPeriodOne
One year or less
nktr Proceeds From Issuance Of Common Stock Net Of Issuance Costs
ProceedsFromIssuanceOfCommonStockNetOfIssuanceCosts
116536000
nktr Non Cash Royalty Revenue Related To Sale Of Future Royalties
NonCashRoyaltyRevenueRelatedToSaleOfFutureRoyalties
16753000
nktr Increase Decrease In Accrued Clinical Trial Expenses
IncreaseDecreaseInAccruedClinicalTrialExpenses
-7262000
nktr Non Cash Interest Expense Related To Sale Of Royalties
NonCashInterestExpenseRelatedToSaleOfRoyalties
15725000
nktr Recognition Of Non Refundable Milestone Payments
RecognitionOfNonRefundableMilestonePayments
70000000
CY2013Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.14
CY2013Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.34 pure
CY2013Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
115812000 shares
CY2013Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.14
CY2013Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
115812000 shares
CY2013Q3 us-gaap Available For Sale Securities Gross Realized Gains Losses Sale Proceeds
AvailableForSaleSecuritiesGrossRealizedGainsLossesSaleProceeds
0
CY2013Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-6525000
CY2013Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-16896000
CY2013Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-9825000
CY2013Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-16350000
CY2013Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
262000
CY2013Q3 us-gaap Revenues
Revenues
60909000
CY2013Q3 us-gaap Net Income Loss
NetIncomeLoss
-16543000
CY2013Q3 us-gaap Investment Income Interest
InvestmentIncomeInterest
116000
CY2013Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4564000
CY2013Q3 us-gaap Interest Expense
InterestExpense
4587000
CY2013Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
43914000
CY2013Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
193000
CY2013Q3 us-gaap Cost Of Goods Sold
CostOfGoodsSold
12877000
CY2013Q3 us-gaap Costs And Expenses
CostsAndExpenses
67434000
CY2013Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
10643000
CY2013Q3 nktr License Collaboration Other Revenue
LicenseCollaborationOtherRevenue
41360000
CY2013Q3 nktr Product Sales And Royalties
ProductSalesAndRoyalties
15026000
CY2013Q3 nktr Non Cash Royalty Revenue Related To Sale Of Future Royalties
NonCashRoyaltyRevenueRelatedToSaleOfFutureRoyalties
4523000
CY2013Q3 nktr Non Cash Interest Expense Related To Sale Of Royalties
NonCashInterestExpenseRelatedToSaleOfRoyalties
5616000
CY2014Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.53
CY2014Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.34 pure
CY2014Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
132177000 shares
CY2014Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.55
CY2014Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
127504000 shares
CY2014Q3 us-gaap Available For Sale Securities Gross Realized Gains Losses Sale Proceeds
AvailableForSaleSecuritiesGrossRealizedGainsLossesSaleProceeds
21700000
CY2014Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
80321000
CY2014Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
70314000
CY2014Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-9468000
CY2014Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
70853000
CY2014Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-7000
CY2014Q3 us-gaap Revenues
Revenues
132871000
CY2014Q3 us-gaap Net Income Loss
NetIncomeLoss
70605000
CY2014Q3 us-gaap Investment Income Interest
InvestmentIncomeInterest
133000
CY2014Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4122000
CY2014Q3 us-gaap Interest Expense
InterestExpense
4391000
CY2014Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
34200000
CY2014Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
248000
CY2014Q3 us-gaap Cost Of Goods Sold
CostOfGoodsSold
9220000
CY2014Q3 us-gaap Costs And Expenses
CostsAndExpenses
52550000
CY2014Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
9130000
CY2014Q3 nktr License Collaboration Other Revenue
LicenseCollaborationOtherRevenue
120556000
CY2014Q3 nktr Product Sales And Royalties
ProductSalesAndRoyalties
6172000
CY2014Q3 nktr Non Cash Royalty Revenue Related To Sale Of Future Royalties
NonCashRoyaltyRevenueRelatedToSaleOfFutureRoyalties
6143000
CY2014Q3 nktr Non Cash Interest Expense Related To Sale Of Royalties
NonCashInterestExpenseRelatedToSaleOfRoyalties
5203000

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