$NKTR
NEKTAR THERAPEUTICS

2015 Q2 Form 10-Q Financial Statement

#000119312515279400 Filed on August 06, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2014 Q2
Revenue $22.66M $28.51M
YoY Change -20.52% -15.8%
Cost Of Revenue $10.53M $5.108M
YoY Change 106.23% 1.94%
Gross Profit $12.13M $23.41M
YoY Change -48.19% -18.88%
Gross Profit Margin 53.51% 82.09%
Selling, General & Admin $10.20M $9.600M
YoY Change 6.25% 4.35%
% of Gross Profit 84.11% 41.02%
Research & Development $45.41M $36.70M
YoY Change 23.73% -29.73%
% of Gross Profit 374.47% 156.81%
Depreciation & Amortization $2.800M $3.200M
YoY Change -12.5% -13.51%
% of Gross Profit 23.09% 13.67%
Operating Expenses $45.41M $36.70M
YoY Change 23.73% -29.73%
Operating Profit -$43.47M -$22.92M
YoY Change 89.69% -29.72%
Interest Expense $4.118M $4.488M
YoY Change -8.24% -3.61%
% of Operating Profit
Other Income/Expense, Net -$9.024M -$9.526M
YoY Change -5.27% -4.15%
Pretax Income -$52.49M -$32.44M
YoY Change 61.81% -23.74%
Income Tax $164.0K $195.0K
% Of Pretax Income
Net Earnings -$52.66M -$32.64M
YoY Change 61.34% -23.65%
Net Earnings / Revenue -232.37% -114.46%
Basic Earnings Per Share -$0.40 -$0.26
Diluted Earnings Per Share -$0.40 -$0.26
COMMON SHARES
Basic Shares Outstanding 131.5M shares 127.0M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2015 Q2 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $254.7M $276.4M
YoY Change -7.85% 36.9%
Cash & Equivalents $20.88M $30.70M
Short-Term Investments $233.8M $245.7M
Other Short-Term Assets $8.782M $4.629M
YoY Change 89.72% -23.08%
Inventory $10.12M $14.11M
Prepaid Expenses
Receivables $3.680M $3.047M
Other Receivables $0.00 $0.00
Total Short-Term Assets $302.2M $298.2M
YoY Change 1.35% 27.22%
LONG-TERM ASSETS
Property, Plant & Equipment $72.16M $71.07M
YoY Change 1.53% 4.75%
Goodwill $76.50M $76.50M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $5.762M $7.343M
YoY Change -21.53% -18.74%
Total Long-Term Assets $154.4M $179.9M
YoY Change -14.17% 0.86%
TOTAL ASSETS
Total Short-Term Assets $302.2M $298.2M
Total Long-Term Assets $154.4M $179.9M
Total Assets $456.7M $478.1M
YoY Change -4.49% 15.83%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.833M $7.437M
YoY Change -61.91% 33.47%
Accrued Expenses $36.40M $5.814M
YoY Change 526.07% -48.8%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $5.600M
YoY Change
Total Short-Term Liabilities $81.08M $84.36M
YoY Change -3.89% -6.56%
LONG-TERM LIABILITIES
Long-Term Debt $127.9M $201.0M
YoY Change -36.37% 49.0%
Other Long-Term Liabilities $16.67M $17.77M
YoY Change -6.19% 106.05%
Total Long-Term Liabilities $16.67M $17.77M
YoY Change -6.19% 106.05%
TOTAL LIABILITIES
Total Short-Term Liabilities $81.08M $84.36M
Total Long-Term Liabilities $16.67M $17.77M
Total Liabilities $421.6M $513.5M
YoY Change -17.9% 13.27%
SHAREHOLDERS EQUITY
Retained Earnings -$1.805B -$1.811B
YoY Change -0.34% 8.57%
Common Stock $1.842B $1.777B
YoY Change 3.66% 9.07%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $35.10M -$35.36M
YoY Change
Total Liabilities & Shareholders Equity $456.7M $478.1M
YoY Change -4.49% 15.83%

Cashflow Statement

Concept 2015 Q2 2014 Q2
OPERATING ACTIVITIES
Net Income -$52.66M -$32.64M
YoY Change 61.34% -23.65%
Depreciation, Depletion And Amortization $2.800M $3.200M
YoY Change -12.5% -13.51%
Cash From Operating Activities -$47.20M -$9.100M
YoY Change 418.68% -73.47%
INVESTING ACTIVITIES
Capital Expenditures -$3.500M -$700.0K
YoY Change 400.0% 40.0%
Acquisitions
YoY Change
Other Investing Activities -$62.50M $6.000M
YoY Change -1141.67% -87.26%
Cash From Investing Activities -$66.00M $5.300M
YoY Change -1345.28% -88.63%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 4.700M 2.000M
YoY Change 135.0% 185.71%
NET CHANGE
Cash From Operating Activities -47.20M -9.100M
Cash From Investing Activities -66.00M 5.300M
Cash From Financing Activities 4.700M 2.000M
Net Change In Cash -108.5M -1.800M
YoY Change 5927.78% -113.85%
FREE CASH FLOW
Cash From Operating Activities -$47.20M -$9.100M
Capital Expenditures -$3.500M -$700.0K
Free Cash Flow -$43.70M -$8.400M
YoY Change 420.24% -75.15%

Facts In Submission

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dei Entity Registrant Name
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NEKTAR THERAPEUTICS
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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 loss, net loss, total assets, liabilities or stockholders&#x2019; equity.</p> </div>
dei Document Period End Date
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2015-06-30
us-gaap Use Of Estimates
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<div> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> <b><i>Use of Estimates</i></b></p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> 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 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. Actual results could differ materially from those estimates and assumptions. Our estimates include those related to estimated selling prices of deliverables in collaboration agreements, estimated periods of performance, the net realizable value of 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. As appropriate, estimates are assessed each period and updated to reflect current information and any changes in estimates will generally be reflected in the period first identified.</p> </div>
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us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
2484000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
4584000
us-gaap Net Income Loss
NetIncomeLoss
-18837000
us-gaap Revenues
Revenues
131462000
us-gaap Interest Paid
InterestPaid
8320000
us-gaap Operating Income Loss
OperatingIncomeLoss
-426000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-2828000
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-190000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
457000
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-18034000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
73000
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-18768000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-18460000
us-gaap Available For Sale Securities Gross Realized Gains Losses Sale Proceeds
AvailableForSaleSecuritiesGrossRealizedGainsLossesSaleProceeds
5200000
us-gaap Payments To Acquire Available For Sale Securities
PaymentsToAcquireAvailableForSaleSecurities
124468000
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
621000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
377000
us-gaap Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
5215000
us-gaap Share Based Compensation
ShareBasedCompensation
9737000
us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlans
7798000
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-4434000
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
11772000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
9737000
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
20487000
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-25000
us-gaap Cost Of Goods Sold
CostOfGoodsSold
18978000
us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
111001000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-10000
us-gaap Asset Impairment Charges
AssetImpairmentCharges
0
us-gaap Depreciation And Amortization
DepreciationAndAmortization
5833000
nktr Non Cash Interest Expense Related To Sale Of Royalties
NonCashInterestExpenseRelatedToSaleOfRoyalties
10202000
nktr Increase Decrease In Accrued Clinical Trial Expenses
IncreaseDecreaseInAccruedClinicalTrialExpenses
1238000
nktr Repayment Of And Proceeds From Sale Of Future Royalties Net Of Transaction Costs
RepaymentOfAndProceedsFromSaleOfFutureRoyaltiesNetOfTransactionCosts
0
nktr Product Sales And Royalties
ProductSalesAndRoyalties
19812000
nktr Debt Investment Maturity Date Description
DebtInvestmentMaturityDateDescription
One year or less
nktr Estimated Annual Interest Rate On Royalty Liability
EstimatedAnnualInterestRateOnRoyaltyLiability
0.17 pure
nktr Debt Investment Maximum Maturity Period
DebtInvestmentMaximumMaturityPeriod
Two years or less
nktr Non Cash Royalty Revenue Related To Sale Of Future Royalties
NonCashRoyaltyRevenueRelatedToSaleOfFutureRoyalties
8702000
nktr Potential Development Milestones
PotentialDevelopmentMilestones
128300000
nktr Royalty Agreement Contingent Payment Description
RoyaltyAgreementContingentPaymentDescription
As a result of worldwide net sales of MIRCERA® for the 12 month periods ended December 31, 2013 and 2012 not reaching certain minimum thresholds.
nktr License Collaboration Other Revenue
LicenseCollaborationOtherRevenue
102948000
nktr Proceeds From Issuance Of Common Stock Net Of Issuance Costs
ProceedsFromIssuanceOfCommonStockNetOfIssuanceCosts
0
CY2015Q1 us-gaap Asset Impairment Charges
AssetImpairmentCharges
0
CY2014Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.26
CY2014Q2 us-gaap Stock Issued During Period Shares Share Based Compensation
StockIssuedDuringPeriodSharesShareBasedCompensation
350513 shares
CY2014Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
127040000 shares
CY2014Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.34 pure
CY2014Q2 us-gaap Net Income Loss
NetIncomeLoss
-32637000
CY2014Q2 us-gaap Revenues
Revenues
28513000
CY2014Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-22916000
CY2014Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
96000
CY2014Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-9526000
CY2014Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-32584000
CY2014Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-32442000
CY2014Q2 us-gaap Available For Sale Securities Gross Realized Gains Losses Sale Proceeds
AvailableForSaleSecuritiesGrossRealizedGainsLossesSaleProceeds
0.0
CY2014Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
195000
CY2014Q2 us-gaap Share Based Compensation
ShareBasedCompensation
4164000
CY2014Q2 us-gaap Interest Expense
InterestExpense
4488000
CY2014Q2 us-gaap Costs And Expenses
CostsAndExpenses
51429000
CY2014Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
36702000
CY2014Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
9619000
CY2014Q2 us-gaap Cost Of Goods Sold
CostOfGoodsSold
5108000
CY2014Q2 nktr Non Cash Interest Expense Related To Sale Of Royalties
NonCashInterestExpenseRelatedToSaleOfRoyalties
5134000
CY2014Q2 nktr Product Sales And Royalties
ProductSalesAndRoyalties
5891000
CY2014Q2 nktr Non Cash Royalty Revenue Related To Sale Of Future Royalties
NonCashRoyaltyRevenueRelatedToSaleOfFutureRoyalties
4837000
CY2014Q2 nktr License Collaboration Other Revenue
LicenseCollaborationOtherRevenue
17785000
CY2015Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.40
CY2015Q2 us-gaap Stock Issued During Period Shares Share Based Compensation
StockIssuedDuringPeriodSharesShareBasedCompensation
733952 shares
CY2015Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
131643000 shares
CY2015Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.34 pure
CY2015Q2 us-gaap Net Income Loss
NetIncomeLoss
-52657000
CY2015Q2 us-gaap Revenues
Revenues
22661000
CY2015Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-43469000
CY2015Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
246000
CY2015Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-9024000
CY2015Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-52879000
CY2015Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-52493000
CY2015Q2 us-gaap Available For Sale Securities Gross Realized Gains Losses Sale Proceeds
AvailableForSaleSecuritiesGrossRealizedGainsLossesSaleProceeds
0.0
CY2015Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
164000
CY2015Q2 us-gaap Share Based Compensation
ShareBasedCompensation
4560000
CY2015Q2 us-gaap Interest Expense
InterestExpense
4118000
CY2015Q2 us-gaap Costs And Expenses
CostsAndExpenses
66130000
CY2015Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
45412000
CY2015Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
10184000
CY2015Q2 us-gaap Cost Of Goods Sold
CostOfGoodsSold
10534000
CY2015Q2 nktr Non Cash Interest Expense Related To Sale Of Royalties
NonCashInterestExpenseRelatedToSaleOfRoyalties
5152000
CY2015Q2 nktr Product Sales And Royalties
ProductSalesAndRoyalties
11713000
CY2015Q2 nktr Non Cash Royalty Revenue Related To Sale Of Future Royalties
NonCashRoyaltyRevenueRelatedToSaleOfFutureRoyalties
4740000
CY2015Q2 nktr License Collaboration Other Revenue
LicenseCollaborationOtherRevenue
6208000

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