$NKTR
Nektar Therapeutics

2015 Q4 Form 10-Q Financial Statement

#000119312515368796 Filed on November 06, 2015

View on sec.gov

Income Statement

Concept 2015 Q4 2015 Q3 2014 Q4
Revenue $39.37M $59.95M $19.55M
YoY Change 101.37% -54.88% -37.23%
Cost Of Revenue $8.364M $6.760M $6.298M
YoY Change 32.8% -26.68% -29.71%
Gross Profit $31.01M $53.19M $13.25M
YoY Change 133.95% -56.98% -40.26%
Gross Profit Margin 78.76% 88.72% 67.79%
Selling, General & Admin $13.20M $9.500M $12.20M
YoY Change 8.2% 4.4% 24.49%
% of Gross Profit 42.57% 17.86% 92.05%
Research & Development $47.14M $43.23M $38.49M
YoY Change 22.45% 26.4% -20.22%
% of Gross Profit 152.02% 81.27% 290.45%
Depreciation & Amortization $3.800M $3.300M $3.200M
YoY Change 18.75% 3.13% -5.88%
% of Gross Profit 12.26% 6.2% 24.15%
Operating Expenses $47.14M $43.23M $38.49M
YoY Change 22.45% 26.4% -20.22%
Operating Profit -$29.36M $419.0K -$37.49M
YoY Change -21.67% -99.48% 4.44%
Interest Expense -$10.70M $4.202M -$9.300M
YoY Change 15.05% -4.3% -7.92%
% of Operating Profit 1002.86%
Other Income/Expense, Net -$8.530M
YoY Change -9.91%
Pretax Income -$54.10M -$8.111M -$46.80M
YoY Change 15.6% -111.45% 1.74%
Income Tax $0.00 $92.00K -$1.100M
% Of Pretax Income
Net Earnings -$54.14M -$8.203M -$45.68M
YoY Change 18.51% -111.62% -4.15%
Net Earnings / Revenue -137.51% -13.68% -233.66%
Basic Earnings Per Share -$0.40 -$0.06 -$0.35
Diluted Earnings Per Share -$0.40 -$0.06 -$0.35
COMMON SHARES
Basic Shares Outstanding 133.5M shares 132.6M shares 128.4M shares
Diluted Shares Outstanding 132.6M shares

Balance Sheet

Concept 2015 Q4 2015 Q3 2014 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $308.9M $267.8M $237.8M
YoY Change 29.9% 13.19% 0.34%
Cash & Equivalents $55.57M $18.82M $12.37M
Short-Term Investments $253.4M $249.0M $225.5M
Other Short-Term Assets $9.814M $5.214M $8.817M
YoY Change 11.31% 10.75% 70.38%
Inventory $11.35M $10.35M $12.95M
Prepaid Expenses
Receivables $19.95M $2.966M $3.607M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $350.1M $286.4M $288.2M
YoY Change 21.46% -11.65% 11.76%
LONG-TERM ASSETS
Property, Plant & Equipment $71.34M $72.53M $70.37M
YoY Change 1.38% 4.7% 5.07%
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 $754.0K $13.86M $6.552M
YoY Change -88.49% 97.86% -19.8%
Total Long-Term Assets $148.6M $162.9M $153.4M
YoY Change -3.15% 6.62% -13.15%
TOTAL ASSETS
Total Short-Term Assets $350.1M $286.4M $288.2M
Total Long-Term Assets $148.6M $162.9M $153.4M
Total Assets $498.6M $449.2M $441.6M
YoY Change 12.91% -5.8% 1.63%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.363M $2.279M $2.703M
YoY Change -12.58% -58.01% -70.35%
Accrued Expenses $22.60M $43.60M $6.418M
YoY Change 252.13% 461.86% 2.8%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $4.800M $5.900M $4.500M
YoY Change 6.67%
Total Short-Term Liabilities $61.25M $208.1M $64.05M
YoY Change -4.37% 158.35% -34.79%
LONG-TERM LIABILITIES
Long-Term Debt $242.8M $1.300M $129.1M
YoY Change 88.07% -99.0% -36.4%
Other Long-Term Liabilities $9.740M $10.67M $14.72M
YoY Change -33.84% -30.71% -23.55%
Total Long-Term Liabilities $9.740M $10.67M $14.72M
YoY Change -33.84% -30.71% -23.55%
TOTAL LIABILITIES
Total Short-Term Liabilities $61.25M $208.1M $64.05M
Total Long-Term Liabilities $9.740M $10.67M $14.72M
Total Liabilities $492.2M $410.2M $405.3M
YoY Change 21.45% -4.54% -22.72%
SHAREHOLDERS EQUITY
Retained Earnings -$1.867B -$1.813B -$1.786B
YoY Change 4.54% 4.18% 3.11%
Common Stock $1.876B $1.854B $1.824B
YoY Change 2.84% 3.64% 10.98%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $6.429M $39.05M $36.33M
YoY Change
Total Liabilities & Shareholders Equity $498.6M $449.2M $441.6M
YoY Change 12.91% -5.8% 1.63%

Cashflow Statement

Concept 2015 Q4 2015 Q3 2014 Q4
OPERATING ACTIVITIES
Net Income -$54.14M -$8.203M -$45.68M
YoY Change 18.51% -111.62% -4.15%
Depreciation, Depletion And Amortization $3.800M $3.300M $3.200M
YoY Change 18.75% 3.13% -5.88%
Cash From Operating Activities -$75.10M -$14.10M -$24.60M
YoY Change 205.28% -69.35% -145.81%
INVESTING ACTIVITIES
Capital Expenditures -$2.500M -$4.100M -$3.900M
YoY Change -35.9% 355.56% 44.44%
Acquisitions
YoY Change
Other Investing Activities -$4.700M $9.900M -$20.90M
YoY Change -77.51% -75.85% -73.68%
Cash From Investing Activities -$7.200M $5.700M -$24.80M
YoY Change -70.97% -85.79% -69.83%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 119.1M 6.400M 29.90M
YoY Change 298.33% -11.11% 1323.81%
NET CHANGE
Cash From Operating Activities -75.10M -14.10M -24.60M
Cash From Investing Activities -7.200M 5.700M -24.80M
Cash From Financing Activities 119.1M 6.400M 29.90M
Net Change In Cash 36.80M -2.000M -19.50M
YoY Change -288.72% -253.85% -26.14%
FREE CASH FLOW
Cash From Operating Activities -$75.10M -$14.10M -$24.60M
Capital Expenditures -$2.500M -$4.100M -$3.900M
Free Cash Flow -$72.60M -$10.00M -$20.70M
YoY Change 250.72% -77.83% -136.7%

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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>
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
131882000 shares
dei Document Period End Date
DocumentPeriodEndDate
2015-09-30
us-gaap Operating Income Loss
OperatingIncomeLoss
-7000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-2600000
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-3843000
us-gaap Use Of Estimates
UseOfEstimates
<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 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>
dei Trading Symbol
TradingSymbol
NKTR
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.21
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.34 pure
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
1355000
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-26564000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-641000
us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
-25000000
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-27294000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-26571000
us-gaap Available For Sale Securities Gross Realized Gains Losses Sale Proceeds
AvailableForSaleSecuritiesGrossRealizedGainsLossesSaleProceeds
23800000
us-gaap Payments To Acquire Available For Sale Securities
PaymentsToAcquireAvailableForSaleSecurities
202870000
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
1448000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
469000
us-gaap Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
23778000
us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlans
15516000
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-11832000
us-gaap Increase Decrease In Other Accrued Liabilities
IncreaseDecreaseInOtherAccruedLiabilities
949000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
6454000
us-gaap Interest Expense
InterestExpense
12491000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-7131000
us-gaap Costs And Expenses
CostsAndExpenses
191421000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
11718000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
135652000
us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
7056000
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
3854000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
14499000
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
30031000
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-159000
us-gaap Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
-3750000
us-gaap Cost Of Goods Sold
CostOfGoodsSold
25738000
us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
155683000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-525000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
9109000
us-gaap Debt Issuance Costs Incurred During Noncash Or Partial Noncash Transaction
DebtIssuanceCostsIncurredDuringNoncashOrPartialNoncashTransaction
8503000
nktr Non Cash Interest Expense Related To Sale Of Royalties
NonCashInterestExpenseRelatedToSaleOfRoyalties
15428000
nktr Increase Decrease In Accrued Clinical Trial Expenses
IncreaseDecreaseInAccruedClinicalTrialExpenses
3394000
nktr Repayment Of And Proceeds From Sale Of Future Royalties Net Of Transaction Costs
RepaymentOfAndProceedsFromSaleOfFutureRoyaltiesNetOfTransactionCosts
0
nktr Product Sales And Royalties
ProductSalesAndRoyalties
27239000
CY2014Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
70853000
CY2014Q3 us-gaap Available For Sale Securities Gross Realized Gains Losses Sale Proceeds
AvailableForSaleSecuritiesGrossRealizedGainsLossesSaleProceeds
21700000
CY2014Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
248000
CY2014Q3 us-gaap Interest Expense
InterestExpense
4391000
CY2014Q3 us-gaap Costs And Expenses
CostsAndExpenses
52550000
CY2014Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
34200000
CY2014Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4122000
nktr Debt Investment Maturity Date Description
DebtInvestmentMaturityDateDescription
One year or less
nktr Estimated Annual Interest Rate On Royalty Liability
EstimatedAnnualInterestRateOnRoyaltyLiability
0.17 pure
nktr Increase Decrease In Milestone Payment Liabilities
IncreaseDecreaseInMilestonePaymentLiabilities
0
nktr Debt Investment Maximum Maturity Period
DebtInvestmentMaximumMaturityPeriod
Two years or less
nktr Non Cash Royalty Revenue Related To Sale Of Future Royalties
NonCashRoyaltyRevenueRelatedToSaleOfFutureRoyalties
14752000
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
149423000
nktr Proceeds From Issuance Of Common Stock Net Of Issuance Costs
ProceedsFromIssuanceOfCommonStockNetOfIssuanceCosts
0
CY2015Q1 us-gaap Asset Impairment Charges
AssetImpairmentCharges
0
CY2015Q2 us-gaap Asset Impairment Charges
AssetImpairmentCharges
0
CY2014Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.53
CY2014Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
132177000 shares
CY2014Q3 us-gaap Stock Issued During Period Shares Share Based Compensation
StockIssuedDuringPeriodSharesShareBasedCompensation
961395 shares
CY2014Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
127504000 shares
CY2014Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.55
CY2014Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.34 pure
CY2014Q3 us-gaap Net Income Loss
NetIncomeLoss
70605000
CY2014Q3 us-gaap Revenues
Revenues
132871000
CY2014Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
80321000
CY2014Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
126000
CY2014Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-9468000
CY2014Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
70314000
CY2014Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
9130000
CY2014Q3 us-gaap Cost Of Goods Sold
CostOfGoodsSold
9220000
CY2014Q3 nktr Non Cash Interest Expense Related To Sale Of Royalties
NonCashInterestExpenseRelatedToSaleOfRoyalties
5203000
CY2014Q3 nktr Product Sales And Royalties
ProductSalesAndRoyalties
6172000
CY2014Q3 nktr Non Cash Royalty Revenue Related To Sale Of Future Royalties
NonCashRoyaltyRevenueRelatedToSaleOfFutureRoyalties
6143000
CY2014Q3 nktr License Collaboration Other Revenue
LicenseCollaborationOtherRevenue
120556000
CY2015Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.06
CY2015Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
132631000 shares
CY2015Q3 us-gaap Stock Issued During Period Shares Share Based Compensation
StockIssuedDuringPeriodSharesShareBasedCompensation
1031573 shares
CY2015Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
132631000 shares
CY2015Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.06
CY2015Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.34 pure
CY2015Q3 us-gaap Net Income Loss
NetIncomeLoss
-8203000
CY2015Q3 us-gaap Revenues
Revenues
59952000
CY2015Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
419000
CY2015Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
898000
CY2015Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-8530000
CY2015Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-8526000
CY2015Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-8111000
CY2015Q3 us-gaap Available For Sale Securities Gross Realized Gains Losses Sale Proceeds
AvailableForSaleSecuritiesGrossRealizedGainsLossesSaleProceeds
18600000
CY2015Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
92000
CY2015Q3 us-gaap Interest Expense
InterestExpense
4202000
CY2015Q3 us-gaap Costs And Expenses
CostsAndExpenses
59533000
CY2015Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
43229000
CY2015Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4762000
CY2015Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
9544000
CY2015Q3 us-gaap Cost Of Goods Sold
CostOfGoodsSold
6760000
CY2015Q3 us-gaap Asset Impairment Charges
AssetImpairmentCharges
0
CY2015Q3 nktr Non Cash Interest Expense Related To Sale Of Royalties
NonCashInterestExpenseRelatedToSaleOfRoyalties
5226000
CY2015Q3 nktr Product Sales And Royalties
ProductSalesAndRoyalties
7427000
CY2015Q3 nktr Non Cash Royalty Revenue Related To Sale Of Future Royalties
NonCashRoyaltyRevenueRelatedToSaleOfFutureRoyalties
6050000
CY2015Q3 nktr License Collaboration Other Revenue
LicenseCollaborationOtherRevenue
46475000

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