$NKTR
Nektar Therapeutics

2016 Q1 Form 10-Q Financial Statement

#000156459016017661 Filed on May 04, 2016

View on sec.gov

Income Statement

Concept 2016 Q1 2015 Q1
Revenue $58.88M $108.8M
YoY Change -45.88% 450.31%
Cost Of Revenue $8.870M $8.444M
YoY Change 5.05% 6.79%
Gross Profit $50.01M $100.4M
YoY Change -50.17% 745.9%
Gross Profit Margin 84.94% 92.24%
Selling, General & Admin $10.20M $10.30M
YoY Change -0.97% 4.04%
% of Gross Profit 20.4% 10.26%
Research & Development $49.27M $47.01M
YoY Change 4.8% 22.62%
% of Gross Profit 98.51% 46.84%
Depreciation & Amortization $3.700M $3.000M
YoY Change 23.33% -9.09%
% of Gross Profit 7.4% 2.99%
Operating Expenses $49.27M $47.01M
YoY Change 4.8% 22.62%
Operating Profit -$9.484M $43.04M
YoY Change -122.03% -218.24%
Interest Expense $5.677M $4.171M
YoY Change 36.11% -7.99%
% of Operating Profit 9.69%
Other Income/Expense, Net -$9.847M -$9.010M
YoY Change 9.29% -6.22%
Pretax Income -$19.33M $34.03M
YoY Change -156.8% -173.97%
Income Tax $167.0K $213.0K
% Of Pretax Income 0.63%
Net Earnings -$19.50M $33.82M
YoY Change -157.65% -173.2%
Net Earnings / Revenue -33.11% 31.08%
Basic Earnings Per Share -$0.14 $0.26
Diluted Earnings Per Share -$0.14 $0.25
COMMON SHARES
Basic Shares Outstanding 135.8M 131.4M
Diluted Shares Outstanding 135.8M 135.7M

Balance Sheet

Concept 2016 Q1 2015 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $288.3M $300.8M
YoY Change -4.16% 5.88%
Cash & Equivalents $72.50M $129.5M
Short-Term Investments $215.8M $171.4M
Other Short-Term Assets $5.600M $6.092M
YoY Change -8.08% 2.01%
Inventory $11.30M $12.51M
Prepaid Expenses
Receivables $39.70M $2.885M
Other Receivables $0.00 $0.00
Total Short-Term Assets $344.8M $347.3M
YoY Change -0.72% 13.95%
LONG-TERM ASSETS
Property, Plant & Equipment $69.90M $69.27M
YoY Change 0.91% -5.07%
Goodwill $76.50M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $700.0K $6.151M
YoY Change -88.62% -20.88%
Total Long-Term Assets $147.1M $151.9M
YoY Change -3.17% -16.64%
TOTAL ASSETS
Total Short-Term Assets $344.8M $347.3M
Total Long-Term Assets $147.1M $151.9M
Total Assets $491.9M $499.2M
YoY Change -1.46% 2.5%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.300M $5.024M
YoY Change -54.22% 63.97%
Accrued Expenses $31.10M $8.245M
YoY Change 277.2% 20.88%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $4.800M $5.400M
YoY Change -11.11%
Total Short-Term Liabilities $65.95M $75.44M
YoY Change -12.59% -4.88%
LONG-TERM LIABILITIES
Long-Term Debt $245.5M $129.4M
YoY Change 89.72% -35.97%
Other Long-Term Liabilities $6.536M $17.10M
YoY Change -61.78% -3.8%
Total Long-Term Liabilities $6.536M $17.10M
YoY Change -61.78% -3.8%
TOTAL LIABILITIES
Total Short-Term Liabilities $65.95M $75.44M
Total Long-Term Liabilities $6.536M $17.10M
Total Liabilities $492.2M $421.9M
YoY Change 16.65% -15.08%
SHAREHOLDERS EQUITY
Retained Earnings -$1.887B -$1.752B
YoY Change 7.67% -1.47%
Common Stock $1.889B $1.831B
YoY Change 3.14% 3.47%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$275.0K $77.31M
YoY Change
Total Liabilities & Shareholders Equity $491.9M $499.2M
YoY Change -1.47% 2.5%

Cashflow Statement

Concept 2016 Q1 2015 Q1
OPERATING ACTIVITIES
Net Income -$19.50M $33.82M
YoY Change -157.65% -173.2%
Depreciation, Depletion And Amortization $3.700M $3.000M
YoY Change 23.33% -9.09%
Cash From Operating Activities -$23.60M $63.30M
YoY Change -137.28% -201.61%
INVESTING ACTIVITIES
Capital Expenditures $1.679M $1.059M
YoY Change 58.55% -76.59%
Acquisitions
YoY Change
Other Investing Activities $37.90M $54.20M
YoY Change -30.07% -200.93%
Cash From Investing Activities $36.20M $53.20M
YoY Change -31.95% -191.41%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 4.400M 600.0K
YoY Change 633.33% -99.47%
NET CHANGE
Cash From Operating Activities -23.60M 63.30M
Cash From Investing Activities 36.20M 53.20M
Cash From Financing Activities 4.400M 600.0K
Net Change In Cash 17.00M 117.1M
YoY Change -85.48% -1874.24%
FREE CASH FLOW
Cash From Operating Activities -$23.60M $63.30M
Capital Expenditures $1.679M $1.059M
Free Cash Flow -$25.28M $62.24M
YoY Change -140.61% -193.14%

Facts In Submission

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CY2016Q1 us-gaap Use Of Estimates
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<div> <p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">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 non-cash royalty revenue and 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>
CY2016Q1 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div> <p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Reclassifications</p> <p style="margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">Certain items previously reported in specific financial statement captions have been reclassified to conform to the current period presentation, including as a result of the adoption of new accounting guidance related to debt issuance costs described below.&nbsp;&nbsp;Such reclassifications do not materially impact previously reported revenue, operating income (loss), net income (loss), total assets, liabilities or stockholders&#8217; equity (deficit). </p></div>
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CY2015Q1 us-gaap Fair Value Assets Level2 To Level1 Transfers Amount
FairValueAssetsLevel2ToLevel1TransfersAmount
0
CY2016Q1 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
3050000
CY2015Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
3236000
CY2016Q1 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
7443000
CY2015Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
6087000
CY2016Q1 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
757000
CY2015Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
2023000
CY2016Q1 nktr Estimated Annual Interest Rate On Royalty Liability
EstimatedAnnualInterestRateOnRoyaltyLiability
0.17
CY2016Q1 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.
CY2015Q3 nktr Damage Claim For Unpaid Licensing Fee
DamageClaimForUnpaidLicensingFee
1500000
CY2016Q1 nktr Potential Development Milestones
PotentialDevelopmentMilestones
112000000
CY2016Q1 us-gaap Stock Issued During Period Shares Share Based Compensation
StockIssuedDuringPeriodSharesShareBasedCompensation
862546
CY2015Q1 us-gaap Stock Issued During Period Shares Share Based Compensation
StockIssuedDuringPeriodSharesShareBasedCompensation
235298

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