$NKTR
NEKTAR THERAPEUTICS

2016 Q3 Form 10-Q Financial Statement

#000156459017022445 Filed on November 08, 2017

View on sec.gov

Income Statement

Concept 2016 Q3
Revenue $36.34M
YoY Change -39.39%
Cost Of Revenue $7.033M
YoY Change 4.04%
Gross Profit $29.30M
YoY Change -44.91%
Gross Profit Margin 80.64%
Selling, General & Admin $10.30M
YoY Change 8.42%
% of Gross Profit 35.15%
Research & Development $51.95M
YoY Change 20.18%
% of Gross Profit 177.29%
Depreciation & Amortization $3.900M
YoY Change 18.18%
% of Gross Profit 13.31%
Operating Expenses $51.95M
YoY Change 20.18%
Operating Profit -$32.90M
YoY Change -7952.27%
Interest Expense -$10.20M
YoY Change -342.74%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$43.10M
YoY Change 431.38%
Income Tax $100.0K
% Of Pretax Income
Net Earnings -$43.22M
YoY Change 426.93%
Net Earnings / Revenue -118.96%
Basic Earnings Per Share -$0.32
Diluted Earnings Per Share -$0.32
COMMON SHARES
Basic Shares Outstanding 136.7M
Diluted Shares Outstanding

Balance Sheet

Concept 2016 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $253.5M
YoY Change -5.34%
Cash & Equivalents $63.30M
Short-Term Investments $190.2M
Other Short-Term Assets $4.000M
YoY Change -23.28%
Inventory $10.80M
Prepaid Expenses
Receivables $14.20M
Other Receivables $0.00
Total Short-Term Assets $282.5M
YoY Change -1.34%
LONG-TERM ASSETS
Property, Plant & Equipment $65.60M
YoY Change -9.56%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $500.0K
YoY Change -96.39%
Total Long-Term Assets $142.6M
YoY Change -12.46%
TOTAL ASSETS
Total Short-Term Assets $282.5M
Total Long-Term Assets $142.6M
Total Assets $425.1M
YoY Change -5.37%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.100M
YoY Change 211.54%
Accrued Expenses $37.60M
YoY Change -13.76%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $2.400M
YoY Change -59.32%
Total Short-Term Liabilities $76.30M
YoY Change -63.33%
LONG-TERM LIABILITIES
Long-Term Debt $245.1M
YoY Change 18753.85%
Other Long-Term Liabilities $171.5M
YoY Change 1507.01%
Total Long-Term Liabilities $416.6M
YoY Change 3803.67%
TOTAL LIABILITIES
Total Short-Term Liabilities $76.30M
Total Long-Term Liabilities $416.6M
Total Liabilities $492.9M
YoY Change 20.16%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$67.90M
YoY Change
Total Liabilities & Shareholders Equity $425.1M
YoY Change -5.37%

Cashflow Statement

Concept 2016 Q3
OPERATING ACTIVITIES
Net Income -$43.22M
YoY Change 426.93%
Depreciation, Depletion And Amortization $3.900M
YoY Change 18.18%
Cash From Operating Activities -$27.30M
YoY Change 93.62%
INVESTING ACTIVITIES
Capital Expenditures -$500.0K
YoY Change -87.8%
Acquisitions
YoY Change
Other Investing Activities $28.80M
YoY Change 190.91%
Cash From Investing Activities $28.40M
YoY Change 398.25%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 6.600M
YoY Change 3.13%
NET CHANGE
Cash From Operating Activities -27.30M
Cash From Investing Activities 28.40M
Cash From Financing Activities 6.600M
Net Change In Cash 7.700M
YoY Change -485.0%
FREE CASH FLOW
Cash From Operating Activities -$27.30M
Capital Expenditures -$500.0K
Free Cash Flow -$26.80M
YoY Change 168.0%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2016Q3 us-gaap Fair Value Assets Level1 To Level2 Transfers Amount
FairValueAssetsLevel1ToLevel2TransfersAmount
0
CY2016Q3 us-gaap Fair Value Assets Level2 To Level1 Transfers Amount
FairValueAssetsLevel2ToLevel1TransfersAmount
0
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
18793000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
12081000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
11502000
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
1370000
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
2190000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-12364000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-5698000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
2545000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-592000
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
2036000
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-6041000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
5729000
us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
808000
us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
9735000
nktr Increase Decrease In Accrued Clinical Trial Expenses
IncreaseDecreaseInAccruedClinicalTrialExpenses
-958000
nktr Increase Decrease In Accrued Clinical Trial Expenses
IncreaseDecreaseInAccruedClinicalTrialExpenses
2726000
us-gaap Increase Decrease In Other Accrued Liabilities
IncreaseDecreaseInOtherAccruedLiabilities
4971000
us-gaap Increase Decrease In Other Accrued Liabilities
IncreaseDecreaseInOtherAccruedLiabilities
2386000
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
15477000
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-12665000
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
1046000
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
-5793000
us-gaap Payments To Acquire Available For Sale Securities
PaymentsToAcquireAvailableForSaleSecurities
314439000
us-gaap Payments To Acquire Available For Sale Securities
PaymentsToAcquireAvailableForSaleSecurities
142972000
us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
261112000
us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
201449000
us-gaap Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
8823000
us-gaap Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
4969000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
7283000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
3741000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
25118000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
4799000
nktr Increase Decrease In Refundable Upfront Payment Liabilities
IncreaseDecreaseInRefundableUpfrontPaymentLiabilities
0
nktr Increase Decrease In Refundable Upfront Payment Liabilities
IncreaseDecreaseInRefundableUpfrontPaymentLiabilities
12500000
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-13000
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-64613000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-51787000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
59705000
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
2159000
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
5376000
us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlans
32275000
us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlans
18041000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
30116000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
12665000
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
11000
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-32000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-21673000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
7725000
CY2015Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
55570000
CY2016Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
63295000
us-gaap Interest Paid
InterestPaid
14989000
us-gaap Interest Paid
InterestPaid
15513000
nktr Number Of Operating Business Segment
NumberOfOperatingBusinessSegment
1
CY2016Q4 nktr Cash Restricted Cash Cash Equivalents And Available For Sale Investments
CashRestrictedCashCashEquivalentsAndAvailableForSaleInvestments
389102000
us-gaap Use Of Estimates
UseOfEstimates
<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 non-cash 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>
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 the classification of deferred tax assets described below. Such reclassifications do not materially impact previously reported revenue, operating loss, net loss, total assets, liabilities or stockholders&#8217; equity. </p></div>
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<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;">Significant Concentrations</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%;">Our customers are primarily pharmaceutical and biotechnology companies that are located in the U.S.&#160;and Europe. Our accounts receivable balance contains billed and unbilled trade receivables from product sales, milestones, other contingent payments and royalties, as well as reimbursable costs from collaborative research and development agreements. When appropriate, we provide for an allowance for doubtful accounts by reserving for specifically identified doubtful accounts. We generally do not require collateral from our customers. We perform a regular review of our customers&#8217; payment histories and associated credit risk. We have not experienced significant credit losses from our accounts receivable and our allowance for doubtful accounts was not significant at either September 30, 2017 or December&#160;31, 2016.</p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We are dependent on our suppliers and contract manufacturers to provide raw materials, drugs and devices of appropriate quality and reliability and to meet applicable contract and regulatory requirements. In certain cases, we rely on single sources of supply of one or more critical materials. Consequently, in the event that supplies are delayed or interrupted for any reason, our ability to develop and produce our drug candidates or our ability to meet our supply obligations could be significantly impaired, which could have a material adverse effect on our business, financial condition and results of operations.</p></div>
nktr Debt Investment Maximum Maturity Period
DebtInvestmentMaximumMaturityPeriod
Two years or less
nktr Debt Investment Maturity Date Description
DebtInvestmentMaturityDateDescription
One year or less
CY2017Q3 us-gaap Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
0
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ProceedsFromSaleOfAvailableForSaleSecurities
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CY2016Q4 us-gaap Available For Sale Securities
AvailableForSaleSecurities
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CY2017Q3 nktr Cash Restricted Cash Cash Equivalents And Available For Sale Investments
CashRestrictedCashCashEquivalentsAndAvailableForSaleInvestments
412163000
CY2017Q3 us-gaap Senior Notes
SeniorNotes
250000000
CY2017Q3 us-gaap Debt And Capital Lease Obligations
DebtAndCapitalLeaseObligations
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CY2017Q3 us-gaap Capital Lease Obligations
CapitalLeaseObligations
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CY2017Q3 nktr Cash And Restricted Cash
CashAndRestrictedCash
162000
CY2016Q4 nktr Cash And Restricted Cash
CashAndRestrictedCash
4355000
CY2017Q3 us-gaap Fair Value Assets Level1 To Level2 Transfers Amount
FairValueAssetsLevel1ToLevel2TransfersAmount
0
CY2017Q3 us-gaap Fair Value Assets Level2 To Level1 Transfers Amount
FairValueAssetsLevel2ToLevel1TransfersAmount
0
CY2017Q3 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
1751000
CY2016Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
2055000
CY2017Q3 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
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CY2016Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
7311000
CY2017Q3 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
3505000
CY2016Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
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nktr Estimated Annual Interest Rate On Royalty Liability
EstimatedAnnualInterestRateOnRoyaltyLiability
0.17
CY2017Q3 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
1303000
CY2017Q3 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
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CY2017Q3 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
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CY2017Q3 us-gaap Operating Leases Future Minimum Payments Due In Four Years
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CY2017Q3 us-gaap Operating Leases Future Minimum Payments Due In Five Years
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CY2017Q3 nktr Operating Leases Future Minimum Payments Due In Six Years
OperatingLeasesFutureMinimumPaymentsDueInSixYears
8968000
CY2017Q3 nktr Operating Leases Future Minimum Payments Due In Seven Years And Thereafter
OperatingLeasesFutureMinimumPaymentsDueInSevenYearsAndThereafter
70674000
CY2017Q3 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
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nktr Potential Development Milestones
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397000000
CY2017Q3 us-gaap Allocated Share Based Compensation Expense
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CY2016Q3 us-gaap Allocated Share Based Compensation Expense
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CY2017Q3 us-gaap Stock Issued During Period Shares Share Based Compensation
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CY2016Q3 us-gaap Stock Issued During Period Shares Share Based Compensation
StockIssuedDuringPeriodSharesShareBasedCompensation
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us-gaap Stock Issued During Period Shares Share Based Compensation
StockIssuedDuringPeriodSharesShareBasedCompensation
3741140
us-gaap Stock Issued During Period Shares Share Based Compensation
StockIssuedDuringPeriodSharesShareBasedCompensation
2507701
CY2017Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
6200000

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