$NKTR
Nektar Therapeutics

2018 Q1 Form 10-Q Financial Statement

#000156459018012975 Filed on May 10, 2018

View on sec.gov

Income Statement

Concept 2018 Q1 2017 Q1
Revenue $38.02M $24.73M
YoY Change 53.74% -58.0%
Cost Of Revenue $6.646M $6.131M
YoY Change 8.4% -30.88%
Gross Profit $31.37M $18.60M
YoY Change 68.69% -62.81%
Gross Profit Margin 82.52% 75.21%
Selling, General & Admin $18.70M $12.00M
YoY Change 55.83% 17.65%
% of Gross Profit 59.61% 64.53%
Research & Development $99.42M $61.06M
YoY Change 62.84% 23.93%
% of Gross Profit 316.92% 328.32%
Depreciation & Amortization $2.500M $4.000M
YoY Change -37.5% 8.11%
% of Gross Profit 7.97% 21.51%
Operating Expenses $99.42M $61.06M
YoY Change 62.84% 23.93%
Operating Profit -$86.74M -$54.44M
YoY Change 59.34% 473.99%
Interest Expense $5.340M $5.402M
YoY Change -1.15% -4.84%
% of Operating Profit
Other Income/Expense, Net -$8.788M -$9.296M
YoY Change -5.46% -5.6%
Pretax Income -$95.53M -$63.73M
YoY Change 49.89% 229.69%
Income Tax $265.0K $133.0K
% Of Pretax Income
Net Earnings -$95.79M -$63.87M
YoY Change 49.99% 227.55%
Net Earnings / Revenue -251.96% -258.27%
Basic Earnings Per Share -$0.60 -$0.42
Diluted Earnings Per Share -$0.60 -$0.42
COMMON SHARES
Basic Shares Outstanding 153.8M
Diluted Shares Outstanding

Balance Sheet

Concept 2018 Q1 2017 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $296.7M $358.5M
YoY Change -17.24% 24.35%
Cash & Equivalents $34.81M $23.48M
Short-Term Investments $261.9M $335.0M
Other Short-Term Assets $13.10M $7.900M
YoY Change 65.82% 41.07%
Inventory $10.70M $13.00M
Prepaid Expenses
Receivables $15.60M $1.600M
Other Receivables $0.00 $0.00
Total Short-Term Assets $336.0M $381.0M
YoY Change -11.81% 10.5%
LONG-TERM ASSETS
Property, Plant & Equipment $46.30M $66.64M
YoY Change -30.52% -4.66%
Goodwill $76.50M
YoY Change
Intangibles
YoY Change
Long-Term Investments $37.20M $3.500M
YoY Change 962.86%
Other Assets $800.0K $865.0K
YoY Change -7.51% 23.57%
Total Long-Term Assets $160.8M $147.5M
YoY Change 9.03% 0.26%
TOTAL ASSETS
Total Short-Term Assets $336.0M $381.0M
Total Long-Term Assets $160.8M $147.5M
Total Assets $496.8M $528.5M
YoY Change -6.0% 7.44%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $11.40M $6.951M
YoY Change 64.01% 202.22%
Accrued Expenses $49.70M $29.60M
YoY Change 67.91% -4.82%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $2.900M
YoY Change -39.58%
Total Short-Term Liabilities $80.70M $78.52M
YoY Change 2.78% 19.06%
LONG-TERM LIABILITIES
Long-Term Debt $245.6M $245.5M
YoY Change 0.04% 0.0%
Other Long-Term Liabilities $112.2M $4.116M
YoY Change 2625.95% -37.03%
Total Long-Term Liabilities $357.8M $4.116M
YoY Change 8592.91% -37.03%
TOTAL LIABILITIES
Total Short-Term Liabilities $80.70M $78.52M
Total Long-Term Liabilities $357.8M $4.116M
Total Liabilities $438.5M $483.7M
YoY Change -9.35% -1.71%
SHAREHOLDERS EQUITY
Retained Earnings -$2.085B
YoY Change 10.5%
Common Stock $2.132B
YoY Change 12.88%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $58.28M $44.75M
YoY Change
Total Liabilities & Shareholders Equity $496.8M $528.5M
YoY Change -6.0% 7.44%

Cashflow Statement

Concept 2018 Q1 2017 Q1
OPERATING ACTIVITIES
Net Income -$95.79M -$63.87M
YoY Change 49.99% 227.55%
Depreciation, Depletion And Amortization $2.500M $4.000M
YoY Change -37.5% 8.11%
Cash From Operating Activities -$52.47M -$34.60M
YoY Change 51.64% 46.61%
INVESTING ACTIVITIES
Capital Expenditures $985.0K $4.089M
YoY Change -75.91% 143.54%
Acquisitions
YoY Change
Other Investing Activities $49.20M -$9.000M
YoY Change -646.67% -123.75%
Cash From Investing Activities $48.21M -$13.10M
YoY Change -468.02% -136.19%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 34.35M 11.20M
YoY Change 206.71% 154.55%
NET CHANGE
Cash From Operating Activities -52.47M -34.60M
Cash From Investing Activities 48.21M -13.10M
Cash From Financing Activities 34.35M 11.20M
Net Change In Cash 30.04M -36.50M
YoY Change -182.31% -314.71%
FREE CASH FLOW
Cash From Operating Activities -$52.47M -$34.60M
Capital Expenditures $985.0K $4.089M
Free Cash Flow -$53.45M -$38.69M
YoY Change 38.16% 53.05%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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CY2017Q1 us-gaap Revenues
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CY2017Q1 us-gaap Cost Of Goods Sold
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CY2017Q4 us-gaap Deferred Revenue Noncurrent
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CY2018Q1 us-gaap Sales Revenue Goods Net
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CY2018Q1 nktr Non Cash Royalty Revenue Related To Sale Of Future Royalties
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CY2017Q1 nktr Non Cash Royalty Revenue Related To Sale Of Future Royalties
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CY2018Q1 us-gaap Other Nonoperating Income Expense
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CY2017Q1 us-gaap Income Tax Expense Benefit
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CY2018Q1 us-gaap Earnings Per Share Basic And Diluted
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CY2017Q1 us-gaap Earnings Per Share Basic And Diluted
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CY2018Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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CY2017Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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CY2018Q1 us-gaap Comprehensive Income Net Of Tax
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CY2018Q1 us-gaap Allocated Share Based Compensation Expense
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CY2017Q1 us-gaap Other Noncash Income Expense
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CY2018Q1 us-gaap Increase Decrease In Accounts Receivable
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CY2017Q1 us-gaap Increase Decrease In Accounts Receivable
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CY2018Q1 us-gaap Increase Decrease In Inventories
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CY2017Q1 us-gaap Increase Decrease In Inventories
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CY2018Q1 us-gaap Increase Decrease In Other Operating Assets
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CY2017Q1 us-gaap Increase Decrease In Other Operating Assets
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CY2018Q1 us-gaap Increase Decrease In Accounts Payable
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CY2017Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
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CY2018Q1 us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
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CY2017Q1 us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
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CY2018Q1 nktr Increase Decrease In Accrued Clinical Trial Expenses
IncreaseDecreaseInAccruedClinicalTrialExpenses
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CY2017Q1 nktr Increase Decrease In Accrued Clinical Trial Expenses
IncreaseDecreaseInAccruedClinicalTrialExpenses
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CY2018Q1 us-gaap Increase Decrease In Other Accrued Liabilities
IncreaseDecreaseInOtherAccruedLiabilities
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CY2017Q1 us-gaap Increase Decrease In Other Accrued Liabilities
IncreaseDecreaseInOtherAccruedLiabilities
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CY2018Q1 us-gaap Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
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CY2017Q1 us-gaap Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
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CY2018Q1 us-gaap Increase Decrease In Deferred Revenue
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CY2017Q1 us-gaap Increase Decrease In Deferred Revenue
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CY2018Q1 us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
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CY2017Q1 us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
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CY2018Q1 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-52466000
CY2017Q1 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-34566000
CY2018Q1 us-gaap Payments To Acquire Available For Sale Securities
PaymentsToAcquireAvailableForSaleSecurities
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CY2017Q1 us-gaap Payments To Acquire Available For Sale Securities
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CY2018Q1 us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
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CY2017Q1 us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
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CY2018Q1 us-gaap Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
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CY2017Q1 us-gaap Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
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CY2018Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
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CY2017Q1 us-gaap Payments To Acquire Property Plant And Equipment
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CY2018Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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CY2017Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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-13070000
CY2018Q1 us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
0
CY2017Q1 us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
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CY2018Q1 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans
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CY2017Q1 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlans
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CY2018Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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34352000
CY2017Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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11179000
CY2018Q1 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-53000
CY2017Q1 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
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CY2018Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
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CY2017Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
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CY2016Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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CY2017Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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CY2018Q1 us-gaap Interest Paid
InterestPaid
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CY2017Q1 us-gaap Interest Paid
InterestPaid
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CY2018Q1 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 performance obligations and estimates of variable consideration in collaboration agreements, estimated royalty revenue, other estimates required for revenue recognition as described further below, the net realizable value of inventory, the impairment of investments, goodwill and long-lived assets, contingencies, accrued clinical trial and other 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>
CY2018Q1 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. Such reclassifications do not materially impact previously reported revenue, operating loss, net loss, total assets, liabilities or stockholders&#8217; equity. </p></div>
CY2018Q1 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 <font style="color:#000000;">and with whom we have multi-year arrangements</font>. 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 March 31, 2018 or December&#160;31, 2017.</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 and drugs 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>
CY2018Q1 nktr Cash Restricted Cash Cash Equivalents And Available For Sale Investments
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CY2018Q1 us-gaap Senior Notes
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CY2018Q1 us-gaap Debt Instrument Maturity Date
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2020-10-05
CY2018Q1 nktr Number Of Operating Business Segment
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CY2018Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2017Q4 nktr Cash Restricted Cash Cash Equivalents And Available For Sale Investments
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353220000
CY2018Q1 nktr Debt Investment Maximum Maturity Period
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CY2018Q1 nktr Debt Investment Maturity Date Description
DebtInvestmentMaturityDateDescription
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CY2018Q1 us-gaap Available For Sale Securities
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CY2018Q1 nktr Cash And Restricted Cash
CashAndRestrictedCash
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CY2017Q4 nktr Cash And Restricted Cash
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CY2018Q1 us-gaap Fair Value Assets Level1 To Level2 Transfers Amount
FairValueAssetsLevel1ToLevel2TransfersAmount
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CY2017Q1 us-gaap Fair Value Assets Level1 To Level2 Transfers Amount
FairValueAssetsLevel1ToLevel2TransfersAmount
0
CY2018Q1 us-gaap Fair Value Assets Level2 To Level1 Transfers Amount
FairValueAssetsLevel2ToLevel1TransfersAmount
0
CY2017Q1 us-gaap Fair Value Assets Level2 To Level1 Transfers Amount
FairValueAssetsLevel2ToLevel1TransfersAmount
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CY2018Q1 us-gaap Inventory Raw Materials Net Of Reserves
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CY2017Q4 us-gaap Inventory Raw Materials Net Of Reserves
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CY2018Q1 us-gaap Inventory Work In Process Net Of Reserves
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CY2017Q4 us-gaap Inventory Work In Process Net Of Reserves
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CY2018Q1 us-gaap Inventory Finished Goods Net Of Reserves
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CY2017Q4 us-gaap Inventory Finished Goods Net Of Reserves
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nktr Estimated Annual Interest Rate Over Life Of Royalty Liability
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0.17
CY2018Q1 nktr Estimated Annual Interest Rate Over Life Of Royalty Liability
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0.176
CY2018Q1 nktr Prospective Interest Rate Percentage
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0.21
CY2018Q1 nktr Revenue Recognized In Period Related To Performance In Prior Periods
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CY2017Q4 us-gaap Deferred Revenue
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CY2018Q1 us-gaap Deferred Revenue Revenue Recognized1
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3678000
CY2018Q1 us-gaap Deferred Revenue
DeferredRevenue
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CY2018Q1 nktr Potential Development Milestones
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CY2018Q1 us-gaap Stock Issued During Period Shares Share Based Compensation
StockIssuedDuringPeriodSharesShareBasedCompensation
2854816
CY2017Q1 us-gaap Stock Issued During Period Shares Share Based Compensation
StockIssuedDuringPeriodSharesShareBasedCompensation
1518605

Files In Submission

Name View Source Status
0001564590-18-012975-index-headers.html Edgar Link pending
0001564590-18-012975-index.html Edgar Link pending
0001564590-18-012975.txt Edgar Link pending
0001564590-18-012975-xbrl.zip Edgar Link pending
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Financial_Report.xlsx Edgar Link pending
nktr-10q_20180331.htm Edgar Link pending
nktr-20180331.xml Edgar Link completed
nktr-20180331.xsd Edgar Link pending
nktr-20180331_cal.xml Edgar Link unprocessable
nktr-20180331_def.xml Edgar Link unprocessable
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nktr-20180331_pre.xml Edgar Link unprocessable
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