$NKTR
NEKTAR THERAPEUTICS

2018 Q4 Form 10-Q Financial Statement

#000156459018028218 Filed on November 08, 2018

View on sec.gov

Income Statement

Concept 2018 Q4 2018 Q3 2017 Q3
Revenue $39.83M $27.76M $152.9M
YoY Change -58.28% -81.85% 320.87%
Cost Of Revenue $7.461M $4.783M $5.674M
YoY Change -23.5% -15.7% -19.32%
Gross Profit $32.37M $22.98M $147.3M
YoY Change -62.24% -84.39% 402.52%
Gross Profit Margin 81.27% 82.77% 96.29%
Selling, General & Admin $23.80M $18.70M $12.10M
YoY Change 93.5% 54.55% 17.48%
% of Gross Profit 73.54% 81.38% 8.22%
Research & Development $108.9M $102.9M $65.71M
YoY Change 33.72% 56.58% 26.49%
% of Gross Profit 336.42% 447.78% 44.63%
Depreciation & Amortization $3.100M $2.700M $3.800M
YoY Change 19.23% -28.95% -2.56%
% of Gross Profit 9.58% 11.75% 2.58%
Operating Expenses $108.9M $102.9M $65.71M
YoY Change 33.72% 56.58% 26.49%
Operating Profit -$100.3M -$98.63M $69.49M
YoY Change 317.3% -241.95% -311.19%
Interest Expense $200.0K $5.442M -$8.400M
YoY Change -102.08% -164.79% -17.65%
% of Operating Profit -12.09%
Other Income/Expense, Net $1.591M
YoY Change
Pretax Income -$100.1M -$97.04M $61.10M
YoY Change 197.92% -258.83% -241.76%
Income Tax -$1.900M -$900.0K $200.0K
% Of Pretax Income 0.33%
Net Earnings -$98.21M -$96.14M $60.87M
YoY Change 190.34% -257.95% -240.83%
Net Earnings / Revenue -246.6% -346.31% 39.8%
Basic Earnings Per Share -$0.57 -$0.56 $0.39
Diluted Earnings Per Share -$0.57 -$0.56 $0.37
COMMON SHARES
Basic Shares Outstanding 173.1M 172.7M shares 156.4M
Diluted Shares Outstanding 172.7M shares 162.6M

Balance Sheet

Concept 2018 Q4 2018 Q3 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.335B $1.420B $352.6M
YoY Change 350.93% 302.84% 39.09%
Cash & Equivalents $194.9M $222.3M $37.97M
Short-Term Investments $1.140B $1.198B $314.6M
Other Short-Term Assets $21.29M $12.54M $13.30M
YoY Change 173.23% -5.71% 232.5%
Inventory $11.38M $13.30M $13.70M
Prepaid Expenses
Receivables $43.21M $31.90M $3.300M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.438B $1.505B $382.8M
YoY Change 339.9% 293.2% 35.5%
LONG-TERM ASSETS
Property, Plant & Equipment $48.85M $44.90M $62.40M
YoY Change 2.92% -28.04% -4.88%
Goodwill $76.50M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments $582.9M $619.1M $59.60M
YoY Change 920.84% 938.76%
Other Assets $4.244M $3.400M $800.0K
YoY Change 326.96% 325.0% 60.0%
Total Long-Term Assets $712.5M $743.9M $199.3M
YoY Change 291.38% 273.27% 39.76%
TOTAL ASSETS
Total Short-Term Assets $1.438B $1.505B $382.8M
Total Long-Term Assets $712.5M $743.9M $199.3M
Total Assets $2.150B $2.249B $582.1M
YoY Change 322.54% 286.38% 36.93%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.854M $7.500M $8.600M
YoY Change 22.42% -12.79% 21.13%
Accrued Expenses $61.80M $78.30M $39.60M
YoY Change 93.13% 97.73% 5.32%
Deferred Revenue $13.89M $15.68M
YoY Change -26.69%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $2.500M
YoY Change 4.17%
Total Short-Term Liabilities $82.00M $108.1M $92.50M
YoY Change 46.01% 16.86% 21.23%
LONG-TERM LIABILITIES
Long-Term Debt $247.0M $246.5M $244.8M
YoY Change 0.73% 0.69% -0.12%
Other Long-Term Liabilities $9.990M $104.4M $160.6M
YoY Change 66.72% -34.99% -6.36%
Total Long-Term Liabilities $9.990M $350.9M $405.4M
YoY Change 66.72% -13.44% -2.69%
TOTAL LIABILITIES
Total Short-Term Liabilities $82.00M $108.1M $92.50M
Total Long-Term Liabilities $9.990M $350.9M $405.4M
Total Liabilities $432.6M $459.0M $497.9M
YoY Change 2.75% -7.81% 1.01%
SHAREHOLDERS EQUITY
Retained Earnings -$1.424B
YoY Change -32.76%
Common Stock $3.148B
YoY Change 42.58%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.718B $1.790B $84.20M
YoY Change
Total Liabilities & Shareholders Equity $2.150B $2.249B $582.1M
YoY Change 322.54% 286.38% 36.93%

Cashflow Statement

Concept 2018 Q4 2018 Q3 2017 Q3
OPERATING ACTIVITIES
Net Income -$98.21M -$96.14M $60.87M
YoY Change 190.34% -257.95% -240.83%
Depreciation, Depletion And Amortization $3.100M $2.700M $3.800M
YoY Change 19.23% -28.95% -2.56%
Cash From Operating Activities -$117.6M -$71.40M $93.10M
YoY Change 46.27% -176.69% -441.03%
INVESTING ACTIVITIES
Capital Expenditures -$8.600M -$1.900M -$1.000M
YoY Change 258.33% 90.0% 100.0%
Acquisitions
YoY Change
Other Investing Activities $96.20M -$619.4M -$79.70M
YoY Change 278.74% 677.16% -376.74%
Cash From Investing Activities $87.60M -$621.3M -$80.70M
YoY Change 280.87% 669.89% -384.15%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.700M 3.900M 9.500M
YoY Change -88.89% -58.95% 43.94%
NET CHANGE
Cash From Operating Activities -117.6M -71.40M 93.10M
Cash From Investing Activities 87.60M -621.3M -80.70M
Cash From Financing Activities 2.700M 3.900M 9.500M
Net Change In Cash -27.30M -688.8M 21.90M
YoY Change -17.52% -3245.21% 184.42%
FREE CASH FLOW
Cash From Operating Activities -$117.6M -$71.40M $93.10M
Capital Expenditures -$8.600M -$1.900M -$1.000M
Free Cash Flow -$109.0M -$69.50M $94.10M
YoY Change 39.74% -173.86% -451.12%

Facts In Submission

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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 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, contract manufacturing 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>
us-gaap Prior Period Reclassification Adjustment Description
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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;">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 income (loss), net income (loss), total assets, liabilities or stockholders&#8217; equity. </p></div>
us-gaap Concentration Risk Credit Risk
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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;">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 September 30, 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>
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CashAndRestrictedCash
4460000
CY2018Q3 us-gaap Fair Value Assets Level1 To Level2 Transfers Amount
FairValueAssetsLevel1ToLevel2TransfersAmount
0
CY2017Q3 us-gaap Fair Value Assets Level1 To Level2 Transfers Amount
FairValueAssetsLevel1ToLevel2TransfersAmount
0
CY2018Q3 us-gaap Fair Value Assets Level2 To Level1 Transfers Amount
FairValueAssetsLevel2ToLevel1TransfersAmount
0
CY2017Q3 us-gaap Fair Value Assets Level2 To Level1 Transfers Amount
FairValueAssetsLevel2ToLevel1TransfersAmount
0
CY2018Q3 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
1802000
CY2018Q3 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
9339000
CY2017Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
4843000
CY2018Q3 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
2155000
CY2017Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
4087000
nktr Estimated Annual Interest Rate Over Life Of Royalty Liability
EstimatedAnnualInterestRateOverLifeOfRoyaltyLiability
0.17
nktr Estimated Annual Interest Rate Over Life Of Royalty Liability
EstimatedAnnualInterestRateOverLifeOfRoyaltyLiability
0.176
nktr Prospective Interest Rate Percentage
ProspectiveInterestRatePercentage
0.21
CY2017Q3 nktr License Collaboration Other Revenue
LicenseCollaborationOtherRevenue
131112000
nktr License Collaboration Other Revenue
LicenseCollaborationOtherRevenue
1082848000
nktr License Collaboration Other Revenue
LicenseCollaborationOtherRevenue
142028000
nktr Revenue Recognized In Period Related To Performance In Prior Periods
RevenueRecognizedInPeriodRelatedToPerformanceInPriorPeriods
64200000
CY2018Q3 nktr Revenue Recognized In Period Related To Performance In Prior Periods
RevenueRecognizedInPeriodRelatedToPerformanceInPriorPeriods
18600000
CY2018Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
27086000
CY2018Q3 us-gaap Accounts Receivable Net
AccountsReceivableNet
13100000
CY2018Q3 nktr Potential Development And Regulatory Milestones
PotentialDevelopmentAndRegulatoryMilestones
1700000000
CY2018Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
23287000
CY2017Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
8835000
CY2018Q3 us-gaap Stock Issued During Period Shares Share Based Compensation
StockIssuedDuringPeriodSharesShareBasedCompensation
642024
CY2017Q3 us-gaap Stock Issued During Period Shares Share Based Compensation
StockIssuedDuringPeriodSharesShareBasedCompensation
1092371
us-gaap Stock Issued During Period Shares Share Based Compensation
StockIssuedDuringPeriodSharesShareBasedCompensation
5247748
us-gaap Stock Issued During Period Shares Share Based Compensation
StockIssuedDuringPeriodSharesShareBasedCompensation
3741140
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
11300000
CY2017Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
6200000

Files In Submission

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0001564590-18-028218-index-headers.html Edgar Link pending
0001564590-18-028218-index.html Edgar Link pending
0001564590-18-028218.txt Edgar Link pending
0001564590-18-028218-xbrl.zip Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
Financial_Report.xlsx Edgar Link pending
nktr-10q_20180930.htm Edgar Link pending
nktr-20180930.xml Edgar Link completed
nktr-20180930.xsd Edgar Link pending
nktr-20180930_cal.xml Edgar Link unprocessable
nktr-20180930_def.xml Edgar Link unprocessable
nktr-20180930_lab.xml Edgar Link unprocessable
nktr-20180930_pre.xml Edgar Link unprocessable
nktr-ex311_9.htm Edgar Link pending
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