SAN FRANCISCO, Feb. 25, 2021 /PRNewswire/ -- Nektar
Therapeutics (Nasdaq: NKTR) today reported financial results
for the fourth quarter and full year ended December 31,
2020.
Cash and investments in marketable securities at December
31, 2020 were approximately $1.2 billion as compared
to $1.6 billion at December 31, 2019.
"This past year, Nektar made significant progress advancing our
clinical pipeline of novel cytokine therapeutics," said
Howard W. Robin, President and CEO
of Nektar. "Our broad registrational program evaluating
bempegaldesleukin (BEMPEG) plus nivolumab is progressing well with
five registrational studies underway in melanoma, renal cell
carcinoma and bladder cancer. We also recently added a sixth study
to the registrational program to evaluate BEMPEG in combination
with pembrolizumab in head and neck cancer and are pleased to be
collaborating with Merck on the study. For our PROPEL study, we
look forward to reporting the first data for BEMPEG plus
pembrolizumab in patients with metastatic non-small cell lung
cancer in the second half of 2021."
"For our second cytokine program, NKTR-255, we were very
encouraged by the early signs of clinical activity that we recently
reported at the SITC 2020 meeting, and are now advancing two Phase
1 clinical studies in combination with ADCC antibodies, one in
hematological malignancies and one in solid tumors," continued Mr.
Robin. "Finally, our partner Eli Lilly is conducting a broad Phase
2 program for NKTR-358, our T regulatory cell IL-2 agent, with
Phase 2 studies in both lupus and ulcerative colitis and plans to
initiate additional Phase 2 studies in immune-mediated diseases
over the next 12-18 months."
Summary of Financial Results
Revenue in the fourth quarter of 2020 was $23.5 million as
compared to $33.9 million in the fourth quarter of 2019.
Revenue for the year ended December 31,
2020 was $152.9 million as compared to $114.6
million in 2019 and was higher primarily due to the recognition
of $50.0 million in total milestones from Bristol-Myers
Squibb related to the start of two new registrational trials of
bempegaldesleukin plus Opdivo® (nivolumab) in
adjuvant melanoma and muscle-invasive bladder cancer.
Total operating costs and expenses in the fourth quarter of 2020
were $134.2 million as compared
to $143.5 million in the fourth quarter of 2019. Total
operating costs and expenses for 2020 were $578.0 million as compared to $554.7
million in 2019. Total operating costs and expenses for full
year 2020 increased as compared to 2019 primarily as a result of
$45.2 million in impairment
charges in the first quarter of 2020 resulting from the
discontinuation of the NKTR-181 program, partially offset by a
decrease in R&D expense.
R&D expense in the fourth quarter of 2020 was $102.7 million as compared to $110.4 million for the fourth quarter of
2019. R&D expense for the year ended December 31,
2020 was $408.7 million as compared to $434.6
million in 2019. Excluding pre-commercial manufacturing costs for
NKTR-181 incurred during 2019, research and development expense
increased for the full year 2020 primarily due to the clinical
development of bempegaldesleukin in five registrational trials.
G&A expense was $27.1 million
in the fourth quarter of 2020 and $27.1 million in the
fourth quarter of 2019. G&A expense for 2020 was $104.7
million as compared to $98.7 million in 2019.
Net loss for the fourth quarter of 2020 was $117.2 million
or $0.65 basic and diluted loss per
share as compared to a net loss of $112.2
million or $0.64 basic and diluted loss per share in the
fourth quarter of 2019. Net loss for the year ended December
31, 2020 was $444.4 million or
$2.49 basic and diluted loss per
share as compared to net loss of $440.7
million or $2.52 basic and
diluted loss per share in 2019.
2020 and Year-to-Date 2021 Business Highlights:
- In February 2021, Nektar
announced a clinical trial collaboration and supply agreement with
Merck for a Phase 2/3 study of bempegaldesleukin, Nektar's
investigational IL-2 pathway agent, in combination with Merck's
KEYTRUDA® (pembrolizumab) for first-line treatment of
patients with metastatic or unresectable recurrent squamous cell
carcinoma of the head and neck (SCCHN) whose tumors express PD-L1.
The study is planned to start in the second half of 2021.
- In February 2021, Nektar
announced a financing and co-development collaboration with SFJ
Pharmaceuticals® for the development of
bempegaldesleukin plus pembrolizumab in SCCHN. SFJ has agreed to
fund up to $150 million to support
the planned Phase 2/3 study and manage clinical trial operations
for the study. In return, Nektar agrees to pay SFJ success-based
annual milestone payments over a period of seven to eight years
which are contingent upon receipt of certain U.S. regulatory
approvals for specified indications for bempegaldesleukin, and will
begin following completion of the SCCHN study, which is projected
to be completed in 2024.
- In December 2020, Nektar sold its
royalties on future sales of ADYNOVATE® and
MOVANTIK® to Healthcare Royalty Management, LLC in
exchange for $150 million.
- In December 2020, Nektar
announced dosing of the first patient in its Phase 1/2 study of its
IL-15 agonist, NKTR-255, in combination with cetuximab in patients
with relapsed or refractory head and neck squamous cell carcinoma
or colorectal cancer. The study may enroll up to 80 patients at
approximately 15 investigator sites in the United States and European Union.
- In December 2020, Nektar
presented preclinical data for NKTR-255 at the American Society of
Hematology (ASH) 2020 Annual Meeting, underscoring the potential
for NKTR-255 as an innovative immunotherapeutic agent in the
treatment of multiple myeloma.
- In November 2020, Nektar
presented new data from its immuno-oncology pipeline at the virtual
2020 Society for Immunotherapy of Cancer (SITC) Annual Meeting.
Updated clinical data from the PIVOT-02 study metastatic melanoma
cohort showed that bempegaldesleukin with nivolumab resulted in a
durable clinical benefit with median progression-free survival of
30.9 months. NKTR-255 showed biological activity in the first
patients treated in the monotherapy dose-escalation phase of the
ongoing Phase 1 study in multiple myeloma and non-Hodgkin's
lymphoma. In addition, new data showed that the combination of TLR
agonist candidate, NKTR-262, plus bempegaldesleukin alters the
tumor micro-environment through activation of both the innate and
adaptive arms of the immune system.
- In November 2020, Nektar
presented new data from its NKTR-358 program at the American
College of Rheumatology (ACR) virtual meeting. Data from the Phase
1b study in patients with mild to
moderate systemic lupus erythematosus (SLE) showed that NKTR-358
produced a dose-dependent increase in expression of regulatory T
cell (Treg) activation markers, providing a rationale for continued
development in SLE and other inflammatory indications.
- In October 2020, Nektar initiated
a Phase 1b clinical study of
bempegaldesleukin in adult patients with mild COVID-19 infection.
The randomized, double-blind, placebo-controlled trial is designed
to assess the safety, tolerability, and pharmacokinetic and
pharmacodynamic profile of bempegaldesleukin in adult patients with
mild COVD-19.
- In August 2020, Vaccibody AS and
Nektar announced that the first patient had been dosed in the Phase
1/2a study evaluating bempegaldesleukin with VB10.NEO, Vaccibody's
personalized neoantigen cancer vaccine, in patients with advanced
squamous cell carcinoma of the head and neck.
- In June 2020, Nektar announced
the presentation of results from the Phase 1b study evaluating multiple ascending doses of
NKTR-358 at the Annual European Congress of Rheumatology (EULAR
2020) virtual meeting. The data showed that treatment with NKTR-358
was safe and well tolerated in patients with mild-to-moderate SLE
and led to a marked and selective, dose-dependent expansion of
regulatory T cells (Tregs) that was maintained over multiple
administrations.
- In May 2020, Nektar announced the
publication of clinical data from its PIVOT-02 study evaluating
bempegaldesleukin in combination with nivolumab in
immunotherapy-naïve patients with advanced solid tumors, including
melanoma, renal cell carcinoma (RCC) and non-small cell lung
cancer. The data, published in Cancer Discovery, a journal
of the American Association for Cancer Research, showed that
bempegaldesleukin plus nivolumab resulted in encouraging overall
response rates across multiple tumor types, independent of baseline
PD-L1 expression, with responses continuing to deepen over
time.
- In April 2020, Nektar repaid the
principal and accrued interest of its senior notes totaling
$254.8 million.
- In February 2020, Nektar
announced the publication of preclinical bempegaldesleukin data in
two manuscripts in Nature Communications showing how
bempegaldesleukin works synergistically with multiple immune-based
therapies to enhance T-cell-mediated tumor control.
- In January 2020, Nektar and Bristol-Myers Squibb announced a new
joint development plan that expanded the ongoing registrational
program for bempegaldesleukin plus Opdivo® from three
ongoing registrational trials in first-line metastatic melanoma,
first-line cisplatin-ineligible metastatic urothelial cancer and
first-line metastatic RCC to include two additional registrational
trials in adjuvant melanoma and muscle-invasive bladder cancer. In
addition, the expanded development plan includes a Phase 1/2 study
to evaluate bempegaldesleukin plus nivolumab in combination with a
tyrosine-kinase inhibitor in first-line RCC in order to support a
future registrational trial.
- In January 2020, Nektar made the
strategic business decision to withdraw its New Drug Application
(NDA) for NKTR-181, an investigational opioid medicine in
development for chronic pain and make no further investment into
the program.
Conference Call to Discuss Fourth Quarter and Year-End 2020
Financial Results
Nektar management will host a conference
call to review the results beginning at 5:00 p.m. Eastern
Time/2:00 p.m. Pacific
Time, Thursday, February 25, 2021.
This press release and a live audio-only Webcast of the
conference call can be accessed through a link that is posted on
the home page and Investors section of the Nektar
website: https://ir.nektar.com/. The web broadcast of the
conference call will be available for replay through March 25,
2021.
To access the conference call, follow these instructions:
Dial: (877) 881-2183
(U.S.); (970) 315-0453 (international)
Conference ID: 3857247 (Nektar Therapeutics is the
host)
In the event that any non-GAAP financial measure is discussed on
the conference call that is not described in the press release, or
explained on the conference call, related information will be made
available on the Investors page at the Nektar website as soon as
practical after the conclusion of the conference call.
About Nektar
Nektar Therapeutics is a biopharmaceutical company with a
robust, wholly owned R&D pipeline of investigational medicines
in oncology, immunology, and virology as well as a portfolio of
approved partnered medicines. Nektar is headquartered in
San Francisco, California, with
additional operations in Huntsville,
Alabama and Hyderabad,
India. Further information about the company and its drug
development programs and capabilities may be found online at
http://www.nektar.com.
Cautionary Note Regarding Forward-Looking
Statements
This press release contains
forward-looking statements which can be identified by words such
as: "may," "design," "potential," "advance," "plan" and similar
references to future periods. Examples of forward-looking
statements include, among others, statements we make regarding the
therapeutic potential of, and future development plans for,
bempegaldesleukin, NKTR-358 and NKTR-255, and the timing of the
initiation of clinical studies and the availability of clinical
data for our drug candidates. Forward-looking statements are
neither historical facts nor assurances of future performance.
Instead, they are based only on our current beliefs, expectations
and assumptions regarding the future of our business, future plans
and strategies, anticipated events and trends, the economy and
other future conditions. Because forward-looking statements relate
to the future, they are subject to inherent uncertainties, risks
and changes in circumstances that are difficult to predict and many
of which are outside of our control. Our actual results may differ
materially from those indicated in the forward-looking statements.
Therefore, you should not rely on any of these forward-looking
statements. Important factors that could cause our actual results
to differ materially from those indicated in the forward-looking
statements include, among others: (i) our statements regarding the
therapeutic potential of bempegaldesleukin, NKTR-358 and
NKTR-255 are based on preclinical and clinical findings and
observations and are subject to change as research and development
continue; (ii) bempegaldesleukin, NKTR-358 and NKTR-255 are
investigational agents and continued research and development for
these drug candidates is subject to substantial risks, including
negative safety and efficacy findings in ongoing clinical studies
(notwithstanding positive findings in earlier preclinical and
clinical studies); (iii) bempegaldesleukin, NKTR-358 and NKTR-255
are in various stages of clinical development and the risk of
failure is high and can unexpectedly occur at any stage prior to
regulatory approval; (iv) the timing of the commencement or end of
clinical trials and the availability of clinical data may be
delayed or unsuccessful due to challenges caused by the COVID-19
pandemic, regulatory delays, slower than anticipated patient
enrollment, manufacturing challenges, changing standards of care,
evolving regulatory requirements, clinical trial design, clinical
outcomes and competitive factors; (v) patents may not issue from
our patent applications for our drug candidates, patents that have
issued may not be enforceable, or additional intellectual property
licenses from third parties may be required; and (vi) certain other
important risks and uncertainties set forth in our Quarterly Report
on Form 10-Q filed with the Securities and Exchange
Commission on November 6, 2020. Any forward-looking
statement made by us in this press release is based only on
information currently available to us and speaks only as of the
date on which it is made. We undertake no obligation to update any
forward-looking statement, whether written or oral, that may be
made from time to time, whether as a result of new information,
future developments or otherwise.
Contact:
For Investors:
Vivian Wu of Nektar Therapeutics
628-895-0661
For Media:
Dan Budwick of 1AB
973-271-6085
dan@1abmedia.com
NEKTAR
THERAPEUTICS
|
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
|
(In
thousands)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS
|
|
December 31,
2020
|
|
December 31,
2019
|
(1)
|
Current
assets:
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
|
$
|
198,955
|
|
$
|
96,363
|
|
|
Short-term
investments
|
|
|
|
862,941
|
|
1,228,499
|
|
|
Accounts
receivable
|
|
|
|
38,889
|
|
36,802
|
|
|
Inventory
|
|
|
|
|
15,292
|
|
12,665
|
|
|
Advance payments to
contract manufacturers
|
|
|
3,908
|
|
31,834
|
|
|
Other current
assets
|
|
|
|
18,020
|
|
15,387
|
|
|
|
Total current
assets
|
|
|
|
1,138,005
|
|
1,421,550
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term
investments
|
|
|
|
136,662
|
|
279,119
|
|
Property, plant and
equipment, net
|
|
|
59,662
|
|
65,665
|
|
Operating lease
right-of-use assets
|
|
|
126,476
|
|
134,177
|
|
Goodwill
|
|
|
|
|
|
76,501
|
|
76,501
|
|
Other
assets
|
|
|
|
|
1,461
|
|
344
|
|
|
|
Total
assets
|
|
|
|
|
$
|
1,538,767
|
|
$
|
1,977,356
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
|
Senior secured notes,
net and interest payable
|
|
|
$
|
-
|
|
$
|
252,891
|
|
|
Accounts
payable
|
|
|
|
22,139
|
|
19,234
|
|
|
Accrued
compensation
|
|
|
|
14,532
|
|
11,467
|
|
|
Accrued clinical
trial expenses
|
|
|
44,207
|
|
32,626
|
|
|
Accrued contract
manufacturing expenses
|
|
|
11,310
|
|
7,304
|
|
|
Other accrued
expenses
|
|
|
|
9,585
|
|
12,338
|
|
|
Operating lease
liability, current portion
|
|
|
13,915
|
|
12,516
|
|
|
Deferred revenue,
current portion
|
|
|
91
|
|
5,517
|
|
|
|
Total current
liabilities
|
|
|
|
115,779
|
|
353,893
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating lease
liability, less current portion
|
|
|
136,373
|
|
142,730
|
|
Liabilities related
to the sales of future royalties, net
|
|
200,340
|
|
72,020
|
|
Deferred revenue,
less current portion
|
|
|
2,464
|
|
2,554
|
|
Other long-term
liabilities
|
|
|
|
6,516
|
|
768
|
|
|
|
Total
liabilities
|
|
|
|
461,472
|
|
571,965
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commitments and
contingencies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
equity:
|
|
|
|
|
|
|
|
|
Preferred
stock
|
|
|
|
|
-
|
|
-
|
|
|
Common
stock
|
|
|
|
|
18
|
|
17
|
|
|
Capital in excess of
par value
|
|
|
3,388,730
|
|
3,271,097
|
|
|
Accumulated other
comprehensive loss
|
|
|
(2,295)
|
|
(1,005)
|
|
|
Accumulated
deficit
|
|
|
|
(2,309,158)
|
|
(1,864,718)
|
|
|
|
Total stockholders'
equity
|
|
|
1,077,295
|
|
1,405,391
|
|
|
Total liabilities and
stockholders' equity
|
|
|
$
|
1,538,767
|
|
$
|
1,977,356
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) The consolidated
balance sheet at December 31, 2019 has been derived from the
audited financial statements at that date but does not include
all of the information and
notes required by generally accepted accounting principles in the
United States for complete financial statements.
|
NEKTAR
THERAPEUTICS
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
(In thousands, except
per share information)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31,
|
|
Year Ended December
31,
|
|
|
|
|
|
|
|
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product
sales
|
|
|
|
|
$
|
2,884
|
|
$
|
5,815
|
|
$
|
17,504
|
|
$
|
20,117
|
|
Royalty
revenue
|
|
|
|
|
(412)
|
|
12,214
|
|
30,999
|
|
41,222
|
|
Non-cash royalty
revenue related to sale of future royalties
|
|
20,562
|
|
8,718
|
|
48,563
|
|
36,303
|
|
License, collaboration
and other revenue
|
|
|
428
|
|
7,115
|
|
55,849
|
|
16,975
|
|
Total
revenue
|
|
|
|
|
23,462
|
|
33,862
|
|
152,915
|
|
114,617
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating costs and
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
Cost of goods
sold
|
|
|
|
|
4,323
|
|
5,989
|
|
19,477
|
|
21,374
|
|
Research and
development
|
|
|
|
102,724
|
|
110,369
|
|
408,678
|
|
434,566
|
|
General and
administrative
|
|
|
|
27,136
|
|
27,142
|
|
104,682
|
|
98,712
|
|
Impairment of assets
and other costs for terminated program
|
|
-
|
|
-
|
|
45,189
|
|
-
|
|
Total operating costs
and expenses
|
|
|
134,183
|
|
143,500
|
|
578,026
|
|
554,652
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from
operations
|
|
|
|
(110,721)
|
|
(109,638)
|
|
(425,111)
|
|
(440,035)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating income
(expense):
|
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
|
|
|
-
|
|
(5,428)
|
|
(6,851)
|
|
(21,310)
|
|
Non-cash interest
expense on liability related to sale of future royalties
|
|
(8,183)
|
|
(7,191)
|
|
(30,267)
|
|
(25,044)
|
|
Interest income and
other income (expense), net
|
|
|
1,829
|
|
10,371
|
|
18,282
|
|
46,335
|
|
Total non-operating
expense, net
|
|
|
(6,354)
|
|
(2,248)
|
|
(18,836)
|
|
(19)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss before provision
for income taxes
|
|
|
(117,075)
|
|
(111,886)
|
|
(443,947)
|
|
(440,054)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income
taxes
|
|
|
|
128
|
|
278
|
|
493
|
|
613
|
|
Net loss
|
|
|
|
|
|
$
|
(117,203)
|
|
$
|
(112,164)
|
|
$
|
(444,440)
|
|
$
|
(440,667)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
|
|
$
|
(0.65)
|
|
$
|
(0.64)
|
|
$
|
(2.49)
|
|
$
|
(2.52)
|
|
Diluted
|
|
|
|
|
|
$
|
(0.65)
|
|
$
|
(0.64)
|
|
$
|
(2.49)
|
|
$
|
(2.52)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding used in computing net loss per share:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
|
|
179,684
|
|
176,130
|
|
178,581
|
|
174,993
|
|
Diluted
|
|
|
|
|
|
179,684
|
|
176,130
|
|
178,581
|
|
174,993
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NEKTAR
THERAPEUTICS
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Year Ended December
31,
|
|
|
|
|
|
|
|
|
|
|
2020
|
|
2019
|
Cash flows from
operating activities:
|
|
|
|
|
|
|
|
Net loss
|
|
|
|
|
|
|
|
$
|
(444,440)
|
|
$
|
(440,667)
|
Adjustments to
reconcile net loss to net cash used in operating
activities:
|
|
|
|
|
Non-cash royalty
revenue related to sale of future royalties
|
|
|
|
(48,563)
|
|
(36,303)
|
Non-cash interest
expense on liability related to sale of future
royalties
|
|
30,267
|
|
25,044
|
Stock-based
compensation
|
|
|
|
|
94,261
|
|
99,795
|
Depreciation and
amortization
|
|
|
|
|
14,182
|
|
13,156
|
Impairment of advance
payments to contract manufacturers and equipment for terminated
program
|
20,351
|
|
-
|
Accretion of premiums
(discounts), net and other non-cash transactions
|
|
3,943
|
|
(11,394)
|
Changes in operating
assets and liabilities:
|
|
|
|
|
|
|
|
Accounts
receivable
|
|
|
|
|
|
1,913
|
|
6,411
|
Inventory
|
|
|
|
|
|
|
(2,627)
|
|
(1,284)
|
Operating leases,
net
|
|
|
|
|
|
2,743
|
|
13,090
|
Other
assets
|
|
|
|
|
|
|
4,476
|
|
1,190
|
Accounts
payable
|
|
|
|
|
|
2,382
|
|
12,967
|
Accrued
compensation
|
|
|
|
|
|
4,697
|
|
1,530
|
Other accrued
expenses
|
|
|
|
|
|
8,644
|
|
4,349
|
Deferred
revenue
|
|
|
|
|
|
(5,516)
|
|
(16,565)
|
Net cash used in
operating activities
|
|
|
|
|
(313,287)
|
|
(328,681)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
Purchases of
investments
|
|
|
|
|
(987,533)
|
|
(1,380,865)
|
Maturities of
investments
|
|
|
|
|
|
1,449,304
|
|
1,614,036
|
Sales of
investments
|
|
|
|
|
|
41,700
|
|
-
|
Purchases of
property, plant and equipment
|
|
|
|
|
(7,258)
|
|
(26,285)
|
Net cash provided by
investing activities
|
|
|
|
|
496,213
|
|
206,886
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
Proceeds from sale of
future royalties, net of $3.8 million of transaction
costs
|
|
146,250
|
|
-
|
Repayment of senior
notes
|
|
|
|
|
(250,000)
|
|
-
|
Proceeds from shares
issued under equity compensation plans
|
|
|
|
23,396
|
|
23,355
|
Net cash provided by
(used in) financing activities
|
|
|
|
(80,354)
|
|
23,355
|
Effect of exchange
rates on cash and cash equivalents
|
|
|
|
20
|
|
(102)
|
Net increase
(decrease) in cash and cash equivalents
|
|
|
|
102,592
|
|
(98,542)
|
Cash and cash
equivalents at beginning of year
|
|
|
|
|
96,363
|
|
194,905
|
Cash and cash
equivalents at end of year
|
|
|
|
|
$
|
198,955
|
|
$
|
96,363
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental
disclosure of cash flow information:
|
|
|
|
|
|
|
Cash paid for
interest
|
|
|
|
|
|
$
|
9,742
|
|
$
|
19,199
|
Cash paid for income
taxes
|
|
|
|
|
|
$
|
539
|
|
$
|
555
|
Right-of-use assets
recognized in exchange for operating lease liabilities
|
|
$
|
2,133
|
|
$
|
57,691
|
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SOURCE Nektar Therapeutics