Full Press Release Details
Nektar Therapeutics Reports Financial
Results for the First Quarter of 2017
SAN FRANCISCO, May 9, 2017 /PRNewswire/ - Nektar
Therapeutics (Nasdaq: NKTR) today reported its financial results for the first quarter ended March 31, 2017.
Cash and investments in marketable securities at March
31, 2017 were $362.0 million as compared to $389.1 million at December 31, 2016.
"I am very pleased with our continued success in advancing
the Nektar pipeline, driven by our expanding research in immuno-oncology and immunology that continues to generate highly valuable
new clinical candidates," said Howard W. Robin, President and Chief Executive Officer of Nektar. "In March, we announced
overwhelmingly positive efficacy and safety results from our Phase 3 study of NKTR-181 in patients with chronic low back pain.
Our Phase 1/2 study evaluating NKTR-214 as a combination regimen with Opdivo in collaboration with Bristol-Myers Squibb is
advancing and we look forward to reporting initial data from the first patients in this trial at ASCO. In Q1, we also initiated
a first-in-human trial for NKTR-358, our proprietary Treg stimulator, which has the potential to become a first-in-class resolution
therapeutic for a wide range of immune-mediated disorders. We plan to report the results from this trial at a medical meeting in
the second half of 2017."
Revenue for the first quarter of 2017 was $24.7 million as
compared to $58.9 million in the first quarter of 2016. Revenue in the first quarter of 2016 was higher primarily because
of the recognition of $28.0 million received from AstraZeneca for the sublicense of MOVENTIG to Kirin in Europe. In
addition, product sales were $4.8 million in the first quarter of 2017 as compared to $14.1 million in the first quarter of 2016.
Total operating costs and expenses for the first quarter of
2017 were $79.2 million as compared to $68.4 million in the first quarter of 2016. Total operating costs and
expenses increased primarily as a result of higher research and development (R&D) expense in the first quarter of 2017.
R&D expense in the first quarter of 2017 was $61.1 million as compared to $49.3 million for the first quarter
of 2016 and was higher in the first quarter of 2017 primarily due to expenses for our NKTR-214
and NKTR-358 programs.
General and administrative expense was $12.0 million in
the first quarter of 2017 as compared to $10.2 million in the first quarter of 2016.
In the first quarter of 2017, net loss was $63.9 million,
or $0.42 loss per share as compared to net loss of $19.5 million, or $0.14 loss per share in the first
quarter of 2016. The loss was higher year over year primarily because of the recognition of $28.0 million received
from AstraZeneca for the sublicense of MOVENTIG to Kirin in Europe in the first quarter of 2016.
The company also announced upcoming presentations at the following
scientific congresses during the second quarter of 2017:
Oxford Global 2nd Annual Advances in Immuno-Oncology Congress,
Oral Presentation: "NKTR-255: Accessing The Immunotherapeutic
Presenter: Jonathan Zalevsky, Ph.D.
Session: Pre-clinical Immuno-Oncology
Date and Time: May 15, 2017 - 2:20 p.m. - 2:50 p.m. BST
SMI 16th Annual Pain Therapeutics Conference, London, UK
Key Note Address: "NKTR-181: Separating Analgesia from
Euphoria in a Novel Opioid Agonist for Chronic Pain "
Presenter: Stephen Doberstein, Ph.D.
Session: Opioid Addiction
Date and Time: May 23, 2017 - 9:50 a.m. - 10:30 a.m. BST
2017 American Society of Clinical Oncology (ASCO) Annual
Meeting, Chicago, IL
Abstract 2545/Poster 37: "Effect of a
novel IL-2 cytokine immune agonist (NKTR-214) on proliferating CD8+T cells and PD-1 expression on immune cells in the tumor microenvironment
in patients with prior checkpoint therapy." Bernatchez, C., et al.
Poster Session: Developmental Therapeutics-Clinical Pharmacology and Experimental Therapeutics
Date and Time: June 5, 2017 - 8:00 a.m. - 11:30 a.m. CDT
Abstract TPS1120/Poster 105a: "ATTAIN: Phase 3 study
of etirinotecan pegol (EP) vs treatment of physician's choice (TPC) in patients (pts) with metastatic breast cancer (MBC)
who have stable brain metastases (BM) previously treated with an anthracycline, a taxane, and capecitabine (ATC)." Tripathy,
Poster session: Breast Cancer - Metastatic
Date and Time: June 4, 2017 - 8:00 a.m. - 11:30 a.m. CDT
Abstract e14040: "A phase 1/2 study of a novel IL-2
cytokine, NKTR-214, and nivolumab in patients with select locally advanced or metastatic solid tumors." Diab, A., et
Publication abstract to be included online in the 2017 ASCO Annual Meeting Proceedings,
a Journal of Clinical Oncology supplement.
2017 International Conference on Opioids (ICOO 2017), Boston, MA
Poster 31: "NKTR-181 Produces Full CNS -Opioid
Agonism With Significantly Lower Abuse Potential": Odinecs, A., et al.
Poster session: Session 2
Date and Time: Monday, June 12, 2017 - 8:00 a.m. - 6:00 p.m. EDT
Inaugural Immuno-Oncology Targets Conference, Boston, MA
Oral Presentation: "NKTR-214 Plus NKTR-262, a Scientifically-Guided
Rational Combination Approach for Immune Oncology"
Presenter: Jonathan Zalevsky, Ph.D.
Session: Rational Combination Immunotherapy
Date and Time: June 15, 2017 - 12:00 p.m. EDT
Nektar Analyst & Investor Event
at the 2017 ASCO Annual Meeting, Chicago, IL
host an analyst and investor event with clinical investigators during the 2017 American Society of Clinical Oncology
(ASCO) Meeting in Chicago. The program will include a presentation and discussion
of updated clinical data for the company's CD122-biased agonist, NKTR-214. Data from two studies of NKTR-214 will be
reviewed at the event, including the Phase 1 dose-escalation study of NKTR-214 in combination with nivolumab in patients with melanoma,
renal cell carcinoma and non-small cell lung cancer (PIVOT-02); and the Phase 1 study of monotherapy NKTR-214 in patients with
advanced solid tumors (EXCEL).
Presenters will include Dr. Adi
Diab, Assistant Professor, Melanoma Medical Oncology at the University of Texas MD Anderson Cancer Center, Dr. Nizar
Tannir, Professor, Genitourinary Medical Oncology at the University of Texas MD Anderson Cancer Center and Dr. Michael
Hurwitz, Assistant Professor of Medicine (Medical Oncology) at Yale Cancer Center.
and Time: June 3, 2017 - 6:00 p.m. CDT
Webcast Link: http://edge.media-server.com/m/p/guf8mqwk.
Conference Call to Discuss First Quarter 2017 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 today, Tuesday, May 9, 2017.
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: http://www.nektar.com.
The web broadcast of the conference call will be available for replay through June 12, 2017.
To access the conference call, follow these instructions:
Dial: (877) 881-2183 (U.S.); (970) 315-0453 (international)
Passcode: 8518262 (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
Nektar Therapeutics is a research-based
biopharmaceutical company whose mission is to discover and develop innovative medicines to address the unmet medical needs of
patients. Our R&D pipeline of new investigational medicines includes treatments for cancer, auto-immune disease and chronic