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Nektar Therapeutics Reports First Quarter 2011 Financial Results
Date:4/27/2011

SAN FRANCISCO, April 27, 2011 /PRNewswire/ --  Nektar Therapeutics (Nasdaq: NKTR) today reported its financial results for the quarter ended March 31, 2011.

Cash, cash equivalents, and short-term investments at March 31, 2011 were $518.6 million as compared to $315.9 million at December 31, 2010.

Revenue for the first quarter of 2011 decreased to $11.3 million as compared to $33.2 million in the first quarter of 2010.  This decrease in revenue year over year is primarily attributable to the completion as of December 31, 2010 of the amortization of the $125.0 million upfront payment received in 2009 from AstraZeneca for the NKTR-118 license agreement.  

Total operating costs and expenses in the first quarter of 2011 increased by 23% to $45.2 million, compared to $36.6 million in the first quarter 2010.  This increase was primarily a result of higher development expenses related to the advancement of multiple programs in clinical development.  Research and development expense increased to $30.2 million in the first quarter 2011 as compared to $23.3 million for the same quarter in 2010.  General and administrative expense increased to $11.7 million in the first quarter 2011 from $9.0 million in the first quarter of 2010.

“Nektar made great progress in the first quarter of 2011,” said Howard W. Robin, President and Chief Executive Officer of Nektar. “The first patients were enrolled in the comprehensive Phase 3 program for NKTR-118, and our proprietary next-generation opioid candidate, NKTR-181, entered Phase 1 clinical development.  We are also preparing our lead oncology candidate, NKTR-102, for advancement into Phase 3 development.  We continue to be highly focused on advancing our preclinical pipeline to enable the introduction of one new IND candidate each year.”

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SOURCE Nektar Therapeutics
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