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

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11,29933,237Operating costs and expenses:   Cost of goods sold

3,2634,296   Research and development

30,17623,286   General and administrative

11,7279,013Total operating costs and expenses

45,16636,595Loss from operations

(33,867)(3,358)Non-operating income (expense):Interest income

432463Interest expense

(2,585)(2,951)Other income, net

13424Total non-operating expense

(2,019)(2,464)Loss before provision for income taxes

(35,886)(5,822)Provision for income taxes

148308Net loss

$ (36,034)$ (6,130)Basic and diluted net loss per share

$
(0.33)$   (0.07)Weighted average shares used in computing basic and diluted net loss per share

108,67793,631NEKTAR THERAPEUTICSCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(In thousands)(unaudited)Three Months Ended March 31,20112010Cash flows from operating activities:Net loss

$   (36,034)$   (6,130)Adjustments to reconcile net loss to net cash used in operating activities:Depreciation and amortization

3,8564,149Stock-based compensation

4,8023,744Other non-cash transactions

309(235)Changes in operating assets and liabilities:Accounts receivable

22,942(2,908)Inventory

(4,446)(2,232)Other assets

(1,199)(883)Accounts payable

(2,895)1,748Accrued compensation

(1,572)(4,348)Accrued expenses

1,9611,354Accrued clinical trial expenses

1,505(552)Deferred revenue

(2,555)(26,568)Other liabilities

(1,544)(1,302)Net cash used in operating activities

$   (14,870)$ (34,163)Cash flows from investing activities:Purchases of investments

(372,723)(115,277)Maturities of investments

113,235112,074Sales of investments

61,3688,197Purchases of property and equipment

(3,765)(3,973)Net cash (used in) provided by investing activities

$ (201,885)$
,021Cash flows from financ
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SOURCE Nektar Therapeutics
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