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Nektar Therapeutics Reports Fourth Quarter and Year End 2010 Financial Results
Date:3/1/2011

SAN FRANCISCO, March 1, 2011 /PRNewswire/ -- Nektar Therapeutics (Nasdaq: NKTR) today reported its financial results for the fourth quarter and year ended December 31, 2010.

Cash, cash equivalents, and short-term investments at December 31, 2010 were $315.9 million.  The cash balance at December 31, 2010 does not include proceeds of $220.4 million received from the completion of a public equity offering in January 2011.  

Revenue for the fourth quarter of 2010 increased to $45.3 million as compared to $39.0 million in the fourth quarter of 2009.  Revenue for the full year 2010 increased to $159.0 million as compared to $71.9 million for the full year 2009.  The increase in revenue year over year is the result of amortization of a $125.0 million milestone payment received from AstraZeneca in September 2009 under the partnership agreement for NKTR-118.  

Total operating costs and expenses in the fourth quarter of 2010 were $65.9 million compared to $44.5 million in the fourth quarter 2009.  The increase in total operating costs and expenses in fourth quarter 2010 was primarily due to increased research and development expenses and a non-cash facilities impairment charge of $12.6 million.

Research and development expenses increased to $31.5 million in the fourth quarter of 2010 as compared to $24.7 million for the same quarter in 2009.  For the full year 2010, research and development expenses increased to $108.1 million as compared to $95.1 million in 2009.  General and administrative expense was $11.6 million in the fourth quarter 2010 as compared to $11.0 million in the fourth quarter of 2009.  For the full year 2010, general and administrative expense was flat year-over-year at $41.0 million.

"2010 was a year of great advancement for Nektar,” said Howard W. Robin, President and Chief Executive Of
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1. Nektar Therapeutics President and CEO Howard W. Robin to Present at the 31st Annual Cowen and Company Healthcare Conference in Boston
2. Nektar to Announce Financial Results for the Fourth Quarter and Year-End of 2010 on Tuesday, March 1, 2011, After Close of U.S.-Based Financial Markets
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