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

andidates or complex commercial agreements; and (vi) certain other important risks and uncertainties set forth in Nektar's Annual Report on Form 10-K and Current Report on Form 8-K filed with the Securities and Exchange Commission on March 1, 2011.  Actual results could differ materially from the forward-looking statements contained in this press release.  Nektar undertakes no obligation to update forward-looking statements, whether as a result of new information, future events or otherwise.

Nektar Investor Inquiries:Jennifer Ruddock/Nektar Therapeutics(415) 482-5585Susan Noonan/SA Noonan Communications, LLC(212) 966-3650Nektar Media Inquiries:Karen Bergman/BCC Partners(650) 575-1509Michelle Corral/BCC Partners(415) 794-8662NEKTAR THERAPEUTICSCONDENSED CONSOLIDATED BALANCE SHEETS(In thousands)(Unaudited)ASSETSDecember 31, 2010December 31, 2009

(1)Current assets:Cash and cash equivalents

$
7,755$
49,597Short-term investments

298,177346,614Accounts receivable

25,1024,801Inventory

7,2666,471Other current assets

5,6796,183Total current assets

353,979413,666Property and equipment, net

89,77378,263Goodwill

76,50176,501Other assets

9727,088Total  assets

$
521,225$
575,518LIABILITIES AND STOCKHOLDERS' EQUITYCurrent liabilities:Accounts payable

$
7,194$
3,066Accrued compensation

9,25210,052Accrued expenses

8,5404,354Accrued clinical trial expenses

12,14414,167Deferred revenue, current portion

20,584115,563Other current liabilities

6,3945,814Total current liabilities

64,108153,016Convertible subordinated notes

214,955214,955Capital lease obligations

17,01418,800Deferred revenue

124,76376,809Deferred gain

4,1525,027Other long-term liabilities

5,5714,544Total liabilities

430,563473,151Commitments and contingenciesStockholders' equity:Preferred stock

--Common stock
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SOURCE Nektar Therapeutics
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