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Mar 31, 2021
Nektar Q1 2021 Earnings Report
Reported financial results for the first quarter ended March 31, 2021.
Key Takeaways
Nektar Therapeutics reported a decrease in revenue for Q1 2021, with $23.6 million compared to $50.6 million in Q1 2020. The net loss for the quarter was $123.0 million, or $0.68 per share, compared to a net loss of $138.7 million, or $0.78 per share, in the same quarter of the previous year. Cash and investments in marketable securities were approximately $1.1 billion as of March 31, 2021.
Revenue was $23.6 million, down from $50.6 million in Q1 2020, due to the recognition of a milestone payment from Bristol-Myers Squibb in the previous year.
Total operating costs and expenses decreased to $133.0 million from $184.2 million in Q1 2020, primarily due to impairment charges in the previous year and a decrease in R&D expense.
Research and development expenses decreased to $95.6 million from $109.0 million in Q1 2020, mainly due to lower manufacturing costs for bempegaldesleukin.
Net loss was $123.0 million, or $0.68 per share, compared to a net loss of $138.7 million, or $0.78 per share, in Q1 2020.
Forward Guidance
Nektar is progressing with its clinical pipeline, including registrational studies for bempegaldesleukin and Phase 1 studies for NKTR-255. Eli Lilly is conducting Phase 2 studies for NKTR-358.
Positive Outlook
- Momentum is building with the clinical pipeline of novel cytokine therapeutics.
- A robust development program for bempegaldesleukin is focused on pursuing large front-line and adjuvant tumor settings.
- Five registrational studies are underway in melanoma, renal cell carcinoma, and bladder cancer.
- A sixth registrational study for bempegaldesleukin plus pembrolizumab in head and neck cancer is expected to be initiated later this year.
- The first data for the PROPEL study evaluating bempegaldesleukin plus pembrolizumab in patients with metastatic non-small cell lung cancer is expected in the second half of 2021.
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