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Jun 30, 2020
Nektar Q2 2020 Earnings Report
Reported financial results for the second quarter ended June 30, 2020.
Key Takeaways
Nektar Therapeutics reported revenue of $48.8 million for Q2 2020, compared to $23.3 million in Q2 2019. The increase was due to the recognition of a $25.0 million milestone from Bristol-Myers Squibb. Net loss for the quarter was $80.0 million, or $0.45 loss per share, compared to a net loss of $110.3 million, or $0.63 loss per share in Q2 2019. The company ended the quarter with approximately $1.2 billion in cash and investments.
Revenue for Q2 2020 was $48.8 million, up from $23.3 million in Q2 2019, driven by a $25.0 million milestone from Bristol-Myers Squibb.
Total operating costs and expenses for Q2 2020 were $126.6 million, compared to $134.3 million in Q2 2019.
R&D expense for Q2 2020 was $96.4 million, down from $106.7 million in Q2 2019.
Net loss for Q2 2020 was $80.0 million, or $0.45 loss per share, compared to a net loss of $110.3 million, or $0.63 loss per share in Q2 2019.
Nektar
Nektar
Forward Guidance
Nektar is entering the second half of 2020 in a position of exceptional strength with a robust pipeline in oncology and immunology, multiple registrational and earlier stage clinical trials underway, and a strong financial position with $1.2 billion in cash and investments, and no debt on our balance sheet.
Positive Outlook
- Successfully advanced registrational and early clinical trials across the immune-oncology portfolio.
- Opened enrollment for the first patients into a new Phase 3 study in adjuvant melanoma for the bempegaldesleukin program.
- Have 5 ongoing registrational trials for bempegaldesleukin.
- Making significant progress with NKTR-262 and NKTR-255 clinical trials, with early data planned for presentation in November.
- Partner Eli Lilly is initiating investigator sites and enrolling patients into a new Phase 2 study of NKTR-358 in moderate to severe systemic lupus erythematosus.