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Jun 30, 2021
Nektar Q2 2021 Earnings Report
Reported financial results, with revenue decreasing due to milestone recognition in the previous year and operating costs increasing due to higher R&D and G&A expenses.
Key Takeaways
Nektar Therapeutics reported a decrease in revenue for Q2 2021 compared to Q2 2020, primarily due to the recognition of a $25.0 million milestone from Bristol-Myers Squibb in the previous year. The net loss also increased, driven by higher operating costs and expenses.
Revenue for the second quarter of 2021 was $28.3 million, compared to $48.8 million in the second quarter of 2020.
Total operating costs and expenses for the second quarter of 2021 were $138.5 million, compared to $126.6 million in the second quarter of 2020.
Net loss for the second quarter of 2021 was $125.5 million, or $0.69 loss per share, compared to a net loss of $80.0 million, or $0.45 loss per share in the second quarter of 2020.
Cash and investments in marketable securities were approximately $1.1 billion as of June 30, 2021.
Forward Guidance
Nektar is progressing with its clinical development strategy, with data readouts expected in the near future. Registrational studies for bempegaldesleukin plus nivolumab are on track for top-line data in the first half of 2022.
Positive Outlook
- Bempegaldesleukin plus nivolumab studies remain on track for top line data in the first half of 2022.
- Evaluating bempegaldesleukin plus pembrolizumab with data from PROPEL study expected in the second half of 2021.
- Development program for NKTR-255 includes two Phase 1 clinical studies in combination with ADCC antibodies.
- Partner Eli Lilly is conducting Phase 2 studies for NKTR-358 in lupus and ulcerative colitis.
- Plans to initiate additional Phase 2 studies for NKTR-358 in two different immune-mediated diseases.
Historical Earnings Impact
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