Nektar Therapeutics (NKTR) saw its loss widen to $63.87 million, or $0.42 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $19.50 million, or $0.14 a share. Revenue during the quarter plunged 58 percent to $24.73 million from $58.88 million in the previous year period. Gross margin for the quarter contracted 973 basis points over the previous year period to 75.21 percent.
Operating loss for the quarter was $54.44 million, compared with an operating loss of $9.48 million in the previous year period.
"I am very pleased with our continued success in advancing the Nektar pipeline, driven by our expanding research in immuno-oncology and immunology that continues to generate highly valuable new clinical candidates," said Howard W. Robin, president and chief executive officer of Nektar. "In March, we announced overwhelmingly positive efficacy and safety results from our Phase 3 study of NKTR-181 in patients with chronic low back pain. Our Phase 1/2 study evaluating NKTR-214 as a combination regimen with Opdivo® in collaboration with Bristol-Myers Squibb is advancing and we look forward to reporting initial data from the first patients in this trial at ASCO. In Q1, we also initiated a first-in-human trial for NKTR-358, our proprietary Treg stimulator, which has the potential to become a first-in-class resolution therapeutic for a wide range of immune-mediated disorders. We plan to report the results from this trial at a medical meeting in the second half of 2017."
Operating cash flow remains negative
Nektar Therapeutics has spent $34.57 million cash to meet operating activities during the quarter as against cash outgo of $23.65 million in the last year period. The company has spent $13.07 million cash to meet investing activities during the quarter as against cash inflow of $36.25 million in the last year period.
Cash flow from financing activities was $11.18 million for the quarter, up 155.64 percent or $6.81 million, when compared with the last year period.
Cash and cash equivalents stood at $23.48 million as on Mar. 31, 2017, down 67.64 percent or $49.07 million from $72.55 million on Mar. 31, 2016.
Working capital increases
Nektar Therapeutics has recorded an increase in the working capital over the last year. It stood at $302.47 million as at Mar. 31, 2017, up 8.45 percent or $23.57 million from $278.90 million on Mar. 31, 2016. Current ratio was at 4.85 as on Mar. 31, 2017, down from 5.23 on Mar. 31, 2016.
Cash conversion cycle (CCC) has decreased to 66 days for the quarter from 138 days for the last year period. Days sales outstanding went down to 39 days for the quarter compared with 46 days for the same period last year.
Days inventory outstanding has decreased to 96 days for the quarter compared with 116 days for the previous year period. At the same time, days payable outstanding went up to 68 days for the quarter from 24 for the same period last year.
Debt remains almost stable
Nektar Therapeutics has recorded a decline in total debt over the last one year. It stood at $248.42 million as on Mar. 31, 2017, down 0.73 percent or $1.82 million from $250.24 million on Mar. 31, 2016. Total debt was 47.01 percent of total assets as on Mar. 31, 2017, compared with 50.87 percent on Mar. 31, 2016. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: [email protected]
