Nektar Therapeutics (NKTR) saw its loss narrow to $42.20 million, or $0.28 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $54.14 million, or $0.40 a share. Revenue during the quarter dropped 4.87 percent to $37.45 million from $39.37 million in the previous year period. Gross margin for the quarter expanded 361 basis points over the previous year period to 82.37 percent. Operating margin for the quarter stood at negative 85.83 percent as compared to a negative 74.58 percent for the previous year period.
Operating loss for the quarter was $32.14 million, compared with an operating loss of $29.36 million in the previous year period.
"Nektar begins 2017 in a strong position with highly promising wholly-owned immuno-oncology and immunology clinical programs and several important data readouts expected throughout this year," said Howard W. Robin, president and chief executive officer of Nektar. "Our Phase 1/2 study evaluating NKTR-214 as a potential combination treatment regimen with Opdivo® in collaboration with Bristol-Myers Squibb is proceeding nicely. We plan to report initial data from the dose-escalation part of the study in the middle of this year. Later this month, we will have data from our Phase 3 efficacy study of NKTR-181 in patients with chronic low back pain. Finally, we are pleased that we will initiate a first-in-human trial shortly for NKTR-358, our proprietary T regulatory cell stimulator, which has the potential to become a first-in-class resolution therapeutic for a wide range of immune disorders."
Operating cash flow remains negative
Nektar Therapeutics has spent $117.02 million cash to meet operating activities during the year as against cash outgo of $73.08 million in the last year. The company has spent $82.40 million cash to meet investing activities during the year as against cash outgo of $14.34 million in the last year.
Cash flow from financing activities was $203.62 million for the year, up 55.69 percent or $72.84 million, when compared with the last year.
Cash and cash equivalents stood at $59.64 million as on Dec. 31, 2016, up 7.32 percent or $4.07 million from $55.57 million on Dec. 31, 2015.
Working capital increases
Nektar Therapeutics has recorded an increase in the working capital over the last year. It stood at $354.03 million as at Dec. 31, 2016, up 22.58 percent or $65.23 million from $288.80 million on Dec. 31, 2015. Current ratio was at 5.90 as on Dec. 31, 2016, up from 5.72 on Dec. 31, 2015.
Debt remains almost stable
Total debt of Nektar Therapeutics remained almost stable for the quarter at $248.60 million, when compared with the last year period. Total debt was 43.70 percent of total assets as on Dec. 31, 2016, compared with 49.30 percent on Dec. 31, 2015. Debt to equity ratio was at 2.82 as on Dec. 31, 2016, down from 38.50 as on Dec. 31, 2015. 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]
