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Nektar Therapeutics (NKTR-1.09%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing total revenue of $24,124,000, which is consistent with the same quarter the previous year. Product sales increased to $8,015,000 from $5,822,000, while non-cash royalty revenue related to sales of future royalties decreased to $15,731,000 from $18,167,000.
Cost of goods sold decreased significantly to $4,435,000 from $12,431,000, primarily due to a benefit from the release of a provision for net realizable value of inventory.
Research and development expenses increased to $35,031,000 from $24,070,000, reflecting increased expenses for the development of rezpegaldesleukin and NKTR-0165.
General and administrative expenses decreased to $18,957,000 from $21,147,000, reflecting a decrease in employee costs.
Restructuring, impairment, and costs of terminated programs decreased significantly to $46,000 from $11,360,000, as the company reported minimal restructuring costs for the quarter.
The company reported a net loss of $37,057,000 for the quarter, compared to a net loss of $45,837,000 in the previous year.
Nektar announced the sale of its manufacturing facility in Huntsville, Alabama, for $70 million in cash and an approximate 20% equity ownership in the purchaser.
The company continues to focus on the development of rezpegaldesleukin and NKTR-255, with ongoing clinical trials and plans for further studies.
Nektar is also advancing its research program NKTR-0165, a preclinical TNF receptor type II agonist for autoimmune diseases, with IND enabling studies underway.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Nektar Therapeutics quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.