Nektar Therapeutics Reports Second Quarter 2024 Financial Results
Nektar Therapeutics (NKTR) reported Q2 2024 financial results with revenue of $23.5 million, up from $20.5 million in Q2 2023. The company's cash position was $290.6 million as of June 30, 2024, expected to support operations into Q3 2026. Net loss for Q2 2024 was $52.4 million or $0.25 per share. Nektar is progressing with Phase 2 studies of rezpegaldesleukin in atopic dermatitis and alopecia areata, with topline data expected in H1 and mid-2025, respectively. The company is also advancing NKTR-0165, a TNFR2 agonist antibody, towards IND submission in mid-2025. Recent data on NKTR-255 in combination with CAR-T therapy showed promising results in B-cell acute lymphoblastic leukemia patients.
Nektar Therapeutics (NKTR) ha riportato i risultati finanziari del Q2 2024 con entrate di 23,5 milioni di dollari, in aumento rispetto ai 20,5 milioni di dollari del Q2 2023. La posizione di cassa dell'azienda era di 290,6 milioni di dollari al 30 giugno 2024, si prevede che supporti le operazioni fino al Q3 2026. La perdita netta per il Q2 2024 è stata di 52,4 milioni di dollari, ovvero 0,25 dollari per azione. Nektar sta avanzando con studi di Fase 2 su rezpegaldesleukin per la dermatite atopica e l'alopecia areata, con i dati principali attesi nel primo semestre e a metà del 2025, rispettivamente. L'azienda sta anche portando avanti NKTR-0165, un anticorpo agonista TNFR2, verso la presentazione dell'IND a metà 2025. Dati recenti su NKTR-255 in combinazione con la terapia CAR-T hanno mostrato risultati promettenti nei pazienti con leucemia linfoblastica acuta a cellule B.
Nektar Therapeutics (NKTR) reportó los resultados financieros del Q2 2024 con ingresos de 23,5 millones de dólares, un aumento respecto a los 20,5 millones de dólares del Q2 2023. La posición de efectivo de la compañía era de 290,6 millones de dólares al 30 de junio de 2024, se espera que apoye las operaciones hasta el Q3 2026. La pérdida neta para el Q2 2024 fue de 52,4 millones de dólares, o 0,25 dólares por acción. Nektar avanza con estudios de Fase 2 de rezpegaldesleukin en dermatitis atópica y alopecia areata, con datos preliminares esperados en el primer semestre y a mediados de 2025, respectivamente. La compañía también está avanzando con NKTR-0165, un anticuerpo agonista TNFR2, hacia la presentación del IND a mediados de 2025. Datos recientes sobre NKTR-255 en combinación con la terapia CAR-T mostraron resultados prometedores en pacientes con leucemia linfoblástica aguda de células B.
Nektar Therapeutics (NKTR)는 Q2 2024 재무 결과를 보고하며 수익이 2,350만 달러로 2023년 Q2의 2,050만 달러에서 증가했다고 발표했습니다. 2024년 6월 30일 기준으로 회사의 현금 보유액은 2억 9,060만 달러로 Q3 2026까지의 운영을 지원할 것으로 예상됩니다. 2024년 Q2의 순손실은 5,240만 달러로 주당 0.25 달러에 해당합니다. Nektar는 아토피성 피부염 및 탈모증에 대한 rezpegaldesleukin의 2상 연구를 진행 중이며, 주요 데이터는 각각 2025년 상반기와 중반에 예상됩니다. 또한 회사는 NKTR-0165, TNFR2 작용제 항체를 2025년 중반까지 IND 제출을 위해 발전시키고 있습니다. CAR-T 요법과 같이 NKTR-255에 대한 최근 데이터는 B세포 급성 림프모구 백혈병 환자에게 유망한 결과를 보였습니다.
Nektar Therapeutics (NKTR) a annoncé les résultats financiers pour le Q2 2024 avec un chiffre d'affaires de 23,5 millions de dollars, en augmentation par rapport à 20,5 millions de dollars au Q2 2023. La trésorerie de l'entreprise s'élevait à 290,6 millions de dollars au 30 juin 2024, prévue pour soutenir les opérations jusqu'au Q3 2026. La perte nette pour le Q2 2024 était de 52,4 millions de dollars ou 0,25 dollar par action. Nektar avance avec les études de phase 2 de rezpegaldesleukin dans la dermatite atopique et l'alopécie areata, avec des données préliminaires attendues au premier semestre et à la mi-2025, respectivement. L'entreprise fait également progresser NKTR-0165, un anticorps agoniste TNFR2, vers la soumission de l'IND à la mi-2025. Des données récentes sur NKTR-255 en combinaison avec la thérapie CAR-T ont montré des résultats prometteurs chez les patients atteints de leucémie lymphoblastique aiguë à cellules B.
Nektar Therapeutics (NKTR) berichtete über die finanziellen Ergebnisse des Q2 2024 mit Umsätzen von 23,5 Millionen Dollar, ein Anstieg von 20,5 Millionen Dollar im Q2 2023. Die liquiden Mittel des Unternehmens beliefen sich am 30. Juni 2024 auf 290,6 Millionen Dollar, was voraussichtlich die Betriebe bis zum Q3 2026 unterstützen wird. Der Nettoverlust für das Q2 2024 betrug 52,4 Millionen Dollar oder 0,25 Dollar pro Aktie. Nektar fortschreitet mit der Phase-2-Studie von rezpegaldesleukin bei atopischer Dermatitis und Alopecia areata, wobei die Hauptdaten für die erste Hälfte und die Mitte 2025 erwartet werden. Das Unternehmen entwickelt auch NKTR-0165, ein TNFR2-Agonisten-Antikörper, mit dem Ziel, Mitte 2025 einen IND-Antrag einzureichen. Neueste Daten zu NKTR-255 in Kombination mit CAR-T-Therapie zeigten vielversprechende Ergebnisse bei Patienten mit akuter lymphoblastischer Leukämie vom B-Zell-Typ.
- Revenue increased to $23.5 million in Q2 2024 from $20.5 million in Q2 2023
- Cash runway extended into Q3 2026
- Phase 2 studies for rezpegaldesleukin on track for topline data in H1 and mid-2025
- NKTR-255 showed improved remission-free survival in B-ALL patients
- Net loss of $52.4 million in Q2 2024
- Non-cash restructuring and impairment charges of $13.3 million in Q2 2024
- Total operating costs increased to $73.3 million in Q2 2024 from $71.1 million in Q2 2023
Insights
Nektar Therapeutics' Q2 2024 results show a mixed financial picture. Revenue increased to
The cash position of
The
Nektar's pipeline progress is encouraging, particularly for rezpegaldesleukin in atopic dermatitis and alopecia areata. The on-track enrollment for Phase 2 studies with topline data expected in 2025 is positive. However, these are still mid-stage trials and success is not guaranteed.
The preclinical data on NKTR-0165 for autoimmune diseases is intriguing, especially its potential as a first-in-class treatment. The planned initiation of first-in-human studies in H1 2025 provides a new catalyst for investors to monitor.
The published data on NKTR-255 in combination with CAR-T therapy for B-ALL is promising, showing improved remission-free survival. This could open up new partnership opportunities or increase the value of this asset. Overall, the pipeline shows potential, but it's still early-stage with associated risks.
Cash and investments in marketable securities at June 30, 2024 were
"We continue to make excellent progress advancing rezpegaldesleukin in Phase 2 studies in patients with atopic dermatitis and alopecia areata," said Howard W. Robin, President and CEO of Nektar. "We are particularly pleased that enrollment is on track for topline data in the first half of 2025 for atopic dermatitis and topline data in mid-2025 for alopecia areata. For our TNFR2 agonist antibody, NKTR-0165, we are conducting IND-enabling studies with the goal of preparing for an IND submission in the middle of 2025. Recent data at the 2024 EULAR Congress highlighted the potential of this unique AI-generated antibody in inflammatory disorders. Finally, we remain in a strong financial position with a cash runway extending into the third quarter of 2026."
Summary of Financial Results
Revenue in the second quarter of 2024 was
Total operating costs and expenses in the second quarter of 2024 were
R&D expense was
G&A expense was
Non-cash restructuring and impairment charges in the second quarter of 2024 were
Net loss for the second quarter of 2024 was
Second Quarter 2024 and Recent Business Highlights
- In July 2024, our collaborators at Stanford published data from a Phase 1 trial evaluating NKTR-255 in combination with CD19/22 CAR-T cell therapy in patients with relapsed or refractory B-cell acute lymphoblastic leukemia (B-ALL) in Blood, an open-access journal of the American Society of Hematology. These data showed that, at 12 months, remission-free survival for NKTR-255 was double that of historical controls (
67% vs38% ). The data also showed that eight out of nine patients (89% ) achieved complete remission with or without hematologic recovery, all without detectable measurable residual disease (MRD).
- In June 2024, Nektar presented the first preclinical data on NKTR-0165 at the European Alliance of Associations for Rheumatology (EULAR) 2024 Congress. The data presented show that NKTR-0165 is a unique antibody that selectively binds to TNFR2 on Tregs to enhance its immunosuppressive activities, and could potentially become a first-in-class treatment for various autoimmune diseases, including ulcerative colitis and vitiligo. Nektar plans to initiate first-in-human studies in the first half of 2025.
- Enrollment remains on track for the two Phase 2b studies of rezpegaldesleukin, one in patients with moderate-to-severe atopic dermatitis and one in patients with severe to very severe alopecia areata. Nektar expects topline data from these studies, respectively, in the first half and in the middle of 2025.
Nektar also announced upcoming presentations at the following scientific congress:
2024 European Academy of Dermatology and Venereology (EADV) Congress
- ePoster P0662: "Serum proteomic biomarker analysis of the interleukin-2 receptor pathway agonist rezpegaldesleukin in patients with atopic dermatitis", Yu, D.
- ePoster P0600 (Trial in Progress): "A Phase 2b, Randomized, Double-Blinded, Parallel-Group, Placebo-Controlled, International, Multicenter, Study to Evaluate the Efficacy and Safety of Rezpegaldesleukin in Adults with Moderate-to-Severe Atopic Dermatitis", Gkalpakiotis, S.
- ePoster P2080 (Trial in Progress): "A Phase 2b Study Evaluating the Efficacy and Safety of Single Agent Rezpegaldesleukin, an Interleukin-2 Receptor (IL-2R) Pathway Agonist, in the Treatment of Severe to Very Severe Alopecia Areata", Reich, A.
Conference Call to Discuss Second Quarter 2024 Financial Results
Nektar management will host a conference call to review the results beginning at 5:00 p.m. Eastern Time/2:00 p.m. Pacific Time, August 8, 2024.
This press release and live audio-only webcast of the conference call can be accessed through a link that is posted on the Home Page and Investors section of the Nektar website: http://ir.nektar.com/. The web broadcast of the conference call will be available for replay through September 8, 2024.
To access the conference call, please pre-register at Nektar Earnings Call Registration. All registrants will receive dial-in information and a PIN allowing them to access the live call.
About Nektar Therapeutics
Nektar Therapeutics is a clinical-stage biotechnology company focused on developing treatments that address the underlying immunological dysfunction in autoimmune and chronic inflammatory diseases. Nektar's lead product candidate, rezpegaldesleukin (NKTR-358), is a novel, first-in-class regulatory T cell stimulator being evaluated in two Phase 2b clinical trials, one in atopic dermatitis and one in alopecia areata. Our pipeline also includes a preclinical candidate NKTR-0165, which is a bivalent tumor necrosis factor receptor type II agonist antibody. Nektar, together with various partners, is also evaluating NKTR-255, an investigational IL-15 receptor agonist designed to boost the immune system's natural ability to fight cancer, in several ongoing clinical trials. Nektar is headquartered in San Francisco, California. For further information, visit www.nektar.com and follow us on LinkedIn.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements which can be identified by words such as: "will," "expect," "develop," "potential," "advance," "anticipate," and similar references to future periods. Examples of forward-looking statements include, among others, statements regarding the therapeutic potential of, and future development plans for, rezpegaldesleukin, NKTR-0165, and NKTR-255. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results to differ materially from those indicated in the forward-looking statements include, among others: (i) our statements regarding the therapeutic potential of rezpegaldesleukin, NKTR-0165, and NKTR-255 are based on preclinical and clinical findings and observations and are subject to change as research and development continue; (ii) rezpegaldesleukin, NKTR-0165, and NKTR-255 are investigational agents and continued research and development for these drug candidates is subject to substantial risks, including negative safety and efficacy findings in future clinical studies (notwithstanding positive findings in earlier preclinical and clinical studies); (iii) rezpegaldesleukin and NKTR-255 are in clinical development and the risk of failure is high and can unexpectedly occur at any stage prior to regulatory approval; (iv) the timing of the commencement or end of clinical trials and the availability of clinical data may be delayed or unsuccessful due to challenges caused by health epidemics, including the COVID-19 pandemic, regulatory delays, slower than anticipated patient enrollment, manufacturing challenges, changing standards of care, evolving regulatory requirements, clinical trial design, clinical outcomes, competitive factors, or delay or failure in ultimately obtaining regulatory approval in one or more important markets; (v) we may not achieve the expected cost savings we expect from our 2022 corporate restructuring and reorganization plan or our 2023 cost restructuring plan and we may undertake additional restructuring and cost-saving activities in the future, (vi) patents may not issue from our patent applications for our drug candidates, patents that have issued may not be enforceable, or additional intellectual property licenses from third parties may be required; and (vii) certain other important risks and uncertainties set forth in our Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on May 10, 2024. Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.
Contact:
For Investors:
Vivian Wu of Nektar Therapeutics
628-895-0661
For Media:
David Rosen of Argot Partners
(212) 600-1902
david.rosen@argotpartners.com
NEKTAR THERAPEUTICS | |||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||||
(In thousands) | |||||||||||
(Unaudited) | |||||||||||
ASSETS | June 30, 2024 | December 31, 2023 (1) | |||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ 27,940 | $ 35,277 | |||||||||
Short-term investments | 243,295 | 268,339 | |||||||||
Accounts receivable | 1,196 | 1,205 | |||||||||
Inventory, net | 14,465 | 16,101 | |||||||||
Other current assets | 8,292 | 9,779 | |||||||||
Total current assets | 295,188 | 330,701 | |||||||||
Long-term investments | 19,405 | 25,825 | |||||||||
Property, plant and equipment, net | 15,187 | 18,856 | |||||||||
Operating lease right-of-use assets | 9,240 | 18,007 | |||||||||
Other assets | 4,314 | 4,644 | |||||||||
Total assets | $ 343,334 | $ 398,033 | |||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | 6,475 | 9,848 | |||||||||
Accrued expenses | 29,514 | 22,162 | |||||||||
Operating lease liabilities, current portion | 21,337 | 19,259 | |||||||||
Total current liabilities | 57,326 | 51,269 | |||||||||
Operating lease liabilities, less current portion | 90,763 | 98,517 | |||||||||
Liabilities related to the sales of future royalties, net | 107,506 | 112,625 | |||||||||
Other long-term liabilities | 8,051 | 4,635 | |||||||||
Total liabilities | 263,646 | 267,046 | |||||||||
Commitments and contingencies | |||||||||||
Stockholders' equity: | |||||||||||
Preferred stock | - | - | |||||||||
Common stock | 19 | 19 | |||||||||
Capital in excess of par value | 3,649,577 | 3,608,137 | |||||||||
Treasury stock | (3,000) | - | |||||||||
Accumulated other comprehensive income (loss) | (494) | 80 | |||||||||
Accumulated deficit | (3,566,414) | (3,477,249) | |||||||||
Total stockholders' equity | 79,688 | 130,987 | |||||||||
Total liabilities and stockholders' equity | $ 343,334 | $ 398,033 | |||||||||
(1) The consolidated balance sheet at December 31, 2023 has been derived from the audited financial statements at that date but does not include all | |||||||||||
of the information and notes required by generally accepted accounting principles in | |||||||||||
NEKTAR THERAPEUTICS | ||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||
(In thousands, except per share information) | ||||||||||||||
(Unaudited) | ||||||||||||||
Three months ended June 30, | Six months ended June 30, | |||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||
Revenue: | ||||||||||||||
Product sales | $ 6,640 | $ 4,658 | $ 12,674 | $ 9,376 | ||||||||||
Non-cash royalty revenue related to the sales of future royalties | 16,790 | 15,832 | 32,298 | 32,693 | ||||||||||
License, collaboration and other revenue | 59 | 9 | 156 | 24 | ||||||||||
Total revenue | 23,489 | 20,499 | 45,128 | 42,093 | ||||||||||
Operating costs and expenses: | ||||||||||||||
Cost of goods sold | 9,740 | 6,994 | 18,274 | 14,054 | ||||||||||
Research and development | 29,724 | 29,681 | 57,132 | 60,150 | ||||||||||
General and administrative | 20,510 | 17,869 | 40,659 | 38,950 | ||||||||||
Restructuring, impairment and costs of terminated program | 13,289 | 16,554 | 14,264 | 37,747 | ||||||||||
Impairment of goodwill | - | - | - | 76,501 | ||||||||||
Total operating costs and expenses | 73,263 | 71,098 | 130,329 | 227,402 | ||||||||||
Loss from operations | (49,774) | (50,599) | (85,201) | (185,309) | ||||||||||
Non-operating income (expense): | ||||||||||||||
Non-cash interest expense on liabilities related to the sales of future royalties | (6,408) | (6,152) | (11,939) | (12,557) | ||||||||||
Interest income | 3,901 | 4,846 | 8,121 | 9,181 | ||||||||||
Other income (expense), net | (36) | 736 | (135) | 435 | ||||||||||
Total non-operating income (expense), net | (2,543) | (570) | (3,953) | (2,941) | ||||||||||
Loss before provision for income taxes | (52,317) | (51,169) | (89,154) | (188,250) | ||||||||||
Provision (benefit) for income taxes | 46 | (47) | 11 | (110) | ||||||||||
Net loss | $ (52,363) | $ (51,122) | $ (89,165) | $ (188,140) | ||||||||||
Basic and diluted net loss per share | $ (0.25) | $ (0.27) | $ (0.44) | $ (0.99) | ||||||||||
Weighted average shares outstanding used in computing basic and diluted net loss per share | 208,828 | 189,656 | 201,787 | 189,268 | ||||||||||
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SOURCE Nektar Therapeutics
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