Nektar Therapeutics - NKTR STOCK NEWS

Nektar Therapeutics (NKTR) reported Q1 2022 financial results, revealing a revenue of $24.8 million, up from $23.6 million in Q1 2021. Operating costs increased to $141.4 million from $133.0 million year-over-year, with R&D expenses rising to $107.3 million. The net loss narrowed to $90.4 million or $0.49 per share, compared to a net loss of $123.0 million or $0.68 per share in Q1 2021. Nektar's strategic plan focuses on key pipeline programs and extends its cash runway into 2025, with cash reserves standing at $704.4 million.

Bristol Myers Squibb (NYSE:BMY) reported Q1 2022 revenues of $11.6 billion, a 5% increase year-over-year, driven by strong sales from in-line products like Eliquis and Opdivo. Earnings per share (EPS) stood at $0.59 (down 34% YoY), while non-GAAP EPS rose 13% to $1.96. The company achieved FDA approvals for Opdualag and Camzyos, expanding its portfolio. However, guidance adjustments reflected pressures from recent LOE products like Revlimid.

Nektar Therapeutics has announced a new strategic plan focusing on key pipeline programs NKTR-358 and NKTR-255, along with a cost restructuring plan. This restructuring will extend the company's cash runway into the first half of 2025, with an expected cash balance of $440-$450 million by year-end. The company will reduce its workforce by approximately 70% to ensure the funding of essential R&D programs without needing to raise external capital for at least three years. Executive changes include the stepping down of Chief Medical Officer Dimitry Nuyten and Chief Commercial Officer John Northcott.

Nektar Therapeutics (Nasdaq: NKTR) unveiled promising preclinical data for NKTR-255, an IL-15 receptor agonist, at the April 2022 Tandem Meetings. Collaborators from New York Medical College showcased how NKTR-255 enhances the efficacy of CAR-T therapies in various cancer models. Key findings included significant proliferation of NK cells and improved anti-tumor activity against Ewing sarcoma and Burkitt lymphoma. Live streaming of presentations occurred on April 23, 2022, emphasizing NKTR-255's potential in boosting immune responses against cancer.

Nektar Therapeutics (NASDAQ:NKTR) will host a conference call for analysts and investors on April 25, 2022, at 2:00 p.m. PST. The call aims to outline a new strategic plan and provide updates on the company's research and development pipeline. Interested parties can access the live audio-only webcast via the Nektar website, where a replay will also be available until May 27, 2022. For participation, dial (877) 881-2183 (U.S.) or (970) 315-0453 (international) with Conference ID: 5888057.

Nektar Therapeutics (NKTR) and Bristol Myers Squibb (BMY) announced the discontinuation of the global clinical development program for bempegaldesleukin in combination with Opdivo after late-stage studies failed to show clinical benefit in renal cell carcinoma and bladder cancer. In the Phase 3 PIVOT-09 study, bempegaldesleukin did not meet the criteria for statistical significance compared to the TKI control arm. The separate Phase 2 PIVOT-10 study also lacked sufficient efficacy. All related studies will be terminated, allowing patients to pursue standard treatment options.

Nektar Therapeutics (NASDAQ:NKTR) is hosting a conference call for analysts and investors on March 14, 2022, at 5:00 a.m. PST. This follows an update from Bristol-Myers Squibb and Nektar regarding the pivotal Phase 3 PIVOT IO-001 study focused on unresectable or metastatic melanoma. The call will be accessible via Nektar's investor relations website and will be available for replay until April 15, 2022.

Bristol Myers Squibb (NYSE: BMY) and Nektar Therapeutics (NASDAQ: NKTR) reported disappointing results from the Phase 3 PIVOT IO-001 study evaluating bempegaldesleukin plus Opdivo versus Opdivo alone in metastatic melanoma. The independent Data Monitoring Committee found no significant benefits in progression-free survival (PFS) or objective response rate (ORR). Consequently, the companies decided to unblind the trial and halt enrollment for the related PIVOT-12 study. The focus will now shift to ongoing studies in renal cell carcinoma and bladder cancer.

Nektar Therapeutics (NKTR) reported its financial results for Q4 and full year 2021, noting cash reserves of approximately $0.8 billion, down from $1.2 billion in 2020. Q4 revenue increased to $25.0 million from $23.5 million year-over-year. However, total annual revenue fell to $101.9 million from $152.9 million, largely due to a $50 million milestone recognized in 2020. The company faced a net loss of $145.6 million in Q4, up from $117.2 million in 2020. Key advances were made in clinical trials, including those for NKTR-358 and NKTR-255, with upcoming topline results expected in H1 2022.