Nektar Therapeutics Reports First Quarter 2010 Financial Results
Press Release Source: Nektar Therapeutics On Wednesday May 5, 2010, 4:15 pm
SAN CARLOS, Calif., May 5 /PRNewswire-FirstCall/ -- Nektar Therapeutics (Nasdaq:NKTR - News) today reported its financial results for the first quarter ended March 31, 2010.
Cash, cash equivalents, and short-term investments at March 31, 2010 were $362.0 million as compared to $396.2 million at December 31, 2009.
Revenue for the first quarter of 2010 increased to $33.2 million as compared to $9.7 million in the first quarter of 2009. The increase in revenue year over year is largely the result of the amortization of the $125.0 million milestone payment received from AstraZeneca in September 2009 under the new partnership agreement for NKTR-118.
Total operating costs and expenses in the first quarter of 2010 declined by 9% to $36.6 million, compared to $40.0 million in the first quarter 2009.
Research and development expense was $23.3 million in the first quarter 2010 as compared to $23.4 million for the same quarter in 2009. General and administrative expense declined to $9.0 million in the first quarter 2010 from $11.0 million in the first quarter of 2009.
“We are excited about our product opportunities in pain and oncology generated by Nektar’s advanced polymer conjugate technology platform,” said Howard W. Robin, President and Chief Executive Officer of Nektar. “In particular, we are pleased with the recent recognition that NKTR-102 has received from the oncology community with the acceptance of our NKTR-102 Phase 2 ovarian data for oral presentation at the 2010 American Society of Clinical Oncology meeting in June.”
Net loss for the first quarter ended March 31, 2010 was $6.1 million or $0.07 loss per share as compared to a net loss of $31.8 million or $0.34 loss per share in the first quarter of 2009.
Conference Call to Discuss First Quarter 2010 Financial Results
A conference call to review results will be held today, Wednesday, May 5, 2010 at 2 PM Pacific Time.
Details are below:
Howard Robin, president and chief executive officer, and John Nicholson, chief financial officer, will host a conference call beginning at 5:00 p.m. Eastern Time (ET)/2:00 p.m. Pacific Time (PT) on Wednesday, May 5, 2010.
To access the conference call, follow these instructions:
Dial: (866) 783-2146 (U.S.); (857) 350-1605 (international)
Passcode: 61205652 (Nektar is the host)
An audio replay will also be available shortly following the call through Thursday, May 20, 2010 and can be accessed by dialing (888) 286-8010 (U.S.); or (617) 801-6888 (international) with a passcode of 12368379.
In the event that any non-GAAP financial measure is discussed on the conference call that is not described in the press release, or explained on the conference call, related information will be made available on the Investor Relations page at the Nektar website as soon as practical after the conclusion of the conference call.
surf's up......crikey
