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Nektar(NKTR) - 2024 Q4 - Annual Results
NKTRNektar(NKTR)2025-03-12 20:20

Financial Performance - Revenue for Q4 2024 was 29.2million,a22.129.2 million, a 22.1% increase from 23.9 million in Q4 2023[4] - Net income for Q4 2024 was 7.3million,comparedtoanetlossof7.3 million, compared to a net loss of 42.1 million in Q4 2023[9] - The net loss for the full year 2024 was 119.0million,animprovementfromanetlossof119.0 million, an improvement from a net loss of 276.1 million in 2023[9] - The company reported a net income of 7,261,000inQ42024,aturnaroundfromanetlossof7,261,000 in Q4 2024, a turnaround from a net loss of 42,079,000 in Q4 2023[22] - Basic net income per share improved to 0.03inQ42024,comparedtoalossof0.03 in Q4 2024, compared to a loss of 0.22 per share in Q4 2023[22] Operating Costs and Expenses - Total operating costs and expenses for Q4 2024 were 14.8million,significantlydownfrom14.8 million, significantly down from 57.4 million in Q4 2023, primarily due to a 40.4 million gain from the sale of the Huntsville manufacturing facility[5] - G&A expenses for the full year 2024 were 76.8 million, slightly down from 77.4 million in 2023, indicating cost management efforts[7] Research and Development - R&D expenses for the full year 2024 were 120.9 million, up from 114.2millionin2023,drivenbyincreaseddevelopmentexpensesforrezpegaldesleukin[6]−Researchanddevelopmentexpensesfortheyeartotaled114.2 million in 2023, driven by increased development expenses for rezpegaldesleukin[6] - Research and development expenses for the year totaled 120,908,000, up from 114,162,000in2023,markinga6114,162,000 in 2023, marking a 6% increase[22] - The company completed enrollment for the Phase 2b trials of rezpegaldesleukin in atopic dermatitis and alopecia areata, with topline data expected in Q2 and Q4 2025, respectively[3] - Nektar plans to submit the IND for NKTR-0165 in the second half of 2025, expanding its immunology pipeline[3] Sales and Revenue Growth - Product sales increased significantly to 12,874,000 in Q4 2024, compared to 5,483,000inQ42023,representinga1345,483,000 in Q4 2023, representing a 134% growth[22] - Total revenue for Q4 2024 reached 29,175,000, a 22% increase from 23,885,000inQ42023[22]AssetsandLiabilities−Totalassetsdecreasedto23,885,000 in Q4 2023[22] Assets and Liabilities - Total assets decreased to 303,850,000 in 2024 from 398,033,000in2023,reflectinga24398,033,000 in 2023, reflecting a 24% decline[20] - Total liabilities were reduced to 243,113,000 in 2024, down from 267,046,000in2023,indicatinga9267,046,000 in 2023, indicating a 9% decrease[20] - Total stockholders' equity decreased to 60,737,000 in 2024 from 130,987,000in2023,adeclineof53130,987,000 in 2023, a decline of 53%[20] Other Significant Events - Nektar announced a definitive agreement to sell its commercial PEGylation manufacturing business for 90 million, which includes 70millionincash[12]−TheFDAgrantedFastTrackdesignationforrezpegaldesleukinfortreatingmoderate−to−severeatopicdermatitisinpatientsaged12andolder[11]−Thecompanyrecordedagainof70 million in cash[12] - The FDA granted Fast Track designation for rezpegaldesleukin for treating moderate-to-severe atopic dermatitis in patients aged 12 and older[11] - The company recorded a gain of 40,390,000 from the sale of the Huntsville manufacturing facility in Q4 2024[22] - Non-cash royalty revenue related to future royalties was 16,238,000inQ42024,slightlydownfrom16,238,000 in Q4 2024, slightly down from 18,061,000 in Q4 2023[22]