{"id":825077,"date":"2025-03-12T16:56:14","date_gmt":"2025-03-12T20:56:14","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/nektar-therapeutics-reports-fourth-quarter-and-full-year-2024-financial-results\/"},"modified":"2025-03-12T16:56:14","modified_gmt":"2025-03-12T20:56:14","slug":"nektar-therapeutics-reports-fourth-quarter-and-full-year-2024-financial-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/nektar-therapeutics-reports-fourth-quarter-and-full-year-2024-financial-results\/","title":{"rendered":"Nektar Therapeutics Reports Fourth Quarter and Full Year 2024 Financial Results"},"content":{"rendered":"
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PR Newswire<\/p>\n<\/p><\/div>\n

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\n SAN FRANCISCO<\/span>, March 12, 2025<\/span><\/span> \/PRNewswire\/ — Nektar Therapeutics (Nasdaq: NKTR) today reported financial results for the fourth quarter ended December 31, 2024<\/span>.<\/p>\n

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Cash and investments in marketable securities on December 31, 2024<\/span> were $269.1 million<\/span> as compared to $329.4 million<\/span> at December 31, 2023<\/span>. Nektar’s cash and marketable securities are expected to support strategic development activities and operations into the fourth quarter of 2026.<\/p>\n

“The significant progress we made last year in advancing our immunology pipeline positions us for two value-creating data milestones in 2025,” said Howard W. Robin<\/span>, President and CEO of Nektar. “With enrollment now complete for the atopic dermatitis and alopecia areata Phase 2b<\/span> trials, we are on track to report topline data for rezpegaldesleukin in the second quarter and in the fourth quarter of this year, respectively. This program is poised to emerge as the first T regulatory cell treatment option to help the millions of patients battling these chronic autoimmune disorders.”<\/p>\n

“We also made progress on our preclinical immunology programs,” continued Robin. “We reported the first data for NKTR-0165, our novel antibody targeting TNFR2, and unveiled a new\u00a0bispecific antibody, NKTR-0166. We plan to submit the IND for NKTR-0165 in the second half of this year.”<\/p>\n

\n Summary of Financial Results<\/b>\n <\/p>\n

Revenue in the fourth quarter of 2024 was\u00a0$29.2 million\u00a0as compared to\u00a0$23.9 million\u00a0in the fourth quarter of 2023. Revenue for the year ended\u00a0December 31, 2024\u00a0was\u00a0$98.4 million\u00a0as compared to\u00a0$90.1 million\u00a0in 2023.<\/p>\n

Total operating costs and expenses in the fourth quarter of 2024 were\u00a0$14.8 million\u00a0as compared to\u00a0$57.4 million\u00a0in the fourth quarter of 2023. Total operating costs and expenses for the full year 2024 were\u00a0$203.6 million\u00a0as compared to\u00a0$353.8 million\u00a0in 2023. Operating costs and expenses for both the fourth quarter and the full year 2024 decreased as compared to 2023 primarily due to a $40.4 million<\/span> gain from sale of the Huntsville<\/span> manufacturing facility in 2024, as well as decreases in restructuring and impairment costs. Operating expenses for the full year 2024 also decreased as compared to 2023 due to a one-time $76.5 million<\/span> non-cash goodwill impairment recognized in the first quarter of 2023.<\/p>\n

R&D expense in the fourth quarter of 2024 was\u00a0$28.7 million\u00a0as compared to\u00a0$29.9 million\u00a0for the fourth quarter of 2023. R&D expense for the year ended\u00a0December 31, 2024\u00a0was\u00a0$120.9 million\u00a0as compared to\u00a0$114.2 million\u00a0in 2023. R&D expense increased for full year 2024 primarily due to increases in development expenses for rezpegaldesleukin partially offset by decreases in employee and related facilities costs, as well as development expenses for NKTR-255.<\/p>\n

G&A expense was\u00a0$17.1 million\u00a0in the fourth quarter of 2024 and\u00a0$17.3 million\u00a0in the fourth quarter of 2023. G&A expense for the full year 2024 was\u00a0$76.8 million\u00a0as compared to\u00a0$77.4 million\u00a0in 2023. G&A expense remained consistent for the full year 2024 as compared to the full year 2023. Decreases in employee costs were offset by a reduction of facilities costs allocated to research and development expense as well as an increase in commercial litigation expense.<\/p>\n

Restructuring and impairment costs were\u00a0$1.4 million\u00a0in the fourth quarter of 2024 and\u00a0$15.7 million\u00a0in the full year 2024, as compared to\u00a0$2.9 million\u00a0in the fourth quarter of 2023 and\u00a0$52.0 million\u00a0in the full year 2023. The full year 2024 amount includes\u00a0$8.3 million\u00a0in non-cash lease impairment charges, and\u00a0$7.4 million\u00a0in other restructuring costs. The full year 2023 amount includes\u00a0$7.9 million\u00a0in severance expense,\u00a0$35.3 million\u00a0in non-cash lease impairment charges, and\u00a0$8.8 million\u00a0in other restructuring costs.<\/p>\n

Net income for the fourth quarter of 2024 was\u00a0$7.3 million\u00a0or\u00a0$0.03\u00a0basic and diluted earnings per share as compared to a net loss of\u00a0$42.1 million\u00a0or\u00a0$0.22 basic and diluted loss per share in the fourth quarter of 2023. Net loss for the year ended\u00a0December 31, 2024\u00a0was\u00a0$119.0 million\u00a0or\u00a0$0.58 basic and diluted loss per share as compared to a net loss of\u00a0$276.1 million\u00a0or\u00a0$1.45 basic and diluted loss per share in 2023. Excluding the $40.4 million<\/span> gain from sale of the Huntsville<\/span> manufacturing facility, and the\u00a0$1.4 million\u00a0in non-cash restructuring charges, net loss, on a non-GAAP basis, for the fourth quarter of 2024 was\u00a0$31.8 million\u00a0or\u00a0$0.15\u00a0basic and diluted loss per share. Excluding the $40.4 million<\/span> gain from sale of the Huntsville<\/span> manufacturing facility, and the\u00a0$15.7 million\u00a0in non-cash restructuring and real estate impairment charges, net loss, on a non-GAAP basis, for the full year 2024 was\u00a0$143.7 million\u00a0or\u00a0$0.70\u00a0basic and diluted loss per share.<\/p>\n

\n 2024 and Recent Business Highlights<\/b>\n <\/p>\n