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Nektar Therapeutics Reports First Quarter 2024 Financial Results
SAN FRANCISCO, May 9, 2024 /PRNewswire/ -- Nektar Therapeutics (Nasdaq: NKTR) today reported financial results for the first quarter ended March 31, 2024.
About this update from Nektar Therapeutics
[{"type":"text","content":"SAN FRANCISCO, May 9, 2024 /PRNewswire/ -- Nektar Therapeutics (Nasdaq: NKTR) today reported financial results for the first quarter ended March 31, 2024.\n\n \n \n \n \n \n \n\n \nCash and investments in marketable securities at March 31, 2024 were $326.0 million as compared to $329.4 million at December 31, 2023. Nektar's cash and marketable securities are expected to support strategic development activities and operations into the third quarter of 2026.\n\"In the first quarter, we made significant progress with our highly promising immunology and inflammation pipeline,\" said Howard W. Robin, President and CEO of Nektar. \"REZPEG is advancing in the clinic in our Phase 2b study in patients with atopic dermatitis and in our Phase 2b study in patients with alopecia areata. Enrollment for both studies is on-track, and we expect to report topline data from these trials in the first half of 2025. Building out our Treg pipeline, our novel bivalent antibody targeting the TNFR2 receptor is progressing through IND-enabling studies to support entering the clinic next year.\"\nSummary of Financial Results\nRevenue in the first quarter of 2024 was $21.6 million as compared to the same $21.6 million in the first quarter of 2023.\nTotal operating costs and expenses in the first quarter of 2024 were $57.1 million as compared to $156.3 million in the first quarter of 2023. Operating costs and expenses for the first quarter of 2023 included a one-time $76.5 million non-cash goodwill impairment charge. Operating costs and expenses for the first quarter of 2024 further decreased as compared to 2023 due to decreases in restructuring, impairment and costs of terminated program, as well as decreases in R&D and G&A expense.\nR&D expense in the first quarter of 2024 was $27.4 million as compared to $30.5 million for the first quarter of 2023. R&D expense for the first quarter of 2024 decreased primarily due to a decrease in employee costs and related facilities costs, partially offset by an increase in expense for the development of rezpegaldesleukin and NKTR-0165, our TNFR2 agonist antibody.\nG&A expense was $20.1 million in the first quarter of 2024 as compared to $21.1 million in the first quarter of 2023.\nRestructuring, impairment and other costs of the terminated program were $1.0 million in the first quarter of 2024 as compared to $21.2 milli...