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Nektar Therapeutics Reports Second Quarter 2023 Financial Results
SAN FRANCISCO, Aug. 8, 2023 /PRNewswire/ -- Nektar Therapeutics (Nasdaq: NKTR) today reported financial results for the second quarter ended June 30, 2023.
About this update from Nektar Therapeutics
[{"type":"text","content":"SAN FRANCISCO, Aug. 8, 2023 /PRNewswire/ -- Nektar Therapeutics (Nasdaq: NKTR) today reported financial results for the second quarter ended June 30, 2023.\n\n \n \n \n \n \n \n\n \nCash and investments in marketable securities at June 30, 2023, were $409.4 million as compared to $505.0 million at December 31, 2022. Nektar's cash and marketable securities are expected to support strategic development activities and operations into at least the middle of 2026.\n\"With new and corrected strong clinical data for REZPEG, we look forward to initiating a Phase 2b study of rezpegaldesleukin in patients with atopic dermatitis and achieving our objective to have initial data from this study in the first half of 2025,\" said Howard W. Robin, President and CEO of Nektar. \"We also are working to advance our next pipeline candidates in immunology with an IND filing in 2024. And finally, we are continuing our Phase 2 studies of NKTR-255 in liquid and solid tumors as we evaluate strategic partnership pathways.\"\nSummary of Financial Results\nRevenue in the second quarter of 2023 was $20.5 million as compared to $21.6 million in the second quarter of 2022. Revenue for the first half of 2023 was $42.1 million as compared to $46.4 million in the first half of 2022.\nTotal operating costs and expenses in the second quarter of 2023 were $71.1 million as compared to $174.4 million in the second quarter of 2022. Total operating costs and expenses in the first half of 2023 were $227.4 million as compared to $315.8 million in the first half of 2022. Operating costs and expenses for both the second quarter and first half of 2023 decreased due to decreases in research and development expense, general and administrative expense and restructuring, impairment and costs of terminated program. For the first half of 2023, these decreases were partially offset by $76.5 million in non-cash goodwill impairment and $26.5 million in other non-cash impairment charges primarily related to lease assets.\nR&D expense in the second quarter of 2023 was $29.7 million as compared to $42.7 million for the second quarter of 2022. For the first half of 2023, R&D expense was $60.2 million as compared to $150.0 million in the first half of 2022. R&D expense decreased for both the second quarter and first half of 2023 due to due to the wind down of the bempegaldesleukin progra...