Net Loss Decreases For Nektar Therapeutics (NASDAQ:NKTR)
Nektar Therapeutics (NASDAQ:NKTR), a bio-pharmaceutical company, has announced better-than-expected third-quarter results, ended September 30, 2013. The company’s revenues were $60.9 million, versus $18.4 million revenue reported in the same period of 2012.
Nektar Therapeutics’s operating costs and expenses in the third quarter were $67.4 million, as compared to $51.3 million in the same quarter 2012. Net loss for the third quarter was $16.5 million or $0.14 earnings per share, as compared to a net loss of $43.5 million, or $0.38 EPS in the third quarter of last year.
As on September 30, 2013, the company had total cash and investments in marketable securities of $208.6 million. In an earnings conference call, the company said it expects to end the year with at least $250 million in cash and investments.
The quarter remained quite productive for the company as its drug naloxegol has been accepted for filing in both Europe and Canada. In August this year, Nektar’s partner AstraZeneca plc (ADR) (NYSE:AZN) filed for marketing approval of the drug in both the countries, which have been now accepted for filing, within the expected timeframe.
The filing acceptance of the MAA in Europe led payment of a $25 million milestone to Nektar that the company received in the third quarter. Moreover, the company expects the FDA approval of the naloxegol filing this month, and once that done the company will get a $70 million payment milestone from AstraZeneca. The company said is quite excited about the naloxegol potential and its upcoming milestones in 2013.
The company expects the revenue to be in a range of $135-$140 million. However, Nektar said the payment it expects to get from AstraZeneca in November this year will be recognized as revenue in 2014.
“Nektar continues to have a very productive year achieving significant milestones with both our partnered programs and proprietary pipeline,” said Howard W. Robin, President and Chief Executive Officer of Nektar. “Finally, while I am disappointed that the results from the Phase 2 efficacy study for NKTR-181 were confounded by an unusual placebo response, we are working with our advisors and the FDA to design an optimal Phase 3 program, which should start by the middle of 2014.”