Nektar Therapeutics Reports Financial Results for the First Quarter of 2019

Thursday, May 9, 2019 General News
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NEKTAR THERAPEUTICS

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

Three Months Ended March 31,

2019

2018

Cash flows from operating activities:

  Net loss

$        (118,512)

$                  (95,792)

  Adjustments to reconcile net loss to net cash used in operating activities:

     Non-cash royalty revenue related to sale of future royalties

(8,230)

(6,920)

     Non-cash interest expense on liability related to sale of future royalties 

6,065

5,019

     Stock-based compensation 

25,385

19,949

     Depreciation and amortization 

3,077

2,541

     Accretion of discounts, net and other non-cash transactions

(4,303)

(370)

  Changes in operating assets and liabilities:

     Accounts receivable

319

151

     Inventory

(397)

51

     Other assets 

4,209

1,853

     Accounts payable 

5,156

6,492

     Accrued compensation 

8,434

6,867

     Other accrued expenses 

774

10,826

     Deferred revenue 

(4,204)

(3,678)

     Other liabilities 

1,332

545

  Net cash used in operating activities 

(80,895)

(52,466)

Cash flows from investing activities:

     Purchases of investments 

(368,739)

-

     Maturities of investments 

362,249

37,232

     Sales of investments 

-

11,963

     Purchases of property, plant and equipment 

(5,648)

(985)

  Net cash provided by (used in) investing activities 

(12,138)

48,210

Cash flows from financing activities:

     Proceeds from shares issued under equity compensation plans

4,894

34,352

  Net cash provided by financing activities 

4,894

34,352

  Effect of exchange rates on cash and cash equivalents 

(14)

(53)

  Net increase (decrease) in cash and cash equivalents 

(88,153)

30,043

  Cash and cash equivalents at beginning of period

194,905

4,762

  Cash and cash equivalents at end of period

$         106,752

$                   34,805

Supplemental disclosure of cash flow information:

  Cash paid for interest

$              4,805

$                      4,952



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