Nektar Therapeutics reported a net loss of $50.9 million for the first quarter of 2025, a significant increase from the $36.8 million loss recorded in the same period of 2024. Total revenue for the quarter was $10.5 million, down 52% from $21.6 million year-over-year. The decline in revenue was primarily attributed to the absence of product sales following the sale of its manufacturing facility in December 2024, which eliminated product sales and associated costs of goods sold. Non-cash royalty revenue also decreased by 33% to $10.5 million, reflecting changes in royalty rates and the conclusion of certain royalty terms.
In terms of operational changes, Nektar completed the sale of its Huntsville, Alabama manufacturing facility for $64.7 million, which included an equity stake in Gannet BioChem. This strategic move is part of the company's ongoing restructuring efforts initiated in 2022 and 2023, aimed at prioritizing key research and development projects, particularly in immunotherapy. The company is currently focused on advancing its clinical programs, including rezpegaldesleukin, which is undergoing Phase 2b trials for atopic dermatitis and alopecia areata.
Nektar's research and development expenses rose to $30.5 million, an 11% increase from the previous year, driven by higher costs associated with the development of rezpegaldesleukin. General and administrative expenses also increased by 21% to $24.3 million, largely due to rising legal costs. The company reported a total of 186,103,588 shares of common stock outstanding as of May 1, 2025, reflecting ongoing equity compensation activities.
Looking ahead, Nektar anticipates continued investment in its drug development pipeline, with expectations of incurring substantial losses as it seeks to advance its clinical candidates. The company has approximately $220.7 million in cash and investments, which it believes will be sufficient to fund operations for at least the next twelve months. However, Nektar acknowledges the inherent risks in drug development, including potential delays in clinical trials and regulatory approvals, which could impact its financial condition and operational plans.
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