Nektar Therapeutics, a clinical-stage biopharmaceutical company based in San Francisco, reported its financial results for the third quarter and nine months ended September 30, 2024. The company experienced a decrease in total current assets, which fell to $286.5 million from $330.7 million at the end of 2023. Cash and cash equivalents also declined to $30.1 million from $35.3 million, while total assets decreased to $308.0 million from $398.0 million. Stockholders’ equity saw a significant drop to $48.9 million from $131.0 million.

For the three months ended September 30, 2024, Nektar reported total revenue of $24.1 million, slightly down from $24.1 million in the same period of 2023. Product sales increased to $8.0 million, a 38% rise from $5.8 million in the prior year. The cost of goods sold significantly decreased to $4.4 million from $12.4 million, contributing to a reduced loss from operations of $34.3 million, an improvement from a loss of $44.9 million in 2023. The net loss for the quarter was $37.1 million, down from $45.8 million a year earlier.

For the nine months ended September 30, 2024, total revenue increased to $69.3 million from $66.2 million, driven by a 36% rise in product sales to $20.7 million. The company reported a net loss of $126.2 million, a significant reduction from $234.0 million in the same period of 2023. Operating costs and expenses for the nine months decreased to $188.8 million from $296.4 million, reflecting the impact of restructuring efforts.

Nektar has implemented restructuring plans in 2022 and 2023, resulting in a workforce reduction of approximately 60% in 2023. The company is also in the process of selling its manufacturing facility in Huntsville, Alabama, for $70 million in cash and approximately 20% equity ownership in the purchaser. Additionally, Nektar has regained full rights to its drug candidate rezpegaldesleukin and initiated Phase 2b studies for its development.

The company continues to face challenges, including ongoing litigation with Eli Lilly regarding a terminated collaboration agreement, which may incur substantial costs. As of September 30, 2024, Nektar had approximately $249.0 million in cash and investments, indicating sufficient working capital to fund its operations for at least the next twelve months.