Nektar Therapeutics, a clinical-stage biopharmaceutical company focused on immunotherapy, reported a net loss of $118.96 million for the year ended December 31, 2024, compared to a net loss of $276.06 million in 2023. Total revenue for 2024 was $98.43 million, a 9% increase from $90.12 million in 2023. This increase was driven by a 62% rise in product sales to $33.56 million, although non-cash royalty revenue decreased by 7% to $64.27 million. Operating costs and expenses decreased by 42% to $203.62 million, primarily due to a $76.5 million impairment of goodwill in 2023 and a $40.4 million gain on the sale of the Huntsville manufacturing facility in 2024.
Significant changes compared to the previous year include the sale of the Huntsville, Alabama manufacturing facility in December 2024 for $64.7 million in cash and a 20% equity interest in Gannet BioChem. The company also completed its 2023 restructuring plan, resulting in a 60% reduction in its San Francisco-based workforce. Further, the company regained full rights to rezpegaldesleukin (previously licensed to Eli Lilly and Company) after the termination of their collaboration agreement. The company initiated two Phase 2b clinical studies for rezpegaldesleukin: one for atopic dermatitis (October 2023) and another for alopecia areata (March 2024). The FDA granted Fast Track designation for rezpegaldesleukin in the treatment of moderate-to-severe atopic dermatitis in February 2025.
Operational developments included the initiation of a Phase 2b study of rezpegaldesleukin in patients with new onset stage 3 type 1 diabetes mellitus in collaboration with TrialNet. Nektar also announced positive Phase 2 results for NKTR-255 in combination with CAR-T cell therapy for large B-cell lymphoma in December 2024. The company is continuing clinical collaborations for NKTR-255 with Merck KGaA and AbelZeta Pharma, Inc. Preclinical IND-enabling studies for NKTR-0165, a TNFR2 agonist, are underway, following the exercise of an exclusive license option in December 2023. As of December 31, 2024, Nektar employed 61 people, 35 of whom were in research and development.
The company's financial condition as of December 31, 2024, showed $269.1 million in cash and investments. Nektar anticipates continued substantial losses from operations and may not achieve profitability in the future. Future capital requirements will depend on clinical trial outcomes, potential milestone payments and royalties, and the success of securing new collaborations. The company expects to continue investing in its drug candidate pipeline and explore additional strategic partnerships. The company's outlook is subject to numerous risks and uncertainties, including those related to clinical development, regulatory approvals, market competition, and financing.
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