Nektar Therapeutics (NASDAQ:NKTR) Reports Q3 2020 Financial Results And Bempegaldesleukin Development Updates

Nektar Therapeutics (NASDAQ:NKTR) has announced its Q3 2020 financial results for the period ended September 30, 2020. At the end of the quarter, the company has $1.6 billion in cash and investments.

Registrational bempegaldesleukin and nivolumab combination studies enrolling

The company’s CEO, Howard Robin, said that Nektar continued to advance its early-stage and late-stage registrational studies for their immune-oncology pipeline despite challenges presented by the pandemic. He said that enrolment in the five registrational bempegaldesleukin studies in combination with nivolumab is on schedule. Recently the company’s partner BMS commenced a new clinical trial in renal cell carcinoma evaluating the dual therapy with a TKI agent. Robin said they are ahead of enrolment targets for the second Phase PROPEL study of bempegaldesleukin with pembrolizumab in metastatic NSCLC patients. Nektar expects to share preliminary data from this crucial study in the 1H 2021.

The 2020 SITC meeting featured data presentations showcasing the strength of the company’s immune-oncology pipeline. The presentation included 2½ year data in patients with metastatic melanoma treated with a combination of bempegaldesleukin and nivolumab. Robin said that the oral presentation included encouraging early data of the company’s IL-15 cytokine, NKTR-255, and TLR agonist program NKTR-262.

In Immunology, the company presented encouraging data at ACR 2020, highlighting the disease activity observed in patients having lupus with the T regulator cell agent, NKTR-358. Robin confirmed that the company’s partner Lilly is conducting a comprehensive clinical development NKT-358 program with two Phase 1b trials in psoriasis and atopic dermatitis. A second phase study is underway in systemic lupus erythematosus patients. Also, a new second phase study is scheduled in ulcerative colitis.

Nektar reported revenue of $30 million in Q3

In Q3, the company reported $30 million in revenue, and for the first nine months, its revenue was $129.5 million. Nektar recognized $50 million in milestone payment in the quarter from Bristol-Myers Squibb related to the commencement of new registrational studies of bempegaldesleukin and Opdivo® in muscle-invasive bladder cancer and adjuvant melanoma. Net loss in the quarter was $108.6 million or $0.61 per share.