PFE - Nektar Therapeutics unveils restructuring plan laying off 70% of its workforce

Nektar Therapeutics (NASDAQ:NKTR) will implement a cost restructuring plan so that it can focus on its two mid-stage pipeline assets that will result in the loss of 70% of its employees. The company said the plan will extend its cash runway into 1H 2025. After accounting for wind-down and restructuring costs, Nektar (NKTR) projects ending the year with $440M-$450M in cash and investments and no debt. The company's two major assets, NKTR-255 and NKTR-358, are in development for, respectively, oncology and immunology indications. NKTR-255 is in Phase 2 with partners Pfizer (PFE) and Merck KGaA (OTCPK:MKGAF) (OTCPK:MKKGY) for locally advanced or metastatic urothelial carcinoma, while NKTR-358 is in Phase 2 in partnership with Eli Lilly (LLY) for systemic lupus erythematosus and ulcerative colitis. Nektar (NKTR) noted under its deal with Lilly (LLY), it is eligible for up to $250M in milestone payments as well as royalties from potential sales. Nektar (NKTR)

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Nektar Therapeutics unveils restructuring plan, laying off 70% of its workforce