It will take years to ramp NKTR-118 to meaningful revenues. Even with AZN money from NDA and approval, cash will still be tight given the ambitious development program. Do the math... assume 15% NKTR-118 royalty, $1B/year (blockbuster) in sales translates to $150M/year. NKTR will burn $200M in 2013 alone.
My take of the stock price is that one big seller is already factored into the stock price. Get a second and third and the stock takes off.
I beleive the only way the loan gets paid off early is if NKTR sells off a major asset and has enough cash to last a few years.
Sell assets? With 50M book value, 200M cash burn and secured creditors anxiously watching dwindling cash reserves, there ain't much left to sell except for pie-in-the-sky pipeline posters and if pharma wants some, the little Nektarphilial fairies flying high above would be glad to drop them a few slices. But they don't.