The company improved its operating efficiencies as compared to the previous year. Total operating costs and expenses were down 35% to $40.0 million in the first quarter of 2009 as compared to $61.9 million in the first quarter of 2008.
Nektar continues to make great progress advancing our clinical pipeline and delivering on our objectives in the first quarter of 2009, said Howard W. Robin, president and chief executive officer of Nektar. Our recently reported positive Phase 2 data for NKTR-118 provides the first clinical validation of our advanced polymer conjugate technology with oral small molecule drugs. With a robust clinical pipeline and a proven technology platform, Nektar is well-positioned to enter into strategic, high-value partnerships and capitalize on multiple new product opportunities generated by our platform.
Research and development expense was $23.9 million in the first quarter of 2009 as compared to $37.4 million for the same quarter in 2008. Included in the $23.9 million of overall research and development spending is around $13.5 million of investment in Nektar preclinical and clinical development programs.
Cash, cash equivalents, and short-term investments at March 31, 2009 were $325.3 million.
