0000899460false00008994602024-11-072024-11-07

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 07, 2024

 

 

MannKind Corporation

(Exact name of Registrant as Specified in Its Charter)

 

 

Delaware

000-50865

13-3607736

(State or Other Jurisdiction
of Incorporation)

(Commission File Number)

(IRS Employer
Identification No.)

 

 

 

 

 

1 Casper Street

 

Danbury, Connecticut

 

06810

(Address of Principal Executive Offices)

 

(Zip Code)

 

Registrant’s Telephone Number, Including Area Code: (818) 661-5000

 

N/A

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class

 

Trading
Symbol(s)

 


Name of each exchange on which registered

Common Stock, par value $0.01 per share

 

MNKD

 

The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 


Item 2.02. Results of Operations and Financial Condition.

On November 7, 2024, MannKind Corporation issued a press release, a copy of which is furnished herewith as Exhibit 99.1 and is incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.

 

Exhibit 99.1

Press release dated November 7, 2024

 

 

Exhibit 104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

 


SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

MannKind Corporation

 

Date: November 7, 2024

By:

/s/ David Thomson, Ph.D., J.D.

David Thomson, Ph.D., J.D.

Corporate Vice President, General Counsel and Secretary

 

 


 

img208524907_0.jpg

EXHIBIT 99.1

 

MANNKIND CORPORATION REPORTS
2024 THIRD QUARTER FINANCIAL RESULTS AND
PROVIDES BUSINESS UPDATE


Conference Call to Begin Today at 4:30 p.m. (ET)

3Q 2024 Total revenues of $70M; +37% vs. 3Q 2023
YTD 2024 Total revenues of $209M; +49% vs. YTD 2023
YTD 2024 Net income of $20 million; Non-GAAP net income of $45 million
Orphan lung disease studies proceeding as planned
o
MNKD-101 Phase 3 clinical trial expands globally
o
MNKD-201 Phase 1 successfully completed; Plan to meet with FDA in 1H 2025

DANBURY, Conn. and WESTLAKE VILLAGE, Calif. November 7, 2024 (Globe Newswire) — MannKind Corporation (Nasdaq: MNKD) today reported financial results for the quarter ended September 30, 2024.

“Our business demonstrated double-digit revenue growth compared to last year, led by Tyvaso DPI revenues,” said Michael Castagna, PharmD, Chief Executive Officer of MannKind Corporation. “The third quarter has also been marked by strong progress in our clinical development programs, with enrollment underway in the Phase 3 trial of MNKD-101 to study its effect in NTM lung disease and successful completion of a Phase 1 trial of MNKD-201 for IPF. We also recently announced positive topline results from the Afrezza INHALE-3 post-marketing study and expect to announce topline data from the Phase-3 INHALE-1 pediatric study by year-end.”

Third Quarter 2024 Results

Revenue Highlights

 

 

Three Months
Ended September 30,

 

 

 

2024

 

 

2023

 

 

$ Change

 

 

% Change

 

 

 

(Dollars in thousands)

 

Royalties – collaboration

 

$

27,083

 

 

$

20,218

 

 

$

6,865

 

 

 

34

%

Revenue – collaborations and services

 

 

23,268

 

 

 

13,108

 

 

$

10,160

 

 

 

78

%

Net revenue – Afrezza

 

 

15,035

 

 

 

13,476

 

 

$

1,559

 

 

 

12

%

Net revenue – V-Go

 

 

4,693

 

 

 

4,451

 

 

$

242

 

 

 

5

%

Total revenues

 

$

70,079

 

 

$

51,253

 

 

$

18,826

 

 

 

37

%

In the third quarter of 2024, compared to the same period in 2023:

royalties for Tyvaso DPI® increased $6.9 million, or 34%, due to increased sales by United Therapeutics ("UT");
collaborations and services revenue increased $10.2 million, or 78%, primarily attributable to an increase in manufacturing activities for Tyvaso DPI;
Afrezza® net revenue increased $1.6 million, or 12%, as a result of higher demand and improved gross-to-net adjustments; and

V-Go® net revenue increased $0.2 million, or 5%, as a result of improved gross-to-net adjustments and increased price, partially offset by lower product demand.

Commercial product gross margin in the third quarter of 2024 was 84% compared to 78% for the same period in 2023. The increase in gross margin was primarily attributable to an increase in Afrezza net revenue.

Cost of revenue – collaborations and services for the third quarter of 2024 was $14.8 million compared to $10.3 million for the same period in 2023. The $4.5 million increase was primarily attributable to increased manufacturing volume for Tyvaso DPI.

Research and development ("R&D") expenses for the third quarter of 2024 were $12.9 million compared to $10.0 million for the same period in 2023. The $2.9 million increase was primarily attributed to increased costs for a Phase 3 clinical study of MNKD-101, a Phase 1 clinical study of a dry-powder formulation of MNKD-201, and personnel costs due to increased headcount following a transaction with Pulmatrix, Inc.

Selling expenses were $13.1 million for the third quarter of 2024 compared to $13.4 million for the same period in 2023. The $0.3 million decrease was primarily due to reduced personnel costs related to a sales force restructuring completed during the first quarter of 2024, partially offset by an increase in promotional activities.

General and administrative expenses were $10.8 million for the third quarter of 2024 compared to $10.5 million for the same period in 2023. The $0.3 million increase was primarily attributable to increases in personnel costs partially offset by reduced consulting fees.

Interest income, net, was $3.2 million for the third quarter of 2024 compared to $1.6 million for the same period in 2023. The $1.6 million increase was primarily due to an increase in the underlying investments from the proceeds of the sale of 1% of our Tyvaso DPI royalties in December 2023 and higher yields on our securities portfolio.

Interest expense on liability for sale of future royalties was $4.1 million for the third quarter of 2024 and was attributable to imputed interest and amortization of debt issuance costs on the liability recorded in connection with the sale of 1% of our Tyvaso DPI royalties in December 2023.

Interest expense on financing liability related to the sale-leaseback of our Danbury manufacturing facility was $2.5 million for the third quarter of 2024 and remained consistent with the same period in 2023.

Interest expense was $1.8 million for the third quarter of 2024 compared to $2.8 million for the same period in 2023. The decrease of $1.0 million was primarily due to repayment of the MidCap credit facility and Mann Group convertible note in April 2024.

Gain on bargain purchase of $5.3 million for the third quarter of 2024 was the result of the excess of the fair value of net assets acquired over the fair value of the consideration paid in the Pulmatrix transaction.

 


Nine Months September 30, 2024

Revenue Highlights

 

 

Nine Months
Ended September 30,

 

 

 

2024

 

 

2023

 

 

$ Change

 

 

% Change

 

 

 

(Dollars in thousands)

 

Royalties – collaboration

 

$

75,326

 

 

$

50,951

 

 

$

24,375

 

 

 

48

%

Revenue – collaborations and services

 

 

74,130

 

 

 

35,705

 

 

$

38,425

 

 

 

108

%

Net revenue – Afrezza

 

 

45,762

 

 

 

39,427

 

 

$

6,335

 

 

 

16

%

Net revenue – V-Go

 

 

13,510

 

 

 

14,407

 

 

$

(897

)

 

 

(6

%)

Total revenues

 

$

208,728

 

 

$

140,490

 

 

$

68,238

 

 

 

49

%

For the nine months ended September 30, 2024, compared to the same period in 2023:

royalties related to Tyvaso DPI increased $24.4 million, or 48%, due to increased sales by UT;
collaborations and services revenue increased $38.4 million, or 108%, primarily attributable to an increase in manufacturing activities for Tyvaso DPI;
Afrezza net revenue for the nine months ended September 30, 2024 increased $6.3 million, or 16%, primarily as a result of higher demand and price and improved gross-to-net adjustments; and
V-Go net revenue for the nine months ended September 30, 2024 decreased $0.9 million, or 6%, as a result of lower product demand, partially offset by improved gross-to-net adjustments and increased price.

Commercial product gross margin in the nine months ended September 30, 2024 was 79% compared to 73% for the same period in 2023. The increase in gross margin was primarily attributable to an increase in Afrezza net revenue.

Cost of revenue – collaborations and services for the nine months ended September 30, 2024 was $44.4 million compared to $30.0 million for the same period in 2023. The $14.4 million increase was primarily attributable to increased manufacturing volume for product sold to UT.

R&D expenses for the nine months ended September 30, 2024 were $34.8 million compared to $22.0 million for the same period in 2023. The $12.8 million increase was primarily attributed to increased expenditures for development activities and a Phase 3 clinical study of MNKD-101, a Phase 1 study of MNKD-201, and personnel costs due to increased headcount as a result of the Pulmatrix transaction.
 

Selling expenses were $36.2 million in the nine months ended September 30, 2024 compared to $40.8 million for the same period in 2023. The $4.6 million decrease was primarily due to reduced personnel costs related to a sales force restructuring completed during the first quarter of 2024.

General and administrative expenses for the nine months ended September 30, 2024 were $34.2 million compared to $33.0 million for the same period in 2023. The $1.2 million increase was primarily attributable to a loss of $1.4 million related to estimated returns associated with sales of V-Go that pre-date our acquisition of the product and increases in personnel costs, partially offset by reduced consulting fees.

Interest income, net, was $9.8 million for the nine months ended September 30, 2024 compared to $4.4 million for the same period in 2023. The $5.4 million increase was primarily due to an increase in the underlying investments from the proceeds of the sale of 1% of our Tyvaso DPI royalties in December 2023 and higher yields on our securities portfolio.

Interest expense on liability for sale of future royalties was $12.7 million for the nine months ended September 30, 2024 and was attributable to imputed interest and amortization of debt issuance costs on the liability recorded in connection with the sale of 1% of our Tyvaso DPI royalties in December 2023.


Interest expense on financing liability related to the sale-leaseback of our Danbury manufacturing facility was $7.4 million for the nine months ended September 30, 2024 and remained consistent with the same period in 2023.

Interest expense was $10.4 million for the nine months ended September 30, 2024 compared to $12.5 million for the same period in 2023. The decrease of $2.1 million was primarily due to repayment of the MidCap credit facility and Mann Group convertible note in April 2024.

Gain on bargain purchase of $5.3 million for the nine months ended September 30, 2024 was the result of the excess of the fair value of net assets acquired over the fair value of the consideration paid in the Pulmatrix transaction.

Loss on available-for-sale securities for the nine months ended September 30, 2024 was $1.6 million resulting from the modification of the Thirona note terms. Gain on available-for-sale securities for the same period in 2023 was $0.9 million as a result of the change in fair value of the Thirona investment.

Loss on extinguishment of debt of $7.1 million for the nine months ended September 30, 2024 was incurred in connection with the prepayment of the MidCap credit facility and the Mann Group convertible note in April 2024.

Cash, cash equivalents and investments as of September 30, 2024 were $268.4 million.

Non-GAAP Measures

To supplement our condensed consolidated financial statements presented under U.S. generally accepted accounting principles ("GAAP"), we are presenting non-GAAP net income (loss) and non-GAAP net income (loss) per share - diluted, which are non-GAAP financial measures. We are providing these non-GAAP financial measures to disclose additional information to facilitate the comparison of past and present operations, and they are among the indicators management uses as a basis for evaluating our financial performance. We believe that these non-GAAP financial measures, when considered together with our GAAP financial results, provide management and investors with an additional understanding of our business operating results, including underlying trends.

These non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures; should be read in conjunction with our condensed consolidated financial statements prepared in accordance with GAAP; have no standardized meaning prescribed by GAAP; and are not prepared under any comprehensive set of accounting rules or principles. In addition, from time to time in the future there may be other items that we may exclude for purposes of our non-GAAP financial measures; and we may in the future cease to exclude items that we have historically excluded for purposes of our non-GAAP financial measures. Likewise, we may determine to modify the nature of adjustments to arrive at our non-GAAP financial measures. Because of the non-standardized definitions of non-GAAP financial measures, the non-GAAP financial measures as used by us in this report have limits in their usefulness to investors and may be calculated differently from, and therefore may not be directly comparable to similarly titled measures used by other companies.


The following table reconciles our financial measures for net income (loss) and net income (loss) per share ("EPS") for diluted weighted average shares as reported in our condensed consolidated statements of operations to a non-GAAP presentation.

 

Three Months

 

 

Nine Months

 

 

Ended September 30,

 

 

Ended September 30,

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

Net Income

 

 

Basic EPS

 

 

Net Income

 

 

Basic EPS

 

 

Net Income

 

 

Basic EPS

 

 

Net Loss

 

 

Basic EPS

 

 

(In thousands except per share data)

 

GAAP reported net income (loss)

$

11,550

 

 

$

0.04

 

 

$

1,721

 

 

$

0.01

 

 

$

20,166

 

 

$

0.07

 

 

$

(13,339

)

 

$

(0.05

)

Non-GAAP adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sold portion of royalty revenue (1)

 

(2,708

)

 

 

(0.01

)

 

 

 

 

 

 

 

 

(7,533

)

 

 

(0.03

)

 

 

 

 

 

 

Interest expense on liability for sale of future royalties

 

4,089

 

 

0.02

 

 

 

 

 

 

 

 

 

12,720

 

 

 

0.04

 

 

 

 

 

 

 

Stock compensation

 

5,227

 

 

 

0.02

 

 

 

4,601

 

 

 

0.02

 

 

 

15,540

 

 

 

0.06

 

 

 

13,836

 

 

 

0.05

 

Loss (gain) on foreign currency transaction

 

2,454

 

 

 

0.01

 

 

 

(2,065

)

 

 

(0.01

)

 

 

526

 

 

 

 

 

 

(860

)

 

 

 

Gain on bargain purchase

 

(5,259

)

 

 

(0.02

)

 

 

 

 

 

 

 

 

(5,259

)

 

 

(0.02

)

 

 

 

 

 

 

Loss on extinguishment of debt

 

 

 

 

 

 

 

 

 

 

 

 

 

7,050

 

 

 

0.03

 

 

 

 

 

 

 

Loss (gain) on available-for-sale securities

 

 

 

 

 

 

 

 

 

 

 

 

 

1,550

 

 

 

0.01

 

 

 

(932

)

 

 

 

Non-GAAP adjusted net income (loss)

$

15,353

 

 

$

0.06

 

 

$

4,257

 

 

$

0.02

 

 

$

44,760

 

 

$

0.16

 

 

$

(1,295

)

 

$

(0.00

)

Weighted average shares used to compute net income (loss)
    per share – basic

 

274,998

 

 

 

 

 

 

268,732

 

 

 

 

 

 

272,811

 

 

 

 

 

 

266,126

 

 

 

 

__________________________

(1) Represents the non-cash portion of the 1% royalty on net sales of Tyvaso DPI earned during the periods presented which is remitted to the royalty purchaser and recognized as royalties – collaboration in our consolidated statements of operations. Our revenues from royalties – collaboration during 3Q 2024 and the nine months ended September 30, 2024 totaled $27.1 million and $75.3 million, respectively, of which $2.7 million and $7.5 million, respectively, were attributed to the royalty purchaser.


Clinical Development Update and Anticipated Milestones

Afrezza INHALE-3 (T1D, Afrezza vs. standard of care multiple daily injections or pumps) Phase 4 clinical trial

Top-level 30-week results demonstrated that switching to or remaining on Afrezza allowed nearly twice as many people to get to the A1C (<7%) goal during the extension period
Additional data to be presented at Advanced Technologies and Treatments for Diabetes (ATTD) and other conferences in 1H 2025

Afrezza INHALE-1 Pediatric Phase 3 clinical trial

Primary endpoint analysis results expected in 4Q 2024
Six-month data with safety extension expected in 1H 2025
FDA submission for label expansion planned in 2025

MNKD-101 (Clofazimine Inhalation Suspension) Phase 3 (ICoN-1) clinical trial

Trial cleared to proceed in four countries (U.S., Japan, South Korea and Australia) with a fifth (Taiwan) expected in 4Q 2024
First patient randomized in the US in 3Q
Approximately 230 participants to be randomized at 100+ sites for a minimum of 180 evaluable participants

MNKD-201 (nintedanib DPI) Phase 1 clinical trial

Trial successfully completed, primary objective met demonstrating positive safety results and was well-tolerated in healthy volunteers
Participants did not experience adverse events typically reported with oral nintedanib
Preclinical chronic toxicology did not show any adverse findings
FDA End-of-Phase 1 meeting expected in 1H 2025

 

Conference Call

MannKind will host a conference call and presentation webcast to discuss these results today at 4:30 p.m. Eastern Time. The webcast will be accessible via a link on MannKind’s website. A replay will also be available in the same location within 24 hours after the call and accessible for approximately 90 days.


About MannKind

MannKind Corporation (Nasdaq: MNKD) focuses on the development and commercialization of innovative inhaled therapeutic products and devices to address serious unmet medical needs for those living with endocrine and orphan lung diseases.

We are committed to using our formulation capabilities and device engineering prowess to lessen the burden of diseases such as diabetes, nontuberculous mycobacterial (NTM) lung disease, pulmonary fibrosis, and pulmonary hypertension. Our signature technologies – dry-powder formulations and inhalation devices – offer rapid and convenient delivery of medicines to the deep lung where they can exert an effect locally or enter the systemic circulation, depending on the target indication.

With a passionate team of Mannitarians collaborating nationwide, we are on a mission to give people control of their health and the freedom to live life.

 

Please visit mannkindcorp.com to learn more, and follow us on LinkedIn, Facebook, X or Instagram.

Forward-Looking Statements

Statements in this press release that are not statements of historical fact are forward-looking statements that involve risks and uncertainties. These statements include, without limitation, statements regarding the expected timing of patient enrollment and global expansion in a clinical study of MNKD-101; the expected timing for data read-outs from clinical studies of Afrezza; timing for an end-of-Phase 1 meeting with the FDA for MNKD-201; and the timing of a planned FDA submission for Afrezza. Words such as “believes,” “anticipates,” “plans,” “expects,” “intend,” “will,” “goal,” “potential” and similar expressions are intended to identify forward-looking statements. These forward-looking statements are based upon MannKind’s current expectations. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties, which include, without limitation, risks associated with developing product candidates; risks and uncertainties related to unforeseen delays that may impact the timing of clinical trials and reporting data; risks associated with safety and other complications of our products and product candidates; risks associated with the regulatory review process; and other risks detailed in MannKind’s filings with the Securities and Exchange Commission (“SEC”), including under the “Risk Factors” heading of its Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 27, 2024, and subsequent periodic reports on Form 10-Q. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement, and MannKind undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date of this press release.

Tyvaso DPI is a trademark of United Therapeutics Corporation.

AFREZZA, MANNKIND, and V-GO are registered trademarks of MannKind Corporation.

# # #

MannKind Contacts:

Investor Relations

Ana Kapor

(818) 661-5000

Email: ir@mnkd.com

 

Media Relations

Christie Iacangelo

(818) 292-3500

Email: media@mnkd.com


MANNKIND CORPORATION AND SUBSIDIARY

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

 

 

 

Three Months
Ended September 30,

 

 

Nine Months
Ended September 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

 

(In thousands except per share data)

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

Net revenue – commercial product sales

 

$

19,728

 

 

$

17,927

 

 

$

59,272

 

 

$

53,834

 

Revenue – collaborations and services

 

 

23,268

 

 

 

13,108

 

 

 

74,130

 

 

 

35,705

 

Royalties – collaboration

 

 

27,083

 

 

 

20,218

 

 

 

75,326

 

 

 

50,951

 

Total revenues

 

 

70,079

 

 

 

51,253

 

 

 

208,728

 

 

 

140,490

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of goods sold

 

 

3,197

 

 

 

3,995

 

 

 

12,621

 

 

 

14,749

 

Cost of revenue – collaborations and services

 

 

14,826

 

 

 

10,259

 

 

 

44,377

 

 

 

29,955

 

Research and development

 

 

12,926

 

 

 

9,989

 

 

 

34,755

 

 

 

22,047

 

Selling

 

 

13,093

 

 

 

13,440

 

 

 

36,189

 

 

 

40,752

 

General and administrative

 

 

10,823

 

 

 

10,538

 

 

 

34,168

 

 

 

33,027

 

Loss (gain) on foreign currency transaction

 

 

2,454

 

 

 

(2,065

)

 

 

526

 

 

 

(860

)

Total expenses

 

 

57,319

 

 

 

46,156

 

 

 

162,636

 

 

 

139,670

 

Income from operations

 

 

12,760

 

 

 

5,097

 

 

 

46,092

 

 

 

820

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

Interest income, net

 

 

3,179

 

 

 

1,580

 

 

 

9,790

 

 

 

4,429

 

Interest expense on liability for sale of future royalties

 

 

(4,089

)

 

 

 

 

 

(12,720

)

 

 

 

Interest expense on financing liability

 

 

(2,470

)

 

 

(2,459

)

 

 

(7,361

)

 

 

(7,332

)

Interest expense

 

 

(1,801

)

 

 

(2,815

)

 

 

(10,419

)

 

 

(12,474

)

Gain on bargain purchase

 

 

5,259

 

 

 

 

 

 

5,259

 

 

 

 

Other income

 

 

32

 

 

 

318

 

 

 

32

 

 

 

286

 

Loss on extinguishment of debt

 

 

 

 

 

 

 

 

(7,050

)

 

 

 

(Loss) gain on available-for-sale securities

 

 

 

 

 

 

 

 

(1,550

)

 

 

932

 

Total other expense

 

 

110

 

 

 

(3,376

)

 

 

(24,019

)

 

 

(14,159

)

Income (loss) before income tax expense

 

 

12,870

 

 

 

1,721

 

 

 

22,073

 

 

 

(13,339

)

Income tax expense

 

 

1,320

 

 

 

 

 

 

1,907

 

 

 

 

Net income (loss)

 

$

11,550

 

 

$

1,721

 

$

20,166

 

 

$

(13,339

)

Net income (loss) per share – basic

 

$

0.04

 

 

$

0.01

 

 

$

0.07

 

 

$

(0.05

)

Weighted average shares used to compute net income (loss)
   per share – basic

 

 

274,998

 

 

 

268,732

 

 

 

272,811

 

 

 

266,126

 

Net income (loss) per share – diluted

 

$

0.04

 

 

$

0.01

 

 

$

0.07

 

 

$

(0.05

)

Weighted average shares used to compute net income (loss)
   per share – diluted

 

 

284,693

 

 (1)

 

323,770

 

 (1)

 

281,407

 

 (1)

 

266,126

 

__________________________

(1) Diluted weighted average shares ("DWAS") differs from basic due to the weighted average number of shares that would be outstanding upon exercise or vesting of outstanding share-based payments to employees and conversion of convertible notes. For the three and nine months ended September 30, 2024 DWAS included and 9,695 and 8,596, respectively, shares of outstanding share-based payments. 44,120 shares issuable upon conversion of our Senior convertible notes were excluded as their effect would be antidilutive. For the three months ended September 30, 2023 DWAS included 7,548 shares of outstanding share-based payments, 44,120 shares issuable upon conversion of our Senior convertible notes, and 3,370 shares issuable upon conversion of our Mann Group convertible note.


MANNKIND CORPORATION AND SUBSIDIARY

CONDENSED CONSOLIDATED BALANCE SHEETS

 

 

 

 

 

 

 

 

 

 

September 30, 2024

 

 

December 31, 2023

 

 

 

(In thousands except share
and per share data)

 

ASSETS

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

62,373

 

 

$

238,480

 

Short-term investments

 

 

189,215

 

 

 

56,619

 

Accounts receivable, net

 

 

18,184

 

 

 

14,901

 

Inventory

 

 

26,663

 

 

 

28,545

 

Prepaid expenses and other current assets

 

 

31,229

 

 

 

34,848

 

Total current assets

 

 

327,664

 

 

 

373,393

 

Restricted cash

 

 

735

 

 

 

 

Long-term investments

 

 

16,796

 

 

 

7,155

 

Property and equipment, net

 

 

85,339

 

 

 

84,220

 

Goodwill

 

 

1,931

 

 

 

1,931

 

Other intangible assets

 

 

5,313

 

 

 

1,073

 

Other assets

 

 

26,422

 

 

 

7,426

 

Total assets

 

$

464,200

 

 

$

475,198

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' DEFICIT

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

6,444

 

 

$

9,580

 

Accrued expenses and other current liabilities

 

 

37,386

 

 

 

42,036

 

Liability for sale of future royalties – current

 

 

11,755

 

 

 

9,756

 

Financing liability – current

 

 

9,998

 

 

 

9,809

 

Deferred revenue – current

 

 

6,518

 

 

 

9,085

 

Recognized loss on purchase commitments – current

 

 

 

 

 

3,859

 

Midcap credit facility – current

 

 

 

 

 

20,000

 

Total current liabilities

 

 

72,101

 

 

 

104,125

 

Senior convertible notes

 

 

227,941

 

 

 

226,851

 

Liability for sale of future royalties – long term

 

 

137,140

 

 

 

136,054

 

Financing liability – long term

 

 

94,005

 

 

 

94,319

 

Deferred revenue – long term

 

 

65,150

 

 

 

69,794

 

Recognized loss on purchase commitments – long term

 

 

62,638

 

 

 

60,942

 

Operating lease liability

 

 

12,167

 

 

 

3,925

 

Milestone liabilities

 

 

2,813

 

 

 

3,452

 

Financing lease liability

 

 

171

 

 

 

 

Midcap credit facility – long term

 

 

 

 

 

13,019

 

Mann Group convertible note

 

 

 

 

 

8,829

 

Accrued interest – Mann Group convertible note

 

 

 

 

 

56

 

Total liabilities

 

 

674,126

 

 

 

721,366

 

Stockholders' deficit:

 

 

 

 

 

 

Undesignated preferred stock, $0.01 par value – 10,000,000 shares authorized;
   no shares issued or outstanding as of September 30, 2024 or December 31, 2023

 

 

 

 

 

 

Common stock, $0.01 par value – 800,000,000 shares authorized;
   275,775,038 and 270,034,495 shares issued and outstanding as of
   September 30, 2024 and December 31, 2023, respectively

 

 

2,753

 

 

 

2,700

 

Additional paid-in capital

 

 

2,995,974

 

 

 

2,980,539

 

Accumulated other comprehensive income

 

 

588

 

 

 

 

Accumulated deficit

 

 

(3,209,241

)

 

 

(3,229,407

)

Total stockholders' deficit

 

 

(209,926

)

 

 

(246,168

)

Total liabilities and stockholders' deficit

 

$

464,200

 

 

$

475,198

 

 


v3.24.3
Document And Entity Information
Nov. 07, 2024
Cover [Abstract]  
Document Type 8-K
Amendment Flag false
Document Period End Date Nov. 07, 2024
Entity Registrant Name MannKind Corporation
Entity Central Index Key 0000899460
Entity Emerging Growth Company false
Entity File Number 000-50865
Entity Incorporation, State or Country Code DE
Entity Tax Identification Number 13-3607736
Entity Address, Address Line One 1 Casper Street
Entity Address, City or Town Danbury
Entity Address, State or Province CT
Entity Address, Postal Zip Code 06810
City Area Code (818)
Local Phone Number 661-5000
Entity Information, Former Legal or Registered Name N/A
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, par value $0.01 per share
Trading Symbol MNKD
Security Exchange Name NASDAQ

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