This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

MannKind Corporation Reports 2011 Fourth Quarter And Full Year Financial Results

MannKind maintains a website at to which MannKind regularly posts copies of its press releases as well as additional information about MannKind. Interested persons can subscribe on the MannKind website to e-mail alerts that are sent automatically when MannKind issues press releases, files its reports with the Securities and Exchange Commission or posts certain other information to the website.

Forward-Looking Statements

This press release contains forward-looking statements, including statements related to MannKind’s proposed public offering of common stock, that involve risks and uncertainties. Words such as “believes,” “anticipates,” “plans,” “expects,” “intends,” “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 these risks and uncertainties, which include, without limitation, risks associated with market conditions and the satisfaction of customary closing conditions related to the proposed offering, the progress, timing and results of clinical trials, difficulties or delays in seeking or obtaining regulatory approval, the manufacture of AFREZZA, competition from other pharmaceutical or biotechnology companies, MannKind’s ability to enter into any collaborations or strategic partnerships, intellectual property matters, stock price volatility and other risks detailed in MannKind’s filings with the Securities and Exchange Commission, including its quarterly report on Form 10-Q for the quarter ended September 30, 2011. 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.

MannKind Corporation
(A Development Stage Company)
Condensed Consolidated Statements of Operations

(In thousands, except per share amounts)








Three months ended

December 31,






Twelve months ended

December 31,



period from

February 14,

1991 (date of

inception) to

December 31,

2011   2010 2011   2010 2011
Revenue $   $   $ 50   $ 93   $ 3,131  
Operating expenses:
Research and development 20,242 24,217 99,959 112,279 1,366,051
General and administrative 10,337 7,877 40,630 40,312 380,231
In-process research and development costs 19,726
Goodwill impairment                   151,428  
Total operating expenses   30,579     32,094     140,589     152,591     1,917,436  
Loss from operations (30,579 ) (32,094 ) (140,539 ) (152,498 ) (1,914,305 )
Other income (expense) 66 (626 ) 1,541 (725 ) (1,076 )
Interest expense on note payable to principal stockholder (3,035 ) (2,773 ) (10,883 ) (10,249 ) (28,334 )
Interest expense on senior convertible notes (2,849 ) (2,831 ) (10,941 ) (7,128 ) (28,794 )
Interest income       18     18     40     36,989  
Loss before provision for income taxes (36,397 ) (38,306 ) (160,804 ) (170,560 ) (1,935,520 )
Income taxes                   (26 )
Net loss (36,397 ) (38,306 ) (160,804 ) (170,560 ) (1,935,546 )
Deemed dividend related to beneficial conversion feature of convertible preferred stock (22,260 )
Accretion on redeemable preferred stock                   (952 )
Net loss applicable to common stockholders $ (36,397 ) $ (38,306 ) $ (160,804 ) $ (170,560 ) $ (1,958,758 )
Net loss per share applicable to common stockholders — basic and diluted $ (0.30 ) $ (0.33 ) $ (1.32 ) $ (1.50 )
Shares used to compute basic and diluted net loss per share applicable to common stockholders   122,357     114,932     121,817     113,672  

MannKind Corporation
(A Development Stage Company)
Condensed Consolidated Balance Sheet

(in thousands)

  December 31,   December 31,
2011 2010
Current assets:
Cash and cash equivalents $ 2,681 $ 66,061
Marketable securities 515 4,370
State research and development credit exchange receivable — current - 674
Prepaid expenses and other current assets   2,625     2,849  
Total current assets 5,821 73,954
Property and equipment — net 193,029 202,356
State research and development credit exchange receivable — net of current portion 473 629
Other assets   230     317  
Total $ 199,553   $ 277,256  

Liabilities and Stockholders’ Deficit

Current liabilities

$ 25,360 $ 18,134
Senior convertible notes 210,642 209,335
Note payable to principal stockholder 277,203 235,319
Stockholders’ deficit   (313,652 )   (185,532 )
Total $ 199,553   $ 277,256  

3 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,132.70 -81.72 -0.45%
S&P 500 2,104.50 -6.24 -0.30%
NASDAQ 4,963.5270 -24.3630 -0.49%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs