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MannKind Corporation Reports 2011 Fourth Quarter And Full Year Financial Results

MannKind maintains a website at http://www.mannkindcorp.com 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
(Unaudited)

(In thousands, except per share amounts)

 

 

 

 

 

 

 

Three months ended

December 31,

 

 

 

 

 

Twelve months ended

December 31,

 

Cumulative

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
(Unaudited)

(in thousands)

 
  December 31,   December 31,
2011 2010
 
Assets
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  
 




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