The net loss applicable to common stockholders for the third quarter of 2012 was $42.8 million, or $0.22 per share based on 190.5 million weighted average shares outstanding, compared with a net loss applicable to common stockholders of $38.4 million, or $0.31 per share based on 122.1 million weighted average shares outstanding, for the third quarter of 2011. The number of common shares outstanding at September 30, 2012 was 199,767,463.
Cash and short-term investments were $3.2 million at December 31, 2011 and $2.1 million at September 30, 2012, not including total net proceeds of $86.0 million from the underwritten public offering of common stock and warrants in October 2012.
MannKind management will host a conference call to discuss these results today at 6:00 p.m. Eastern Time. To participate in the call please dial 800-447-0521 or 847-413-3238 and use the participant passcode: 33432275. To listen to the call via the Internet please visit http://www.mannkindcorp.com. The website replay will be available for 14 days. A telephone replay will be accessible for approximately 14 days following completion of the call by dialing 888-843-7419 or 630-652-3042 and use the participant passcode: 3343 2275#.Presenting from the Company will be:
- Chairman and Chief Executive Officer Alfred Mann
- President and Chief Operating Officer Hakan Edstrom
- Corporate Vice President and Chief Financial Officer Matthew Pfeffer
|MannKind Corporation (A Development Stage Company) Condensed Consolidated Statements of Operations (Unaudited) (In thousands, except per share amounts)|
|Three months ended September 30,||Nine months ended September 30,||Cumulative period from February 14, 1991 (date of inception) to September 30,|
|Research and development||25,453||23,132||76,247||79,717||1,442,298|
|General and administrative||10,069||9,641||37,262||30,293||417,493|
|In-process research and development costs||—||—||—||—||19,726|
|Total operating expenses||35,522||32,773||113,509||110,010||2,030,945|
|Loss from operations||(35,487||)||(32,773||)||(113,474||)||(109,960||)||(2,027,779||)|
|Other income (expense)||(2,651||)||79||12,078||1,476||11,002|
|Interest expense on note payable to related party||(2,245||)||(2,863||)||(8,321||)||(7,849||)||(36,655||)|
|Interest expense on senior convertible notes||(2,859||)||(2,845||)||(8,278||)||(8,092||)||(37,072||)|
|Loss before provision for income taxes||(43,242||)||(38,402||)||(117,993||)||(124,407||)||(2,053,513||)|
|Income tax benefit||(408||)||—||(408||)||—||(382||)|
|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||$||(42,834||)||$||(38,402||)||$||(117,585||)||$||(124,407||)||$||(2,076,343||)|
|Net loss per share applicable to common stockholders — basic and diluted||$||(0.22||)||$||(0.31||)||$||(0.71||)||$||(1.02||)|
|Shares used to compute basic and diluted net loss per share applicable to common stockholders||190,534||122,130||164,611||121,636|
|MannKind Corporation (A Development Stage Company) Condensed Consolidated Balance Sheet (Unaudited) (in thousands)|
|September 30, 2012||December 31, 2011|
|Cash and cash equivalents||$||1,765||$||2,681|
|Available for sale securities and certificate of deposit||350||515|
|Prepaid expenses and other current assets||21,082||2,625|
|Total current assets||23,197||5,821|
|Property and equipment — net||186,611||193,029|
|State research and development credit exchange receivable — net of current portion||293||473|
|Liabilities and Stockholders’ Deficit|
|Senior convertible notes||211,673||210,642|
|Note payable to principal stockholder||223,142||277,203|
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