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MannKind Corporation Reports 2012 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.

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

(In thousands, except per share amounts)

 

 

 

 

Three months ended

December 31,

 

 

Year ended

December 31,

Cumulative period

from February 14,

1991 (date of

inception) to

December 31,

  2012       2011     2012       2011     2012  
Revenue $   $   $ 35   $ 50   $ 3,166  
Operating expenses:
Research and development 25,275 20,242 101,522 99,959 1,467,573
General and administrative 8,211 10,337 45,473 40,630 425,704
In-process research and development costs 19,726
Goodwill impairment                   151,428  
Total operating expenses   33,486     30,579     146,995     140,589     2,064,431  
Loss from operations (33,486 ) (30,579 ) (146,960 ) (140,539 ) (2,061,265 )
Other income (expense) (13,269 ) 66 (1,191 ) 1,541 (2,267 )
Interest expense on note payable to related party (2,170 ) (3,035 ) (10,491 ) (10,883 ) (38,825 )
Interest expense on senior convertible notes (2,861 ) (2,849 ) (11,139 ) (10,941 ) (39,933 )
Interest income   5         7     18     36,996  
Loss before provision for income taxes (51,781 ) (36,397 ) (169,774 ) (160,804 ) (2,105,294 )
Income tax benefit           (408 )       (382 )
Net loss (51,781 ) (36,397 ) (169,366 ) (160,804 ) (2,104,912 )
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 $ (51,781 ) $ (36,397 ) $ (169,366 ) $ (160,804 ) $ (2,128,124 )
Net loss per share applicable to common stockholders — basic and diluted $ (0.23 ) $ (0.30 ) $ (0.94 ) $ (1.32 )
Shares used to compute basic and diluted net loss per share applicable to common stockholders   229,234     122,357     180,855     121,817  
 

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

(in thousands)

 

 

December 31, 2012

December 31, 2011

 
Assets
Current assets:
Cash and cash equivalents $ 61,840 $ 2,681
Prepaid expenses and other current assets   4,970     3,140  
Total current assets 66,810 5,821
Property and equipment — net 183,961 193,029
State research and development credit exchange receivable — net of current portion 313 473
Other assets   230     230  
Total $ 251,314   $ 199,553  

Liabilities and Stockholders’ Deficit

Current liabilities $ 144,775 $ 25,360
Senior convertible notes 97,583 210,642
Note payable to principal stockholder 119,635 277,203
Stockholders’ deficit   (110,679 )   (313,652 )
Total $ 251,314   $ 199,553  
 




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