This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
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
$1 buys you full access to ALL of TheStreet's Subscription Services! Learn More

MannKind Corporation Reports 2013 Second Quarter Financial Results

Stocks in this article: MNKD

MannKind Corporation (Nasdaq: MNKD) today reported financial results for the second quarter ended June 30, 2013.

For the second quarter of 2013, total operating expenses were $41.6 million, compared to $44.1 million for the second quarter of 2012, a decrease of $2.5 million. Research and development (R&D) expenses were $27.1 million for the second quarter of 2013 compared to $26.6 million for the same quarter in 2012, an increase of $0.5 million primarily due to an increase in non-cash stock compensation expense partially offset by a decrease in clinical trial related expenses. General and administrative (G&A) expenses decreased by $2.9 million to $14.5 million for the second quarter of 2013 compared to $17.4 million in the second quarter of 2012. This 17% decrease in G&A expense was primarily due to non-cash expenses of a $7.7 million litigation settlement accrual recorded in the second quarter of 2012 partly offset by increased stock compensation expense in the second quarter of 2013.

Operating expenses totaled $78.0 million for the first six months of 2013 and for the same period in 2012. Total R&D expenses for the six months ended June 30, 2013 increased $2.7 million, or 5%, compared to the same period in 2012, primarily due to an increase in non-cash stock compensation expense partially offset by a decrease in clinical trial related expense in the first half of 2013. G&A expenses decreased by $2.6 million, or 10%, to $24.6 million for the first half of 2013 as compared to $27.2 million in the same period in 2012. The decrease was due to the non-recurrence of a $7.7 million litigation settlement accrual recorded in the second quarter of 2012 partially offset by increased stock compensation expense in the first half of 2013.

The net loss applicable to common stockholders for the second quarter of 2013 was $46.1 million, or $0.16 per share based on 284.0 million weighted average shares outstanding, compared with a net loss applicable to common stockholders of $36.6 million, or $0.23 per share based on 159.9 million weighted average shares outstanding for the second quarter of 2012. The number of common shares outstanding at June 30, 2013 was 300,869,683.

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
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 17,810.06 +91.06 0.51%
S&P 500 2,063.50 +10.75 0.52%
NASDAQ 4,712.97 +11.1030 0.24%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

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