MannKind Corporation (Nasdaq:MNKD) today reported financial results for the third quarter ended September 30, 2013.
For the third quarter of 2013, total operating expenses were $44.8 million, compared to $35.5 million for the third quarter of 2012, an increase of $9.3 million. Research and development (R&D) expenses were $27.3 million for the third quarter of 2013 compared to $25.5 million for the same quarter in 2012, an increase of $1.8 million, or 7%, primarily due to an increase in non-cash stock compensation expense, partially offset by a decrease in clinical trial related expenses with the completion of studies 171 and 175 last quarter. General and administrative (G&A) expenses increased by $7.4 million to $17.5 million for the third quarter of 2013 compared to $10.1 million in the third quarter of 2012. This 73.3% increase in G&A expense was primarily due to an increase in non-cash stock compensation expense of $6.7 million in the third quarter of 2013 compared to the same quarter of the prior year.
For the nine months of 2013, operating expenses totaled $122.8 million, compared to $113.5 million for the same period in 2012. Total R&D expenses for the nine months ended September 30, 2013 increased $4.5 million, or 5.9%, 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 2013 with the completion of studies 171 and 175 in the second quarter of 2013. G&A expenses increased by $4.8 million, or 12.9%, to $42.1 million for the nine months of 2013 as compared to $37.3 million in the same period in 2012. The increase was primarily due to increased stock compensation expense and professional fees in 2013 partially offset by the $7.7 million litigation settlement accrual recorded in 2012.
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