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.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- 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 + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV