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MannKind Corporation Reports 2013 Third Quarter 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.

Forward-Looking Statements

This press release contains forward-looking statements that involve risks and uncertainties. Words such as "believes," "anticipates," "plans," "expects," "intend," "will," "goal," "potential" and similar expressions are intended to identify forward-looking statements. These forward-looking statements are based upon the Company's current expectations. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties, which include, without limitation, difficulties or delays in obtaining regulatory feedback or completing and analyzing the results of clinical studies, MannKind’s ability to manage its existing cash resources or raise additional cash resources, stock price volatility and other risks detailed in MannKind's filings with the Securities and Exchange Commission, including the Annual Report on Form 10-K for the year ended December 31, 2012 and periodic reports on Form 10-Q and Form 8-K. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement, and MannKind undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date of this press release.

 

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

2013     2012 2013     2012 September 30, 2013
Revenue $   $ 35   $   $ 35   $ 3,166  
 
Operating expenses:
Research and development 27,281 25,453 80,731 76,247 1,548,304
General and administrative 17,481 10,069 42,053 37,262 467,757
In-process research and development costs 19,726
Goodwill impairment                   151,428  
 
Total operating expenses   44,762     35,522     122,784     113,509     2,187,215  
 
Loss from operations (44,762 ) (35,487 ) (122,784 ) (113,474 ) (2,184,049 )
Other income (expense) 10 (2,651 ) 48 12,078 (2,219 )

Interest expense on note payable to

related party

(1,745 ) (2,245 ) (5,123 ) (8,321 ) (43,948 )

Interest expense on senior convertible

notes and facility financing

obligation

(4,323 ) (2,859 ) (10,052 ) (8,278 ) (49,985 )
Interest income   2         4     2     37,000  
 
Loss before benefit for income taxes (50,818 ) (43,242 ) (137,907 ) (117,993 ) (2,243,201 )
Income tax benefit       408         408     382  
 
Net loss (50,818 ) (42,834 ) (137,907 ) (117,585 ) (2,242,819 )

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

$ (50,818 ) $ (42,834 ) $ (137,907 ) $ (117,585 ) $ (2,266,031 )
 

Net loss per share applicable to

common stockholders — basic and

diluted

$ (0.17 ) $ (0.22 ) $ (0.48 ) $ (0.71 )
 

Shares used to compute basic and

diluted net loss per share applicable

to common stockholders

  296,386     190,534     286,889     164,611  
 
 
MannKind Corporation
(A Development Stage Company)
Condensed Consolidated Balance Sheet
(Unaudited)

(in thousands)

           

 

September 30, 2013

December 31, 2012

 
Assets
Current assets:
Cash and cash equivalents $ 93,803 $ 61,840
Prepaid expenses and other current assets   5,526     4,970  
Total current assets 99,329 66,810
Property and equipment — net 177,829 183,961
Other assets   10,450     543  
Total $ 287,608   $ 251,314  
 

Liabilities and Stockholders’ Deficit

Current liabilities $ 217,387 $ 144,775
Senior convertible notes 97,889 97,583
Note payable to related party 119,635 119,635
Other liabilities 20,419
Stockholders’ deficit   (167,722 )   (110,679 )
Total $ 287,608   $ 251,314  




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