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MannKind Corporation Reports 2013 Fourth Quarter And Full Year Financial Results

(Tables to follow)

 
MannKind Corporation
(A Development Stage Company)
Condensed Consolidated Statements of Operations
(Unaudited)
(In thousands, except per share amounts)
  Three months ended December 31,   Twelve months ended December 31, Cumulative period from February 14, 1991 (date of inception) to December 31,
  2013 2012   2013   2012   2013  
Revenue  $ —  $ — $ —  $ 35 $ 3,166
           
Operating expenses:          
Research and development   28,988  25,275  109,719  101,522  1,577,292
General and administrative   17,629  8,211  59,682  45,473  485,386
In-process research and development costs  —   —   —   —   19,726
Goodwill impairment   —   —   —   —   151,428
           
Total operating expenses   46,617  33,486  169,401  146,995  2,233,832
           
Loss from operations   (46,617)  (33,486)  (169,401)  (146,960)  (2,230,666)
Other income (expense)   (683)  (13,269)  (635)  (1,191)  (2,902)
Interest expense on note payable to related party  (1,185)  (2,170)  (6,309)  (10,491)  (45,134)
Interest expense on senior convertible notes and facility financing obligation  (5,101)   (2,861)  (15,153)  (11,139)  (55,086)
Interest income   4  5  8  7  37,004
           
Loss before benefit for income taxes   (53,582)  (51,781)  (191,490)  (169,774)  (2,296,784)
Income tax benefit   —   —   —   408  382
           
Net loss   (53,582)  (51,781)  (191,490)  (169,366)  (2,296,402)
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  $ (53,582) $ (51,781) $ (191,490) $ (169,366) $ (2,319,614)
           
Net loss per share applicable to common stockholders — basic and diluted $ (0.16) $ (0.23) $ (0.64) $ (0.94)  
           
Shares used to compute basic and diluted net loss per share applicable to common stockholders  337,284  229,234  299,591  180,855  
 
 
MannKind Corporation
(A Development Stage Company)
Condensed Consolidated Balance Sheet
(Unaudited)
(in thousands)
 
      December 31, 2013     December 31, 2012 
     
Assets    
Current assets:    
Cash and cash equivalents  $ 70,790  $ 61,840
Prepaid expenses and other current assets   5,485   4,970
Total current assets  76,275  66,810
Property and equipment — net  176,557  183,961
Other assets   5,814   543
Total  $ 258,646  $ 251,314
  Liabilities and Stockholders' Deficit    
 Current liabilities  $ 127,794  $ 144,775
Senior convertible notes  98,439  97,583
Note payable to related party  49,521  119,635
Other liabilities  13,605    —
Stockholders' deficit   (30,713)   (110,679)
Total  $ 258,646  $ 251,314
CONTACT: Company Contact:
         Matthew J. Pfeffer
         Chief Financial Officer
         661-775-5300
         mpfeffer@mannkindcorp.com

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