This Day On The Street
Continue to site
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

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

MannKind Corporation Logo

3 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

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

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 18,232.02 -53.72 -0.29%
S&P 500 2,126.06 -4.76 -0.22%
NASDAQ 5,089.3620 -1.4320 -0.03%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs