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VALENCIA, Calif., May 12, 2014 (GLOBE NEWSWIRE) --
MannKind Corporation (Nasdaq:MNKD) today reported financial results for the first quarter ended March 31, 2014.
For the first quarter of 2014, total operating expenses were $41.4 million, compared to $36.4 million for the first quarter of 2013, an increase of $5.0 million. Research and development (R&D) expenses were $26.2 million for the first quarter of 2014, compared to $26.4 million for the corresponding quarter in 2013, a decrease of $0.2 million. General and administrative (G&A) expenses increased by $5.2 million to $15.2 million for the first quarter of 2014 compared to $10.0 million in the first quarter of 2013. The increase in G&A expenses was due to an increase in non-cash stock-based compensation expense of $3.4 million and $1.2 million in consulting and legal fees related to financing transactions.
The net loss applicable to common stockholders for the first quarter of 2014 was $52.1 million, or $0.14 per share based on 368.8 million weighted average shares outstanding, compared with a net loss applicable to common stockholders of $41.0 million, or $0.15 per share based on 280.1 million weighted average shares outstanding for the first quarter of 2013. The increase in shares outstanding from the first quarter of 2013 to the first quarter of 2014 resulted largely from warrant exercises, at-the-market stock issuances and conversion of debt into equity. The number of common shares outstanding at March 31, 2014 was 386,934,914.
Cash and cash equivalents were $35.8 million at March 31, 2014 and $70.8 million at December 31, 2013. Currently, there is $30.1 million of available borrowings under the amended loan arrangement with The Mann Group. Under the provisions of the amended Deerfield Facility Agreement, the lenders purchased an aggregate principal amount of $20.0 million in Tranche B notes on May 6, 2014.