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 2014 First Quarter Financial Results

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.

1 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
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,826.30 -279.47 -1.54%
S&P 500 2,081.18 -23.81 -1.13%
NASDAQ 4,931.8150 -75.9760 -1.52%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs