$MNKD
MANNKIND CORP

2013 Q2 Form 10-Q Financial Statement

#000119312513213856 Filed on May 10, 2013

View on sec.gov

Income Statement

Concept 2013 Q2 2013 Q1 2012 Q1
Revenue $0.00 $0.00 $0.00
YoY Change -100.0%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $14.50M $10.00M $9.800M
YoY Change 49.48% 2.04% -16.95%
% of Gross Profit
Research & Development $27.05M $26.40M $24.16M
YoY Change 1.55% 9.28% -8.15%
% of Gross Profit
Depreciation & Amortization $2.956M $2.990M $3.357M
YoY Change -10.53% -10.93% -18.52%
% of Gross Profit
Operating Expenses $41.59M $36.44M $33.93M
YoY Change -5.6% 7.38% -10.94%
Operating Profit -$41.59M -$36.44M -$33.93M
YoY Change -5.6% 7.38%
Interest Expense -$4.600M -$4.600M -$5.600M
YoY Change -22.03% -17.86% 14.29%
% of Operating Profit
Other Income/Expense, Net $15.00K $23.00K $1.382M
YoY Change -99.89% -98.34% -1.29%
Pretax Income -$46.12M -$40.97M -$38.17M
YoY Change 26.1% 7.31% -8.02%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$46.12M -$40.97M -$38.17M
YoY Change 26.1% 7.31% -8.07%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$811.6K -$732.1K -$1.336M
COMMON SHARES
Basic Shares Outstanding 290.9M shares 289.4M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2013 Q2 2013 Q1 2012 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $28.50M $28.00M $56.70M
YoY Change -10.94% -50.62% 19.37%
Cash & Equivalents $28.53M $28.01M $56.36M
Short-Term Investments $25.90M $25.70M $400.0K
Other Short-Term Assets $3.200M $3.800M $3.000M
YoY Change -82.61% 26.67% 20.0%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $32.16M $32.29M $59.70M
YoY Change -36.06% -45.92% 17.98%
LONG-TERM ASSETS
Property, Plant & Equipment $179.6M $182.3M $190.9M
YoY Change -5.09% -4.51% -6.05%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $230.0K $230.0K $800.0K
YoY Change -74.44% -71.25% -20.0%
Total Long-Term Assets $180.3M $182.9M $191.7M
YoY Change -5.17% -4.58% -6.12%
TOTAL ASSETS
Total Short-Term Assets $32.16M $32.29M $59.70M
Total Long-Term Assets $180.3M $182.9M $191.7M
Total Assets $212.4M $215.2M $251.4M
YoY Change -11.64% -14.4% -1.33%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.419M $3.604M $2.700M
YoY Change -6.57% 33.48% -50.0%
Accrued Expenses $26.98M $26.38M $31.70M
YoY Change -34.02% -16.79% 93.29%
Deferred Revenue
YoY Change
Short-Term Debt $119.6M $119.6M $0.00
YoY Change
Long-Term Debt Due $114.7M $114.6M
YoY Change
Total Short-Term Liabilities $266.8M $264.2M $34.40M
YoY Change 381.56% 668.06% 40.98%
LONG-TERM LIABILITIES
Long-Term Debt $98.00M $97.80M $494.4M
YoY Change -77.17% -80.22% 13.94%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $98.00M $97.80M $494.4M
YoY Change -77.17% -80.22% 13.94%
TOTAL LIABILITIES
Total Short-Term Liabilities $266.8M $264.2M $34.40M
Total Long-Term Liabilities $98.00M $97.80M $494.4M
Total Liabilities $364.8M $362.0M $528.8M
YoY Change -24.76% -31.54% 15.38%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $2.040B $1.999B
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$152.4M -$146.8M -$277.4M
YoY Change
Total Liabilities & Shareholders Equity $212.4M $215.2M $251.4M
YoY Change -11.64% -14.4% -1.33%

Cashflow Statement

Concept 2013 Q2 2013 Q1 2012 Q1
OPERATING ACTIVITIES
Net Income -$46.12M -$40.97M -$38.17M
YoY Change 26.1% 7.31% -8.07%
Depreciation, Depletion And Amortization $2.956M $2.990M $3.357M
YoY Change -10.53% -10.93% -18.52%
Cash From Operating Activities -$29.74M -$32.03M -$32.49M
YoY Change 18.91% -1.41% 5.82%
INVESTING ACTIVITIES
Capital Expenditures -$130.0K $1.459M $323.0K
YoY Change 0.0% 351.7% -116.23%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $30.00K
YoY Change -100.0% -100.0% -99.22%
Cash From Investing Activities -$130.0K -$1.459M -$291.0K
YoY Change 44.44% 401.37% -115.82%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 30.40M -349.0K 86.45M
YoY Change 7694.87% -100.4% 789.41%
NET CHANGE
Cash From Operating Activities -29.74M -32.03M -32.49M
Cash From Investing Activities -130.0K -1.459M -291.0K
Cash From Financing Activities 30.40M -349.0K 86.45M
Net Change In Cash 530.0K -33.84M 53.67M
YoY Change -102.14% -163.04% -380.43%
FREE CASH FLOW
Cash From Operating Activities -$29.74M -$32.03M -$32.49M
Capital Expenditures -$130.0K $1.459M $323.0K
Free Cash Flow -$29.61M -$33.49M -$32.81M
YoY Change 19.01% 2.06% 14.28%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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mnkd Issuance Of Redeemable Convertible Preferred Stock
IssuanceOfRedeemableConvertiblePreferredStock
4296000
mnkd Gain Loss On Sale Abandonment Disposal Or Impairment Of Property And Equipment
GainLossOnSaleAbandonmentDisposalOrImpairmentOfPropertyAndEquipment
-24253000
mnkd Payment Of Employment Taxes Related To Vested Restricted Stock Units
PaymentOfEmploymentTaxesRelatedToVestedRestrictedStockUnits
13454000
mnkd Increase In Additional Paid In Capital Resulting From Merger
IncreaseInAdditionalPaidInCapitalResultingFromMerger
171154000
mnkd Put Option Redemption By Stockholder
PutOptionRedemptionByStockholder
1921000
mnkd Put Shares Sold To Majority Stockholder
PutSharesSoldToMajorityStockholder
623000
mnkd Reclassification Of Forward Purchase Contract To Additional Paid In Capital
ReclassificationOfForwardPurchaseContractToAdditionalPaidInCapital
28080000
mnkd State Research And Development Credit Exchange Receivable
StateResearchAndDevelopmentCreditExchangeReceivable
-841000
mnkd Stock Expense For Shares Issued Pursuant To Research Agreement
StockExpenseForSharesIssuedPursuantToResearchAgreement
3018000
CY2013Q1 dei Trading Symbol
TradingSymbol
MNKD
CY2013Q1 dei Entity Registrant Name
EntityRegistrantName
MANNKIND CORP
CY2013Q1 dei Amendment Flag
AmendmentFlag
false
CY2013Q1 dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
CY2013Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2013Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2013
CY2013Q1 dei Document Type
DocumentType
10-Q
CY2013Q1 dei Document Period End Date
DocumentPeriodEndDate
2013-03-31
CY2013Q1 dei Entity Central Index Key
EntityCentralIndexKey
0000899460
CY2013Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2013Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-36437000
CY2013Q1 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
2000
CY2013Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-924000
CY2013Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
23000
CY2013Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-40967000
CY2013Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
2990000
CY2013Q1 us-gaap Share Based Compensation
ShareBasedCompensation
5189000
CY2013Q1 us-gaap Research And Development Expense Excluding Acquired In Process Cost
ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost
26398000
CY2013Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.15
CY2013Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
3348000
CY2013Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-32027000
CY2013Q1 us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
1689000
CY2013Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-1459000
CY2013Q1 us-gaap Investment Income Interest
InvestmentIncomeInterest
1000
CY2013Q1 us-gaap Construction In Progress Expenditures Incurred But Not Yet Paid
ConstructionInProgressExpendituresIncurredButNotYetPaid
3863000
CY2013Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1459000
CY2013Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-33835000
CY2013Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
10039000
CY2013Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-690000
CY2013Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P1Y7M6D
CY2013Q1 us-gaap Net Income Loss
NetIncomeLoss
-40965000
CY2013Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-40965000
CY2013Q1 us-gaap Interest Paid
InterestPaid
2863000
CY2013Q1 us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
358000
CY2013Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-40965000
CY2013Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
-2000
CY2013Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-349000
CY2013Q1 us-gaap Interest Expense Debt
InterestExpenseDebt
2863000
CY2013Q1 us-gaap Operating Expenses
OperatingExpenses
36437000
CY2013Q1 us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
715000
CY2013Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5189000
CY2013Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
133500568 shares
CY2013Q1 mnkd Proceeds From Issuance Of Common Stock And Warrants Net
ProceedsFromIssuanceOfCommonStockAndWarrantsNet
78000
CY2013Q1 mnkd Proceeds From Issuance Of Common Stock And Warrants
ProceedsFromIssuanceOfCommonStockAndWarrants
80600000
CY2013Q1 mnkd Maturity Period Of Cash Equivalents
MaturityPeriodOfCashEquivalents
90 days or less at the time of purchase
CY2013Q1 mnkd Amortization Period Of Lease Hold Improvements
AmortizationPeriodOfLeaseHoldImprovements
P4Y
CY2013Q1 mnkd Basic And Diluted Weighted Average Number Of Shares Outstanding
BasicAndDilutedWeightedAverageNumberOfSharesOutstanding
280058000 shares
CY2013Q1 mnkd Nominal Lending Fee
NominalLendingFee
0.01
CY2013Q1 mnkd Payment Of Employment Taxes Related To Vested Restricted Stock Units
PaymentOfEmploymentTaxesRelatedToVestedRestrictedStockUnits
427000
CY2013Q1 mnkd Percentage Of Credit Exchange Receivable
PercentageOfCreditExchangeReceivable
0.65 pure
CY2013Q1 mnkd Related Party Transaction Prepayment Period
RelatedPartyTransactionPrepaymentPeriod
P90D
CY2013Q1 mnkd State Research And Development Credit Exchange Receivable
StateResearchAndDevelopmentCreditExchangeReceivable
-78000
CY2013Q1 mnkd Estimated Public Offering Gross Proceeds
EstimatedPublicOfferingGrossProceeds
89700000
CY2012Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-33933000
CY2012Q1 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-285000
CY2012Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-1713000
CY2012Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
1382000
CY2012Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-38220000
CY2012Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
3357000
CY2012Q1 us-gaap Share Based Compensation
ShareBasedCompensation
2878000
CY2012Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
32000
CY2012Q1 us-gaap Research And Development Expense Excluding Acquired In Process Cost
ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost
24156000
CY2012Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.27
CY2012Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
3696000
CY2012Q1 us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
6250000
CY2012Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-32486000
CY2012Q1 us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
3048000
CY2012Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-291000
CY2012Q1 us-gaap Investment Income Interest
InvestmentIncomeInterest
1000
CY2012Q1 us-gaap Construction In Progress Expenditures Incurred But Not Yet Paid
ConstructionInProgressExpendituresIncurredButNotYetPaid
921000
CY2012Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
323000
CY2012Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
53674000
CY2012Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
9777000
CY2012Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-365000
CY2012Q1 us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
339000
CY2012Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-38173000
CY2012Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
1000
CY2012Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
86451000
CY2012Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment For Sale Of Securities Included In Net Income Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentForSaleOfSecuritiesIncludedInNetIncomeNetOfTax
-48000
CY2012Q1 us-gaap Interest Expense Debt
InterestExpenseDebt
2575000
CY2012Q1 us-gaap Available For Sale Securities Gross Realized Gain Loss Net
AvailableForSaleSecuritiesGrossRealizedGainLossNet
-117000
CY2012Q1 us-gaap Operating Expenses
OperatingExpenses
33933000
CY2012Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Instruments Classified In Shareholders Equity Transfers Into Level3
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisInstrumentsClassifiedInShareholdersEquityTransfersIntoLevel3
1080000
CY2012Q1 us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
1888000
CY2012Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Instruments Classified In Shareholders Equity Gain Loss Included In Other Comprehensive Income Loss
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisInstrumentsClassifiedInShareholdersEquityGainLossIncludedInOtherComprehensiveIncomeLoss
-336000
CY2012Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2878000
CY2012Q1 us-gaap Interest Paid
InterestPaid
2595000
CY2012Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
54310177 shares
CY2012Q1 us-gaap Net Income Loss
NetIncomeLoss
-38173000
CY2012Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-38173000
CY2012Q1 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
1705000
CY2012Q1 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
-48000
CY2012Q1 mnkd Proceeds From Issuance Of Common Stock And Warrants Net
ProceedsFromIssuanceOfCommonStockAndWarrantsNet
80598000
CY2012Q1 mnkd Basic And Diluted Weighted Average Number Of Shares Outstanding
BasicAndDilutedWeightedAverageNumberOfSharesOutstanding
143154000 shares
CY2012Q1 mnkd Gain Loss On Sale Abandonment Disposal Or Impairment Of Property And Equipment
GainLossOnSaleAbandonmentDisposalOrImpairmentOfPropertyAndEquipment
32000
CY2012Q1 mnkd Payment Of Employment Taxes Related To Vested Restricted Stock Units
PaymentOfEmploymentTaxesRelatedToVestedRestrictedStockUnits
397000
CY2012Q1 mnkd State Research And Development Credit Exchange Receivable
StateResearchAndDevelopmentCreditExchangeReceivable
-92000

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