$MNKD
MANNKIND CORP

2015 Q2 Form 10-Q Financial Statement

#000119312515182165 Filed on May 11, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2015 Q1 2014 Q1
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue $5.700M $1.900M
YoY Change
Gross Profit -$5.700M -$1.900M
YoY Change
Gross Profit Margin
Selling, General & Admin $10.62M $10.50M $15.20M
YoY Change -67.31% -30.92% 52.0%
% of Gross Profit
Research & Development $7.737M $9.377M $26.18M
YoY Change -79.27% -64.19% -0.82%
% of Gross Profit
Depreciation & Amortization $2.740M $2.300M $2.500M
YoY Change 11.88% -8.0% -16.39%
% of Gross Profit
Operating Expenses $24.05M $21.74M $41.41M
YoY Change -65.57% -47.51% 13.65%
Operating Profit -$24.05M -$21.74M -$41.41M
YoY Change -65.57% -47.51% 13.65%
Interest Expense -$4.800M -$10.30M -$4.800M
YoY Change 54.84% 114.58% 4.35%
% of Operating Profit
Other Income/Expense, Net -$10.00K $1.413M -$5.890M
YoY Change -97.3% -123.99% -25708.7%
Pretax Income -$28.91M -$30.66M -$52.06M
YoY Change -60.59% -41.11% 27.07%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$28.91M -$30.66M -$52.06M
YoY Change -60.59% -41.11% 27.07%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$360.3K -$383.3K -$706.0K
COMMON SHARES
Basic Shares Outstanding 409.6M shares 408.8M shares 377.2M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2015 Q2 2015 Q1 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $107.2M $120.8M $35.80M
YoY Change 160.19% 237.43% 27.86%
Cash & Equivalents $107.2M $120.8M $35.76M
Short-Term Investments
Other Short-Term Assets $14.10M $16.40M $3.600M
YoY Change 281.08% 355.56% -5.26%
Inventory $19.82M $16.79M
Prepaid Expenses
Receivables $4.748M $4.282M
Other Receivables $0.00 $0.00
Total Short-Term Assets $145.8M $158.3M $39.40M
YoY Change 224.71% 301.76% 22.04%
LONG-TERM ASSETS
Property, Plant & Equipment $193.9M $193.5M $176.3M
YoY Change 5.63% 9.71% -3.27%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.025M $2.027M $8.437M
YoY Change -72.64% -75.97% 3568.26%
Total Long-Term Assets $206.7M $201.7M $185.2M
YoY Change 8.01% 8.95% 1.23%
TOTAL ASSETS
Total Short-Term Assets $145.8M $158.3M $39.40M
Total Long-Term Assets $206.7M $201.7M $185.2M
Total Assets $352.6M $360.0M $224.6M
YoY Change 49.19% 60.33% 4.35%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.190M $3.302M $3.638M
YoY Change 2.04% -9.24% 0.94%
Accrued Expenses $13.93M $12.38M $15.01M
YoY Change -32.31% -17.49% -43.11%
Deferred Revenue
YoY Change
Short-Term Debt $73.80M $73.40M $25.90M
YoY Change 95.76% 183.4% -78.34%
Long-Term Debt Due $64.10M $99.60M
YoY Change
Total Short-Term Liabilities $342.3M $380.8M $44.52M
YoY Change 187.05% 755.34% -83.15%
LONG-TERM LIABILITIES
Long-Term Debt $113.6M $49.50M $148.2M
YoY Change -23.45% -66.6% 51.53%
Other Long-Term Liabilities $12.12M $26.78M $14.32M
YoY Change -19.39% 87.02%
Total Long-Term Liabilities $12.12M $26.78M $14.32M
YoY Change -19.39% 87.02% -85.36%
TOTAL LIABILITIES
Total Short-Term Liabilities $342.3M $380.8M $44.52M
Total Long-Term Liabilities $12.12M $26.78M $14.32M
Total Liabilities $468.0M $457.1M $207.0M
YoY Change 65.57% 120.78% -42.81%
SHAREHOLDERS EQUITY
Retained Earnings -$2.554B -$2.525B
YoY Change
Common Stock $2.439B $2.428B $2.366B
YoY Change 2.67% 2.64% 18.35%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$115.5M -$97.03M $17.54M
YoY Change
Total Liabilities & Shareholders Equity $352.6M $360.0M $224.6M
YoY Change 49.19% 60.33% 4.35%

Cashflow Statement

Concept 2015 Q2 2015 Q1 2014 Q1
OPERATING ACTIVITIES
Net Income -$28.91M -$30.66M -$52.06M
YoY Change -60.59% -41.11% 27.07%
Depreciation, Depletion And Amortization $2.740M $2.300M $2.500M
YoY Change 11.88% -8.0% -16.39%
Cash From Operating Activities -$17.81M $3.020M -$36.99M
YoY Change -23.95% -108.16% 15.5%
INVESTING ACTIVITIES
Capital Expenditures -$4.540M $4.203M $1.409M
YoY Change -45.04% 198.3% -3.43%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities -$4.540M -$4.200M -$1.410M
YoY Change -45.04% 197.87% -3.36%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 8.680M 1.190M 3.370M
YoY Change -76.62% -64.69% -1065.62%
NET CHANGE
Cash From Operating Activities -17.81M 3.020M -36.99M
Cash From Investing Activities -4.540M -4.200M -1.410M
Cash From Financing Activities 8.680M 1.190M 3.370M
Net Change In Cash -13.67M 10.00K -35.03M
YoY Change -350.83% -100.03% 3.53%
FREE CASH FLOW
Cash From Operating Activities -$17.81M $3.020M -$36.99M
Capital Expenditures -$4.540M $4.203M $1.409M
Free Cash Flow -$13.27M -$1.183M -$38.40M
YoY Change -12.47% -96.92% 14.67%

Facts In Submission

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<div><strong><em>Deferred product costs from collaboration &#x2014;</em></strong> Deferred product costs represent the costs of product manufactured and shipped to Sanofi, not to exceed the amount of deferred product sales related to the collaboration, for which recognition of revenue has been deferred. Given that the costs of inventory delivered to a customer, but for which revenue may not yet be recognized, meet both the definition and characteristics of an &#x201C;Asset&#x201D; and the Company believes that it is probable that the amount of future revenue will exceed the amount of deferred costs (i.e., the asset would be realizable through the recognition of probable future income), the Company has elected to account for the deferred costs related to the product sold to Sanofi as an asset and carry forward to future periods until the related revenue is recognized.</div>
CY2015Q1 dei Document Type
DocumentType
10-Q
CY2015Q1 dei Entity Registrant Name
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MANNKIND CORP
CY2015Q1 dei Trading Symbol
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CY2015Q1 dei Document Period End Date
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-46154000
CY2015Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-30658000
CY2015Q1 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
0
CY2015Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
-7000
CY2015Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
4203000
CY2015Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
10479000
CY2015Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-4182000
CY2015Q1 us-gaap Manufacturing Costs
ManufacturingCosts
1882000
CY2015Q1 us-gaap Share Based Compensation
ShareBasedCompensation
2003000
CY2015Q1 us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
743000
CY2015Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax
0
CY2015Q1 us-gaap Investment Income Interest
InvestmentIncomeInterest
3000
CY2015Q1 us-gaap Interest Paid
InterestPaid
4749000
CY2015Q1 us-gaap Increase Decrease In Deferred Charges
IncreaseDecreaseInDeferredCharges
6251000
CY2015Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
762000
CY2015Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
0
CY2015Q1 us-gaap Construction In Progress Expenditures Incurred But Not Yet Paid
ConstructionInProgressExpendituresIncurredButNotYetPaid
1094000
CY2015Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2000000
CY2015Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
2300000
CY2015Q1 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
7050000
CY2015Q1 us-gaap Operating Expenses
OperatingExpenses
21738000
CY2015Q1 us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
714000
CY2015Q1 us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
238000
CY2015Q1 us-gaap Interest Expense Debt
InterestExpenseDebt
9622000
CY2015Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
3000
CY2015Q1 us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
-10660000
CY2015Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2015Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
2988000
CY2015Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
1186000
CY2015Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Net
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersNet
0
CY2015Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-4203000
CY2015Q1 us-gaap Research And Development Expense Excluding Acquired In Process Cost
ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost
9377000
CY2015Q1 mnkd Amortization Period Of Lease Hold Improvements
AmortizationPeriodOfLeaseHoldImprovements
P4Y
CY2015Q1 mnkd Nominal Lending Fee
NominalLendingFee
0.01
CY2015Q1 mnkd Milestone Payments
MilestonePayments
4220000
CY2015Q1 mnkd Proceeds From Issuance Of Common Stock And Warrants Net
ProceedsFromIssuanceOfCommonStockAndWarrantsNet
6168000

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