$MNKD
MANNKIND CORP

2015 Q2 Form 10-Q Financial Statement

#000119312515285056 Filed on August 10, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2014 Q2
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue $5.700M
YoY Change
Gross Profit -$5.700M
YoY Change
Gross Profit Margin
Selling, General & Admin $10.62M $32.50M
YoY Change -67.31% 124.14%
% of Gross Profit
Research & Development $7.737M $37.32M
YoY Change -79.27% 37.97%
% of Gross Profit
Depreciation & Amortization $2.740M $2.449M
YoY Change 11.88% -17.15%
% of Gross Profit
Operating Expenses $24.05M $69.85M
YoY Change -65.57% 67.96%
Operating Profit -$24.05M -$69.85M
YoY Change -65.57% 67.96%
Interest Expense -$4.800M -$3.100M
YoY Change 54.84% -32.61%
% of Operating Profit
Other Income/Expense, Net -$10.00K -$370.0K
YoY Change -97.3% -2566.67%
Pretax Income -$28.91M -$73.37M
YoY Change -60.59% 59.06%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$28.91M -$73.37M
YoY Change -60.59% 59.06%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$360.3K -$892.9K
COMMON SHARES
Basic Shares Outstanding 409.6M shares 388.6M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2015 Q2 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $107.2M $41.20M
YoY Change 160.19% 44.56%
Cash & Equivalents $107.2M $41.21M
Short-Term Investments
Other Short-Term Assets $14.10M $3.700M
YoY Change 281.08% 15.63%
Inventory $19.82M
Prepaid Expenses
Receivables $4.748M
Other Receivables $0.00
Total Short-Term Assets $145.8M $44.91M
YoY Change 224.71% 39.64%
LONG-TERM ASSETS
Property, Plant & Equipment $193.9M $183.5M
YoY Change 5.63% 2.21%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.025M $7.400M
YoY Change -72.64% 3117.39%
Total Long-Term Assets $206.7M $191.4M
YoY Change 8.01% 6.17%
TOTAL ASSETS
Total Short-Term Assets $145.8M $44.91M
Total Long-Term Assets $206.7M $191.4M
Total Assets $352.6M $236.3M
YoY Change 49.19% 11.24%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.190M $5.086M
YoY Change 2.04% -6.15%
Accrued Expenses $13.93M $20.58M
YoY Change -32.31% -23.74%
Deferred Revenue
YoY Change
Short-Term Debt $73.80M $37.70M
YoY Change 95.76% -68.48%
Long-Term Debt Due $64.10M
YoY Change
Total Short-Term Liabilities $342.3M $119.2M
YoY Change 187.05% -55.31%
LONG-TERM LIABILITIES
Long-Term Debt $113.6M $148.4M
YoY Change -23.45% 51.43%
Other Long-Term Liabilities $12.12M $15.04M
YoY Change -19.39%
Total Long-Term Liabilities $12.12M $15.04M
YoY Change -19.39% -84.65%
TOTAL LIABILITIES
Total Short-Term Liabilities $342.3M $119.2M
Total Long-Term Liabilities $12.12M $15.04M
Total Liabilities $468.0M $282.7M
YoY Change 65.57% -22.51%
SHAREHOLDERS EQUITY
Retained Earnings -$2.554B
YoY Change
Common Stock $2.439B $2.375B
YoY Change 2.67% 16.46%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$115.5M -$46.38M
YoY Change
Total Liabilities & Shareholders Equity $352.6M $236.3M
YoY Change 49.19% 11.24%

Cashflow Statement

Concept 2015 Q2 2014 Q2
OPERATING ACTIVITIES
Net Income -$28.91M -$73.37M
YoY Change -60.59% 59.06%
Depreciation, Depletion And Amortization $2.740M $2.449M
YoY Change 11.88% -17.15%
Cash From Operating Activities -$17.81M -$23.42M
YoY Change -23.95% -21.25%
INVESTING ACTIVITIES
Capital Expenditures -$4.540M -$8.260M
YoY Change -45.04% 6253.85%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities -$4.540M -$8.260M
YoY Change -45.04% 6253.85%
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 37.13M
YoY Change -76.62% 22.14%
NET CHANGE
Cash From Operating Activities -17.81M -23.42M
Cash From Investing Activities -4.540M -8.260M
Cash From Financing Activities 8.680M 37.13M
Net Change In Cash -13.67M 5.450M
YoY Change -350.83% 928.3%
FREE CASH FLOW
Cash From Operating Activities -$17.81M -$23.42M
Capital Expenditures -$4.540M -$8.260M
Free Cash Flow -$13.27M -$15.16M
YoY Change -12.47% -48.8%

Facts In Submission

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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> <b><i>Deferred product costs from collaboration &#x2014;</i></b> Deferred product costs represent the costs of product manufactured and sold to Sanofi, as long as they are not greater than 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.</p> </div>
dei Trading Symbol
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dei Entity Central Index Key
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dei Document Period End Date
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us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Net
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersNet
0
us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
481000
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
399972000 shares
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2015
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
866000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
8737000
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Transfers Net
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityTransfersNet
0
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
1403000
us-gaap Operating Income Loss
OperatingIncomeLoss
-45790000
us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
0
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
10146000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-59569000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-13654000
us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
1435000
us-gaap Interest Expense Debt
InterestExpenseDebt
13753000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3778000
CY2014Q2 us-gaap Sales Revenue Net
SalesRevenueNet
0
us-gaap Share Based Compensation
ShareBasedCompensation
3778000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-8737000
us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
-7800000
mnkd Nominal Lending Fee
NominalLendingFee
0.01
mnkd Amortization Period Of Lease Hold Improvements
AmortizationPeriodOfLeaseHoldImprovements
P4Y
mnkd Proceeds From Issuance Of Common Stock And Warrants Net
ProceedsFromIssuanceOfCommonStockAndWarrantsNet
12820000
mnkd Milestone Payments
MilestonePayments
4220000
CY2015Q1 us-gaap Stock Issued During Period Shares Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures
36300 shares
CY2015Q1 us-gaap Stock Issued During Period Shares Share Based Compensation
StockIssuedDuringPeriodSharesShareBasedCompensation
73600 shares
CY2014Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.19
CY2014Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
380770000 shares
CY2014Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-73365000
CY2014Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-370000
CY2014Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-69846000
CY2014Q2 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
0
CY2014Q2 us-gaap Investment Income Interest
InvestmentIncomeInterest
1000
CY2014Q2 us-gaap Net Income Loss
NetIncomeLoss
-73365000
CY2015Q2 us-gaap Sales Revenue Net
SalesRevenueNet
0
CY2015Q2 us-gaap Investment Income Interest
InvestmentIncomeInterest
3000
CY2014Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-73365000
CY2015Q2 us-gaap Net Income Loss
NetIncomeLoss
-28910000
CY2015Q2 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
1000
CY2015Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
0
CY2015Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
1000
CY2015Q2 us-gaap Operating Expenses
OperatingExpenses
24051000
CY2015Q2 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
0
CY2015Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-28910000
CY2014Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
0
CY2014Q2 us-gaap Operating Expenses
OperatingExpenses
69846000
CY2014Q2 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax
0
CY2014Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
2449000
CY2014Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2014Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
32523000
CY2014Q2 us-gaap Research And Development Expense Excluding Acquired In Process Cost
ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost
37323000
CY2014Q2 us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
227000
CY2014Q2 us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
721000
CY2014Q2 us-gaap Interest Expense Debt
InterestExpenseDebt
2429000
CY2014Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
40644000
CY2015Q2 us-gaap Stock Issued During Period Shares Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures
194704 shares
CY2015Q2 us-gaap Stock Issued During Period Shares Share Based Compensation
StockIssuedDuringPeriodSharesShareBasedCompensation
208000 shares
CY2015Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.07
CY2015Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
401018000 shares
CY2015Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-28909000
CY2015Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-10000
CY2015Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-24051000
CY2015Q2 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax
0
CY2015Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
2740000
CY2015Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2015Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
10623000
CY2015Q2 us-gaap Research And Development Expense Excluding Acquired In Process Cost
ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost
7737000
CY2015Q2 us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
243000
CY2015Q2 us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
721000
CY2015Q2 us-gaap Interest Expense Debt
InterestExpenseDebt
4131000
CY2015Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1775000
CY2015Q2 us-gaap Manufacturing Costs
ManufacturingCosts
5691000

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