$MNKD
MANNKIND CORP

2015 Q4 Form 10-Q Financial Statement

#000119312515370935 Filed on November 09, 2015

View on sec.gov

Income Statement

Concept 2015 Q4 2015 Q3 2014 Q3
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue $51.80M $8.115M
YoY Change
Gross Profit -$51.80M -$8.115M
YoY Change
Gross Profit Margin
Selling, General & Admin $8.300M $11.55M $19.10M
YoY Change -33.6% -39.54% 9.14%
% of Gross Profit
Research & Development $6.200M $6.341M $19.18M
YoY Change -64.77% -66.94% -29.7%
% of Gross Profit
Depreciation & Amortization $3.190M $3.165M $2.449M
YoY Change 5.98% 29.24% -14.79%
% of Gross Profit
Operating Expenses $14.50M $26.00M $38.27M
YoY Change -51.83% -32.05% -14.51%
Operating Profit -$66.30M -$26.00M -$38.27M
YoY Change -32.05% -14.51%
Interest Expense -$4.100M -$4.900M -$6.200M
YoY Change -35.94% -20.97% 1.64%
% of Operating Profit
Other Income/Expense, Net -$100.0K $67.00K $7.898M
YoY Change -99.15% 78880.0%
Pretax Income -$277.0M -$31.86M -$36.52M
YoY Change 660.99% -12.77% -28.14%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$277.0M -$31.86M -$36.52M
YoY Change 660.23% -12.77% -28.14%
Net Earnings / Revenue
Basic Earnings Per Share -$0.08
Diluted Earnings Per Share -$3.302M -$0.08 -$463.2K
COMMON SHARES
Basic Shares Outstanding 409.5M shares 405.2M shares 402.4M shares
Diluted Shares Outstanding 405.2M shares

Balance Sheet

Concept 2015 Q4 2015 Q3 2014 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $59.10M $32.90M $172.5M
YoY Change -51.08% -80.93% 83.9%
Cash & Equivalents $59.07M $32.93M $172.5M
Short-Term Investments
Other Short-Term Assets $17.50M $13.20M $20.30M
YoY Change -13.37% -34.98% 290.38%
Inventory $0.00 $23.40M
Prepaid Expenses $15.00M $15.00M
Receivables $23.00K $1.679M
Other Receivables $0.00 $0.00
Total Short-Term Assets $76.65M $71.24M $193.5M
YoY Change -61.89% -63.19% 94.83%
LONG-TERM ASSETS
Property, Plant & Equipment $48.75M $191.4M $190.9M
YoY Change -74.63% 0.25% 7.36%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.009M $1.831M $2.114M
YoY Change 18.99% -13.39% -79.33%
Total Long-Term Assets $49.76M $206.8M $193.3M
YoY Change -74.26% 6.97% 2.67%
TOTAL ASSETS
Total Short-Term Assets $76.65M $71.24M $193.5M
Total Long-Term Assets $49.76M $206.8M $193.3M
Total Assets $126.4M $278.0M $386.8M
YoY Change -67.95% -28.13% 34.49%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $15.60M $4.444M $17.39M
YoY Change 110.97% -74.44% 123.34%
Accrued Expenses $7.929M $14.08M $27.27M
YoY Change -69.74% -48.36% 26.52%
Deferred Revenue
YoY Change
Short-Term Debt $74.60M $74.20M $0.00
YoY Change 2.19% -100.0%
Long-Term Debt Due $0.00 $0.00 $99.10M
YoY Change -100.0% -100.0% -13.75%
Total Short-Term Liabilities $268.3M $267.3M $293.8M
YoY Change -33.48% -9.01% 35.28%
LONG-TERM LIABILITIES
Long-Term Debt $139.5M $120.8M $122.1M
YoY Change 165.21% -1.06% -43.97%
Other Long-Term Liabilities $15.23M $14.50M $11.57M
YoY Change 23.77% 25.26% -43.01%
Total Long-Term Liabilities $15.23M $14.50M $11.57M
YoY Change 23.77% 25.26% -43.01%
TOTAL LIABILITIES
Total Short-Term Liabilities $268.3M $267.3M $293.8M
Total Long-Term Liabilities $15.23M $14.50M $11.57M
Total Liabilities $476.7M $402.6M $427.5M
YoY Change 1.82% -5.83% -6.11%
SHAREHOLDERS EQUITY
Retained Earnings -$2.863B -$2.586B
YoY Change 14.77%
Common Stock $2.513B $2.462B $2.418B
YoY Change 3.8% 1.82% 16.51%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$350.3M -$124.6M -$40.68M
YoY Change
Total Liabilities & Shareholders Equity $126.4M $278.0M $386.8M
YoY Change -67.95% -28.13% 34.49%

Cashflow Statement

Concept 2015 Q4 2015 Q3 2014 Q3
OPERATING ACTIVITIES
Net Income -$277.0M -$31.86M -$36.52M
YoY Change 660.23% -12.77% -28.14%
Depreciation, Depletion And Amortization $3.190M $3.165M $2.449M
YoY Change 5.98% 29.24% -14.79%
Cash From Operating Activities -$22.55M -$19.89M $100.2M
YoY Change -36.91% -119.84% -404.59%
INVESTING ACTIVITIES
Capital Expenditures -$320.0K -$1.230M -$9.460M
YoY Change -93.56% -87.0% 4013.04%
Acquisitions
YoY Change
Other Investing Activities $0.00 $80.00K $9.250M
YoY Change -100.0% -99.14%
Cash From Investing Activities -$310.0K -$1.150M -$210.0K
YoY Change -97.82% 447.62% -8.7%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 49.01M -53.21M 31.23M
YoY Change -3034.73% -270.38% -68.27%
NET CHANGE
Cash From Operating Activities -22.55M -19.89M 100.2M
Cash From Investing Activities -310.0K -1.150M -210.0K
Cash From Financing Activities 49.01M -53.21M 31.23M
Net Change In Cash 26.15M -74.25M 131.3M
YoY Change -150.65% -156.57% 101.07%
FREE CASH FLOW
Cash From Operating Activities -$22.55M -$19.89M $100.2M
Capital Expenditures -$320.0K -$1.230M -$9.460M
Free Cash Flow -$22.23M -$18.66M $109.7M
YoY Change -27.75% -117.01% -435.68%

Facts In Submission

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dei Document Type
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10-Q
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dei Entity Central Index Key
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dei Document Period End Date
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2015-09-30
dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
us-gaap Revenue Recognition Deferred Revenue
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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
TradingSymbol
MNKD
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dei Entity Registrant Name
EntityRegistrantName
MANNKIND CORP
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dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2015
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
672000
us-gaap Increase Decrease In Deferred Charges
IncreaseDecreaseInDeferredCharges
13539000
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-1049000
us-gaap Stock Issued1
StockIssued1
8253000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
1470000
us-gaap Extinguishment Of Debt Gain Loss Net Of Tax
ExtinguishmentOfDebtGainLossNetOfTax
-1049000
us-gaap Operating Income Loss
OperatingIncomeLoss
-71792000
us-gaap Loans Assumed1
LoansAssumed1
28150000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
13732000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-91426000
us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
-27000
us-gaap Sales Revenue Net
SalesRevenueNet
0
us-gaap Investment Income Interest
InvestmentIncomeInterest
8000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
1833000
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
271000
us-gaap Interest Paid
InterestPaid
11439000
us-gaap Increase Decrease In Accounts And Other Receivables
IncreaseDecreaseInAccountsAndOtherReceivables
-48757000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-6979000
us-gaap Net Income Loss
NetIncomeLoss
-91426000
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
5000
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
-5000
us-gaap Repayments Of Senior Debt
RepaymentsOfSeniorDebt
64287000
us-gaap Construction In Progress Expenditures Incurred But Not Yet Paid
ConstructionInProgressExpendituresIncurredButNotYetPaid
192000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
14536000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
10094000
us-gaap Operating Expenses
OperatingExpenses
71792000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-43341000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
8282000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
us-gaap Paid In Kind Interest
PaidInKindInterest
798000
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
32649000
us-gaap Research And Development Expense Excluding Acquired In Process Cost
ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost
23455000
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
17038000
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
78000
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
673000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-87913000
us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
2164000
us-gaap Interest Expense Debt
InterestExpenseDebt
17899000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6378000
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
2193000
us-gaap Manufacturing Costs
ManufacturingCosts
15688000
us-gaap Restructuring Charges
RestructuringCharges
3200000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-2698000
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
40000
us-gaap Share Based Compensation
ShareBasedCompensation
6378000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-9891000
us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
-5922000
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
ProceedsFromIssuanceOfCommonStockAndWarrants
13524000
mnkd Milestone Payments
MilestonePayments
4219000
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
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
CY2014Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.09
CY2014Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
394163000 shares
CY2014Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-36527000
CY2014Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
7898000
CY2014Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-38266000
CY2014Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-36520000
CY2014Q3 us-gaap Sales Revenue Net
SalesRevenueNet
0
CY2014Q3 us-gaap Investment Income Interest
InvestmentIncomeInterest
1000
CY2014Q3 us-gaap Net Income Loss
NetIncomeLoss
-36520000
CY2014Q3 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
-7000
CY2014Q3 us-gaap Operating Expenses
OperatingExpenses
38266000
CY2014Q3 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
2449000
CY2014Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2014Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
19088000
CY2014Q3 us-gaap Research And Development Expense Excluding Acquired In Process Cost
ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost
19178000
CY2014Q3 us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
231000
CY2014Q3 us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
729000
CY2014Q3 us-gaap Interest Expense Debt
InterestExpenseDebt
5424000
CY2014Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
-4827000
CY2015Q3 us-gaap Stock Issued During Period Shares Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures
897300 shares
CY2015Q3 us-gaap Stock Issued During Period Shares Share Based Compensation
StockIssuedDuringPeriodSharesShareBasedCompensation
1200900 shares
CY2015Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.08
CY2015Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
405199000 shares
CY2015Q3 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-1049000
CY2015Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-31856000
CY2015Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
67000
CY2015Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-26003000
CY2015Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-31857000
CY2015Q3 us-gaap Sales Revenue Net
SalesRevenueNet
0
CY2015Q3 us-gaap Investment Income Interest
InvestmentIncomeInterest
2000
CY2015Q3 us-gaap Net Income Loss
NetIncomeLoss
-31857000
CY2015Q3 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
1000
CY2015Q3 us-gaap Operating Expenses
OperatingExpenses
26003000
CY2015Q3 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
3165000
CY2015Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2015Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
11547000
CY2015Q3 us-gaap Research And Development Expense Excluding Acquired In Process Cost
ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost
6341000
CY2015Q3 us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
195000
CY2015Q3 us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
729000
CY2015Q3 us-gaap Interest Expense Debt
InterestExpenseDebt
4145000
CY2015Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2600000
CY2015Q3 us-gaap Manufacturing Costs
ManufacturingCosts
8115000

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