2016 Q1 Form 10-Q Financial Statement

#000119312516583791 Filed on May 09, 2016

View on sec.gov

Income Statement

Concept 2016 Q1 2015 Q1
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue $5.168M $1.900M
YoY Change 172.0%
Gross Profit -$5.168M -$1.900M
YoY Change 172.0%
Gross Profit Margin
Selling, General & Admin $7.351M $10.50M
YoY Change -29.99% -30.92%
% of Gross Profit
Research & Development $5.130M $9.377M
YoY Change -45.29% -64.19%
% of Gross Profit
Depreciation & Amortization $600.0K $2.300M
YoY Change -73.91% -8.0%
% of Gross Profit
Operating Expenses $20.01M $21.74M
YoY Change -7.94% -47.51%
Operating Profit -$20.01M -$21.74M
YoY Change -7.94% -47.51%
Interest Expense -$4.900M -$10.30M
YoY Change -52.43% 114.58%
% of Operating Profit
Other Income/Expense, Net -$4.860M $1.413M
YoY Change -443.95% -123.99%
Pretax Income -$24.87M -$30.66M
YoY Change -18.87% -41.11%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$24.87M -$30.66M
YoY Change -18.87% -41.11%
Net Earnings / Revenue
Basic Earnings Per Share -$0.29
Diluted Earnings Per Share -$0.29 -$383.3K
COMMON SHARES
Basic Shares Outstanding 85.77M 408.8M shares
Diluted Shares Outstanding 85.77M

Balance Sheet

Concept 2016 Q1 2015 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $27.70M $120.8M
YoY Change -77.07% 237.43%
Cash & Equivalents $27.65M $120.8M
Short-Term Investments
Other Short-Term Assets $16.30M $16.40M
YoY Change -0.61% 355.56%
Inventory $16.79M
Prepaid Expenses
Receivables $144.0K $4.282M
Other Receivables $0.00 $0.00
Total Short-Term Assets $44.14M $158.3M
YoY Change -72.11% 301.76%
LONG-TERM ASSETS
Property, Plant & Equipment $48.03M $193.5M
YoY Change -75.17% 9.71%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.096M $2.027M
YoY Change -45.93% -75.97%
Total Long-Term Assets $49.13M $201.7M
YoY Change -75.65% 8.95%
TOTAL ASSETS
Total Short-Term Assets $44.14M $158.3M
Total Long-Term Assets $49.13M $201.7M
Total Assets $93.27M $360.0M
YoY Change -74.09% 60.33%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $582.0K $3.302M
YoY Change -82.37% -9.24%
Accrued Expenses $8.077M $12.38M
YoY Change -34.76% -17.49%
Deferred Revenue
YoY Change
Short-Term Debt $75.00M $73.40M
YoY Change 2.18% 183.4%
Long-Term Debt Due $99.60M
YoY Change
Total Short-Term Liabilities $249.2M $380.8M
YoY Change -34.55% 755.34%
LONG-TERM LIABILITIES
Long-Term Debt $146.0M $49.50M
YoY Change 194.95% -66.6%
Other Long-Term Liabilities $15.95M $26.78M
YoY Change -40.45% 87.02%
Total Long-Term Liabilities $15.95M $26.78M
YoY Change -40.45% 87.02%
TOTAL LIABILITIES
Total Short-Term Liabilities $249.2M $380.8M
Total Long-Term Liabilities $15.95M $26.78M
Total Liabilities $466.7M $457.1M
YoY Change 2.12% 120.78%
SHAREHOLDERS EQUITY
Retained Earnings -$2.888B -$2.525B
YoY Change 14.36%
Common Stock $2.515B $2.428B
YoY Change 3.55% 2.64%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$373.5M -$97.03M
YoY Change
Total Liabilities & Shareholders Equity $93.27M $360.0M
YoY Change -74.09% 60.33%

Cashflow Statement

Concept 2016 Q1 2015 Q1
OPERATING ACTIVITIES
Net Income -$24.87M -$30.66M
YoY Change -18.87% -41.11%
Depreciation, Depletion And Amortization $600.0K $2.300M
YoY Change -73.91% -8.0%
Cash From Operating Activities -$30.76M $3.020M
YoY Change -1118.54% -108.16%
INVESTING ACTIVITIES
Capital Expenditures $1.144M $4.203M
YoY Change -72.78% 198.3%
Acquisitions
YoY Change
Other Investing Activities $20.00K
YoY Change
Cash From Investing Activities -$1.130M -$4.200M
YoY Change -73.1% 197.87%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 460.0K 1.190M
YoY Change -61.34% -64.69%
NET CHANGE
Cash From Operating Activities -30.76M 3.020M
Cash From Investing Activities -1.130M -4.200M
Cash From Financing Activities 460.0K 1.190M
Net Change In Cash -31.43M 10.00K
YoY Change -314400.0% -100.03%
FREE CASH FLOW
Cash From Operating Activities -$30.76M $3.020M
Capital Expenditures $1.144M $4.203M
Free Cash Flow -$31.90M -$1.183M
YoY Change 2596.87% -96.92%

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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> <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.</p> </div>
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2713000
CY2016Q1 us-gaap Increase Decrease In Accounts And Other Receivables
IncreaseDecreaseInAccountsAndOtherReceivables
121000
CY2016Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-1211000
CY2016Q1 us-gaap Net Income Loss
NetIncomeLoss
-24873000
CY2016Q1 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-696000
CY2016Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
1000
CY2016Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
1000
CY2016Q1 us-gaap Construction In Progress Expenditures Incurred But Not Yet Paid
ConstructionInProgressExpendituresIncurredButNotYetPaid
558000
CY2016Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
1023000
CY2016Q1 us-gaap Operating Expenses
OperatingExpenses
20013000
CY2016Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-14799000
CY2016Q1 us-gaap Share Based Compensation
ShareBasedCompensation
1273000
CY2016Q1 us-gaap Foreign Currency Transaction Loss Before Tax
ForeignCurrencyTransactionLossBeforeTax
2364000
CY2016Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-1127000
CY2016Q1 us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
488000
CY2016Q1 mnkd Longterm Purchase Commitment Renewal Time Period
LongtermPurchaseCommitmentRenewalTimePeriod
P2Y
CY2016Q1 mnkd Long Term Purchase Commitment Expiration Date
LongTermPurchaseCommitmentExpirationDate
2019-12-31
CY2016Q1 mnkd Long Term Purchase Commitment Cancellation Fees
LongTermPurchaseCommitmentCancellationFees
5200000
CY2016Q1 mnkd Proceeds From Issuance Of Common Stock And Warrants Net
ProceedsFromIssuanceOfCommonStockAndWarrantsNet
467000

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