$MNKD
MANNKIND CORP

2016 Q3 Form 10-Q Financial Statement

#000119312516763801 Filed on November 09, 2016

View on sec.gov

Income Statement

Concept 2016 Q3 2015 Q4 2015 Q3
Revenue $162.4M $0.00 $0.00
YoY Change
Cost Of Revenue $4.331M $51.80M $8.115M
YoY Change -46.63%
Gross Profit $158.0M -$51.80M -$8.115M
YoY Change -2047.3%
Gross Profit Margin 97.33%
Selling, General & Admin $13.14M $8.300M $11.55M
YoY Change 13.75% -33.6% -39.54%
% of Gross Profit 8.31%
Research & Development $3.917M $6.200M $6.341M
YoY Change -38.23% -64.77% -66.94%
% of Gross Profit 2.48%
Depreciation & Amortization $597.0K $3.190M $3.165M
YoY Change -81.14% 5.98% 29.24%
% of Gross Profit 0.38%
Operating Expenses $17.05M $14.50M $26.00M
YoY Change -34.42% -51.83% -32.05%
Operating Profit $118.2M -$66.30M -$26.00M
YoY Change -554.67% -32.05%
Interest Expense $8.300M -$4.100M -$4.900M
YoY Change -269.39% -35.94% -20.97%
% of Operating Profit 7.02%
Other Income/Expense, Net $8.291M -$100.0K $67.00K
YoY Change 12274.63% -99.15%
Pretax Income $126.5M -$277.0M -$31.86M
YoY Change -497.15% 660.99% -12.77%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income 0.0%
Net Earnings $126.5M -$277.0M -$31.86M
YoY Change -497.15% 660.23% -12.77%
Net Earnings / Revenue 77.93%
Basic Earnings Per Share $1.32 -$0.08
Diluted Earnings Per Share $1.31 -$3.302M -$0.08
COMMON SHARES
Basic Shares Outstanding 95.63M 409.5M shares 405.2M shares
Diluted Shares Outstanding 96.55M 405.2M shares

Balance Sheet

Concept 2016 Q3 2015 Q4 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $35.50M $59.10M $32.90M
YoY Change 7.9% -51.08% -80.93%
Cash & Equivalents $35.53M $59.07M $32.93M
Short-Term Investments
Other Short-Term Assets $4.800M $17.50M $13.20M
YoY Change -63.64% -13.37% -34.98%
Inventory $5.124M $0.00 $23.40M
Prepaid Expenses $15.00M
Receivables $3.137M $23.00K $1.679M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $48.60M $76.65M $71.24M
YoY Change -31.77% -61.89% -63.19%
LONG-TERM ASSETS
Property, Plant & Equipment $46.83M $48.75M $191.4M
YoY Change -75.54% -74.63% 0.25%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $702.0K $1.009M $1.831M
YoY Change -61.66% 18.99% -13.39%
Total Long-Term Assets $47.53M $49.76M $206.8M
YoY Change -77.02% -74.26% 6.97%
TOTAL ASSETS
Total Short-Term Assets $48.60M $76.65M $71.24M
Total Long-Term Assets $47.53M $49.76M $206.8M
Total Assets $96.13M $126.4M $278.0M
YoY Change -65.42% -67.95% -28.13%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.093M $15.60M $4.444M
YoY Change 14.6% 110.97% -74.44%
Accrued Expenses $14.16M $7.929M $14.08M
YoY Change 0.59% -69.74% -48.36%
Deferred Revenue
YoY Change
Short-Term Debt $70.90M $74.60M $74.20M
YoY Change -4.45% 2.19%
Long-Term Debt Due $0.00 $0.00
YoY Change -100.0% -100.0%
Total Short-Term Liabilities $105.8M $268.3M $267.3M
YoY Change -60.41% -33.48% -9.01%
LONG-TERM LIABILITIES
Long-Term Debt $148.4M $139.5M $120.8M
YoY Change 22.85% 165.21% -1.06%
Other Long-Term Liabilities $17.40M $15.23M $14.50M
YoY Change 20.02% 23.77% 25.26%
Total Long-Term Liabilities $17.40M $15.23M $14.50M
YoY Change 20.02% 23.77% 25.26%
TOTAL LIABILITIES
Total Short-Term Liabilities $105.8M $268.3M $267.3M
Total Long-Term Liabilities $17.40M $15.23M $14.50M
Total Liabilities $334.8M $476.7M $402.6M
YoY Change -16.83% 1.82% -5.83%
SHAREHOLDERS EQUITY
Retained Earnings -$2.792B -$2.863B -$2.586B
YoY Change 7.94% 14.77%
Common Stock $2.553B $2.513B $2.462B
YoY Change 3.71% 3.8% 1.82%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$238.7M -$350.3M -$124.6M
YoY Change
Total Liabilities & Shareholders Equity $96.13M $126.4M $278.0M
YoY Change -65.42% -67.95% -28.13%

Cashflow Statement

Concept 2016 Q3 2015 Q4 2015 Q3
OPERATING ACTIVITIES
Net Income $126.5M -$277.0M -$31.86M
YoY Change -497.15% 660.23% -12.77%
Depreciation, Depletion And Amortization $597.0K $3.190M $3.165M
YoY Change -81.14% 5.98% 29.24%
Cash From Operating Activities -$23.07M -$22.55M -$19.89M
YoY Change 15.99% -36.91% -119.84%
INVESTING ACTIVITIES
Capital Expenditures $0.00 -$320.0K -$1.230M
YoY Change -100.0% -93.56% -87.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $80.00K
YoY Change -100.0% -100.0% -99.14%
Cash From Investing Activities $0.00 -$310.0K -$1.150M
YoY Change -100.0% -97.82% 447.62%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -5.130M 49.01M -53.21M
YoY Change -90.36% -3034.73% -270.38%
NET CHANGE
Cash From Operating Activities -23.07M -22.55M -19.89M
Cash From Investing Activities 0.000 -310.0K -1.150M
Cash From Financing Activities -5.130M 49.01M -53.21M
Net Change In Cash -28.20M 26.15M -74.25M
YoY Change -62.02% -150.65% -156.57%
FREE CASH FLOW
Cash From Operating Activities -$23.07M -$22.55M -$19.89M
Capital Expenditures $0.00 -$320.0K -$1.230M
Free Cash Flow -$23.07M -$22.23M -$18.66M
YoY Change 23.63% -27.75% -117.01%

Facts In Submission

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0000899460
us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
IncrementalCommonSharesAttributableToContingentlyIssuableShares
178000 shares
dei Trading Symbol
TradingSymbol
MNKD
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
454366000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
454188000 shares
dei Amendment Flag
AmendmentFlag
false
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-65338000
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> <i>Reclassifications</i></p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> Certain amounts from previous periods in the condensed consolidated statement of cash flows have been reclassified to conform to the 2016 presentation. Specifically interest on note payable to our principal stockholder has been reclassified from other liabilities. Additionally, on the condensed consolidated statement of operations, product manufacturing has been renamed to cost of goods sold.</p> </div>
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Period End Date
DocumentPeriodEndDate
2016-09-30
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.16
dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
us-gaap Revenue Recognition Deferred Revenue
RevenueRecognitionDeferredRevenue
<div> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> <i>Deferred costs from collaboration</i></p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> Deferred&#xA0; costs from collaboration represents the costs of product manufactured and sold to Sanofi, as well as certain direct costs associated with a firm purchase commitment entered into in connection with the collaboration with Sanofi. During the third quarter of 2016, the costs related to the Sanofi product sales were recognized as product costs &#x2013; collaboration in the condensed consolidated statement of operations.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <i>Deferred costs from commercial product sales</i></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> Deferred costs from commercial product sales represents the cost of product (including labor, overhead and costs to ship to third party logistics) shipped to ICS and wholesale distributors, but not dispensed by pharmacies to patients.</p> </div>
us-gaap Revenue Recognition Discounts
RevenueRecognitionDiscounts
<div> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; MARGIN-LEFT: 44px; WIDOWS: 1; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> <i>Prompt Pay Discounts</i></p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; MARGIN-LEFT: 44px; WIDOWS: 1; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> The Company offers cash discounts to its customers, generally 2% of the sales price, as an incentive for prompt payment. The Company accounts for cash discounts by reducing accounts receivable by the prompt pay discount amount and recognizes the discount as a reduction of revenue in the same period the related revenue is recognized.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 18pt"> <i>Rebates</i></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 6pt"> The Company participates in federal and state government-managed Medicare and Medicaid rebate programs and intends to pursue participation in certain other qualifying federal and state government programs whereby discounts and rebates are provided to participating federal and state government entities. Rebates provided through these other qualifying programs will be included in the Medicaid/Medicare rebate accrual and are considered Medicaid/Medicare rebates for the purposes of this discussion. The Company accounts for these rebates by establishing an accrual equal to the estimate of rebate claims attributable to a sale and determines its estimate of the rebates accrual based on historical payor data provided by a third-party vendor along with additional data including a forecasted participation rate for Medicare and Medicaid. From that data, as well as input received from the commercial team, an estimated participation rate for Medicare and Medicaid is determined and applied at the mandated rate for those sales. Any new information regarding changes in the programs&#x2019; regulations and guidelines or any changes in the Company&#x2019;s government price reporting calculations that would impact the amount of the rebates will also be taken into account in determining or modifying the appropriate reserve. The time period between the date the product is sold into the channel and the date such rebates are paid ranges from approximately six to nine months. As such, continuous monitoring of these estimates will be performed on a periodic basis and if necessary, adjusted to reflect new facts and circumstances. Rebates are recognized as a reduction of revenue in the period the related revenue is recognized.</p> </div>
us-gaap Revenue Recognition Multiple Element Arrangements
RevenueRecognitionMultipleElementArrangements
<div> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> <i>Revenue Recognition &#x2013; Net Revenue &#x2013; Collaboration</i></p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> On April&#xA0;5, 2016 the Company assumed responsibility for the worldwide development and commercialization of Afrezza from Sanofi. Under terms of the transition agreement, Sanofi continued to fulfill orders for Afrezza in the United States until the Company began distributing MannKind-branded Afrezza product to major wholesalers during the week of July&#xA0;25, 2016. As previously disclosed, profits and losses incurred by the Company and Sanofi that were specifically attributable or related to the development, regulatory filings, manufacturing, or commercialization of Afrezza, were shared 65% by Sanofi and 35% by the Company until Sanofi ceased selling Afrezza.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> The Company analyzed the agreements entered into with Sanofi at their inception to determine whether the consideration, paid or payable to the Company, or a portion thereof, could be recognized as revenue. Revenue arrangements with multiple elements are divided into separate units of accounting if certain criteria are met, including whether the delivered element has stand-alone value to the customer. When deliverables are separable, consideration received is allocated to the separate units of accounting based on the relative selling price of each deliverable and the appropriate revenue recognition principles are applied to each unit.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> The assessment of multiple element arrangements requires judgment in order to determine the appropriate units of accounting and the points in time that, or periods over which, revenue should be recognized. Under the terms of the Sanofi License Agreement, Sanofi Supply Agreement and the Sanofi Loan Facility, the Company determined that the arrangement contained significant deliverables including (i)&#xA0;licenses to develop and commercialize Afrezza and to use the Company&#x2019;s trademarks, (ii)&#xA0;development activities, and (iii)&#xA0;manufacture and supply services for Afrezza. Due to the proprietary nature of the manufacturing services to be provided by the Company, the Company determined that all of the significant deliverables should be combined into a single unit of accounting. The Company believes that the manufacturing services are proprietary due to the fact that since the late 1990&#x2019;s, the Company has developed proprietary knowledge and patented equipment and tools that are used in the manufacturing process of Afrezza. Due to the complexities of particle formulation and the specialized knowledge and equipment needed to handle the Afrezza powder, neither Sanofi nor, to the Company&#x2019;s knowledge, any third-party contract manufacturing organization currently possesses the capability of manufacturing Afrezza.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> In order for revenue to be recognized, the seller&#x2019;s price to the buyer must be fixed or determinable. Prior to the third quarter of 2016, because the Company did not have the ability to estimate the amount of costs that would potentially be incurred under the loss share provision related to the Sanofi License Agreement and the Sanofi Supply Agreement, the Company believed this requirement for revenue recognition had not been met.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> Therefore, the Company had recorded the $150.0 million up-front payment and the two milestone payments of $25.0 million each as deferred payments from collaboration. In addition, as of December&#xA0;31, 2015 the Company had recorded $17.5 million in Afrezza product shipments to Sanofi as deferred sales from collaboration and recorded $13.5 million as deferred costs from collaboration. Deferred costs from collaboration represented the costs of product manufactured and shipped to Sanofi, as well as certain direct costs associated with a firm purchase commitment entered into in connection with the collaboration with Sanofi.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> During the three months ended September&#xA0;30, 2016, the Company determined that the remaining costs under the Sanofi License Agreement and the Sanofi Supply Agreement were reasonably estimable. Accordingly, the fixed or determinable fee requirement for revenue recognition was met and there are no future obligations to Sanofi. Therefore, the Company recognized $161.8 million of net revenue <i>&#x2013;</i> collaboration for the three and nine months ended September&#xA0;30, 2016. The revenue recognized includes the upfront payment of $150.0 million and the two milestone payments of $25.0 million each, net of $64.8 million of net loss share with Sanofi, as well as $17.4&#xA0;million in sales of Afrezza and $9.2&#xA0;million from sales of raw insulin, both to Sanofi. These payments and sales were made pursuant to the contractual terms of the agreements with Sanofi.</p> </div>
us-gaap Sales Revenue Net
SalesRevenueNet
162354000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1144000
us-gaap Payment Of Financing And Stock Issuance Costs
PaymentOfFinancingAndStockIssuanceCosts
2690000
dei Entity Registrant Name
EntityRegistrantName
MANNKIND CORP
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P3Y
us-gaap Revenue Recognition Sales Of Goods
RevenueRecognitionSalesOfGoods
<div> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> <i>Revenue Recognition &#x2013; Net Revenue &#x2013; Commercial Product Sales</i></p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> Revenue is recognized when the four basic criteria of revenue recognition are met: (1)&#xA0;persuasive evidence that an arrangement exists; (2)&#xA0;delivery has occurred or services have been rendered; (3)&#xA0;the fee is fixed or determinable; and (4)&#xA0;collectability is reasonably assured. When the accounting requirements for revenue recognition are not met, the Company defers the recognition of revenue by recording deferred revenue on the balance sheet until such time that all criteria are met.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> The Company sells Afrezza in the United States to Integrated Commercialization Solutions (&#x201C;ICS&#x201D;) Direct and wholesale pharmaceutical distributors and, through them, to retail pharmacies, which are collectively referred to as &#x201C;customers&#x201D;. These sales are subject to rights of return within a period beginning six months prior to, and ending 12 months following, product expiration. For the three and nine months ended September&#xA0;30, 2016, net revenue <i>&#x2013;</i> commercial product sales consisted of $0.6 million of net sales of Afrezza dispensed to patients. The net sales took place in the third quarter as a result of the Company&#x2019;s re-launch in July 2016.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> With respect to sales to customers, the Company has entered into a Commercial Outsourcing Services Agreement with ICS, a third party logistics provider, under which ICS will distribute MannKind product to wholesalers on its behalf.&#xA0;To enable the Company to distribute product in all necessary jurisdictions, on July&#xA0;1, 2016 the Company entered into a first amendment to its contract with ICS for an interim period. Under this amendment, ICS, through ICS Direct, will purchase product from the Company and title and risk of loss transfers to ICS Direct.&#xA0;However, because (1)&#xA0;the Company indemnifies and holds harmless ICS for all accounts receivable arising out of commercial product sales under the first amendment that are not collected from the customers according to payment terms, and (2)&#xA0;ICS Direct may return product to the Company under the right of return described below, the Company has concluded that it cannot recognize revenue upon transfer of product to ICS or further, to ICS Direct.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> The Company provides the right of return to ICS Direct and its wholesale distributors and, through them, to its retail pharmacy customers for unopened product for a limited time before and after its expiration date. Once the product has been prescribed and dispensed to the patient, any right of return ceases to exist.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> Given the Company&#x2019;s limited sales history for Afrezza, the Company cannot reliably estimate expected returns of the product at the time of shipment into the distribution channel. Accordingly, the Company defers recognition of revenue on Afrezza product shipments until the right of return no longer exists, which occurs at the earlier of the time Afrezza is dispensed from pharmacies to patients or expiration of the right of return. The Company recognizes revenue based on Afrezza patient prescriptions dispensed as estimated by syndicated data provided by a third party. The Company also analyzes additional data points to ensure that such third-party data is reasonable including data related to inventory movements within the channel and ongoing prescription demand.</p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 1px; MARGIN-TOP: 6px"> &#xA0;</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt"> On September&#xA0;26, 2016, the Company provided notice to ICS of its election to terminate the interim period agreement effective December&#xA0;15, 2016. We expect this termination election will not impact our recognition of revenue. After that date, ICS will no longer take title to inventory. However, the Commercial Outsourcing Services Agreement will continue to apply and ICS will continue to distribute MannKind product to wholesalers on its behalf.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> The Company recorded $2.0 million in deferred revenue on its condensed consolidated balance sheet, of which $1.6 million (net of estimated gross-to-net adjustments) represents product shipped to our third-party logistics provider and wholesale distributors, but not dispensed to patients as of September&#xA0;30, 2016. Deferred revenue also includes $0.4 million that we have received for the sale of surplus raw materials to a third party, where delivery was made after September&#xA0;30, 2016. In addition, the costs of Afrezza associated with the deferred revenue are recorded as deferred costs until such time the related deferred revenue is recognized.</p> </div>
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
-1000
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
573000
us-gaap Operating Income Loss
OperatingIncomeLoss
79093000
us-gaap Net Income Loss
NetIncomeLoss
71690000
us-gaap Loans Assumed1
LoansAssumed1
4713000
us-gaap Interest Paid Net
InterestPaidNet
7198000
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
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us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
5124000
us-gaap Increase Decrease In Deferred Charges
IncreaseDecreaseInDeferredCharges
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us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
3114000
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
71689000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
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us-gaap Investment Income Interest
InvestmentIncomeInterest
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us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
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us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
516000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
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us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
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us-gaap Depreciation
Depreciation
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us-gaap Foreign Currency Transaction Loss Before Tax
ForeignCurrencyTransactionLossBeforeTax
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us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
700000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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us-gaap Increase Decrease In Customer Advances And Deposits
IncreaseDecreaseInCustomerAdvancesAndDeposits
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us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
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us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
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us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
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us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
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us-gaap Share Based Compensation
ShareBasedCompensation
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us-gaap Depreciation And Amortization
DepreciationAndAmortization
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us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
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us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
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us-gaap Paid In Kind Interest
PaidInKindInterest
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us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
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us-gaap Research And Development Expense Excluding Acquired In Process Cost
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us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
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us-gaap Selling General And Administrative Expense
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us-gaap Costs And Expenses
CostsAndExpenses
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us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
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us-gaap Interest Expense Debt
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us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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us-gaap Proceeds From Repayments Of Notes Payable
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us-gaap Cash And Cash Equivalents Period Increase Decrease
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us-gaap Cost Of Goods Sold
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us-gaap Restructuring Reserve Settled Without Cash2
RestructuringReserveSettledWithoutCash2
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mnkd Longterm Purchase Commitment Renewal Time Period
LongtermPurchaseCommitmentRenewalTimePeriod
P2Y
mnkd Losses On Purchase Commitments
LossesOnPurchaseCommitments
71600000
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-17503000
mnkd Class Of Warrant Or Right Exercised
ClassOfWarrantOrRightExercised
0 shares
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279000
mnkd Long Term Purchase Commitment Cancellation Fees
LongTermPurchaseCommitmentCancellationFees
5300000
mnkd Long Term Purchase Commitment Amount Purchased
LongTermPurchaseCommitmentAmountPurchased
6100000
mnkd Warrant Issuance Costs
WarrantIssuanceCosts
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mnkd Interest On Note Payable To Principal Stockholder
InterestOnNotePayableToPrincipalStockholder
2172000
mnkd Net Revenue From Collaboration
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161781000
mnkd Product Costs From Collaboration
ProductCostsFromCollaboration
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mnkd Long Term Purchase Commitment Expiration Date
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2019-12-31
mnkd Change In Fair Value Of Warrant Liability
ChangeInFairValueOfWarrantLiability
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mnkd Proceeds From Issuance Of Common Stock And Warrants Net
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mnkd Losses On Purchase Commitments Increase Decrease
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mnkd Increase Decrease In Purchase Commitment Loss
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CY2016Q2 mnkd Sale Of Common Stock In Underwritten Public Offering
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48543692 shares
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CY2016Q1 us-gaap Stock Issued During Period Shares Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures
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CY2016Q1 us-gaap Stock Issued During Period Shares Share Based Compensation
StockIssuedDuringPeriodSharesShareBasedCompensation
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CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0.63
CY2016Q2 us-gaap Stock Issued During Period Shares Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures
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CY2016Q2 us-gaap Stock Issued During Period Shares Share Based Compensation
StockIssuedDuringPeriodSharesShareBasedCompensation
1140200 shares
CY2016Q2 mnkd Number Of Equal Tranches
NumberOfEqualTranches
4 Tranche
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AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
30416127 shares
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EarningsPerShareDiluted
-0.08
CY2015Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
405199000 shares
CY2015Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
405199000 shares
CY2015Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.08
CY2015Q3 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
1000
CY2015Q3 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
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OperatingIncomeLoss
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CY2015Q3 us-gaap Net Income Loss
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ComprehensiveIncomeNetOfTax
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CY2015Q3 us-gaap Investment Income Interest
InvestmentIncomeInterest
2000
CY2015Q3 us-gaap Other Nonoperating Income Expense
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67000
CY2015Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
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CY2015Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2600000
CY2015Q3 us-gaap Depreciation
Depreciation
3165000
CY2015Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2015Q3 us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
729000
CY2015Q3 us-gaap Research And Development Expense Excluding Acquired In Process Cost
ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost
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SellingAndMarketingExpense
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CY2015Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
11547000
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CostsAndExpenses
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CY2015Q3 us-gaap General And Administrative Expense
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11040000
CY2015Q3 us-gaap Interest Expense Debt
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4145000
CY2015Q3 us-gaap Cost Of Goods Sold
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CY2016Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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78085579 shares
CY2016Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.26
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IncrementalCommonSharesAttributableToContingentlyIssuableShares
4607000 shares
CY2016Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
482744000 shares
CY2016Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
478137000 shares
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0.55
CY2016Q3 us-gaap Stock Issued During Period Shares Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures
374900 shares
CY2016Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.26
CY2016Q3 us-gaap Stock Issued During Period Shares Share Based Compensation
StockIssuedDuringPeriodSharesShareBasedCompensation
272900 shares
CY2016Q3 us-gaap Sales Revenue Net
SalesRevenueNet
162354000
CY2016Q3 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
573000
CY2016Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
118229000
CY2016Q3 us-gaap Net Income Loss
NetIncomeLoss
126520000
CY2016Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
126520000
CY2016Q3 us-gaap Investment Income Interest
InvestmentIncomeInterest
28000
CY2016Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-27000
CY2016Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
126520000
CY2016Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1502000
CY2016Q3 us-gaap Depreciation
Depreciation
597000
CY2016Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2016Q3 us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
729000
CY2016Q3 us-gaap Research And Development Expense Excluding Acquired In Process Cost
ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost
3917000
CY2016Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
7005000
CY2016Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
13135000
CY2016Q3 us-gaap Costs And Expenses
CostsAndExpenses
44125000
CY2016Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
6130000
CY2016Q3 us-gaap Interest Expense Debt
InterestExpenseDebt
4166000
CY2016Q3 us-gaap Cost Of Goods Sold
CostOfGoodsSold
4331000
CY2016Q3 mnkd Number Of Equal Tranches
NumberOfEqualTranches
4 Tranche
CY2016Q3 mnkd Change In Fair Value Of Warrant Liability
ChangeInFairValueOfWarrantLiability
13185000
CY2016Q3 mnkd Net Revenue From Collaboration
NetRevenueFromCollaboration
161781000
CY2016Q3 mnkd Product Costs From Collaboration
ProductCostsFromCollaboration
22742000
CY2015Q4 us-gaap Restructuring Charges
RestructuringCharges
2891000
CY2015Q4 us-gaap Restructuring Reserve Settled Without Cash2
RestructuringReserveSettledWithoutCash2
3012000

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