$MNKD
MANNKIND CORP

2017 Q2 Form 10-Q Financial Statement

#000119312517249866 Filed on August 07, 2017

View on sec.gov

Income Statement

Concept 2017 Q2 2016 Q2
Revenue $2.163M $0.00
YoY Change
Cost Of Revenue $5.086M $4.045M
YoY Change 25.74% -29.04%
Gross Profit -$2.923M -$4.045M
YoY Change -27.74% -29.04%
Gross Profit Margin -135.14%
Selling, General & Admin $18.57M $11.11M
YoY Change 67.11% 4.58%
% of Gross Profit
Research & Development $3.123M $4.310M
YoY Change -27.54% -44.29%
% of Gross Profit
Depreciation & Amortization $450.0K $589.0K
YoY Change -23.6% -78.5%
% of Gross Profit
Operating Expenses $21.69M $15.42M
YoY Change 40.65% -35.89%
Operating Profit -$31.57M -$19.12M
YoY Change 65.09% -20.49%
Interest Expense -$9.700M -$4.900M
YoY Change 97.96% 2.08%
% of Operating Profit
Other Income/Expense, Net -$3.768M -$10.84M
YoY Change -65.22% 108250.0%
Pretax Income -$35.34M -$29.96M
YoY Change 17.96% 3.63%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$35.34M -$29.96M
YoY Change 17.96% 3.63%
Net Earnings / Revenue -1633.8%
Basic Earnings Per Share -$0.35 -$0.33
Diluted Earnings Per Share -$0.35 -$0.33
COMMON SHARES
Basic Shares Outstanding 99.86M 91.06M
Diluted Shares Outstanding 99.86M 91.06M

Balance Sheet

Concept 2017 Q2 2016 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $43.40M $63.70M
YoY Change -31.87% -40.58%
Cash & Equivalents $43.38M $63.73M
Short-Term Investments
Other Short-Term Assets $3.100M $24.10M
YoY Change -87.14% 70.92%
Inventory $3.172M $2.866M
Prepaid Expenses
Receivables $1.312M $0.00
Other Receivables $0.00 $0.00
Total Short-Term Assets $50.93M $90.76M
YoY Change -43.89% -37.76%
LONG-TERM ASSETS
Property, Plant & Equipment $27.92M $47.42M
YoY Change -41.12% -75.54%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $523.0K $1.248M
YoY Change -58.09% -38.37%
Total Long-Term Assets $28.44M $48.67M
YoY Change -41.56% -76.46%
TOTAL ASSETS
Total Short-Term Assets $50.93M $90.76M
Total Long-Term Assets $28.44M $48.67M
Total Assets $79.37M $139.4M
YoY Change -43.07% -60.45%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.541M $2.849M
YoY Change 129.59% -45.11%
Accrued Expenses $9.076M $10.25M
YoY Change -11.47% -26.4%
Deferred Revenue
YoY Change
Short-Term Debt $57.50M $75.50M
YoY Change -23.84% 2.3%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $85.87M $289.7M
YoY Change -70.36% -15.35%
LONG-TERM LIABILITIES
Long-Term Debt $107.3M $147.1M
YoY Change -27.06% 29.49%
Other Long-Term Liabilities $107.4M $16.67M
YoY Change 544.35% 37.49%
Total Long-Term Liabilities $214.7M $16.67M
YoY Change 1188.1% 37.49%
TOTAL LIABILITIES
Total Short-Term Liabilities $85.87M $289.7M
Total Long-Term Liabilities $214.7M $16.67M
Total Liabilities $300.6M $506.0M
YoY Change -40.59% 8.12%
SHAREHOLDERS EQUITY
Retained Earnings -$2.789B -$2.918B
YoY Change -4.41% 14.24%
Common Stock $2.568B $2.552B
YoY Change 0.65% 4.62%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$221.2M -$366.6M
YoY Change
Total Liabilities & Shareholders Equity $79.37M $139.4M
YoY Change -43.07% -60.45%

Cashflow Statement

Concept 2017 Q2 2016 Q2
OPERATING ACTIVITIES
Net Income -$35.34M -$29.96M
YoY Change 17.96% 3.63%
Depreciation, Depletion And Amortization $450.0K $589.0K
YoY Change -23.6% -78.5%
Cash From Operating Activities -$20.04M -$11.51M
YoY Change 74.11% -35.37%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities $30.00K $0.00
YoY Change
Cash From Investing Activities $30.00K $0.00
YoY Change -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 15.42M 47.59M
YoY Change -67.6% 448.27%
NET CHANGE
Cash From Operating Activities -20.04M -11.51M
Cash From Investing Activities 30.00K 0.000
Cash From Financing Activities 15.42M 47.59M
Net Change In Cash -4.590M 36.08M
YoY Change -112.72% -363.94%
FREE CASH FLOW
Cash From Operating Activities -$20.04M -$11.51M
Capital Expenditures $0.00 $0.00
Free Cash Flow -$20.04M -$11.51M
YoY Change 74.11% -13.26%

Facts In Submission

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10-Q
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dei Entity Central Index Key
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us-gaap Prior Period Reclassification Adjustment Description
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<div><em><font size="2">Reclassifications</font><font size="2">&#xA0;</font></em>&#x2014; Certain amounts from previous periods have been reclassified to conform to the 2017 presentation. Specifically, on the condensed consolidated statements of operations, product manufacturing has been renamed to costs of goods sold. In addition, the Company reclassified (gain) loss on foreign currency translation from the previously reported classification of product manufacturing to (gain) loss on foreign currency translation and also reclassified change in fair value of warrant liability from the previously reported classification of other income to change in fair value of warrant liability in the accompanying condensed consolidated statements of operations.</div>
us-gaap Stockholders Equity Reverse Stock Split
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The Company’s board of directors approved a reverse stock split ratio of 1-for-5. On March 1, 2017, the Company filed with the Secretary of State of the State of Delaware a Certificate of Amendment of the Company’s Amended and Restated Certificate of Incorporation (the “Charter Amendment”) to effect the 1-for-5 reverse stock split of the Company’s outstanding common stock (the “Reverse Stock Split”) and to reduce the authorized number of shares of the Company’s common stock from 700,000,000 to 140,000,000 shares. The Company’s common stock began trading on the NASDAQ Global Market on a split-adjusted basis when the market opened on March 3, 2017. As a result, all common stock share amounts included in these condensed consolidated financial statements have been retroactively reduced by a factor of five, and all common stock per share amounts have been increased by a factor of five, with the exception of the Company’s common stock par value.
dei Trading Symbol
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MNKD
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dei Current Fiscal Year End Date
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--12-31
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dei Entity Filer Category
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us-gaap Revenue Recognition Deferred Revenue
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<div><em><font size="2">Deferred Costs from Commercial Product Sales</font><font size="2">&#xA0;</font></em>&#x2014; Deferred costs from commercial product sales represents the cost of product (including labor, overhead and shipping costs to the third party logistics provider) shipped to wholesale distributors, but not dispensed by retail pharmacies to patients. If the Company estimates that inventory that has been shipped to wholesale distributors will be returned for credit because there is a risk of product expiry, deferred costs of commercial product sales is reduced and cost of goods sold is increased for the cost of such inventory.</div>
us-gaap Revenue Recognition Discounts
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial"> <i>Prompt Pay Discounts &#x2013;</i>&#xA0;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 and deferred revenue by the prompt pay discount amount (at the time of shipment to the wholesale distributor). The Company 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: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial"> <i>Rebates and Chargebacks &#x2013;</i>&#xA0;The Company participates in federal and state government-managed Medicare and Medicaid programs and, as such, is required to provide rebates under these programs. The Company continues to pursue participation in certain other qualifying federal and state government programs whereby discounts and rebates are provided to participating entities. Rebates provided through these other qualifying programs are included in the Medicaid and Medicare rebate accrual. Chargebacks are discounts that occur when contracted customers purchase directly from an intermediary wholesale purchaser. Contracted customers, which currently consist primarily of Federal government entities purchasing off the Federal Supply Schedule, generally purchase the product at its contracted price, plus a mark-up from the wholesaler. The wholesaler, in-turn, charges back to the Company the difference between the price initially paid by the wholesaler and the contracted price paid to the wholesaler by the customer.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial"> The Company accounts for these rebates and chargebacks by establishing an accrual based on contractual discount rates, expected utilization under each contract and an estimate of the amount of inventory in the distribution channel that will become subject to such rebates and chargebacks based on historical payor data provided by a third-party vendor along with additional data including forecasted participation rates. From that data, as well as input received from the commercial team, an estimated participation rate for each program is determined and applied at the 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 may be paid can be up to 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 and chargebacks are recognized as a reduction of gross revenue in the period the related revenue is recognized.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial"> <i>Other Rebates and Discounts &#x2013;</i>&#xA0;The Company has entered into agreements with certain third-party payors and with pharmacy benefit managers that act as an intermediary with certain third-party payors in the fulfillment of prescriptions. Under these agreements, the Company has agreed to provide certain contracted discounts to ease access to reimbursement for Afrezza patients including, but not limited to, the removal of prior authorization or step edit requirements or modifying the reimbursement tier under the payor&#x2019;s formulary. The Company accounts for these charges by establishing an accrual based on the contracted discount rates and, with input received from management, estimated participation rates.</p> </div>
us-gaap Revenue Recognition Multiple Element Arrangements
RevenueRecognitionMultipleElementArrangements
<div><em><font size="2">Revenue Recognition &#x2013; Net Revenue &#x2013; Collaborations &#x2013;</font></em>&#xA0;The Company enters into collaborations under which the Company must perform certain obligations and receives periodic payments. The Company evaluates the collaborations under the multiple element revenue recognition accounting guidance. Revenue arrangements with multiple elements are divided into separate units of accounting if certain criteria are met, including whether the delivered elements have 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. 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. The terms of and the accounting for the Company&#x2019;s collaborations are described more fully in Note 7 &#x2014; Collaboration Arrangements.</div>
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
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dei Entity Registrant Name
EntityRegistrantName
MANNKIND CORP
us-gaap Revenue Recognition Sales Of Goods
RevenueRecognitionSalesOfGoods
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial"> <i>Revenue Recognition &#x2013; Net Revenue &#x2013; Commercial Product Sales &#x2013;</i>&#xA0;Between July&#xA0;1, 2016 and December&#xA0;15, 2016, the Company sold Afrezza to Integrated Commercialization Solutions Direct (ICS) and title and risk of loss transferred to ICS upon shipment. After December&#xA0;15, 2016, ICS became a third party logistics provider and stopped taking title and risk of loss upon shipment of Afrezza to ICS. The Company sells Afrezza in the United States to wholesale pharmaceutical distributors through ICS, and ultimately to retail pharmacies, which are collectively referred to as &#x201C;customers&#x201D;. The Company provides the right of return to its wholesale distributors and, through them, to its retail pharmacy customers for unopened product for a period beginning six months prior to and ending twelve months 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: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial"> 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. Deferred revenue is presented net of deferred product sales discounts which are further described in&#xA0;<i>Gross-to-Net Adjustments</i>&#xA0;below. 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: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial"> For the three and six months ended June&#xA0;30, 2017, net revenue from commercial product sales consisted of $1.5 million and $2.7 million of net sales of Afrezza dispensed to patients, respectively. As of June&#xA0;30, 2017 and December&#xA0;31, 2016, the ending balances for net deferred revenue, were $2.6&#xA0;million and $3.4&#xA0;million, on its condensed consolidated balance sheets of which $1.0 million and $0.8&#xA0;million are gross-to-net revenue adjustments, respectively. The difference, as compared with December&#xA0;31, 2016, represented deferred revenue from bulk insulin sales of approximately $1.7 million, which is described more fully under the heading&#xA0;<i>Revenue Recognition &#x2013; Revenue &#x2013; Other</i>&#xA0;below. For the three and six months ended June&#xA0;30, 2017, shipments to three wholesale distributors represented 93% of total shipments.</p> </div>
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2023-12-31
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3 Distributor
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PercentageOfProductShipmentsToWholesaleDistributors
0.93 pure
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NetRevenueFromCollaboration
63000

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