$MNKD
MANNKIND CORP

2018 Q3 Form 10-Q Financial Statement

#000156459018026006 Filed on November 01, 2018

View on sec.gov

Income Statement

Concept 2018 Q3 2017 Q4 2017 Q3
Revenue $4.469M $4.530M $2.043M
YoY Change 118.75% -63.48% -98.74%
Cost Of Revenue $5.303M $5.000M $4.575M
YoY Change 15.91% -57.63% 5.63%
Gross Profit -$834.0K -$500.0K -$2.532M
YoY Change -67.06% -183.33% -101.6%
Gross Profit Margin -18.66% -11.04% -123.94%
Selling, General & Admin $19.40M $23.30M $17.73M
YoY Change 9.45% 52.29% 34.94%
% of Gross Profit
Research & Development $2.043M $3.500M $4.400M
YoY Change -53.57% 118.75% 12.33%
% of Gross Profit
Depreciation & Amortization $404.0K $820.0K $454.0K
YoY Change -11.01% -22.64% -23.95%
% of Gross Profit
Operating Expenses $2.043M $26.70M $17.73M
YoY Change -88.47% 58.93% 3.95%
Operating Profit -$21.54M -$27.20M -$28.18M
YoY Change -23.55% 67.9% -123.83%
Interest Expense -$1.200M -$4.700M -$8.400M
YoY Change -85.71% 67.86% -201.2%
% of Operating Profit
Other Income/Expense, Net -$2.625M $0.00 -$4.707M
YoY Change -44.23% -156.77%
Pretax Income -$24.17M -$32.70M -$32.89M
YoY Change -26.51% -160.56% -125.99%
Income Tax $0.00 $100.0K $0.00
% Of Pretax Income
Net Earnings -$24.17M -$32.78M -$32.89M
YoY Change -26.51% -160.74% -125.99%
Net Earnings / Revenue -540.79% -723.71% -1609.69%
Basic Earnings Per Share -$0.16 -$0.28 -$0.31
Diluted Earnings Per Share -$0.16 -$0.28 -$0.31
COMMON SHARES
Basic Shares Outstanding 153.6M 116.5M 104.7M
Diluted Shares Outstanding 153.6M 116.5M 104.7M

Balance Sheet

Concept 2018 Q3 2017 Q4 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $10.40M $43.90M $20.10M
YoY Change -48.26% 91.7% -43.38%
Cash & Equivalents $10.45M $43.95M $20.09M
Short-Term Investments
Other Short-Term Assets $3.500M $7.800M $3.600M
YoY Change -2.78% -63.55% -25.0%
Inventory $2.785M $2.657M $3.129M
Prepaid Expenses
Receivables $2.752M $2.789M $1.804M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $19.53M $57.22M $28.63M
YoY Change -31.8% -26.16% -41.1%
LONG-TERM ASSETS
Property, Plant & Equipment $25.63M $26.92M $27.37M
YoY Change -6.36% -6.93% -41.54%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $199.0K $437.0K $480.0K
YoY Change -58.54% -32.56% -31.62%
Total Long-Term Assets $25.83M $27.36M $27.85M
YoY Change -7.26% -7.49% -41.39%
TOTAL ASSETS
Total Short-Term Assets $19.53M $57.22M $28.63M
Total Long-Term Assets $25.83M $27.36M $27.85M
Total Assets $45.36M $84.58M $56.48M
YoY Change -19.7% -21.0% -41.24%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.815M $6.984M $5.283M
YoY Change 10.07% 114.04% 3.73%
Accrued Expenses $13.43M $12.45M $12.49M
YoY Change 7.54% 56.85% -11.8%
Deferred Revenue $250.0K
YoY Change
Short-Term Debt $14.20M $52.70M $57.90M
YoY Change -75.47% -26.09% -18.34%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $59.63M $87.60M $91.50M
YoY Change -34.83% -4.84% -13.54%
LONG-TERM LIABILITIES
Long-Term Debt $91.30M $104.1M $107.3M
YoY Change -14.91% 34.84% -27.7%
Other Long-Term Liabilities $99.90M $107.6M $108.7M
YoY Change -8.1% -11.37% 524.82%
Total Long-Term Liabilities $191.2M $211.7M $216.0M
YoY Change -11.48% 6.6% 1141.59%
TOTAL LIABILITIES
Total Short-Term Liabilities $59.63M $87.60M $91.50M
Total Long-Term Liabilities $191.2M $211.7M $216.0M
Total Liabilities $250.8M $299.3M $307.5M
YoY Change -18.44% 2.98% -8.16%
SHAREHOLDERS EQUITY
Retained Earnings -$2.930B -$2.855B
YoY Change 4.29%
Common Stock $2.725B $2.640B
YoY Change 3.37%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$205.4M -$214.7M -$251.0M
YoY Change
Total Liabilities & Shareholders Equity $45.36M $84.58M $56.50M
YoY Change -19.72% -21.0% -41.23%

Cashflow Statement

Concept 2018 Q3 2017 Q4 2017 Q3
OPERATING ACTIVITIES
Net Income -$24.17M -$32.78M -$32.89M
YoY Change -26.51% -160.74% -125.99%
Depreciation, Depletion And Amortization $404.0K $820.0K $454.0K
YoY Change -11.01% -22.64% -23.95%
Cash From Operating Activities -$13.92M -$29.98M -$23.27M
YoY Change -40.18% 135.14% 0.87%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities $10.00K $0.00 $0.00
YoY Change
Cash From Investing Activities $10.00K $0.00 $0.00
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.820M 58.24M -20.00K
YoY Change 9000.0% 48433.33% -99.61%
NET CHANGE
Cash From Operating Activities -13.92M -29.98M -23.27M
Cash From Investing Activities 10.00K 0.000 0.000
Cash From Financing Activities -1.820M 58.24M -20.00K
Net Change In Cash -15.73M 28.26M -23.29M
YoY Change -32.46% -323.75% -17.41%
FREE CASH FLOW
Cash From Operating Activities -$13.92M -$29.98M -$23.27M
Capital Expenditures $0.00 $0.00
Free Cash Flow -$29.98M -$23.27M
YoY Change 135.14% 0.87%

Facts In Submission

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IncreaseDecreaseInPurchaseCommitmentLoss
-6165000
mnkd Increase Decrease In Purchase Commitment Loss
IncreaseDecreaseInPurchaseCommitmentLoss
-648000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-34797000
us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
16651000
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
10000
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
24000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
10000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
16675000
us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
28000000
us-gaap Payment Of Financing And Stock Issuance Costs
PaymentOfFinancingAndStockIssuanceCosts
1610000
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
2000000
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
4000000
us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
19429000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
184000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
110000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
819000
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
33000
us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
335000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
25327000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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-37382000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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-2803000
CY2017Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
48355000
CY2018Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
10973000
CY2017Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
20092000
us-gaap Interest Paid Net
InterestPaidNet
2895000
us-gaap Interest Paid Net
InterestPaidNet
6373000
us-gaap Stock Issued1
StockIssued1
42912000
us-gaap Stock Issued1
StockIssued1
11000000
mnkd Payments Of Note Payable To Related Party Through Common Stock Issuance
PaymentsOfNotePayableToRelatedPartyThroughCommonStockIssuance
8160000
us-gaap Interest Paid Capitalized
InterestPaidCapitalized
10716000
mnkd Debt Issuance Costs Accrued But Not Yet Paid
DebtIssuanceCostsAccruedButNotYetPaid
146000
us-gaap Liabilities Assumed1
LiabilitiesAssumed1
1893000
CY2018Q3 us-gaap Depreciation
Depreciation
404000
CY2017Q3 us-gaap Depreciation
Depreciation
454000
CY2018Q3 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
LineOfCreditFacilityRemainingBorrowingCapacity
0
CY2017Q3 us-gaap Interest Expense Related Party
InterestExpenseRelatedParty
1173000
us-gaap Revenue Recognition Sales Of Goods
RevenueRecognitionSalesOfGoods
<div> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-style:italic;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">Revenue Recognition &#8211; Net Revenue &#8211; Commercial Product Sales &#8211;<font style="font-style:normal;"> The Company sells Afrezza to a limited number of wholesale distributors and specialty pharmacies in the U.S. (collectively, its &#8220;Customers&#8221;). </font><font style="color:#000000;font-style:normal;">These Customers subsequently resell the Company&#8217;s product to retail pharmacies and certain medical centers or hospitals. Specialty pharmacies sell directly to patients. In addition to distribution agreements with Customers, the Company enters into arrangements with health care providers and payors that provide for government mandated and/or privately negotiated rebates, chargebacks, and discounts with respect to the purchase of the Company&#8217;s product.</font></p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:0%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company recognizes revenue on product sales when the Customer obtains control of the Company's product, which occurs at a point in time (based on the terms of the relevant contracts which are at delivery for wholesale distributors and at shipment for specialty pharmacies).&nbsp;&nbsp;Product revenues are recorded net of applicable reserves for variable consideration, including discounts and allowances.</p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p> <p style="margin-top:2pt;margin-bottom:0pt;text-indent:0%;font-style:italic;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">Voucher Program &#8211; <font style="font-style:normal;">Under the voucher program, potential new patients are given vouchers which they can provide to retailers for a free product. </font><font style="font-style:normal;color:#000000;"> The retailers provide the product to the patient for free and pay the wholesaler for the product, who pays the Company.&nbsp;&nbsp;The retailers submit the vouchers to a program administrator who pays the retailer for the product.&#160; The administrator then invoices the Company for the amount of vouchers paid plus a fee. Accordingly, on a net basis, it is not probable that the Company will receive the consideration to which it is entitled from the sale of product under the voucher program. Therefore, the Company excludes such amounts from both gross and net revenue.&nbsp;&nbsp;The cost of product associated with the voucher program is included in cost of goods sold.</font></p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p> <p style="margin-top:2pt;margin-bottom:0pt;text-indent:0%;font-style:italic;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">Reserves for Variable Consideration <font style="font-style:normal;">&#8212; Revenues from product sales are recorded at the net sales price (transaction price), which includes estimates of variable consideration for which reserves are established. Components of variable consideration include trade discounts and allowances, product returns, provider chargebacks and discounts, government rebates, payor rebates, and other incentives, such as voluntary patient assistance, and other allowances that are offered within contracts between the Company and its Customers, payors, and other indirect customers relating to the Company&#8217;s sale of its product. These reserves, as detailed below, are based on the amounts earned, or to be claimed on the related sales, and result in a reduction of accounts receivable or establishment of a current liability.&nbsp;&nbsp;</font></p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p> <p style="margin-top:2pt;margin-bottom:0pt;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Where appropriate, these estimates take into consideration a range of possible outcomes which are probability-weighted in accordance with the expected value method in Topic 606 for relevant factors such as current contractual and statutory requirements, specific known market events and trends, industry data, and forecasted customer buying and payment patterns. Overall, these reserves reduce recognized revenue to the Company&#8217;s best estimates of the amount of consideration to which it is entitled based on the terms of the respective underlying contracts.</p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p> <p style="margin-top:2pt;margin-bottom:0pt;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The amount of variable consideration that is included in the transaction price may be constrained, and is included in the net sales price only to the extent that it is probable that a significant reversal in the amount of the cumulative revenue recognized under the contract will not occur in a future period. The Company&#8217;s analyses also contemplate application of the constraint in accordance with the guidance, under which it determined a material reversal of revenue would not occur in a future period for the estimates detailed below as of September 30, 2018 and, therefore, the transaction price was not reduced further during the nine months ended September 30, 2018. Actual amounts of consideration ultimately received may differ from the Company&#8217;s estimates. If actual results in the future vary from the Company&#8217;s estimates, the Company will adjust these estimates, which would affect net revenue &#8211; commercial product sales and earnings in the period such variances become known.</p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p> <p style="margin-top:2pt;margin-bottom:0pt;margin-left:6.67%;text-indent:0%;font-style:italic;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">Trade Discounts and Allowances <font style="font-style:normal;">&#8212; The Company generally provides Customers with discounts which include incentive fees, such as prompt pay discounts, that are explicitly stated in the Company&#8217;s contracts and are recorded as a reduction of revenue in the period the related product revenue is recognized. In addition, the Company compensates (through trade discounts and allowances) its Customers for sales order management, data, and distribution services. However, the Company has determined such services received to date are not distinct from the Company&#8217;s sale of product to the Customers and, therefore, these payments have been recorded as a reduction of revenue and a reduction to accounts receivable, net. </font></p> <p style="margin-top:2pt;margin-bottom:0pt;margin-left:6.67%;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:6.67%;text-indent:0%;font-style:italic;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">Product Returns <font style="font-style:normal;">&#8212; Consistent with industry practice, the Company generally offers Customers a right of return</font><font style="font-style:normal;color:#000000;"> for unopened product that has been purchased from the Company for a period beginning six months prior to and ending twelve months after its expiration date</font><font style="font-style:normal;">, which lapses upon shipment to a patient. The Company estimates the amount of its product sales that may be returned by its Customers and records this estimate as a reduction of revenue in the period the related product revenue is recognized, as well as reductions to accounts receivable, net. The Company currently estimates product returns using available industry data and its own sales information, including its visibility into the inventory remaining in the distribution channel. The Company&#8217;s current return reserve rate is estimated to be 3.8%.&nbsp;&nbsp;</font></p> <p style="margin-top:2pt;margin-bottom:0pt;margin-left:6.67%;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:6.67%;text-indent:0%;font-style:italic;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">Provider Chargebacks and Discounts <font style="font-style:normal;">&#8212; Chargebacks for fees and discounts to providers represent the estimated obligations resulting from contractual commitments to sell products to qualified healthcare providers at prices lower than the list prices charged to Customers who directly purchase the product from the Company. Customers charge the Company for the difference between what they pay for the product and the ultimate selling price to the qualified healthcare providers. These reserves are established in the same period that the related revenue is recognized, resulting in a reduction of product revenue and the establishment of a current liability which is recorded in accrued expenses and other current liabilities. Chargeback amounts are generally determined at the time of resale to the qualified healthcare provider by Customers, and the Company generally issues credits for such amounts within a few weeks of the Customer&#8217;s notification to the Company of the resale. Reserves for chargebacks consist of credits that the Company expects to issue for units that remain in the distribution channel inventories at each reporting period-end that the Company expects will be sold to qualified healthcare providers, and chargebacks that Customers have claimed, but for which the Company has not yet issued a credit.</font></p> <p style="margin-top:2pt;margin-bottom:0pt;margin-left:6.67%;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:6.67%;text-indent:0%;font-style:italic;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">Government Rebates <font style="font-style:normal;">&#8212; The Company is subject to discount obligations under state Medicaid programs and Medicare. These reserves are recorded in the same period the related revenue is recognized, resulting in a reduction of product revenue and the establishment of a current liability which is included in accrued expenses and other current liabilities. For Medicare, the Company also estimates the number of patients in the prescription drug coverage gap for whom the Company will owe an additional liability under the Medicare Part D program. The Company&#8217;s liability for these rebates consists of invoices received for claims from prior quarters that have not been paid or for which an invoice has not yet been received, estimates of claims for the current quarter, and estimated future claims that will be made for product that has been recognized as revenue, but which remains in the distribution channel inventories at the end of each reporting period.</font></p> <p style="margin-top:2pt;margin-bottom:0pt;margin-left:6.67%;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:6.67%;text-indent:0%;font-style:italic;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">Payor Rebates <font style="font-style:normal;">&#8212; The Company contracts with certain private payor organizations, primarily insurance companies and pharmacy benefit managers, for the payment of rebates with respect to utilization of its products. The Company estimates these rebates and records such estimates in the same period the related revenue is recognized, resulting in a reduction of product revenue and the establishment of a current liability which is included in accrued expenses and other current liabilities.</font></p> <p style="margin-top:2pt;margin-bottom:0pt;margin-left:6.67%;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:6.67%;text-indent:0%;font-style:italic;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">Other Incentives <font style="font-style:normal;">&#8212; Other incentives which the Company offers include voluntary patient support programs, such as the Company's co-pay assistance program, which are intended to provide financial assistance to qualified commercially-insured patients with prescription drug co-payments required by payors. The calculation of the accrual for co-pay assistance is based on an estimate of claims and the cost per claim that the Company expects to receive associated with product that has been recognized as revenue, but remains in the distribution channel inventories at the end of each reporting period. The adjustments are recorded in the same period the related revenue is recognized, resulting in a reduction of product revenue and the establishment of a current liability which is included in accrued expenses and other current liabilities.</font></p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p> <p style="margin-bottom:0pt;margin-top:2pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As of December 31, 2017, prior to the adoption of Topic 606, the ending balance for net deferred revenue, was $3.0&#160;million, on the Company&#8217;s condensed consolidated balance sheets, which is presented net of $1.5&#160;million in gross-to-net revenue adjustments. On January 1, 2018, deferred revenue was adjusted to zero as a result of the adoption of Topic 606 as disclosed below. For the three and nine months ended September 30, 2018, shipments to three wholesale distributors represented 90% and 89%, respectively, of total shipments, compared with 92% for each of the same two periods in 2017.</p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p></div>
us-gaap Revenue Recognition Multiple Element Arrangements
RevenueRecognitionMultipleElementArrangements
<div> <p style="margin-bottom:0pt;margin-top:2pt;text-indent:0%;font-style:italic;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">Revenue Recognition &#8211; Net Revenue &#8211; Collaborations <font style="font-style:normal;">&#8212; The Company enters into out-licensing agreements under which the Company licenses certain rights to its product candidates to third parties. </font><font style="color:#000000;font-style:normal;">The terms of these arrangements may include payment to the Company of one or more of the following: non-refundable, up-front license fees; development, regulatory, and commercial milestone payments; payments for manufacturing supply services the Company provides; and royalties on net sales of licensed products and sublicenses of the rights. Each of these payments may result in license, collaborations, or other revenue, except revenue from royalties on net sales of licensed products, which would be classified as royalty revenue.</font></p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p> <p style="margin-top:2pt;margin-bottom:0pt;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As part of the accounting for these arrangements, the Company must develop assumptions that require judgment to determine the stand-alone selling price for each performance obligation identified in the contract. The Company uses key assumptions to determine the stand-alone selling price, which may include forecasted revenues, development timelines, reimbursement rates for personnel costs, discount rates, and probabilities of technical and regulatory success.</p></div>
us-gaap Revenue Recognition Sales Of Services
RevenueRecognitionSalesOfServices
<div> <p style="margin-top:2pt;margin-bottom:0pt;text-indent:0%;font-style:italic;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">Manufacturing Supply Services <font style="font-style:normal;">&#8212; Arrangements that include a promise for future supply of drug substance or drug product for either clinical development or commercial supply, at the customer&#8217;s discretion, are generally considered as options. The Company assesses if these options provide a material right to the licensee and, if so, they are accounted for as separate performance obligations. If the Company is entitled to additional payments when the licensee exercises these options, any additional payments are recorded in license, collaborations, or other revenue when the customer obtains control of the goods, which is upon delivery.</font></p></div>
us-gaap Revenue Recognition Services Royalty Fees
RevenueRecognitionServicesRoyaltyFees
<div> <p style="margin-top:2pt;margin-bottom:0pt;text-indent:0%;font-style:italic;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">Royalties <font style="font-style:normal;">&#8212; For licensing arrangements that include sales-based royalties, including milestone payments based on the level of sales, and the license is deemed to be the predominant item to which the royalties relate, the Company recognizes revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all the royalty has been allocated has been satisfied (or partially satisfied). For sales of intellectual property that include sales-based royalties, the Company estimates the amount of variable consideration that it will receive from the sales-based royalty. The Company has not recognized any royalty revenue in 2017 or 2018 resulting from the sale of its intellectual property which is more fully described in Note 9, Sale of Intellectual Property.</font></p></div>
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
52269488
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
9320830
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-62719000
CY2018Q3 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
3944000
CY2017Q4 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
2842000
CY2018Q3 mnkd Wholesaler Distribution Fees And Prompt Pay Discounts
WholesalerDistributionFeesAndPromptPayDiscounts
775000
CY2017Q4 mnkd Wholesaler Distribution Fees And Prompt Pay Discounts
WholesalerDistributionFeesAndPromptPayDiscounts
53000
CY2018Q3 mnkd Reserve For Returns
ReserveForReturns
417000
CY2017 mnkd Number Of Wholesale Distributors
NumberOfWholesaleDistributors
3
CY2018Q3 mnkd Percentage Of Accounts Receivable From Major Customers
PercentageOfAccountsReceivableFromMajorCustomers
0.94
CY2017Q4 mnkd Percentage Of Accounts Receivable From Major Customers
PercentageOfAccountsReceivableFromMajorCustomers
0.93
CY2018Q3 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
951000
CY2017Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
572000
CY2018Q3 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
732000
CY2017Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
1273000
CY2018Q3 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
1102000
CY2017Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
127874000
CY2018Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
101726000
CY2017Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
100952000
CY2018Q3 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
104700000
CY2017Q1 us-gaap Stockholders Equity Note Stock Split Conversion Ratio1
StockholdersEquityNoteStockSplitConversionRatio1
0.2
us-gaap Depreciation
Depreciation
1289000
CY2017Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
812000
us-gaap Depreciation
Depreciation
1350000
CY2018Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
7358000
CY2017Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
7260000
CY2018Q3 mnkd Current Portion Of Milestone Right Liability
CurrentPortionOfMilestoneRightLiability
1643000
CY2017Q4 mnkd Current Portion Of Milestone Right Liability
CurrentPortionOfMilestoneRightLiability
1643000
CY2018Q3 us-gaap Production Related Impairments Or Charges
ProductionRelatedImpairmentsOrCharges
1000000
CY2018Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
127358000
CY2018Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
830000
CY2017Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1007000
CY2018Q3 mnkd Customer Discounts And Allowances
CustomerDiscountsAndAllowances
1868000
CY2017Q4 mnkd Customer Discounts And Allowances
CustomerDiscountsAndAllowances
873000
mnkd Percentage Of Product Shipments To Wholesale Distributors
PercentageOfProductShipmentsToWholesaleDistributors
0.92
mnkd Loss On Purchase Commitments
LossOnPurchaseCommitments
100400000
mnkd Loss On Purchase Commitments Number Of Contracts Recognized
LossOnPurchaseCommitmentsNumberOfContractsRecognized
0
CY2018Q3 mnkd Sales And Marketing Related Expenses Accrued
SalesAndMarketingRelatedExpensesAccrued
162000
CY2017Q4 mnkd Sales And Marketing Related Expenses Accrued
SalesAndMarketingRelatedExpensesAccrued
147000
CY2017 mnkd Loss On Purchase Commitments Number Of Contracts Recognized
LossOnPurchaseCommitmentsNumberOfContractsRecognized
0
CY2017Q4 us-gaap Restructuring Reserve Current
RestructuringReserveCurrent
362000
CY2018Q3 us-gaap Interest Payable Current
InterestPayableCurrent
767000
CY2017Q4 us-gaap Interest Payable Current
InterestPayableCurrent
567000
CY2018Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
806000
CY2017Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
590000
us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
The Company’s board of directors approved a 1-for-5 reverse stock split of the Company’s outstanding common stock. 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”) . 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, prior to March 3, 2017, 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.
CY2018Q3 mnkd Number Of Wholesale Distributors
NumberOfWholesaleDistributors
3
mnkd Number Of Wholesale Distributors
NumberOfWholesaleDistributors
3
CY2018Q3 mnkd Percentage Of Product Shipments To Wholesale Distributors
PercentageOfProductShipmentsToWholesaleDistributors
0.90
mnkd Percentage Of Product Shipments To Wholesale Distributors
PercentageOfProductShipmentsToWholesaleDistributors
0.89
CY2017Q3 mnkd Percentage Of Product Shipments To Wholesale Distributors
PercentageOfProductShipmentsToWholesaleDistributors
0.92
CY2017Q4 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
LineOfCreditFacilityRemainingBorrowingCapacity
0
CY2018Q3 us-gaap Interest Expense Related Party
InterestExpenseRelatedParty
1074000
us-gaap Interest Expense Related Party
InterestExpenseRelatedParty
3234000
CY2018Q3 mnkd Purchase Obligation Due In Sixth Year
PurchaseObligationDueInSixthYear
19400000
CY2017Q4 mnkd Purchase Obligation Included In Accounts Payable
PurchaseObligationIncludedInAccountsPayable
1600000
us-gaap Interest Expense Related Party
InterestExpenseRelatedParty
2608000
mnkd Long Term Purchase Commitment Expiration Date
LongTermPurchaseCommitmentExpirationDate
2023-12-31
mnkd Longterm Purchase Commitment Renewal Time Period
LongtermPurchaseCommitmentRenewalTimePeriod
P2Y
CY2018Q3 us-gaap Long Term Debt
LongTermDebt
105478000
CY2017Q4 us-gaap Long Term Debt
LongTermDebt
156822000
CY2018Q3 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
14000
CY2017Q3 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
7000
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
32000
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
39000
CY2018Q3 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
375000
CY2017Q3 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
431000
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
1072000
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
1564000
mnkd Fair Value Of Note Payable To Related Party Description
FairValueOfNotePayableToRelatedPartyDescription
The fair value measurement of the note payable is sensitive to the change in yield. If the yield changes by approximately 1%, from 10% to 11%, the fair value of the note payable with the conversion feature would change from $83.6 million to $82.1 million, or $1.5 million and -1.8%. Similarly, if the yield changes by approximately 3% from 10% to 13%, the fair value of the note payable with the conversion feature would change from $83.6 million to $79.3 million, or $4.3 million and -5.1%. If the yield changes by approximately 4% from 10% to 14%, the fair value of the note payable with the conversion feature would change from $83.6 million to $78.0 million, or $5.6 million and -6.7%.
CY2018Q3 us-gaap Financial Liabilities Fair Value Disclosure
FinancialLiabilitiesFairValueDisclosure
130800000
CY2017Q4 us-gaap Financial Liabilities Fair Value Disclosure
FinancialLiabilitiesFairValueDisclosure
93500000
mnkd Fair Value Of Liability Percentage Decrease
FairValueOfLiabilityPercentageDecrease
0.07
CY2018Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1562000
CY2017Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1247000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5715000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3763000
us-gaap Long Term Purchase Commitment Amount
LongTermPurchaseCommitmentAmount
85800000
CY2018Q3 mnkd Purchase Obligation Due In Remainder Of Fiscal Year
PurchaseObligationDueInRemainderOfFiscalYear
4400000
CY2018Q3 us-gaap Purchase Obligation Due In Second Year
PurchaseObligationDueInSecondYear
11600000
CY2018Q3 us-gaap Purchase Obligation Due In Third Year
PurchaseObligationDueInThirdYear
15500000
CY2018Q3 us-gaap Purchase Obligation Due In Fourth Year
PurchaseObligationDueInFourthYear
15500000
CY2018Q3 us-gaap Purchase Obligation Due In Fifth Year
PurchaseObligationDueInFifthYear
19400000
CY2018Q3 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
100000
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
400000
CY2018Q3 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
396000
CY2018Q3 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
1595000
CY2018Q3 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
1624000
CY2018Q3 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
1653000
CY2018Q3 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
1197000
CY2018Q3 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
88000
CY2018Q3 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
6553000
mnkd Tax Cuts And Jobs Act Of2017 Incomplete Accounting Change In Tax Rate Provisional Income Tax Expense Benefit
TaxCutsAndJobsActOf2017IncompleteAccountingChangeInTaxRateProvisionalIncomeTaxExpenseBenefit
301000000
mnkd Tax Cuts And Jobs Act Of2017 Decrease In Valuation Allowance
TaxCutsAndJobsActOf2017DecreaseInValuationAllowance
301000000
mnkd Tax Cuts And Jobs Act Of2017 Change In Tax Rate Income Tax Expense Benefit
TaxCutsAndJobsActOf2017ChangeInTaxRateIncomeTaxExpenseBenefit
0
mnkd Tax Cuts And Jobs Act Of2017 Incomplete Accounting Transition Tax For Accumulated Foreign Earnings Provisional Income Tax Expense
TaxCutsAndJobsActOf2017IncompleteAccountingTransitionTaxForAccumulatedForeignEarningsProvisionalIncomeTaxExpense
0

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