$MNKD
MANNKIND CORP

2019 Q1 Form 10-Q Financial Statement

#000156459019016216 Filed on May 07, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q1
Revenue $17.45M $3.465M
YoY Change 403.55% 15.15%
Cost Of Revenue $4.020M $4.008M
YoY Change 0.3% 57.3%
Gross Profit $13.43M -$543.0K
YoY Change -2572.93% -217.79%
Gross Profit Margin 76.96% -15.67%
Selling, General & Admin $25.67M $20.62M
YoY Change 24.52% 33.98%
% of Gross Profit 191.19%
Research & Development $1.667M $2.644M
YoY Change -36.95% -15.5%
% of Gross Profit 12.41%
Depreciation & Amortization $367.0K $400.0K
YoY Change -8.25% 0.0%
% of Gross Profit 2.73%
Operating Expenses $27.34M $23.26M
YoY Change 17.53% 25.62%
Operating Profit -$13.51M -$26.79M
YoY Change -49.55% 36.66%
Interest Expense $500.0K -$5.800M
YoY Change -108.62% -422.22%
% of Operating Profit
Other Income/Expense, Net -$1.369M -$3.596M
YoY Change -61.93% -209.7%
Pretax Income -$14.88M -$30.39M
YoY Change -51.02% 86.14%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$14.88M -$30.39M
YoY Change -51.02% 86.14%
Net Earnings / Revenue -85.3% -876.91%
Basic Earnings Per Share -$0.25
Diluted Earnings Per Share -$79.51K -$0.25
COMMON SHARES
Basic Shares Outstanding 187.3M 120.9M
Diluted Shares Outstanding 120.9M

Balance Sheet

Concept 2019 Q1 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $59.30M $26.70M
YoY Change 122.1% -44.38%
Cash & Equivalents $35.06M $27.23M
Short-Term Investments $24.80M
Other Short-Term Assets $2.900M $2.900M
YoY Change 0.0% -27.5%
Inventory $3.700M $3.900M
Prepaid Expenses
Receivables $3.800M $1.550M
Other Receivables $0.00 $0.00
Total Short-Term Assets $69.70M $35.03M
YoY Change 98.98% -37.55%
LONG-TERM ASSETS
Property, Plant & Equipment $31.30M $26.48M
YoY Change 18.2% -7.03%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $368.0K
YoY Change -39.57%
Total Long-Term Assets $31.30M $26.85M
YoY Change 16.58% -7.71%
TOTAL ASSETS
Total Short-Term Assets $69.70M $35.03M
Total Long-Term Assets $31.30M $26.85M
Total Assets $101.0M $61.88M
YoY Change 63.23% -27.36%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.000M $4.976M
YoY Change 40.68% 227.58%
Accrued Expenses $15.40M $15.93M
YoY Change -3.33% 49.48%
Deferred Revenue $32.38M
YoY Change
Short-Term Debt $11.40M $43.70M
YoY Change -73.91% -39.14%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $77.90M $80.67M
YoY Change -3.43% -13.3%
LONG-TERM LIABILITIES
Long-Term Debt $91.10M $96.60M
YoY Change -5.69% 25.13%
Other Long-Term Liabilities $120.0M $107.8M
YoY Change 11.32% -5.19%
Total Long-Term Liabilities $211.1M $204.4M
YoY Change 3.28% 7.07%
TOTAL LIABILITIES
Total Short-Term Liabilities $77.90M $80.67M
Total Long-Term Liabilities $211.1M $204.4M
Total Liabilities $289.0M $285.1M
YoY Change 1.37% 0.41%
SHAREHOLDERS EQUITY
Retained Earnings -$2.883B
YoY Change 4.7%
Common Stock $2.660B
YoY Change 4.11%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$188.0M -$223.2M
YoY Change
Total Liabilities & Shareholders Equity $101.0M $61.88M
YoY Change 63.23% -27.36%

Cashflow Statement

Concept 2019 Q1 2018 Q1
OPERATING ACTIVITIES
Net Income -$14.88M -$30.39M
YoY Change -51.02% 86.14%
Depreciation, Depletion And Amortization $367.0K $400.0K
YoY Change -8.25% 0.0%
Cash From Operating Activities -$11.60M -$21.65M
YoY Change -46.43% -354.41%
INVESTING ACTIVITIES
Capital Expenditures $269.0K
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$24.76M $0.00
YoY Change -100.0%
Cash From Investing Activities -$25.03M $0.00
YoY Change -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $634.0K
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 3.000K 528.0K
YoY Change -99.43% -760.0%
NET CHANGE
Cash From Operating Activities -11.60M -21.65M
Cash From Investing Activities -25.03M 0.000
Cash From Financing Activities 3.000K 528.0K
Net Change In Cash -36.63M -21.12M
YoY Change 73.41% -184.22%
FREE CASH FLOW
Cash From Operating Activities -$11.60M -$21.65M
Capital Expenditures $269.0K
Free Cash Flow -$11.87M
YoY Change

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2019Q1 us-gaap Short Term Investments
ShortTermInvestments
24764000
CY2019Q1 mnkd Right Of Use And Other Assets
RightOfUseAndOtherAssets
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CY2018Q4 mnkd Right Of Use And Other Assets
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CY2019Q1 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
32384000
CY2018Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
36885000
CY2019Q1 us-gaap Convertible Long Term Notes Payable
ConvertibleLongTermNotesPayable
19065000
CY2018Q4 us-gaap Convertible Long Term Notes Payable
ConvertibleLongTermNotesPayable
19099000
CY2018Q4 us-gaap Notes Payable Related Parties Noncurrent
NotesPayableRelatedPartiesNoncurrent
72089000
CY2018Q4 mnkd Accrued Interest Noncurrent
AccruedInterestNoncurrent
6835000
CY2019Q1 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
15867000
CY2018Q4 us-gaap Contract With Customer Liability Noncurrent
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CY2019Q1 us-gaap Operating Lease Liability Noncurrent
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CY2018Q1 us-gaap Selling General And Administrative Expense
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CY2019Q1 us-gaap Foreign Currency Transaction Gain Loss Realized
ForeignCurrencyTransactionGainLossRealized
1935000
CY2018Q1 us-gaap Foreign Currency Transaction Gain Loss Realized
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-2984000
CY2019Q1 us-gaap Costs And Expenses
CostsAndExpenses
30962000
CY2018Q1 us-gaap Costs And Expenses
CostsAndExpenses
30254000
CY2019Q1 us-gaap Operating Income Loss
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-13514000
CY2018Q1 us-gaap Operating Income Loss
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-26789000
CY2019Q1 us-gaap Common Stock Par Or Stated Value Per Share
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CY2018Q4 us-gaap Common Stock Par Or Stated Value Per Share
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CY2018Q4 us-gaap Common Stock Shares Authorized
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CY2018Q4 us-gaap Common Stock Shares Issued
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CY2018Q4 us-gaap Common Stock Shares Outstanding
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CY2019Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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17448000
CY2018Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
3465000
CY2019Q1 us-gaap Cost Of Goods And Services Sold
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4020000
CY2018Q1 us-gaap Cost Of Goods And Services Sold
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4008000
CY2019Q1 us-gaap Research And Development Expense Excluding Acquired In Process Cost
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CY2018Q1 us-gaap Research And Development Expense Excluding Acquired In Process Cost
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2644000
CY2019Q1 us-gaap Selling General And Administrative Expense
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CY2019Q1 us-gaap Investment Income Interest
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CY2018Q1 us-gaap Investment Income Interest
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CY2019Q1 us-gaap Interest Expense Debt
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CY2018Q1 us-gaap Interest Expense Debt
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CY2019Q1 us-gaap Related Party Transaction Expenses From Transactions With Related Party
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1080000
CY2018Q1 us-gaap Related Party Transaction Expenses From Transactions With Related Party
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1114000
CY2018Q1 us-gaap Gains Losses On Extinguishment Of Debt
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-825000
CY2019Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-14000
CY2018Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
31000
CY2019Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-1369000
CY2018Q1 us-gaap Nonoperating Income Expense
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-3596000
CY2019Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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-14883000
CY2018Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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-30385000
CY2019Q1 us-gaap Net Income Loss
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-14883000
CY2018Q1 us-gaap Net Income Loss
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CY2018Q1 us-gaap Earnings Per Share Basic And Diluted
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CY2018Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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CY2018Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
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CY2019Q1 us-gaap Comprehensive Income Net Of Tax
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-14883000
CY2018Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
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CY2017Q4 us-gaap Stockholders Equity
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CY2018Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
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CY2018Q1 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
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CY2018Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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1943000
CY2018Q1 mnkd Adjustments To Additional Paid In Capital Amortization Of Shelf Fees
AdjustmentsToAdditionalPaidInCapitalAmortizationOfShelfFees
5000
CY2018Q1 us-gaap Adjustments To Additional Paid In Capital Stock Issued Issuance Costs
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25000
CY2018Q1 us-gaap Stockholders Equity
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CY2019Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
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CY2019Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
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CY2019Q1 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
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CY2019Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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CY2019Q1 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Restricted Stock Units Requisite Service Period Recognition
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CY2019Q1 us-gaap Profit Loss
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CY2018Q1 us-gaap Profit Loss
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CY2019Q1 us-gaap Depreciation And Amortization
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CY2019Q1 mnkd Operating Lease Right Of Use Asset Amortization
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CY2019Q1 us-gaap Restricted Stock Expense
RestrictedStockExpense
105000
CY2019Q1 mnkd Interest On Note Payable To Related Party
InterestOnNotePayableToRelatedParty
1134000
CY2018Q1 mnkd Interest On Note Payable To Related Party
InterestOnNotePayableToRelatedParty
1122000
CY2018Q1 us-gaap Production Related Impairments Or Charges
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602000
CY2019Q1 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
1000
CY2019Q1 us-gaap Increase Decrease In Accounts Receivable
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-258000
CY2019Q1 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
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CY2018Q1 us-gaap Increase Decrease In Inventories
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1836000
CY2019Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-164000
CY2018Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-656000
CY2019Q1 mnkd Increase Decrease In Right Of Use And Other Assets
IncreaseDecreaseInRightOfUseAndOtherAssets
-340000
CY2018Q1 mnkd Increase Decrease In Right Of Use And Other Assets
IncreaseDecreaseInRightOfUseAndOtherAssets
38000
CY2019Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
1599000
CY2018Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-2008000
CY2019Q1 us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
2336000
CY2018Q1 us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
2675000
CY2019Q1 us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
686000
CY2018Q1 us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
-63000
CY2019Q1 mnkd Increase Decrease In Recognized Loss On Purchase Commitments
IncreaseDecreaseInRecognizedLossOnPurchaseCommitments
-1963000
CY2018Q1 mnkd Increase Decrease In Recognized Loss On Purchase Commitments
IncreaseDecreaseInRecognizedLossOnPurchaseCommitments
-147000
CY2019Q1 mnkd Increase Decrease In Operating Lease Payments
IncreaseDecreaseInOperatingLeasePayments
395000
CY2019Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-11597000
CY2018Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-21650000
CY2019Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
269000
CY2019Q1 us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
24764000
CY2019Q1 us-gaap Net Cash Provided By Used In Investing Activities
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-25033000
CY2018Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
81000
CY2019Q1 us-gaap Proceeds From Payments For Other Financing Activities
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3000
CY2018Q1 us-gaap Net Cash Provided By Used In Financing Activities
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528000
CY2018Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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-21122000
CY2018Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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27233000
CY2018Q1 mnkd Payments Of Note Payable To Related Party Through Common Stock Issuance
PaymentsOfNotePayableToRelatedPartyThroughCommonStockIssuance
8160000
CY2018Q1 mnkd Debt Issuance Costs Related To Note Payable To Related Party Accrued But Not Yet Paid
DebtIssuanceCostsRelatedToNotePayableToRelatedPartyAccruedButNotYetPaid
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CY2019Q1 mnkd Payment Of Interest On Senior Convertible Notes Through Common Stock Issuance
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534000
CY2019Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
246000
CY2019Q1 mnkd Common Stock Issuance To Settle Employee Stock Purchase Plan Liability
CommonStockIssuanceToSettleEmployeeStockPurchasePlanLiability
317000
CY2019Q1 mnkd Addition Of Right Of Use Assets
AdditionOfRightOfUseAssets
5192000
CY2019Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-style:italic;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">Concentration of Credit Risk<font style="font-style:normal;"> &#8212; Financial instruments which potentially subject the Company to concentration of credit risk consist of cash and cash equivalents. Cash and cash equivalents are held in high credit quality institutions. Cash equivalents consist of interest-bearing money market accounts and U.S. Treasury securities, which are regularly monitored by management.</font> </p>
CY2018Q4 us-gaap Direct Financing Lease Deferred Selling Profit
DirectFinancingLeaseDeferredSellingProfit
257000
CY2019Q1 us-gaap Other Accrued Liabilities Current
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983000
CY2018Q4 us-gaap Inventory Raw Materials Net Of Reserves
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CY2019Q1 us-gaap Debt Instrument Face Amount
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CY2019Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2018Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2019Q1 us-gaap Accounts Receivable Gross Current
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890000
CY2018Q4 mnkd Wholesaler Distribution Fees And Prompt Pay Discounts
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868000
CY2019Q1 mnkd Reserve For Returns
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212000
CY2018Q4 mnkd Reserve For Returns
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313000
CY2019Q1 mnkd Number Of Wholesale Distributors
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3
CY2018 mnkd Number Of Wholesale Distributors
NumberOfWholesaleDistributors
3
CY2019Q1 mnkd Percentage Of Accounts Receivable From Major Customers
PercentageOfAccountsReceivableFromMajorCustomers
0.99
CY2018Q4 mnkd Percentage Of Accounts Receivable From Major Customers
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0.89
CY2019Q1 us-gaap Inventory Raw Materials Net Of Reserves
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CY2019Q1 us-gaap Inventory Work In Process Net Of Reserves
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CY2018Q4 us-gaap Inventory Work In Process Net Of Reserves
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CY2018Q4 us-gaap Inventory Finished Goods Net Of Reserves
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655000
CY2019Q1 us-gaap Production Related Impairments Or Charges
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CY2019Q1 us-gaap Depreciation
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CY2018Q1 us-gaap Depreciation
Depreciation
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CY2019Q1 mnkd Current Portion Of Milestone Right Liability
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CY2018Q4 mnkd Current Portion Of Milestone Right Liability
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CY2019Q1 us-gaap Accrued Professional Fees Current
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CY2019Q1 mnkd Customer Discounts And Allowances
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2865000
CY2018Q4 mnkd Customer Discounts And Allowances
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2656000
CY2019Q1 mnkd Sales And Marketing Related Expenses Accrued
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CY2018Q4 mnkd Sales And Marketing Related Expenses Accrued
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CY2019Q1 us-gaap Interest Payable Current
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CY2018Q4 us-gaap Interest Payable Current
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CY2019Q1 us-gaap Direct Financing Lease Deferred Selling Profit
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CY2018Q1 us-gaap Interest Expense Related Party
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CY2019Q1 us-gaap Amortization Of Financing Costs
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CY2018Q1 us-gaap Amortization Of Financing Costs
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6000
CY2019Q1 us-gaap Amortization Of Debt Discount Premium
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72000
CY2018Q1 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
310000
CY2019Q1 mnkd Fair Value Of Note Payable To Related Party Description
FairValueOfNotePayableToRelatedPartyDescription
The fair value measurement of the note payable is based on discounted cash flow model and it is sensitive to the change in yield (Level 3 in the fair value hierarchy). If the yield increases by approximately 2% from 22% to 24%, the fair value of the note payable with the conversion feature would change from $69.4 million to $67.6 million, or a decrease of $1.8 million and -2.6%; if the yield decreases 2% from 22% to 20%, the fair value of the note payable with conversion feature would change from $69.4 million to $71.3 million, or an increase of $1.9 million or 2.7%. If the yield increases by approximately 4% from 22% to 26%, the fair value of the note payable with the conversion feature would change from $69.4 million to $65.9 million, or a decrease of $3.5 million and -5.0%; if the yield decreases 4% from 22% to 18%, the fair value of the note payable with conversion feature would change from $69.4 million to $73.2 million, or an increase of $3.8 million and 5.5%.
CY2019Q1 us-gaap Financial Liabilities Fair Value Disclosure
FinancialLiabilitiesFairValueDisclosure
118800
CY2018Q4 us-gaap Financial Liabilities Fair Value Disclosure
FinancialLiabilitiesFairValueDisclosure
102000
CY2019Q1 mnkd Fair Value Of Liability Percentage Decrease
FairValueOfLiabilityPercentageDecrease
0.06
CY2019Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
999000
CY2018Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1943000
CY2019Q1 us-gaap Purchase Obligation
PurchaseObligation
84100000
CY2019Q1 us-gaap Purchase Obligation Future Minimum Payments Remainder Of Fiscal Year
PurchaseObligationFutureMinimumPaymentsRemainderOfFiscalYear
4100000
CY2019Q1 us-gaap Purchase Obligation Due In Second Year
PurchaseObligationDueInSecondYear
15900000
CY2019Q1 us-gaap Purchase Obligation Due In Third Year
PurchaseObligationDueInThirdYear
15900000
CY2019Q1 us-gaap Purchase Obligation Due In Fourth Year
PurchaseObligationDueInFourthYear
19800000
CY2019Q1 us-gaap Purchase Obligation Due In Fifth Year
PurchaseObligationDueInFifthYear
19800000
CY2019Q1 mnkd Purchase Obligation Due In Sixth Year
PurchaseObligationDueInSixthYear
8600000
CY2019Q1 mnkd Long Term Purchase Commitment Expiration Date
LongTermPurchaseCommitmentExpirationDate
2024-12-31
CY2019Q1 mnkd Longterm Purchase Commitment Renewal Time Period
LongtermPurchaseCommitmentRenewalTimePeriod
P2Y
CY2019Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
500000
CY2019Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
500000
CY2019Q1 us-gaap Variable Lease Cost
VariableLeaseCost
100000
CY2019Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.072
CY2019Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y9M18D

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