$MNKD
MANNKIND CORP

2019 Q3 Form 10-Q Financial Statement

#000156459019030051 Filed on August 07, 2019

View on sec.gov

Income Statement

Concept 2019 Q3 2019 Q2 2018 Q2
Revenue $14.60M $15.00M $3.893M
YoY Change 226.58% 285.36% 79.98%
Cost Of Revenue $7.099M $4.327M $5.100M
YoY Change 33.87% -15.16% 0.28%
Gross Profit $7.496M $10.68M -$1.200M
YoY Change -998.8% -989.58% -58.95%
Gross Profit Margin 51.36% 71.16% -30.82%
Selling, General & Admin $16.70M $16.61M $21.70M
YoY Change -13.92% -23.46% 16.88%
% of Gross Profit 222.79% 155.59%
Research & Development $1.580M $1.632M $3.000M
YoY Change -22.66% -45.6% -3.94%
% of Gross Profit 21.08% 15.29%
Depreciation & Amortization $396.0K $371.0K $445.0K
YoY Change -1.98% -16.63% -1.11%
% of Gross Profit 5.28% 3.48%
Operating Expenses $1.580M $18.24M $24.80M
YoY Change -22.66% -26.45% 14.34%
Operating Profit -$8.779M -$10.95M -$26.00M
YoY Change -59.25% -57.88% -17.65%
Interest Expense -$1.300M -$2.600M $2.700M
YoY Change 8.33% -196.3% -127.84%
% of Operating Profit
Other Income/Expense, Net -$100.0K -$1.435M $0.00
YoY Change -96.19% -100.0%
Pretax Income -$10.40M -$12.39M -$22.44M
YoY Change -56.97% -44.79% -36.51%
Income Tax $0.00 $0.00 $240.0K
% Of Pretax Income
Net Earnings -$10.37M -$12.39M -$22.68M
YoY Change -57.09% -45.37% -35.84%
Net Earnings / Revenue -71.05% -82.57% -582.46%
Basic Earnings Per Share -$0.16
Diluted Earnings Per Share -$52.03K -$65.92K -$0.16
COMMON SHARES
Basic Shares Outstanding 189.6M 140.1M
Diluted Shares Outstanding 140.1M

Balance Sheet

Concept 2019 Q3 2019 Q2 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $50.10M $32.90M $26.20M
YoY Change 381.73% 25.57% -39.63%
Cash & Equivalents $30.17M $7.968M $26.71M
Short-Term Investments $19.90M $24.90M
Other Short-Term Assets $3.900M $8.000M $3.100M
YoY Change 11.43% 158.06% 0.0%
Inventory $3.700M $3.963M $3.700M
Prepaid Expenses
Receivables $4.100M $4.974M $2.800M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $61.70M $49.83M $35.80M
YoY Change 216.01% 39.2% -29.71%
LONG-TERM ASSETS
Property, Plant & Equipment $33.40M $27.15M $26.00M
YoY Change 30.31% 4.41% -6.88%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $300.0K
YoY Change -42.64%
Total Long-Term Assets $33.40M $31.96M $26.40M
YoY Change 29.3% 21.06% -7.18%
TOTAL ASSETS
Total Short-Term Assets $61.70M $49.83M $35.80M
Total Long-Term Assets $33.40M $31.96M $26.40M
Total Assets $95.10M $81.80M $62.20M
YoY Change 109.67% 31.5% -21.64%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $11.70M $7.533M $9.200M
YoY Change 101.2% -18.12% 40.65%
Accrued Expenses $13.90M $16.45M $13.00M
YoY Change 3.47% 26.55% 43.23%
Deferred Revenue $32.37M
YoY Change
Short-Term Debt $0.00 $9.000M $38.00M
YoY Change -100.0% -76.32% -33.91%
Long-Term Debt Due $2.500M
YoY Change
Total Short-Term Liabilities $64.30M $76.98M $74.90M
YoY Change 7.84% 2.77% -12.77%
LONG-TERM LIABILITIES
Long-Term Debt $116.3M $91.00M $91.40M
YoY Change 27.38% -0.44% -14.82%
Other Long-Term Liabilities $99.30M $109.8M $102.5M
YoY Change -0.6% 7.12% -4.56%
Total Long-Term Liabilities $215.6M $200.8M $193.9M
YoY Change 12.76% 3.56% -9.69%
TOTAL LIABILITIES
Total Short-Term Liabilities $64.30M $76.98M $74.90M
Total Long-Term Liabilities $215.6M $200.8M $193.9M
Total Liabilities $279.8M $277.8M $268.8M
YoY Change 11.58% 3.35% -10.58%
SHAREHOLDERS EQUITY
Retained Earnings -$2.978B -$2.967B
YoY Change 1.62%
Common Stock $2.793B $2.771B
YoY Change 2.5%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$184.7M -$196.0M -$206.6M
YoY Change
Total Liabilities & Shareholders Equity $95.14M $81.80M $62.20M
YoY Change 109.76% 31.5% -21.64%

Cashflow Statement

Concept 2019 Q3 2019 Q2 2018 Q2
OPERATING ACTIVITIES
Net Income -$10.37M -$12.39M -$22.68M
YoY Change -57.09% -45.37% -35.84%
Depreciation, Depletion And Amortization $396.0K $371.0K $445.0K
YoY Change -1.98% -16.63% -1.11%
Cash From Operating Activities -$52.05M -$19.73M -$27.15M
YoY Change 273.92% -27.33% 35.48%
INVESTING ACTIVITIES
Capital Expenditures -$970.0K -$1.220M
YoY Change
Acquisitions
YoY Change
Other Investing Activities $4.720M -$150.0K $0.00
YoY Change 47100.0% -100.0%
Cash From Investing Activities $3.760M -$1.370M $0.00
YoY Change 37500.0% -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 65.49M -670.0K 26.62M
YoY Change -3698.35% -102.52% 72.63%
NET CHANGE
Cash From Operating Activities -52.05M -19.73M -27.15M
Cash From Investing Activities 3.760M -1.370M 0.000
Cash From Financing Activities 65.49M -670.0K 26.62M
Net Change In Cash 17.20M -21.77M -530.0K
YoY Change -209.35% 4007.55% -88.45%
FREE CASH FLOW
Cash From Operating Activities -$52.05M -$19.73M -$27.15M
Capital Expenditures -$970.0K -$1.220M
Free Cash Flow -$51.08M -$18.51M
YoY Change

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
dei Entity Address City Or Town
EntityAddressCityOrTown
Westlake Village
dei City Area Code
CityAreaCode
(818)
dei Entity Address State Or Province
EntityAddressStateOrProvince
California
dei Local Phone Number
LocalPhoneNumber
661-5000
dei Entity Address Address Line2
EntityAddressAddressLine2
Suite 300
dei Entity Address Postal Zip Code
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91362
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us-gaap Concentration Risk Credit Risk
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<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 that 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>
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AccountsReceivableGrossCurrent
5198000
CY2019Q2 mnkd Wholesaler Distribution Fees And Prompt Pay Discounts
WholesalerDistributionFeesAndPromptPayDiscounts
716000
CY2018Q4 mnkd Wholesaler Distribution Fees And Prompt Pay Discounts
WholesalerDistributionFeesAndPromptPayDiscounts
868000
CY2019Q2 mnkd Reserve For Returns
ReserveForReturns
369000
CY2018Q4 mnkd Reserve For Returns
ReserveForReturns
313000
mnkd Number Of Wholesale Distributors
NumberOfWholesaleDistributors
3
CY2018 mnkd Number Of Wholesale Distributors
NumberOfWholesaleDistributors
3
CY2019Q2 mnkd Percentage Of Accounts Receivable From Major Customers
PercentageOfAccountsReceivableFromMajorCustomers
0.97
CY2018Q4 mnkd Percentage Of Accounts Receivable From Major Customers
PercentageOfAccountsReceivableFromMajorCustomers
0.89
CY2019Q2 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
1140000
CY2018Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
1337000
CY2018Q2 us-gaap Production Related Impairments Or Charges
ProductionRelatedImpairmentsOrCharges
200000
CY2019Q2 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
1490000
CY2018Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
655000
CY2019Q2 us-gaap Production Related Impairments Or Charges
ProductionRelatedImpairmentsOrCharges
0
us-gaap Production Related Impairments Or Charges
ProductionRelatedImpairmentsOrCharges
0
CY2018Q2 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
385000
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
141000
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
698000
CY2019Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
128382000
CY2018Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
126099000
CY2019Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
101236000
CY2018Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
100497000
CY2019Q2 us-gaap Depreciation
Depreciation
371000
CY2018Q2 us-gaap Depreciation
Depreciation
445000
us-gaap Depreciation
Depreciation
739000
us-gaap Depreciation
Depreciation
886000
CY2019Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
7223000
CY2018Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
8110000
CY2019Q2 mnkd Current Portion Of Milestone Right Liability
CurrentPortionOfMilestoneRightLiability
1643000
CY2018Q4 mnkd Current Portion Of Milestone Right Liability
CurrentPortionOfMilestoneRightLiability
1643000
CY2019Q2 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
711000
CY2018Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
741000
CY2019Q2 mnkd Customer Discounts And Allowances
CustomerDiscountsAndAllowances
2819000
CY2018Q4 mnkd Customer Discounts And Allowances
CustomerDiscountsAndAllowances
2656000
CY2019Q2 mnkd Sales And Marketing Related Expenses Accrued
SalesAndMarketingRelatedExpensesAccrued
321000
CY2018Q4 mnkd Sales And Marketing Related Expenses Accrued
SalesAndMarketingRelatedExpensesAccrued
88000
CY2019Q2 us-gaap Interest Payable Current
InterestPayableCurrent
733000
CY2018Q4 us-gaap Interest Payable Current
InterestPayableCurrent
492000
CY2019Q2 us-gaap Direct Financing Lease Deferred Selling Profit
DirectFinancingLeaseDeferredSellingProfit
1432000
CY2018Q4 us-gaap Direct Financing Lease Deferred Selling Profit
DirectFinancingLeaseDeferredSellingProfit
257000
CY2019Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1570000
CY2018Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1035000
CY2019Q2 us-gaap Interest Expense Related Party
InterestExpenseRelatedParty
1109000
CY2018Q2 us-gaap Interest Expense Related Party
InterestExpenseRelatedParty
1040000
us-gaap Interest Expense Related Party
InterestExpenseRelatedParty
2189000
us-gaap Interest Expense Related Party
InterestExpenseRelatedParty
2160000
CY2019Q2 us-gaap Long Term Debt
LongTermDebt
99986000
CY2018Q4 us-gaap Long Term Debt
LongTermDebt
102486000
CY2019Q2 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
69000
CY2019Q2 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
21000
CY2018Q2 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
10000
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
35000
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
17000
CY2019Q2 us-gaap Embedded Derivative Fair Value Of Embedded Derivative Liability
EmbeddedDerivativeFairValueOfEmbeddedDerivativeLiability
0
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 23% to 25%, the fair value of the note payable with the conversion feature would change from $59.5 million to $57.9 million, or a decrease of $1.6 million and 2.7%; if the yield decreases 2% from 23% to 21%, the fair value of the note payable with conversion feature would change from $59.5 million to $61.2 million, or an increase of $1.7 million or 2.9%. If the yield increases by approximately 4% from 23% to 27%, the fair value of the note payable with the conversion feature would change from $59.5 million to $56.3 million, or a decrease of $3.2 million and 5.4%; if the yield decreases 4% from 23% to 19%, the fair value of the note payable with conversion feature would change from $59.5 million to $62.9 million, or an increase of $3.4 million and 5.7%.
CY2019Q2 us-gaap Financial Liabilities Fair Value Disclosure
FinancialLiabilitiesFairValueDisclosure
105000
CY2018Q4 us-gaap Financial Liabilities Fair Value Disclosure
FinancialLiabilitiesFairValueDisclosure
102000
mnkd Fair Value Of Liability Percentage Decrease
FairValueOfLiabilityPercentageDecrease
0.06
CY2019Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2568000
CY2018Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2209000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3672000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4152000
us-gaap Long Term Purchase Commitment Amount
LongTermPurchaseCommitmentAmount
90300000
CY2019Q2 us-gaap Purchase Obligation
PurchaseObligation
82300000
CY2019Q2 us-gaap Purchase Obligation Future Minimum Payments Remainder Of Fiscal Year
PurchaseObligationFutureMinimumPaymentsRemainderOfFiscalYear
2300000
CY2019Q2 us-gaap Purchase Obligation Due In Second Year
PurchaseObligationDueInSecondYear
15900000
CY2019Q2 us-gaap Purchase Obligation Due In Third Year
PurchaseObligationDueInThirdYear
15900000
CY2019Q2 us-gaap Purchase Obligation Due In Fourth Year
PurchaseObligationDueInFourthYear
19800000
CY2019Q2 us-gaap Purchase Obligation Due In Fifth Year
PurchaseObligationDueInFifthYear
19800000
CY2019Q2 mnkd Purchase Obligation Due In Sixth Year
PurchaseObligationDueInSixthYear
8600000
mnkd Long Term Purchase Commitment Expiration Date
LongTermPurchaseCommitmentExpirationDate
2024-12-31
mnkd Longterm Purchase Commitment Renewal Time Period
LongtermPurchaseCommitmentRenewalTimePeriod
P2Y
CY2019Q2 mnkd Purchase Obligation Due In Remainder Of Fiscal Year
PurchaseObligationDueInRemainderOfFiscalYear
3900000
CY2019Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
300000
us-gaap Operating Lease Cost
OperatingLeaseCost
800000
CY2019Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
200000
us-gaap Operating Lease Payments
OperatingLeasePayments
700000
CY2019Q2 us-gaap Variable Lease Cost
VariableLeaseCost
100000
us-gaap Variable Lease Cost
VariableLeaseCost
200000
CY2019Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.072
CY2019Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y7M6D

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