$MNKD
MANNKIND CORP

2020 Q2 Form 10-Q Financial Statement

#000156459020036811 Filed on August 05, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2019 Q2
Revenue $15.11M $15.00M
YoY Change 0.75% 285.36%
Cost Of Revenue $3.677M $4.327M
YoY Change -15.02% -15.16%
Gross Profit $11.44M $10.68M
YoY Change 7.14% -989.58%
Gross Profit Margin 75.67% 71.16%
Selling, General & Admin $13.67M $16.61M
YoY Change -17.7% -23.46%
% of Gross Profit 119.52% 155.59%
Research & Development $1.464M $1.632M
YoY Change -10.29% -45.6%
% of Gross Profit 12.8% 15.29%
Depreciation & Amortization $448.0K $371.0K
YoY Change 20.75% -16.63%
% of Gross Profit 3.92% 3.48%
Operating Expenses $15.13M $18.24M
YoY Change -17.03% -26.45%
Operating Profit -$7.915M -$10.95M
YoY Change -27.73% -57.88%
Interest Expense -$4.300M -$2.600M
YoY Change 65.38% -196.3%
% of Operating Profit
Other Income/Expense, Net -$2.337M -$1.435M
YoY Change 62.86%
Pretax Income -$10.25M -$12.39M
YoY Change -17.24% -44.79%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$10.25M -$12.39M
YoY Change -17.24% -45.37%
Net Earnings / Revenue -67.83% -82.57%
Basic Earnings Per Share
Diluted Earnings Per Share -$48.15K -$65.92K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q2 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $63.20M $32.90M
YoY Change 92.1% 25.57%
Cash & Equivalents $63.22M $7.968M
Short-Term Investments $0.00 $24.90M
Other Short-Term Assets $2.200M $8.000M
YoY Change -72.5% 158.06%
Inventory $3.823M $3.963M
Prepaid Expenses
Receivables $3.366M $4.974M
Other Receivables $0.00 $0.00
Total Short-Term Assets $72.60M $49.83M
YoY Change 45.68% 39.2%
LONG-TERM ASSETS
Property, Plant & Equipment $26.19M $27.15M
YoY Change -3.53% 4.41%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $4.000M
YoY Change
Total Long-Term Assets $30.20M $31.96M
YoY Change -5.51% 21.06%
TOTAL ASSETS
Total Short-Term Assets $72.60M $49.83M
Total Long-Term Assets $30.20M $31.96M
Total Assets $102.8M $81.80M
YoY Change 25.68% 31.5%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.800M $7.533M
YoY Change -23.01% -18.12%
Accrued Expenses $14.71M $16.45M
YoY Change -10.61% 26.55%
Deferred Revenue $32.37M
YoY Change
Short-Term Debt $5.400M $9.000M
YoY Change -40.0% -76.32%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $67.90M $76.98M
YoY Change -11.79% 2.77%
LONG-TERM LIABILITIES
Long-Term Debt $116.4M $91.00M
YoY Change 27.91% -0.44%
Other Long-Term Liabilities $98.20M $109.8M
YoY Change -10.56% 7.12%
Total Long-Term Liabilities $214.6M $200.8M
YoY Change 6.87% 3.56%
TOTAL LIABILITIES
Total Short-Term Liabilities $67.90M $76.98M
Total Long-Term Liabilities $214.6M $200.8M
Total Liabilities $282.5M $277.8M
YoY Change 1.69% 3.35%
SHAREHOLDERS EQUITY
Retained Earnings -$3.000B -$2.967B
YoY Change 1.1%
Common Stock $2.771B
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$179.7M -$196.0M
YoY Change
Total Liabilities & Shareholders Equity $102.8M $81.80M
YoY Change 25.68% 31.5%

Cashflow Statement

Concept 2020 Q2 2019 Q2
OPERATING ACTIVITIES
Net Income -$10.25M -$12.39M
YoY Change -17.24% -45.37%
Depreciation, Depletion And Amortization $448.0K $371.0K
YoY Change 20.75% -16.63%
Cash From Operating Activities -$3.680M -$19.73M
YoY Change -81.35% -27.33%
INVESTING ACTIVITIES
Capital Expenditures -$150.0K -$1.220M
YoY Change -87.7%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$150.0K
YoY Change -100.0%
Cash From Investing Activities -$150.0K -$1.370M
YoY Change -89.05%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 28.19M -670.0K
YoY Change -4307.46% -102.52%
NET CHANGE
Cash From Operating Activities -3.680M -19.73M
Cash From Investing Activities -150.0K -1.370M
Cash From Financing Activities 28.19M -670.0K
Net Change In Cash 24.36M -21.77M
YoY Change -211.9% 4007.55%
FREE CASH FLOW
Cash From Operating Activities -$3.680M -$19.73M
Capital Expenditures -$150.0K -$1.220M
Free Cash Flow -$3.530M -$18.51M
YoY Change -80.93%

Facts In Submission

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us-gaap Use Of Estimates
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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;">Financial Statement Estimates<span style="font-style:normal;"> — The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates or assumptions. Management considers many factors in selecting appropriate financial accounting policies, and in developing the estimates and assumptions that are used in the preparation of the financial statements. Management must apply significant judgment in this process and the threat of the COVID-19 pandemic has increased the level of judgment used by management in developing these estimates and assumptions. The COVID-19 pandemic continues to rapidly evolve and the ultimate impact of the COVID-19 pandemic is highly uncertain and subject to change. These effects could have a material impact on the estimates and assumptions used in the preparation of the accompanying condensed consolidated financial statements. The more significant estimates include revenue recognition and gross-to-net adjustments, assessing long-lived assets for impairment, clinical trial expenses, inventory costing and recoverability, recognized loss on purchase commitment, milestone rights liability, stock-based compensation and the determination of the provision for income taxes and corresponding deferred tax assets and liabilities, and the valuation allowance recorded against net deferred tax assets. </span></p>
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316000
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
30222000
CY2020Q2 us-gaap Short Term Investments
ShortTermInvestments
0
CY2020Q2 us-gaap Long Term Investments
LongTermInvestments
0
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<span style="font-style:normal;"> — Financial instruments that potentially subject the Company to concentration of credit risk consist of cash and cash equivalents and short-term investments. 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. </span> </p>
CY2020Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2185000
CY2020Q2 us-gaap Liability For Uncertain Tax Positions Noncurrent
LiabilityForUncertainTaxPositionsNoncurrent
0
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
32845926
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
32845926
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
69284128
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
69284128
CY2020Q2 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
6738000
CY2019Q4 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
6925000
CY2020Q2 mnkd Wholesaler Distribution Fees And Prompt Pay Discounts
WholesalerDistributionFeesAndPromptPayDiscounts
1230000
CY2019Q4 mnkd Wholesaler Distribution Fees And Prompt Pay Discounts
WholesalerDistributionFeesAndPromptPayDiscounts
1767000
CY2020Q2 mnkd Reserve For Returns
ReserveForReturns
2142000
CY2019Q4 mnkd Reserve For Returns
ReserveForReturns
1645000
CY2020Q2 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
3366000
CY2019Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
3513000
mnkd Number Of Wholesale Distributors
NumberOfWholesaleDistributors
3
CY2020Q2 mnkd Percentage Of Accounts Receivable From Major Customers
PercentageOfAccountsReceivableFromMajorCustomers
0.88
CY2020Q2 mnkd Percentage Of Sales From Major Customers
PercentageOfSalesFromMajorCustomers
0.85
mnkd Percentage Of Sales From Major Customers
PercentageOfSalesFromMajorCustomers
0.89
CY2020Q2 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
1542000
CY2019Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
1751000
CY2020Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
6715000
CY2019Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
8835000
CY2020Q2 mnkd Customer Discounts And Allowances
CustomerDiscountsAndAllowances
3458000
CY2019Q4 mnkd Customer Discounts And Allowances
CustomerDiscountsAndAllowances
3162000
CY2020Q2 us-gaap Direct Financing Lease Deferred Selling Profit
DirectFinancingLeaseDeferredSellingProfit
1419000
CY2019Q4 us-gaap Direct Financing Lease Deferred Selling Profit
DirectFinancingLeaseDeferredSellingProfit
1433000
CY2020Q2 us-gaap Depreciation
Depreciation
448000
CY2019Q2 us-gaap Depreciation
Depreciation
371000
us-gaap Depreciation
Depreciation
891000
us-gaap Depreciation
Depreciation
739000
CY2020Q2 mnkd Milestone Rights Liabilities Current
MilestoneRightsLiabilitiesCurrent
1337000
CY2020Q2 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
391000
CY2019Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
620000
CY2020Q2 mnkd Sales And Marketing Related Expenses Accrued
SalesAndMarketingRelatedExpensesAccrued
382000
CY2020Q2 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
1683000
CY2019Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
1432000
CY2020Q2 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
598000
CY2019Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
972000
CY2020Q2 us-gaap Inventory Net
InventoryNet
3823000
CY2019Q4 us-gaap Inventory Net
InventoryNet
4155000
us-gaap Production Related Impairments Or Charges
ProductionRelatedImpairmentsOrCharges
500000
CY2020Q2 us-gaap Production Related Impairments Or Charges
ProductionRelatedImpairmentsOrCharges
0
us-gaap Production Related Impairments Or Charges
ProductionRelatedImpairmentsOrCharges
0
CY2019Q2 us-gaap Production Related Impairments Or Charges
ProductionRelatedImpairmentsOrCharges
0
CY2020Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
122355000
CY2019Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
122142000
CY2020Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
96168000
CY2019Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
95364000
CY2020Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
26187000
CY2019Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
26778000
CY2019Q4 mnkd Sales And Marketing Related Expenses Accrued
SalesAndMarketingRelatedExpensesAccrued
147000
CY2020Q2 us-gaap Interest Payable Current
InterestPayableCurrent
410000
CY2019Q4 us-gaap Interest Payable Current
InterestPayableCurrent
409000
CY2020Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
594000
CY2019Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1298000
CY2020Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
14706000
CY2019Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
15904000
CY2020Q2 mnkd Deferred Social Security Taxes Cares Act
DeferredSocialSecurityTaxesCARESAct
300000
CY2020Q2 us-gaap Notes Payable Related Parties Noncurrent
NotesPayableRelatedPartiesNoncurrent
70024000
CY2019Q4 us-gaap Notes Payable Related Parties Noncurrent
NotesPayableRelatedPartiesNoncurrent
70020000
CY2020Q2 us-gaap Long Term Debt
LongTermDebt
121745000
CY2019Q4 us-gaap Long Term Debt
LongTermDebt
118899000
CY2020Q2 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
4255000
CY2020Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
6881000
CY2020Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
14146000
CY2020Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
13333000
CY2020Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
83940000
CY2020Q2 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
122555000
CY2020Q2 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
360000
CY2020Q2 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
450000
CY2020Q2 us-gaap Long Term Debt
LongTermDebt
121745000
CY2020Q2 mnkd Accretion Of Debt Discount
AccretionOfDebtDiscount
90000
CY2019Q2 mnkd Accretion Of Debt Discount
AccretionOfDebtDiscount
69000
mnkd Accretion Of Debt Discount
AccretionOfDebtDiscount
179000
mnkd Accretion Of Debt Discount
AccretionOfDebtDiscount
141000
CY2020Q2 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
27000
CY2019Q2 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
29000
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
55000
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
50000
CY2019Q2 mnkd Amortization Of Debt Premium
AmortizationOfDebtPremium
97000
mnkd Amortization Of Debt Premium
AmortizationOfDebtPremium
192000
CY2020Q2 mnkd Milestone Rights Liabilities Current And Noncurrent
MilestoneRightsLiabilitiesCurrentAndNoncurrent
7300000
CY2019Q4 mnkd Milestone Rights Liabilities Current And Noncurrent
MilestoneRightsLiabilitiesCurrentAndNoncurrent
7300000
mnkd Payment For Milestone Rights Liabilities
PaymentForMilestoneRightsLiabilities
5000000.0
CY2020Q2 mnkd Milestone Rights Liabilities Current
MilestoneRightsLiabilitiesCurrent
1300000
CY2020Q2 mnkd Milestone Rights Liabilities Noncurrent
MilestoneRightsLiabilitiesNoncurrent
5900000
CY2020Q2 us-gaap Short Term Investments
ShortTermInvestments
0
mnkd Fair Value Of Debt Instruments To Related Party Description
FairValueOfDebtInstrumentsToRelatedPartyDescription
The fair value measurement of debt instruments is based on a discounted cash flow model and is sensitive to the change in yield (Level 3 in the fair value hierarchy
CY2020Q2 us-gaap Financial Liabilities Fair Value Disclosure
FinancialLiabilitiesFairValueDisclosure
118200000
CY2019Q4 us-gaap Financial Liabilities Fair Value Disclosure
FinancialLiabilitiesFairValueDisclosure
110600000
mnkd Long Term Purchase Commitment Expiration Date
LongTermPurchaseCommitmentExpirationDate
2026-12-31
CY2020Q2 us-gaap Purchase Obligation Future Minimum Payments Remainder Of Fiscal Year
PurchaseObligationFutureMinimumPaymentsRemainderOfFiscalYear
5500000
CY2020Q2 us-gaap Purchase Obligation Due In Next Twelve Months
PurchaseObligationDueInNextTwelveMonths
6600000
CY2020Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
280000000
CY2019Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
280000000
CY2020Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
400000000
CY2020Q2 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
228927505
CY2020Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
228927505
CY2019Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
211787573
CY2019Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
211787573
CY2020Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2019Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2019Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2568000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3313000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3672000
CY2019Q3 mnkd Purchase Obligation Extended Term
PurchaseObligationExtendedTerm
2026
CY2020Q2 us-gaap Purchase Obligation Due In Second Year
PurchaseObligationDueInSecondYear
8500000
CY2020Q2 us-gaap Purchase Obligation Due In Third Year
PurchaseObligationDueInThirdYear
10800000
CY2020Q2 us-gaap Purchase Obligation Due In Fourth Year
PurchaseObligationDueInFourthYear
14600000
CY2020Q2 us-gaap Purchase Obligation Due In Fifth Year
PurchaseObligationDueInFifthYear
15500000
CY2020Q2 mnkd Purchase Obligation Due In Sixth Year
PurchaseObligationDueInSixthYear
19400000
CY2020Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
400000
us-gaap Operating Lease Payments
OperatingLeasePayments
900000
CY2020Q2 us-gaap Variable Lease Cost
VariableLeaseCost
100000
us-gaap Variable Lease Cost
VariableLeaseCost
200000
mnkd Longterm Purchase Commitment Renewal Time Period
LongtermPurchaseCommitmentRenewalTimePeriod
P2Y
CY2020Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
400000
us-gaap Operating Lease Cost
OperatingLeaseCost
700000
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
CY2020Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.075
CY2019Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.075

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