$MNKD
MANNKIND CORP

2021 Q1 Form 10-Q Financial Statement

#000156459021026999 Filed on May 12, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $17.40M $16.24M
YoY Change 7.18% -6.95%
Cost Of Revenue $7.600M $4.164M
YoY Change 82.52% 3.58%
Gross Profit $9.800M $12.07M
YoY Change -18.81% -10.11%
Gross Profit Margin 56.32% 74.35%
Selling, General & Admin $17.41M $14.35M
YoY Change 21.34% -44.1%
% of Gross Profit 177.68% 118.88%
Research & Development $2.442M $1.755M
YoY Change 39.15% 5.28%
% of Gross Profit 24.92% 14.54%
Depreciation & Amortization $460.0K $443.0K
YoY Change 3.84% 20.71%
% of Gross Profit 4.69% 3.67%
Operating Expenses $19.86M $16.11M
YoY Change 23.28% -41.09%
Operating Profit -$10.06M -$4.034M
YoY Change 149.26% -70.15%
Interest Expense -$2.600M -$400.0K
YoY Change 550.0% -180.0%
% of Operating Profit
Other Income/Expense, Net -$6.725M -$2.201M
YoY Change 205.54% 60.77%
Pretax Income -$12.92M -$9.322M
YoY Change 38.55% -37.36%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$12.92M -$9.322M
YoY Change 38.55% -37.36%
Net Earnings / Revenue -74.23% -57.42%
Basic Earnings Per Share
Diluted Earnings Per Share -$52.31K -$43.76K
COMMON SHARES
Basic Shares Outstanding 212.3M
Diluted Shares Outstanding

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $276.8M $38.90M
YoY Change 611.57% -34.4%
Cash & Equivalents $247.8M $39.18M
Short-Term Investments $29.00M $0.00
Other Short-Term Assets $3.000M $2.200M
YoY Change 36.36% -24.14%
Inventory $5.050M $3.231M
Prepaid Expenses
Receivables $3.573M $5.032M
Other Receivables -$3.800M $0.00
Total Short-Term Assets $288.3M $49.35M
YoY Change 484.22% -29.2%
LONG-TERM ASSETS
Property, Plant & Equipment $26.51M $26.52M
YoY Change -0.04% -15.28%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $1.500M
YoY Change
Other Assets $3.100M $4.347M
YoY Change -28.69%
Total Long-Term Assets $31.10M $30.86M
YoY Change 0.76% -1.39%
TOTAL ASSETS
Total Short-Term Assets $288.3M $49.35M
Total Long-Term Assets $31.10M $30.86M
Total Assets $319.4M $80.21M
YoY Change 298.19% -20.58%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.700M $6.731M
YoY Change -0.46% -3.84%
Accrued Expenses $27.59M $18.33M
YoY Change 50.53% 19.0%
Deferred Revenue $30.84M
YoY Change -4.77%
Short-Term Debt $0.00 $5.100M
YoY Change -100.0% -55.26%
Long-Term Debt Due $4.700M
YoY Change
Total Short-Term Liabilities $73.10M $68.25M
YoY Change 7.11% -12.39%
LONG-TERM LIABILITIES
Long-Term Debt $325.9M $113.9M
YoY Change 186.13% 25.03%
Other Long-Term Liabilities $94.00M $96.10M
YoY Change -2.19% -19.92%
Total Long-Term Liabilities $419.9M $210.0M
YoY Change 99.95% -0.52%
TOTAL LIABILITIES
Total Short-Term Liabilities $73.10M $68.25M
Total Long-Term Liabilities $419.9M $210.0M
Total Liabilities $493.0M $278.3M
YoY Change 77.17% -3.72%
SHAREHOLDERS EQUITY
Retained Earnings -$3.100B -$3.001B
YoY Change 3.29%
Common Stock $2.888B $2.803B
YoY Change 3.04%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$173.6M -$198.1M
YoY Change
Total Liabilities & Shareholders Equity $319.4M $80.21M
YoY Change 298.19% -20.58%

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income -$12.92M -$9.322M
YoY Change 38.55% -37.36%
Depreciation, Depletion And Amortization $460.0K $443.0K
YoY Change 3.84% 20.71%
Cash From Operating Activities -$12.73M -$11.22M
YoY Change 13.48% -3.26%
INVESTING ACTIVITIES
Capital Expenditures $976.0K $150.0K
YoY Change 550.67% -44.24%
Acquisitions
YoY Change
Other Investing Activities -$30.44M $20.00M
YoY Change -252.2% -180.78%
Cash From Investing Activities -$31.42M $19.85M
YoY Change -258.28% -179.3%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 225.0M 331.0K
YoY Change 67868.88% 10933.33%
NET CHANGE
Cash From Operating Activities -12.73M -11.22M
Cash From Investing Activities -31.42M 19.85M
Cash From Financing Activities 225.0M 331.0K
Net Change In Cash 180.8M 8.962M
YoY Change 1917.72% -124.47%
FREE CASH FLOW
Cash From Operating Activities -$12.73M -$11.22M
Capital Expenditures $976.0K $150.0K
Free Cash Flow -$13.71M -$11.37M
YoY Change 20.56% -4.19%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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CY2021Q1 us-gaap Commitments And Contingencies
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CY2021Q1 us-gaap Preferred Stock Value
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CY2021Q1 us-gaap Liabilities
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CY2020Q4 us-gaap Commitments And Contingencies
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CY2020Q4 us-gaap Preferred Stock Value
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CY2020Q4 mnkd Credit Facility Noncurrent
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CY2021Q1 us-gaap Contract With Customer Liability Noncurrent
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CY2020Q1 us-gaap Earnings Per Share Basic And Diluted
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CY2020Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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CY2020Q1 mnkd Stock Issued During Period Value Debt Interest Payment
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CY2020Q1 mnkd Stock Issued During Period Value Stock Options And Restricted Stock Units Net Of Forfeitures
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CY2020Q1 us-gaap Adjustments To Additional Paid In Capital Stock Issued Issuance Costs
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CY2020Q1 mnkd Other Comprehensive Income Loss Write Off Of Cumulative Translation Loss
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CY2020Q1 us-gaap Stockholders Equity
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CY2020Q4 us-gaap Stockholders Equity
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CY2020Q1 us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
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CY2021Q1 us-gaap Increase Decrease In Contract With Customer Liability
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CY2020Q1 us-gaap Increase Decrease In Contract With Customer Liability
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CY2021Q1 us-gaap Profit Loss
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CY2021Q1 mnkd Increase Decrease In Recognized Loss On Purchase Commitments
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PaymentsRelatedToEmploymentTaxesForShareBasedCompensationAndProceedsFromExerciseOfStockOptions
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CY2021Q1 us-gaap Share Based Compensation
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CY2020Q1 us-gaap Share Based Compensation
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CY2020Q1 us-gaap Asset Impairment Charges
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CY2020Q1 us-gaap Depreciation And Amortization
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538000
CY2021Q1 us-gaap Operating Lease Right Of Use Asset Amortization Expense
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CY2020Q1 us-gaap Operating Lease Right Of Use Asset Amortization Expense
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CY2020Q1 us-gaap Production Related Impairments Or Charges
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CY2021Q1 us-gaap Foreign Currency Transaction Gain Loss Realized
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3838000
CY2020Q1 us-gaap Foreign Currency Transaction Gain Loss Realized
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CY2021Q1 us-gaap Increase Decrease In Accounts Receivable
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CY2020Q1 us-gaap Increase Decrease In Accounts Receivable
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CY2021Q1 us-gaap Increase Decrease In Inventories
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CY2020Q1 us-gaap Increase Decrease In Inventories
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CY2021Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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CY2020Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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CY2021Q1 us-gaap Increase Decrease In Other Operating Assets
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CY2021Q1 us-gaap Increase Decrease In Accounts Payable
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CY2020Q1 us-gaap Increase Decrease In Accounts Payable
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CY2020Q1 us-gaap Interest Paid Net
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CY2021Q1 mnkd Reclassification Of Paycheck Protection Program Loan From Current To Long Term
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CY2021Q1 mnkd Common Stock Issuance To Settle Employee Stock Purchase Plan Liability
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CY2020Q1 mnkd Common Stock Issuance To Settle Employee Stock Purchase Plan Liability
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CY2021Q1 mnkd Payment Of Interest On Senior Convertible Notes Through Common Stock Issuance
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CY2020Q1 mnkd Payment Of Interest On Senior Convertible Notes Through Common Stock Issuance
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CY2020Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
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CY2021Q1 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 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>
CY2021Q1 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2021Q1 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<span style="font-style:normal;"> — Financial instruments that potentially subject the Company to concentration of credit risk consist of cash and cash equivalents and investments. Cash and cash equivalents are held in high credit quality institutions. Cash equivalents consist of interest-bearing money market accounts. Investments generally consist of commercial paper, corporate notes or bonds and U.S. Treasury securities. The cash equivalents and investments are regularly monitored by management.</span></p>
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CY2020Q4 mnkd Wholesaler Distribution Fees And Prompt Pay Discounts
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CY2021Q1 mnkd Reserve For Returns
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2405000
CY2020Q4 mnkd Reserve For Returns
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CY2021Q1 us-gaap Accounts Receivable Net Current
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3573000
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CY2021Q1 mnkd Number Of Wholesale Distributors
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CY2021Q1 mnkd Percentage Of Accounts Receivable From Major Customers
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0.89
CY2021Q1 mnkd Percentage Of Sales From Major Customers
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0.82
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CY2020Q4 us-gaap Inventory Raw Materials Net Of Reserves
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1393000
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331000
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2484000
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CY2020Q4 us-gaap Inventory Finished Goods Net Of Reserves
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CY2021Q1 us-gaap Inventory Net
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5050000
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500000
CY2021Q1 us-gaap Production Related Impairments Or Charges
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CY2020Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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96820000
CY2021Q1 us-gaap Property Plant And Equipment Net
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26507000
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PropertyPlantAndEquipmentNet
25867000
CY2020Q4 mnkd Sales And Marketing Related Expenses Accrued
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99000
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4489000
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519000
CY2021Q1 us-gaap Other Accrued Liabilities Current
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1198000
CY2020Q4 us-gaap Other Accrued Liabilities Current
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859000
CY2021Q1 mnkd Milestone Rights Liabilities Current
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1337000
CY2020Q4 us-gaap Long Term Debt
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CY2021Q1 us-gaap Depreciation
Depreciation
460000
CY2020Q1 us-gaap Depreciation
Depreciation
443000
CY2021Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
13756000
CY2020Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
11250000
CY2021Q1 mnkd Customer Discounts And Allowances
CustomerDiscountsAndAllowances
3906000
CY2020Q4 mnkd Customer Discounts And Allowances
CustomerDiscountsAndAllowances
3688000
CY2021Q1 us-gaap Direct Financing Lease Deferred Selling Profit
DirectFinancingLeaseDeferredSellingProfit
1426000
CY2020Q4 us-gaap Direct Financing Lease Deferred Selling Profit
DirectFinancingLeaseDeferredSellingProfit
1422000
CY2021Q1 us-gaap Accrued Professional Fees Current
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1196000
CY2020Q4 us-gaap Accrued Professional Fees Current
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533000
CY2021Q1 mnkd Sales And Marketing Related Expenses Accrued
SalesAndMarketingRelatedExpensesAccrued
278000
CY2020Q4 mnkd Milestone Rights Liabilities Current
MilestoneRightsLiabilitiesCurrent
1337000
CY2021Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
27586000
CY2020Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
19707000
CY2021Q1 mnkd Deferred Social Security Taxes Cares Act
DeferredSocialSecurityTaxesCARESAct
1100000
CY2021Q1 us-gaap Senior Notes
SeniorNotes
222855000
CY2021Q1 us-gaap Notes Payable Related Parties Noncurrent
NotesPayableRelatedPartiesNoncurrent
53453000
CY2020Q4 us-gaap Notes Payable Related Parties Noncurrent
NotesPayableRelatedPartiesNoncurrent
63027000
CY2021Q1 us-gaap Long Term Debt
LongTermDebt
330587000
CY2021Q1 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
4061000
CY2021Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
9145000
CY2021Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
25000000
CY2021Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
70142000
CY2021Q1 mnkd Long Term Debt Maturities Repayments Of Principal After Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearThree
230000000
CY2021Q1 us-gaap Debt Instrument Carrying Amount
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CY2021Q1 us-gaap Debt Instrument Unamortized Discount
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594000
CY2021Q1 us-gaap Unamortized Debt Issuance Expense
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7167000
CY2021Q1 us-gaap Long Term Debt
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330587000
CY2021Q1 mnkd Accretion Of Debt Discount
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60000
CY2020Q1 mnkd Accretion Of Debt Discount
AccretionOfDebtDiscount
89000
CY2021Q1 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
124000
CY2020Q1 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
27000
CY2020Q1 mnkd Milestone Rights Liabilities Current And Noncurrent
MilestoneRightsLiabilitiesCurrentAndNoncurrent
7300000
CY2020Q4 mnkd Milestone Rights Liabilities Current And Noncurrent
MilestoneRightsLiabilitiesCurrentAndNoncurrent
7300000
CY2021Q1 mnkd Payment For Milestone Rights Liabilities
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CY2021Q1 mnkd Milestone Rights Liabilities Current
MilestoneRightsLiabilitiesCurrent
1300000
CY2021Q1 mnkd Milestone Rights Liabilities Noncurrent
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5900000
CY2021Q1 us-gaap Short Term Investments
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29000000.0
CY2021Q1 us-gaap Long Term Investments
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CY2021Q1 us-gaap Common Stock Shares Authorized
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400000000
CY2021Q1 us-gaap Common Stock Par Or Stated Value Per Share
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0.01
CY2021Q1 us-gaap Preferred Stock Shares Authorized
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10000000
CY2021Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
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0.01
CY2021Q1 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
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CY2021Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
249072677
CY2020Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
242117089
CY2020Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
242117089
CY2021Q1 us-gaap Net Income Loss
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-12916000
CY2020Q1 us-gaap Net Income Loss
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CY2021Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
246631000
CY2020Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
212467000
CY2021Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.05
CY2020Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.04
CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
70472100000
CY2020Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
38800556000
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1935000
CY2020Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1128000
CY2019Q3 mnkd Purchase Obligation Extended Term
PurchaseObligationExtendedTerm
2026
CY2021Q1 us-gaap Purchase Obligation Future Minimum Payments Remainder Of Fiscal Year
PurchaseObligationFutureMinimumPaymentsRemainderOfFiscalYear
7000000.0
CY2021Q1 us-gaap Purchase Obligation Due In Next Twelve Months
PurchaseObligationDueInNextTwelveMonths
8500000
CY2021Q1 us-gaap Purchase Obligation Due In Second Year
PurchaseObligationDueInSecondYear
10900000
CY2021Q1 us-gaap Purchase Obligation Due In Third Year
PurchaseObligationDueInThirdYear
14600000
CY2021Q1 us-gaap Purchase Obligation Due In Fourth Year
PurchaseObligationDueInFourthYear
15500000
CY2021Q1 us-gaap Purchase Obligation Due In Fifth Year
PurchaseObligationDueInFifthYear
19400000
CY2021Q1 mnkd Long Term Purchase Commitment Expiration Date
LongTermPurchaseCommitmentExpirationDate
2026-12-31
CY2021Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
350100
CY2020Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
351500
CY2021Q1 us-gaap Variable Lease Cost
VariableLeaseCost
111200
CY2020Q1 us-gaap Variable Lease Cost
VariableLeaseCost
100500
CY2021Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
461300
CY2020Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
452000.0
CY2021Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.088
CY2020Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.075

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