Annual Shareholders’ Meeting

[peppy]

May 22, 2020 17:11:42 GMT -5 agedhippie said:

May 22, 2020 13:34:21 GMT -5 mango said:

Did you ever figure it out?

Did MannKind qualify for Midcap Loan or not?

From the original Credit Facility Schedule which defines the terms to draw down Tranche 2:

Applicable Funding Conditions: means the following:

Agent has received evidence reasonably satisfactory to Agent that Afrezza Net Revenue for the preceding twelve (12) calendar months ending on the last day of the month for which Borrower delivered (or was required to deliver pursuant to Section 6.2(b) hereof) a Compliance Certificate is greater than or equal to $30,000,000.

[Some other clause and then at the end of the section]

Commitment Termination Date: the earliest to occur of (a) April 15, 2020, and (b) the delivery of a written notice by Agent to Borrower terminating the Applicable Commitments following an Event of Default that has not been waived or cured at the time such notice is delivered.

In the amended agreement from December section 2 of the amendment defines the changes:

(a) "The “Applicable Funding Conditions” section in the Credit Facility #3 Schedule in the Original Credit Agreement is hereby deleted and replaced in its entirety with the following:"

[deleted this part, it all relates to Tranche 3]

(b) The Minimum Afrezza Net Revenue Schedule attached to the Original Credit Agreement is hereby deleted and replaced in its entirety with the Minimum Afrezza Net Revenue Schedule attached as Schedule 1 to this Agreement.

(c) The new Tranche 3 Afrezza Net Revenue Schedule attached to this Agreement as Schedule 2 is hereby added as the last Schedule to the Credit Agreement

The Tranche 2 conditions are unaltered and so remain at $30M trailing net revenue for the previous 12 months. I stand to be corrected, but it looks to me like Mannkind could not draw Tranche 2 since it missed the revenue target. Strictly Mike is right in that Mannkind didn't draw on the Tranche 2, he just forgot to mention that it wasn't an option.

And yet it has all worked out?
posted by cjm18

Mar 2020
Revenue 16.24M
Net income -9.32M
Operating income -7.4M
Net change in cash 8.96M
Cash on hand 38.87M
Cost of revenue 7.53M

Cash = 39m + 5 covid loan + 25m midcap loan + 25m united milestones

94m cash / 9m cash burn per qtr...... that’s a lot of $ runway compared to the usual.

United royalties and Peds trial are years away. Has to be the cash situation.

oh and good work aged agedhippie , thank you
cjm18 thank you. the champion!

[cjm18]

May 22, 2020 17:21:36 GMT -5 peppy said:

May 22, 2020 17:11:42 GMT -5 agedhippie said:

From the original Credit Facility Schedule which defines the terms to draw down Tranche 2:

In the amended agreement from December section 2 of the amendment defines the changes:

The Tranche 2 conditions are unaltered and so remain at $30M trailing net revenue for the previous 12 months. I stand to be corrected, but it looks to me like Mannkind could not draw Tranche 2 since it missed the revenue target. Strictly Mike is right in that Mannkind didn't draw on the Tranche 2, he just forgot to mention that it wasn't an option.

And yet it has all worked out?
posted by cjm18

Mar 2020
Revenue 16.24M
Net income -9.32M
Operating income -7.4M
Net change in cash 8.96M
Cash on hand 38.87M
Cost of revenue 7.53M

Cash = 39m + 5 covid loan + 25m midcap loan + 25m united milestones

94m cash / 9m cash burn per qtr...... that’s a lot of $ runway compared to the usual.

United royalties and Peds trial are years away. Has to be the cash situation.

oh and good work aged agedhippie , thank you
cjm18 thank you. the champion!

I actually think the cash burn is more than 9m per qtr. 11ish according to 20q1 earnings slides.

[brotherm1]

It was actually $11.1 million. Don’t know if it will go up or not this quarter as the first quarter sales of Afrezza were up due to stocking up on Afrezza due to COVID. Sales have since fallen this quarter though I don’t have the figures with me now. Don’t know either if they would have cut back on operating expenses this quarter.

Peppy, remember the $15M midcap reserve needs to be part of the cash equation.

Aged, did you say for certain the $25M midcap tranche was revised and it appears MNKD is ahead of schedule?

Also, there was a covenant, at least in the original Midcap agreement, wherein the restricted cash would increase $10M more with one of the tranches.

Edit: According to the original midcap agreement August 2019, tranche 2 (the $10M will did not receieve) and tranch 3 ($25M), if borrowed increase the reserve $5M to a total of $20M

[babaoriley]

The girl with the drink is one of the famous nursettes of many moons ago! She’s a very shrewd investor!

quote author="falconquest" source="/post/205745/thread" timestamp="1590163815"]

May 22, 2020 11:03:55 GMT -5 peppy said:

hint, where's the drink?

I'm seeing a bunch of folks who are much poorer than they used to be unless they had significant appreciation in other stocks. Finding Baba is easy but I want to know who that is with the drink.
[/quote]

[babaoriley]

Jay!!! Hello!!

quote author="jay1ajay1a" source="/post/205802/thread" timestamp="1590184656"]I remember he got some for his wife. But if I remember right it was $30,000 for a wedding present. Not sure I think that is a lot.[/quote]

[mango]

Annual Shareholder Meeting Notes

✅ Afrezza net revenue increasing ~7x over 3 years

✅ Afrezza TRx increasing ~3x over 3 years

✅ 70% of commercial lives covered for Afrezza

✅ BluHale Pro launch for key HCPs in late Q2/early Q3

✅ Consumer BluHale launch earliest in Q1 2021—ongoing testing for this version, including dose detection and integrating CGM data

✅ BluHale App launch in Q2/Q3—Looks great

✅ Lowering Brazil Afrezza pricing to help drive demand—pts that have started Afrezza in Brazil report very positive feedback

✅ BluHale and TreT

✅ 3rd milestone will be hit this week with TreT

✅ $12.5M expected this Q from United Therapeutics—will be $25M total this year

✅ >900 patents globally—robust IP portfolio and patent protection extending well into 2030's, etc

✅ Debt continues to be lowered

✅ New Chief Commercial Officer expected to be hired Q3

✅ India clinical trial is designed and approved—expect late Q2/early Q3

✅ Australia filing completed and still negotiating before approval

✅ Expanded sales force and 11 new territories

✅ 18 scientific publications/presentations expected in 2020—Veins of Gold

✅ Real-time, mealtime control is the future

✅ COVID-19 partnership—watch and see before investing more resources—2 potential products

✅ Only 1 out of 5 PWD are at goal—80% of pts are not at goal

✅ Developed a new One Stop Hub called AfrezzaAssist—extremely excited about this—covers: financial assistance, pt on-boarding, pharmacy triage assistance, digital pt engagement, quick start program (free goods), safety reporting, field liaison support, reimbursement support—launch expected Q3

✅ Over 3,000 Afrezza prescribers and growing

✅ Tret potential royalties >$100M annually

✅ Exploring other opportunities outside treprostinil with UT

✅ Dexcom/MannKind clinical trial will be presented at ADA this year

✅ Peds Phase 3 late 2020/early 2021—special attention to trial protocol—wants to hit a home run with this—possible outside/3rd party partnership to fund trial

✅ We have one of the best patient (Afrezza) bases on SM ever seen

✅ Tanner Group growing, pts from Germany, UK, Latin American countries

✅ MannKind strongly believes Afrezza is the only ultra-rapid acting insulin available and continues to discuss with thought leaders and ADA to lobby new category

✅ No safety signals seen with Afrezza since approval

[gamblerjag]

May 23, 2020 12:17:48 GMT -5 mango said:

Annual Shareholder Meeting Notes

✅ Afrezza net revenue increasing ~7x over 3 years

✅ Afrezza TRx increasing ~3x over 3 years

✅ 70% of commercial lives covered for Afrezza

✅ BluHale Pro launch for key HCPs in late Q2/early Q3

✅ Consumer BluHale launch earliest in Q1 2021—ongoing testing for this version, including dose detection and integrating CGM data

✅ BluHale App launch in Q2/Q3—Looks great

✅ Lowering Brazil Afrezza pricing to help drive demand—pts that have started Afrezza in Brazil report very positive feedback

✅ BluHale and TreT

✅ 3rd milestone will be hit this week with TreT

✅ $12.5M expected this Q from United Therapeutics—will be $25M total this year

✅ >900 patents globally—robust IP portfolio and patent protection extending well into 2030's, etc

✅ Debt continues to be lowered

✅ New Chief Commercial Officer expected to be hired Q3

✅ India clinical trial is designed and approved—expect late Q2/early Q3

✅ Australia filing completed and still negotiating before approval

✅ Expanded sales force and 11 new territories

✅ 18 scientific publications/presentations expected in 2020—Veins of Gold

✅ Real-time, mealtime control is the future

✅ COVID-19 partnership—watch and see before investing more resources—2 potential products

✅ Only 1 out of 5 PWD are at goal—80% of pts are not at goal

✅ Developed a new One Stop Hub called AfrezzaAssist—extremely excited about this—covers: financial assistance, pt on-boarding, pharmacy triage assistance, digital pt engagement, quick start program (free goods), safety reporting, field liaison support, reimbursement support—launch expected Q3

✅ Over 3,000 Afrezza prescribers and growing

✅ Tret potential royalties >$100M annually

✅ Exploring other opportunities outside treprostinil with UT

✅ Dexcom/MannKind clinical trial will be presented at ADA this year

✅ Peds Phase 3 late 2020/early 2021—special attention to trial protocol—wants to hit a home run with this—possible outside/3rd party partnership to fund trial

✅ We have one of the best patient (Afrezza) bases on SM ever seen

✅ Tanner Group growing, pts from Germany, UK, Latin American countries

✅ MannKind strongly believes Afrezza is the only ultra-rapid acting insulin available and continues to discuss with thought leaders and ADA to lobby new category

✅ No safety signals seen with Afrezza since approval

. Next time can you please be a little bit more detailed… Thanks🤣🤣🤣. And one of the reasons why I still feel Mike has earned his past CEO of the year awards even with a couple of areas that really hurt many Continue good luck

[mango]

May 23, 2020 14:17:02 GMT -5 gamblerjag said:

May 23, 2020 12:17:48 GMT -5 mango said:

Annual Shareholder Meeting Notes

✅ Afrezza net revenue increasing ~7x over 3 years

✅ Afrezza TRx increasing ~3x over 3 years

✅ 70% of commercial lives covered for Afrezza

✅ BluHale Pro launch for key HCPs in late Q2/early Q3

✅ Consumer BluHale launch earliest in Q1 2021—ongoing testing for this version, including dose detection and integrating CGM data

✅ BluHale App launch in Q2/Q3—Looks great

✅ Lowering Brazil Afrezza pricing to help drive demand—pts that have started Afrezza in Brazil report very positive feedback

✅ BluHale and TreT

✅ 3rd milestone will be hit this week with TreT

✅ $12.5M expected this Q from United Therapeutics—will be $25M total this year

✅ >900 patents globally—robust IP portfolio and patent protection extending well into 2030's, etc

✅ Debt continues to be lowered

✅ New Chief Commercial Officer expected to be hired Q3

✅ India clinical trial is designed and approved—expect late Q2/early Q3

✅ Australia filing completed and still negotiating before approval

✅ Expanded sales force and 11 new territories

✅ 18 scientific publications/presentations expected in 2020—Veins of Gold

✅ Real-time, mealtime control is the future

✅ COVID-19 partnership—watch and see before investing more resources—2 potential products

✅ Only 1 out of 5 PWD are at goal—80% of pts are not at goal

✅ Developed a new One Stop Hub called AfrezzaAssist—extremely excited about this—covers: financial assistance, pt on-boarding, pharmacy triage assistance, digital pt engagement, quick start program (free goods), safety reporting, field liaison support, reimbursement support—launch expected Q3

✅ Over 3,000 Afrezza prescribers and growing

✅ Tret potential royalties >$100M annually

✅ Exploring other opportunities outside treprostinil with UT

✅ Dexcom/MannKind clinical trial will be presented at ADA this year

✅ Peds Phase 3 late 2020/early 2021—special attention to trial protocol—wants to hit a home run with this—possible outside/3rd party partnership to fund trial

✅ We have one of the best patient (Afrezza) bases on SM ever seen

✅ Tanner Group growing, pts from Germany, UK, Latin American countries

✅ MannKind strongly believes Afrezza is the only ultra-rapid acting insulin available and continues to discuss with thought leaders and ADA to lobby new category

✅ No safety signals seen with Afrezza since approval

. Next time can you please be a little bit more detailed… Thanks🤣🤣🤣. And one of the reasons why I still feel Mike has earned his past CEO of the year awards even with a couple of areas that really hurt many Continue good luck

Aside from all the positives we know that are happening with TreT, perhaps the biggest take away is that we have seen no safety signals of concern for Afrezza. I have read the AdCom/FDA transcripts for Afrezza approval and looked into the cancer cases and it is clear they are not related to Afrezza and were blown out of proportion by ignorant experts and/or bad actors.

We also know from large studies now that basal insulin causes a decease in lung function. With Afrezza, it is minimal and not seen in all users and is totally reversible. A non-issue.

I have a print out of all the Afrezza reported adverse events from a couple years ago via a FOIA request.

We have the safest insulin on the market, period.


I am also excited about the new One Stop Hub coming out soon called, AfrezzaAssist. I think this along with BluHale Pro for HCPs to use to help train pts with will all be extremely beneficial and help streamline the process and journey for new users. 

Overall, great call and I think Mike was fair and balanced and I appreciated the email he sent out to everyone, I just read mine. He is not perfect, but who is! He does seem aligned with shareholders. 

[cretin11]

Mango, good call on the safety angle. One of the risks to our success model was that some safety concern would reveal itself after a year or two of being on the market. It hasn’t happened. All that’s happened is that Afrezza’s superiority has been confirmed. Al Mann was exactly right all along.

It’s still shocking to me how weak our market penetration has been. Totally underestimated the insurance hurdle and the “untrainability” of mainstream endos. If this can be figured out (and there are some folks trying, although mostly unappreciated on this board), then CFBE can be attained and greener pastures ahead.

[rockstarrick]

I knew that was him from the avatar drawing, it’s incredibly detailed
😷😜

[falconquest]

May 22, 2020 20:51:47 GMT -5 babaoriley said:

The girl with the drink is one of the famous nursettes of many moons ago! She’s a very shrewd investor!

quote author="falconquest " source="/post/205745/thread" timestamp="1590163815"]

May 22, 2020 11:03:55 GMT -5 peppy said:

hint, where's the drink?

I'm seeing a bunch of folks who are much poorer than they used to be unless they had significant appreciation in other stocks. Finding Baba is easy but I want to know who that is with the drink.

[/quote]  Is that the woman that lived in Hakan's neighborhood? I can't recall her screen name.

[babaoriley]

May 25, 2020 19:45:56 GMT -5 falconquest said:

May 22, 2020 20:51:47 GMT -5 babaoriley said:

The girl with the drink is one of the famous nursettes of many moons ago! She’s a very shrewd investor!

quote author="falconquest " source="/post/205745/thread" timestamp="1590163815"]I'm seeing a bunch of folks who are much poorer than they used to be unless they had significant appreciation in other stocks. Finding Baba is easy but I want to know who that is with the drink.

  Is that the woman that lived in Hakan's neighborhood? I can't recall her screen name.
[/quote]


Don’t think she lived in Hakan’s Hood. She’s the former CocoKitty.

[brentie]

 

"Don’t think she lived in Hakan’s Hood. She’s the former CocoKitty."

Baba, wasn't it just "Coco"?


mnkd.proboards.com/user/264

[sportsrancho]

May 26, 2020 9:23:22 GMT -5 brentie said:

 

"Don’t think she lived in Hakan’s Hood. She’s the former CocoKitty."

Baba, wasn't it just "Coco"?


mnkd.proboards.com/user/264

Coco kitty on Stocktwits

[babaoriley]

May 26, 2020 9:23:22 GMT -5 brentie said:

 

"Don’t think she lived in Hakan’s Hood. She’s the former CocoKitty."

Baba, wasn't it just "Coco"?


mnkd.proboards.com/user/264

Shortened to “coco,” but initially “cocokitty.” That’s why I threw in “former.”