3rd Quarter Earnings

[hellodolly]

We should hear more on India before the end of this year. It was included under the title, "Milestones Expected over the Next 3 Quarters"
From the slide deck, listed under 2023, "Afrezza India (Inhale 2) Regulatory submission".


Also in the Endocrine business was this, "Inhale 1 Interim Analysis"
prcgorman2

[peppy]

Nov 8, 2023 21:37:57 GMT -5 craig said:

Great post from Anderson, but there's a mistake (the presentation of the data is bit confusing).

Here's what the info on page 6 of the SEC quarterly filing says for the quarter ended Sept 30, 2023:

(in thousands)

• Issuance of common stock associated at-the-market placement: 847 [up from 269 in Q2! That's a difference of 578, i.e. 578,000 additional shares sold by the company, resulting in several millions...which allowed the company to net a small profit for the quarter with a bit of smoke and mirrors]
  
• Issuance of common stock pursuant to conversion of the Mann Group convertible note interest: 13
• Net issuance of common stock associated with stock options and restricted stock units: 448
  

investors.mannkindcorp.com/node/19436/html

Quote, "which allowed the company to net a small profit for the quarter with a bit of smoke and mirrors]"
Reply, nailed it.

With any luck the price has been paid.

[derekewhitlock]

I, unfortunately, find Steve Binders quote from the 2023 2nd quarter call misleading at best, "We continue to believe that our current level of cash, cash equivalents, and investments plus the anticipated operating cash inflows and outflows will allow us to adequately invest in and grow our business without a need for any follow-on stock offerings. Thank you, and now I'll turn it back over to Mike."

I realize the definition of "stock offerings" being used here is debateable but the intended message of no more dilution is loud and clear. I am disappointed and concerned about the, in my view,  misleading statement and apparent lack of transparency here.......am I wong, what happened!?

[letitride]

Nov 8, 2023 21:37:57 GMT -5 craig said:

Great post from Anderson, but there's a mistake (the presentation of the data is bit confusing).

Here's what the info on page 6 of the SEC quarterly filing says for the quarter ended Sept 30, 2023:

(in thousands)

• Issuance of common stock associated at-the-market placement: 847 [up from 269 in Q2! That's a difference of 578, i.e. 578,000 additional shares sold by the company, resulting in several millions...which allowed the company to net a small profit for the quarter with a bit of smoke and mirrors]
  
• Issuance of common stock pursuant to conversion of the Mann Group convertible note interest: 13
• Net issuance of common stock associated with stock options and restricted stock units: 448
  

investors.mannkindcorp.com/node/19436/html

 The problem I see with these numbers is Mikes credibility to new investors as he went to three different investor conferences after the last Qtr call telling everyone how Mannkind did not need to do anymore offerings and then unloads on the ATM. Anyone know how many shares are available to use on the ATM in the 4 th Qtr could it be being used now. I did hear Mike apoligize for the stock price now I believe for good reason.

[letitride]

Do hedge funds and other institutional investors have the ability to see what Mike is doing on the ATM thru the market makers? That would explain the rising short interest and the fall below the $4 pps even prior to this Qtrs call.

[letitride]

Peace Out!

[cretin11]

Nov 10, 2023 14:47:39 GMT -5 letitride said:

Nov 8, 2023 21:37:57 GMT -5 craig said:

Great post from Anderson, but there's a mistake (the presentation of the data is bit confusing).

Here's what the info on page 6 of the SEC quarterly filing says for the quarter ended Sept 30, 2023:

(in thousands)

• Issuance of common stock associated at-the-market placement: 847 [up from 269 in Q2! That's a difference of 578, i.e. 578,000 additional shares sold by the company, resulting in several millions...which allowed the company to net a small profit for the quarter with a bit of smoke and mirrors]
  
• Issuance of common stock pursuant to conversion of the Mann Group convertible note interest: 13
• Net issuance of common stock associated with stock options and restricted stock units: 448

The problem I see with these numbers is Mikes credibility to new investors as he went to three different investor conferences after the last Qtr call telling everyone how Mannkind did not need to do anymore offerings and then unloads on the ATM. I did hear Mike apoligize for the stock price now I believe for good reason.

You're not the only one seeing this problem, nor is it a new phenomenon.

[prcgorman2]

Well, we like when the execs acquire more shares (using their own cash). They like MNKD! (Too soon?)

[agedhippie]

Nov 10, 2023 15:18:12 GMT -5 letitride said:

Do hedge funds and other institutional investors have the ability to see what Mike is doing on the ATM thru the market makers? That would explain the rising short interest and the fall below the $4 pps even prior to this Qtrs call.

No. That is confidential and very heavily protected. That suits the market because the one thing that scares traders rigid is the ability of others to front run their orders.

Depending on the algorithm used to place the ATM orders, and given a big enough sample set, it may be possible to infer when the ATM is used. I am not really sure it would be possible, and you would need access to real tick data (expensive!) rather than aggregated tick data which is what most of the world has used since the mid 90s when tick feed volume became insanely huge.

[craig]

Just a correction on my short post on at-the-market sales, etc. I was wrong that it boosted revenues on the income statement (as another poster pointed out). ATM sales are accounted for differently than the sale of normal securities. For ATM, cash flow went up (asset) on the balance sheet as well as stock holders' equity (also on the balance sheet). On the other hand, total shares went up, meaning dilution for existing shareholders.

Dilution is not necessarily bad if the cash is used on something that will help the company grow in the future. It just depends...