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Post by kc on Nov 10, 2014 17:47:20 GMT -5
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Post by dreamboatcruise on Nov 10, 2014 17:54:28 GMT -5
Thanks... we've all been waiting for the partnership deal... let the dissection begin.
Darn it... as someone suggested, it appears most of the really useful info has been redacted.
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Post by notamnkdmillionaire on Nov 10, 2014 18:01:36 GMT -5
Maybe you all knew this but I didn't. Looks like they sold something (cancer compound?) for ~9.3 million or so back in July.
Sale of intellectual property — On July 18, 2014, the Company entered into an assignment agreement with a third party whereby the third party acquired all proprietary rights, technology and know-how that related to a small molecule inhibitor compound and all pre-clinical data and results related thereto. Under the terms of the assignment agreement, the Company received total consideration of $9.3 million, which was offset by $1.4 million of expense associated with the sale of the intellectual property related to oncology.
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Post by dreamboatcruise on Nov 10, 2014 18:25:21 GMT -5
I'm rich... based on the info in the 10-Q it is clear that MNKD is worth […***…] per share and that means my […***…] shares are worth […***…]. I'm going to […***…] tonight to celebrate with a […***…].
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Post by jpg on Nov 10, 2014 18:40:16 GMT -5
I'm rich... based on the info in the 10-Q it is clear that MNKD is worth […***…] per share and that means my […***…] shares are worth […***…]. I'm going to […***…] tonight to celebrate with a […***…]. The price of the shares will move by at least **% when trading resumes.
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Post by kc on Nov 10, 2014 18:50:27 GMT -5
Attorneys get paid by the letter. They must have made millions on this document.
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Post by dreamboatcruise on Nov 10, 2014 19:03:14 GMT -5
Curious bit about Sanofi manufacturing site and how the manufacturing would be allocated in thirds. Might this mean that at least 3x the current Danbury capacity is anticipated? Unfortunately there is a crucial bit of redacted info as to when Sanofi gains the right to build their own site.
Also interesting that milestone payments are split and can be shifted between three legal entities... Mannkind, Mannkind Netherlands and Technosphere International. Likely just tax accounting nonsense... but I'm sure some of our proboards members might have other speculation.
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Post by liane on Nov 10, 2014 19:14:10 GMT -5
Given the length of this document, it would be helpful if anyone is referencing parts of it to please also give a page number. Thanks!
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Post by xoxoxoxo on Nov 10, 2014 19:34:47 GMT -5
So after reading this whole thing, I'm pretty disappointed. I want to read Schedule E (Sales Forecast). I mean they even redacted the sample profit/loss calculation table. They won't even let us see how the profit/loss would be calculated using fake numbers.
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Deleted
Deleted Member
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Post by Deleted on Nov 10, 2014 19:51:29 GMT -5
Big things I saw:
Section 4.2: looks like sanofi is on the hook for all regulatory costs (does this means the clinical study costs?) doesn't appear to be a cost that is split 65/35
Section 6: while milestones aren't listed there's some good outlining here.
What's really interesting is that there's a milestone listed that is redacted and is neither manuf, approval or sales driven. Could it possibly be tied to inhalable glp-1?
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Post by dreamboatcruise on Nov 10, 2014 20:46:20 GMT -5
Big things I saw: Section 4.2: looks like sanofi is on the hook for all regulatory costs (does this means the clinical study costs?) doesn't appear to be a cost that is split 65/35 Section 6: while milestones aren't listed there's some good outlining here. What's really interesting is that there's a milestone listed that is redacted and is neither manuf, approval or sales driven. Could it possibly be tied to inhalable glp-1? Schedule B-1 would seem to indicate that clinical trial expenses are included in the shared P&L calculations.
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Post by mnholdem on Nov 10, 2014 22:05:26 GMT -5
I'm rich... based on the info in the 10-Q it is clear that MNKD is worth […***…] per share and that means my […***…] shares are worth […***…]. I'm going to […***…] tonight to celebrate with a […***…]. Keep that […***…] up and we're going to have to redact you (chuckle). Based on what I've read so far, I'd put MannKind's margin between 85%-90%, since Sanofi reimburses COGS and expense related to the 35/65% split are largely development & marketing. I'm a little unclear if Sanofi's payment of COGS is excluded totally from the profit calculation or just from certain developmental activities only. One dissapointment... it seems process development has been excluded from the indirect costs allowable in calculating COGS, even though past equipment and plant costs can be included. It would appear that payback of much of that almost $2B in development of Afrezza will have to wait until acquisition in […***…] but I haven't finished reading it all... twice. (Liane, that would be Schedule B of the Supply Agreement). The JAC will determine which company is responsible for costs related to certain activities, but are some or all of these costs excluded from the expense portion of the 35/65 split? Management (Matt) has previously stated that Sanofi would be bearing most of the expenses in "the early years".
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Post by BlueCat on Nov 10, 2014 23:35:38 GMT -5
Ok - just did a very fast scan of 10Q.
As with before, the cautions and risks are downright creepy. Especially the repeated message that they don't expect to be profitable for a few years, even possibly, if Afrezza is a commercial success.
Is this just required by law, or are they as a business planning on staying in the red?
Hoping someone here can 'talk me down' ...
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Post by cybergym66 on Nov 11, 2014 6:14:01 GMT -5
Ok - just did a very fast scan of 10Q. As with before, the cautions and risks are downright creepy. Especially the repeated message that they don't expect to be profitable for a few years, even possibly, if Afrezza is a commercial success. Is this just required by law, or are they as a business planning on staying in the red? Hoping someone here can 'talk me down' ... Yes, the cautions and risks mentioned made me think I was reading a company's IPO document! So, yes...a lot of CYA going go there! So I have some catnip for you! :-)
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Post by pmikeks on Nov 11, 2014 6:35:24 GMT -5
Aren't they talking about recovering their 2 billion in sunk costs (what they have invested over past 10 years). That would make sense. They surly aren't talking quarterly P&L or their projected growth curve is similar to some of the analysts who say not profitable until after 2017 and I didn't get the impression analysts were talking recovering sunk costs or they wouldn't give it a $6 price target. Other possibilities are maybe they are just being ultra conservative, or they just aren't going to tell anybody because they are going into another quiet period (kidding) then finally maybe becoming an immediate blockbuster is wishful thinking on my part.
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