Post by liane on May 7, 2015 17:55:35 GMT -5
www.investors.mannkindcorp.com/phoenix.zhtml?c=147953&p=irol-newsArticle&ID=2045834
MannKind Corporation Reports 2015 First Quarter Financial Results
- Conference Call at 9:00 AM ET on May 8, 2015 -
VALENCIA, Calif., May 7, 2015 (GLOBE NEWSWIRE) -- MannKind Corporation (Nasdaq:MNKD) today reported financial results for the first quarter ended March 31, 2015.
For the first quarter of 2015, total operating expenses were $21.7 million, a decline of 47.5% compared to the similar quarter in 2014. Research and development expenses were $9.4 million, a decline of 64.2% compared to the first quarter of 2014, reflecting the commercialization of Afrezza in the first quarter of 2015 and a reduction in non-cash stock compensation expense. General and administrative expenses were $10.5 million, a decline of 31.2% compared to the first quarter of 2014, mainly reflecting lower non-cash stock compensation expenses.
For the quarter ended March 31, 2015, our portion of the loss sharing arrangement with Sanofi related to Afrezza was $12.4 million, which we financed by way of an advance under the loan facility with our partner. The amount outstanding under the Sanofi loan facility is now $15.4 million. During the three months ending on March 31, 2015, we recorded $7.1 million in Afrezza product shipments as deferred product sales from our collaboration with Sanofi.
The net loss for the first quarter of 2015 was $30.7 million, or $0.08 per share based on 398.9 million weighted average shares outstanding, compared with a net loss of $52.1 million, or $0.14 per share based on 368.8 million weighted average shares outstanding for the first quarter of 2014. The number of common shares outstanding at March 31, 2015 was 409.1 million.
Cash and cash equivalents remained at $120.8 million at March 31, 2015 and at December 31, 2014, respectively. During the first quarter of 2015, we also received a $50.0 million milestone payment related to our collaboration agreement with Sanofi as well as $6.2 million in proceeds from warrant and option exercises. This cash inflow offset our first quarter operating activities, which included building up Afrezza product inventory, purchasing additional machinery and equipment related to the commercialization of Afrezza and the pursuit of new product opportunities. Currently, $30.1 million remains in available borrowings under the amended loan arrangement with The Mann Group.
Conference Call
MannKind management will host a conference call to discuss these results tomorrow, May 8, 2015 at 9:00 a.m. Eastern Time. To participate in the call please dial (800) 708-4540 or (847) 619-6397 and use the participant passcode: 3859 3126. Those interested in listening to the conference call live via the Internet may do so by visiting the Company's website at www.mannkindcorp.com.
A telephone replay will be accessible for approximately 14 days following completion of the call by dialing (888) 843-7419 or (630) 652-3042 and use the participant passcode: 3859 3126#. A replay will also be available on MannKind's website for 14 days.
MannKind Corporation Reports 2015 First Quarter Financial Results
- Conference Call at 9:00 AM ET on May 8, 2015 -
VALENCIA, Calif., May 7, 2015 (GLOBE NEWSWIRE) -- MannKind Corporation (Nasdaq:MNKD) today reported financial results for the first quarter ended March 31, 2015.
For the first quarter of 2015, total operating expenses were $21.7 million, a decline of 47.5% compared to the similar quarter in 2014. Research and development expenses were $9.4 million, a decline of 64.2% compared to the first quarter of 2014, reflecting the commercialization of Afrezza in the first quarter of 2015 and a reduction in non-cash stock compensation expense. General and administrative expenses were $10.5 million, a decline of 31.2% compared to the first quarter of 2014, mainly reflecting lower non-cash stock compensation expenses.
For the quarter ended March 31, 2015, our portion of the loss sharing arrangement with Sanofi related to Afrezza was $12.4 million, which we financed by way of an advance under the loan facility with our partner. The amount outstanding under the Sanofi loan facility is now $15.4 million. During the three months ending on March 31, 2015, we recorded $7.1 million in Afrezza product shipments as deferred product sales from our collaboration with Sanofi.
The net loss for the first quarter of 2015 was $30.7 million, or $0.08 per share based on 398.9 million weighted average shares outstanding, compared with a net loss of $52.1 million, or $0.14 per share based on 368.8 million weighted average shares outstanding for the first quarter of 2014. The number of common shares outstanding at March 31, 2015 was 409.1 million.
Cash and cash equivalents remained at $120.8 million at March 31, 2015 and at December 31, 2014, respectively. During the first quarter of 2015, we also received a $50.0 million milestone payment related to our collaboration agreement with Sanofi as well as $6.2 million in proceeds from warrant and option exercises. This cash inflow offset our first quarter operating activities, which included building up Afrezza product inventory, purchasing additional machinery and equipment related to the commercialization of Afrezza and the pursuit of new product opportunities. Currently, $30.1 million remains in available borrowings under the amended loan arrangement with The Mann Group.
Conference Call
MannKind management will host a conference call to discuss these results tomorrow, May 8, 2015 at 9:00 a.m. Eastern Time. To participate in the call please dial (800) 708-4540 or (847) 619-6397 and use the participant passcode: 3859 3126. Those interested in listening to the conference call live via the Internet may do so by visiting the Company's website at www.mannkindcorp.com.
A telephone replay will be accessible for approximately 14 days following completion of the call by dialing (888) 843-7419 or (630) 652-3042 and use the participant passcode: 3859 3126#. A replay will also be available on MannKind's website for 14 days.