|
|
Post by beardawg on Oct 8, 2015 12:31:18 GMT -5
Matt indicated that cash will not be a problem going forward and that the $100 million debt was settled approximately 50% swaps and 50% cash.
Now I'm wondering about his remark, "At the end of the day, you'll see the numbers." Did he mean "end of the day" as a figure of speech, such as "when everything gets disclosed", or is there to be a PR after hours today? Matt has used that "end of the day" phrase before and it was not to be taken literally.
I did get a kick out of his remarks about the moving boxes in his office... did he say that he's temporarily moving to an office across the freeway? That seems to be a direct response to all the debate at YMB over kevinmik's disclosure that Matt told him on the phone that he had moving boxes in his office. That turned out to be a circus show... and people wonder why Matt doesn't say much. He was saying you'll see the numbers at the quarterly filing. |
|
|
|
Post by rch51 on Oct 8, 2015 12:31:39 GMT -5
I still don't understand why MNKD felt the need to do this CC unless there was an underlying and compelling reason to do so. What could that be?
Nothing given out today was earth shattering. The debt resolution is a very good thing but opens up a lot of questions as to how half of the $100M debt was resolved in cash. I suppose we'll learn that soon enough. I thought it interesting that the $25M milestone from Sanofi has not been earned thus far. We don't know what that is for but I am assuming it has to do with product shipped and scripts written.
I guess what disturbs me is that there are so damned many secrets in this company. Who really believes that Sanofi can keep marketing secrets away from the competition? There are no secrets in this industry!
A question for the hive: How can investors make intelligent decisions if virtually all of the valuable information they need for DD is kept from them? Like many here I have a lot of money on the line and at this point I feel that I am investing with earplugs and blindfolds on. I appreciate Matt's belief that Afrezza will one day be the blockbuster we all know it should be. That has been the basic tenet of my investment in this company. But I would REALLY appreciate some information that would motivate me to hang in there for another 5 years.
|
|
|
|
Post by kball on Oct 8, 2015 12:31:59 GMT -5
His very final answer: No, they (Sanofi) haven't taken a stake, AS YET. Why would he add those 2 words? Why don't you tell us? Your the former MNKD employee. I fear perhaps Matt is 'hopeful". Like we are. |
|
|
|
Post by newmnkdinvestor on Oct 8, 2015 12:32:27 GMT -5
To me Matt sounded nervous / short of breath and flying by seat of pants. Why participate in conference if you can't put a good foot forward unless Aegis arranged for some of the debt to be purchased. It is like Matt couldn't wait to be done. Hopefully he is being instructed to speak but say nothing. Don't they have to issue some release to say the debt instrument has been taken care of? I thought he sounded nervous also and was maybe looking through his presentation to see what he could skip. I feel like if you do not know about Afrezza that presentation would have left you not remembering it or understanding it. I am not blaming him as he was short for time. What could he have done walked away and did nothing at all? Can you imagine the headlines? However for all of you that defend this management team a great CFO would have been able to handle this better. Its a shitty position to be in but someone could have spun it better. Those damn shorts must have sabotaged the conference. Jason Karp Wall Street sent a virus for you conspiracy theorists.... Things that stuck out to me is that they are very happily partnered with SNY. No improvement on the label coming any time soon but they are working on it. So does that mean the recent clamp study has no baring on label improvement it was in fact apart of FDA approval? The note, man, under tone of intensity this is public speaking 101. There was no positivity in his voice. I walk away from this that he is probably pretty stressed by the whole process. Stressed by sales, investors and thats gotta suck. I walk away from this that the only thing that will keep this stock from going down are sales. The only thing that will move this stock up are sales. The only thing that will keep this company in business are sales and they are fortifying their position to bunker down preparing for things to get rough. |
|
|
|
Post by newmnkdinvestor on Oct 8, 2015 12:38:29 GMT -5
Why don't you tell us? Your the former MNKD employee. I fear perhaps Matt is 'hopeful". Like we are. We will see what happens is worse then hopeful HOPE IS NOT A F"IN STRATEGY. |
|
|
|
Post by bradleysbest on Oct 8, 2015 12:38:55 GMT -5
What would be the reasons for SNY not already or immediately trying to gain EU &Japan approval? 50M is sitting there for the taking once Afrezza is approved there....
|
|
|
|
Post by joeypotsandpans on Oct 8, 2015 12:39:11 GMT -5
Once again, after being wrong/very misleading several times in the past...you all know who/what I'm referring to, Matt states that at quarter end (and unless there is a new calendar that I'm not aware of) that would be 9/30 the company had $107m in cash....which alluded to Matt quoting Mark Twain and countering those predicting the company's running out of cash and demise. So of course, you can expect his/its usual backtracking etc.
So there may have been some use of the ATM for minimal dilution to make up part of the $50m, overall for me (for those of you who are following) it's stay the course and continue to accumulate shares on the dips and waiting on '18 call options to open. It wouldn't surprise me to see further dips, not because there is any reason other than sympathetic drops with the biotechs as the indices continue to test possible new lows. The broader market may still have further to go as well which would continue to pressure what was historically high margin levels. On the other hand, float in MNKD continues to be tight with the rates to borrow in the low to mid 20's rates continue to be collected by those longs willing to wait until the inevitable (IMO) market capture.
|
|
Deleted
Deleted Member
Posts: 0
|
Post by Deleted on Oct 8, 2015 12:41:10 GMT -5
To me Matt sounded nervous / short of breath and flying by seat of pants. Why participate in conference if you can't put a good foot forward unless Aegis arranged for some of the debt to be purchased. It is like Matt couldn't wait to be done. Hopefully he is being instructed to speak but say nothing. Don't they have to issue some release to say the debt instrument has been taken care of? I thought he sounded nervous also and was maybe looking through his presentation to see what he could skip. I feel like if you do not know about Afrezza that presentation would have left you not remembering it or understanding it. I am not blaming him as he was short for time. What could he have done walked away and did nothing at all? Can you imagine the headlines? However for all of you that defend this management team a great CFO would have been able to handle this better. Its a shitty position to be in but someone could have spun it better. Those damn shorts must have sabotaged the conference. Jason Karp Wall Street sent a virus for you conspiracy theorists.... Things that stuck out to me is that they are very happily partnered with SNY. No improvement on the label coming any time soon but they are working on it. So does that mean the recent clamp study has no baring on label improvement it was in fact apart of FDA approval? The note, man, under tone of intensity this is public speaking 101. There was no positivity in his voice. I walk away from this that he is probably pretty stressed by the whole process. Stressed by sales, investors and thats gotta suck. I walk away from this that the only thing that will keep this stock from going down are sales. The only thing that will move this stock up are sales. The only thing that will keep this company in business are sales and they are fortifying their position to bunker down preparing for things to get rough. YES, you got it. Phew.....somebody gets it. Last summer when the FDA approved afrezza it was about sales. It's always been about afrezza sales - always. Hopefully I won't get "schooled" nearly as agressively as in the past for saying it  Sales = cash = sales. Even matt saying today that he's not worried about cash - B....S...... companies live and die by cash flow. Don't have it, the company ceases to exist. What matt really meant is that he has enough lines of credit to continue operations. To a stickler like me, that's a major difference. Cash is not debt......debt is debt. Free cash flow is something totally different. Matt better be worried about cash because they don't have any. What they do have is the ability to continue racking up more and more debt but, as the recent convertible demonstrated - the tap isn't going to flow forever. But hey.....one thing at a time |
|
|
|
Post by mnholdem on Oct 8, 2015 12:43:32 GMT -5
I'm wondering the same and whether, if they did use the ATM, they'll return some or all of the BofA shares to the treasury to minimize or eliminate any dilution. Matt isn't required to discuss BofA in the 3rd quarter financials, but he should say something about it.
|
|
|
|
Post by tbone on Oct 8, 2015 12:44:39 GMT -5
Matt indicated that cash will not be a problem going forward and that the $100 million debt was settled approximately 50% swaps and 50% cash.
Now I'm wondering about his remark, "At the end of the day, you'll see the numbers." Did he mean "end of the day" as a figure of speech, such as "when everything gets disclosed", or is there to be a PR after hours today? Matt has used that "end of the day" phrase before and it was not to be taken literally.
I did get a kick out of his remarks about the moving boxes in his office... did he say that he's temporarily moving to an office across the freeway? That seems to be a direct response to all the debate at YMB over kevinmik's disclosure that Matt told him on the phone that he had moving boxes in his office. That turned out to be a circus show... and people wonder why Matt doesn't say much. 50% swaps? I'm guessing he meant swap for 2018 debt and not stock??? |
|
|
|
Post by harrys on Oct 8, 2015 12:47:56 GMT -5
What would be the reasons for SNY not already or immediately trying to gain EU &Japan approval? 50M is sitting there for the taking once Afrezza is approved there.... That would mean a much larger investment on their part and they are still assessing Afrezza's commercial viability. |
|
|
|
Post by petech on Oct 8, 2015 12:48:25 GMT -5
Once again, after being wrong/very misleading several times in the past...you all know who/what I'm referring to, Matt states that at quarter end (and unless there is a new calendar that I'm not aware of) that would be 9/30 the company had $107m in cash....which alluded to Matt quoting Mark Twain and countering those predicting the company's running out of cash and demise. So of course, you can expect his/its usual backtracking etc. So there may have been some use of the ATM for minimal dilution to make up part of the $50m, overall for me (for those of you who are following) it's stay the course and continue to accumulate shares on the dips and waiting on '18 call options to open. It wouldn't surprise me to see further dips, not because there is any reason other than sympathetic drops with the biotechs as the indices continue to test possible new lows. The broader market may still have further to go as well which would continue to pressure what was historically high margin levels. On the other hand, float in MNKD continues to be tight with the rates to borrow in the low to mid 20's rates continue to be collected by those longs willing to wait until the inevitable (IMO) market capture. If you look at the 6/30 financials, they had 107M. Also, he said that he's in a blackout period from discussing financials. I'm pretty sure he was referring to 6/30. So about $50M or so is gone because of paying off the debt....and there is a small cash burn above that. Looking for about $45M or so in cash at the end of the 9/30 quarter...which we will find out about towards the middle of November. |
|
|
|
Post by joeypotsandpans on Oct 8, 2015 12:48:42 GMT -5
LOL! I think at least half a dozen of you need to read and understand what a blackout period is EOM (Not directed at you petech, we posted about the same time)....as far as the term "last quarter ending" you may be right but I wouldn't be surprised if they didn't use the ATM in the interim depending on when they received the shares back from BofA. I would be surprised if they didn't replenish a portion of the cash in some fashion.
|
|
|
|
Post by monger on Oct 8, 2015 12:50:39 GMT -5
We've all heard Matt speak many times, and clearly he had to start his presentation very late because of technical problems. And for anyone who doesn't understand this, he has a time slot, so he's not free to just take his time and run over the slot and take all the questions anyone cares to ask. Were the technical problems HIS fault or the conference's fault? Doesn't matter. He started off as fast as he could go trying to get as much of his prepared presentation in as possible, skipping slides as he went. I didn't think he sounded nervous, but I do think he made a couple errors that he might not otherwise have made if he wasn't so rushed. For example, at one point he had to stop himself and say he was going off label. I've been in that position myself, and it's better to squash your presentation into the allotted time than to have it cut off in the middle of a sentence by the moderator.
When he got to the end of his time, he clearly said he was exactly at that point and was ready to stop, but I went back and listened to this a second time, with better audio, and I could hear a moderator in the background telling him he could take some questions, which he then did. That suggested to me that the technical problem may have been the conference's fault, although that's just a guess. Of course he immediately got questions that he either couldn't answer because of the black out, or were overly complicated, suggesting to me that the person asking the question hasn't been following the company. His opening remarks concerning how much the audience knew suggested he had novices and more experienced people in the audience.
I thought he did a good job under the circumstances, with the possible exception of the "not yet" comment about Sanofi taking a position. That was either wishful thinking, as in gee, all of us in MNKD would sure like Sanofi to take a position and we talk about them doing this every week, OR it was a bad gaffe because he knows something. Perhaps they'll take a position when a milestone of some sort is met, or they've said they're considering it with some vague notion of when they might be ready to go forward, or possibly they've indicated that if things get bad financially they'll step in and take a position in lieu of more cash (which seems unlikely)--who knows? But I thought it was the most interesting comment of the day.
|
|
|
|
Post by tonyz on Oct 8, 2015 12:54:02 GMT -5
I think they will post the transcript at some point. It would be good if they posted the presentation as planned (with slides) rather than the abbreviated version. Don't know if they will though.
|
|
Sales = cash = sales. Even matt saying today that he's not worried about cash - B....S...... companies live and die by cash flow. Don't have it, the company ceases to exist. What matt really meant is that he has enough lines of credit to continue operations. To a stickler like me, that's a major difference. Cash is not debt......debt is debt. Free cash flow is something totally different. Matt better be worried about cash because they don't have any. What they do have is the ability to continue racking up more and more debt but, as the recent convertible demonstrated - the tap isn't going to flow forever. But hey.....one thing at a time 
