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Post by sportsrancho on Nov 9, 2015 15:47:01 GMT -5
Honestly, you would think AL would have enough foresight to know cash could be a problem,so hopefully mannkind has an answer for this? I'm losing hope if no news by nov 15 tho. Dilution could be avoided mostly. January options are huge because either mnkd runs out of cash (or close) or we get help from sny (buy-in) or TS partnership comes soon. I still believe in AL Mann but going down with his ship. Sax, don't lose hope! Not you:-). I just bought 15,000 shares. sports
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Post by compound26 on Nov 9, 2015 16:48:48 GMT -5
By my calculation, based on the numbers released in the press release, Mannkind should have around 36.9 million, not 32.9 million cash. That's a difference of about $4 million. Maybe that's for interest payment and other expenses. Or perhaps I missed something in my calculation below. If so, guys please let me know. It appears Mannkind's cash burn per quarter is right now at around 18 million (6.3 R&D = 11.5 G&A), assuming manufacturing cost is roughly balanced out by payment for product shipment. The available cash balance (taking out the 25 million marked as not freely usable, it is about 8 million freely useable), ATM (37.5 million) and Mann Group facility (30 million) will be able to support another four quarters of cash burn without additional cash infusion. Within the next four quarters, we should expect to receive some type of milestone payments, Sanofi insulin supply, EU/Japan approval, and likely some payments in regard to another TS application in the pipeline. Receipt of one of such milestone payments will be able to support Mannkind's cash burn for another one or two quarters, which will in turn increase the likelihood for Mannkind to receive additional milestone payments before it needs to get additional cash infusion.
| 107 | cash balance on 30 June 2015 | - | 64.3 | debt repayment | - | 6.3 | R&D | - | 11.5 | G&A | - | 8.1 | manufacturing cost | + | 0.7 | proceeds from warrant and option exercise | + | 7.2 | payment for product shipment | + | 12.2 | proceeds from ATM | = | 36.9 |
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_______________________________________________________________________________ VALENCIA, Calif., Nov. 9, 2015 (GLOBE NEWSWIRE) -- MannKind Corporation (Nasdaq:MNKD) (TASE:MNKD) today reported financial results for the third quarter ended September 30, 2015. For the three and nine months ended September 30, 2015, product shipments of Afrezza, our novel rapid-acting inhaled insulin therapy, were $4.1 million and $17.1 million, respectively, which we recorded as deferred product sales from our collaboration with Sanofi. For the quarter ended September 30, 2015, our portion of the loss sharing arrangement with Sanofi related to Afrezza was $14.7 million, which we subsequently financed by way of an advance under the loan facility with an affiliate of Sanofi after September 30, 2015. The amount currently outstanding under the Sanofi loan facility is now $43.7 million, which includes $0.8 million in paid-in-kind interest. For the third quarter of 2015, total operating expenses decreased from $38.3 million to $26.0 million, a decline of 32.1%, compared to the same quarter in 2014, primarily due to Afrezza having moved out of clinical development into the commercial market. Additionally, non-cash stock compensation from the non-recurring achievement of performance and modification events in 2014 decreased in the third quarter of 2015 as compared to the third quarter of 2014. Research and development expenses decreased from $19.2 million to $6.3 million, a decrease of 67.2%, reflecting the transition from development to commercial activities. General and administrative expenses decreased from $19.1 million to $11.5 million, a reduction of 39.8%, mainly due to the decrease in non-cash stock compensation expense. Offsetting the total decrease of $20.5 million in R&D and G&A for the third quarter of 2015 were product manufacturing variance costs of $8.1 million. We did not recognize any product manufacturing costs in the third quarter of 2014 as we had not yet commenced commercialization of Afrezza. For the first nine months of 2015, operating expenses were $71.8 million, a decline of 52.0% compared to the same period in 2014. Total research and development expenses for the nine months ended September 30, 2015 were $23.5 million, a decline of 71.6% compared to the same period in 2014, primarily due to reduced non-cash stock compensation expense resulting from the non-recurring achievement of performance and modification events in 2014 and in the first quarter of 2015. General and administrative expenses for the nine months ended September 30, 2015 were $32.6 million, a decrease of 51.2% compared to the same period in 2014, primarily due to reduced non-cash stock compensation expense resulting from the non-recurring achievement and modification events in 2014 and in the first quarter of 2015. The net loss for the third quarter of 2015 was $31.9 million, or $0.08 per share, based on 405.2 million weighted average shares outstanding, compared with a net loss of $36.5 million, or $0.09 per share, based on 394.2 million weighted average shares outstanding for the third quarter of 2014. The number of common shares outstanding at September 30, 2015 was 418.3 million. Cash and cash equivalents were $32.9 million at September 30, 2015, compared to $107.2 million in the second quarter of 2015. During the third quarter of 2015, we paid $64.3 million upon maturity of the 2015 notes and received $0.7 million in proceeds from warrant and option exercises, $7.2 million in payments from Sanofi for product shipments, and $12.2 million in net proceeds from our at-the-market sales facility. Currently, $30.1 million remains available to borrow under our amended loan arrangement with The Mann Group and $37.5 million of common stock remains available for sale under our at-the-market sales facility.
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Post by trenddiver on Nov 11, 2015 0:48:23 GMT -5
I did a little analysis of the 3rd quarter financials and have some questions and concerns:
1. Mannkind is spending $4 million per month on g&a and $2 million on R&D. I can see the R&D expenditures as necessary but $4 million in g&a? This seems rather excessive considering the level of activity. 2. There is something called product variance cost of $8.1 million. What the heck is that? 3. Mannkind share of the JV costs is $43 million. This means that the Sanofi has spent $122 million so far. I don't get it. What could they possibly have spent that kind of money on? Certainly not on DTC advertising.
Trend
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Post by jpg on Nov 11, 2015 1:13:53 GMT -5
I did a little analysis of the 3rd quarter financials and have some questions and concerns: 1. Mannkind is spending $4 million per month on g&a and $2 million on R&D. I can see the R&D expenditures as necessary but $4 million in g&a? This seems rather excessive considering the level of activity. 2. There is something called product variance cost of $8.1 million. What the heck is that? 3. Mannkind share of the JV costs is $43 million. This means that the Sanofi has spent $122 million so far. I don't get it. What could they possibly have spent that kind of money on? Certainly not on DTC advertising. Trend That # 3 question is really good. 122 million? What is that all about? Inflation of inactivity? How many salaries does that pay? There might be an army of workers on the payroll?
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Post by mbseeking on Nov 11, 2015 1:20:43 GMT -5
4% of lives covered by insurance and no change for months. Certainly not where the $122M SNY spent.
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Post by jpg on Nov 11, 2015 1:30:24 GMT -5
4% of lives covered by insurance and no change for months. Certainly not where the $122M SNY spent. 122 million would pay for over 1000 reps full time for a year and still leave significant room for many dinners and advertising. Taken from a $ point of view Sanofi is really doing something significant. No obvious results though? Anyone has any insights on this kind of spending in a relatively short time frame?
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Post by comny on Nov 11, 2015 2:12:28 GMT -5
afrezza prescription copay?
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Post by waldemar on Nov 11, 2015 2:30:46 GMT -5
Costs for trials (clamp study...)
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Post by jpg on Nov 11, 2015 3:46:33 GMT -5
afrezza prescription copay? Copays are 'free'.
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Post by jpg on Nov 11, 2015 3:46:47 GMT -5
Costs for trials (clamp study...) Studies like the clamp study are dirt cheap (as far as trials go).
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Post by kball on Nov 11, 2015 4:21:54 GMT -5
4% of lives covered by insurance and no change for months. Certainly not where the $122M SNY spent. 122 million would pay for over 1000 reps full time for a year and still leave significant room for many dinners and advertising. Taken from a $ point of view Sanofi is really doing something significant. No obvious results though? Anyone has any insights on this kind of spending in a relatively short time frame?Hush money to Matt and Hakan is all i can think of.
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Post by rrtzmd on Nov 11, 2015 9:32:47 GMT -5
4% of lives covered by insurance and no change for months. Certainly not where the $122M SNY spent. 122 million would pay for over 1000 reps full time for a year and still leave significant room for many dinners and advertising. Taken from a $ point of view Sanofi is really doing something significant. No obvious results though? Anyone has any insights on this kind of spending in a relatively short time frame? Unfortunately, that's all investors are left with -- speculating about how SNY spent the money. Evidently, MNKD won't reveal or is forbidden from revealing how money is being distributed otherwise they surely would use it to bolster their claims that various issues -- spirometry, third party payors, required trials, etc -- are being addressed.
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