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Post by Deleted on Nov 9, 2015 17:43:59 GMT -5
loss for 3rd quarter 2015 31.9 mil
14.7 mil added to loan facility with sny with total amount 43.7 mil on loan
cash 32.9 mil as of sept 30 2015
fully repaid notes 51.8 mil in cash
bac returned the 9 million shares
30 mil avail under mann group
38 mil avail under loan facility (not sny)
will sell up to 50 mil shares
expect most of those shares going to israel funds will be done directly and not on the open market. Matt said these index funds will hold the stock almost indefinitely and not make them available for lending or shorting pool here in the US.
Matt did the israel thing to avoid more short selling ammo
funding good till 2017 with these steps
hakan
afrezza - post marketing studies are well under way or well under discussion.
sales - disappointed but understand the primary reasons 1) insurance have a strict stance on tier and PA. discussions are ongoing. 2) initial roll out was targeted and focused on building awareness.
doctors feedback is quite high and happy for good A1C numbers
did hakan just say "lets talk" on the CC? yes, he did. He just did a commercial for technosphere saying "lets talk" if you are interested in technosphere. WOW!
Q&A
1. jay olsen GS - 25 mil milestone that should be coming due to manufactuering when is it coming - hakan, no, no payment coming due now. only additional payment coming due to R&D. Any time soon? eh, ah, eh, no timing on that one.
why are costs up a bit this quarter? restructing costs this quarter. Pipeline - how close to moving into the clinic stage and partnership deal - when? months away from going into clinic stage (pulminary hypertension). As far as partnerships,
discussions are ongoing. Hope for announcement within the next quarter or so. Equity financing - will that enable mnkd to handle sales of afrezza if sny were to opt out? not part of the operating plan but it could.
what is the soonest sny can opt out? soonest mnkd could be given notice is jan 1, 2015 then theres a period of time allowed till it is canceled.
2. JPM - perspective on sny and diabetes downward projections - hakan said building awareness and sny working on facilitating access to insurance for afrezza.
3. RBC - provide color on afrezza demand? lots of phone calls and contacts and social media with interest in afrezza. patients like flexibility, convenience and overall feedback is positive but need greater penetration.
payer resistence - how do you plan to address? don't have details because that's SNY effort.
4. piper jaffrey - if sny would cancel what happens to the outstanding notes under the deal? repayment some 10 years later and wouldnt be required upfront.
5. griffen securities - did sales accelerate this quarter based on your comments last quarter? hakan hoped it would be faster but hakan thinks increased awareness is happening.
any benefit to DTC to move the insurance industry? hakan says there are plans in moving in that direction but timing is based on awareness in the medical field so the
DTC doesn't surprise the docs. hakan has no idea if it would compell the insurance industry but it would help to demonstrate a need to them.
Cash burn through 2016 rate? 8-10 mil/molnth going forward but dependent on production and raw materials.
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Post by Chris-C on Nov 9, 2015 18:31:48 GMT -5
"RBC - provide color on afrezza demand? HAKAN: lots of phone calls and contacts and social media with interest in afrezza. patients like flexibility, convenience and overall feedback is positive but need greater penetration."
With this particular question, I felt like a better response would have provided "harder metrics". It is not unusual nor difficult to count letters, calls and website queries/hits. "Overwhelming" and "unprecedented" can mean many things, depending on context
Sorry to be repetitive, but IMO confident, effective communication is a weakness at MNKD and serious consultation/coaching is needed, urgently. Company spokespeople should anticipate questions, and prepare competent answers. The company should have an effective spokesperson and put that person "out front."
Chris
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Post by stevil on Nov 9, 2015 18:41:54 GMT -5
Chris-C,
To be honest with you, preparation has a lot to do with planning. I don't know how many public speaking gigs you've done, but I know I'm a much,much better speaker when I'm knowledgeable about what I'm talking about. I have more confidence. I don't stumble. I have an answer ready because I've already done all the preparation needed to anticipate.
I think the biggest problem with Matt/Hakan is that they're either handcuffed in what they can say/do or they just lack the organizational and visionary skills needed to run a billion dollar company. It's really hard to know where to place the blame, but one would think it must fall directly on their shoulders at some point. If SNY isn't doing what they want or expect from them, they need to be proactive and find a better partner. If they realize that no one wants their "blockbuster" drug, they need to then fully invest in the "embarrassment of riches" and quit wasting time, money, and energy on Afrezza. If it's insurance coverage, then get the deals done already. Time is money.
I just don't have confidence in these guys that they have what it takes to run this company. Too many holes that have been evident for too many months. Other companies are getting the job done. It's possible.
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Post by mindovermatter on Nov 9, 2015 18:47:20 GMT -5
Chris-C, To be honest with you, preparation has a lot to do with planning. I don't know how many public speaking gigs you've done, but I know I'm a much,much better speaker when I'm knowledgeable about what I'm talking about. I have more confidence. I don't stumble. I have an answer ready because I've already done all the preparation needed to anticipate. I think the biggest problem with Matt/Hakan is that they're either handcuffed in what they can say/do or they just lack the organizational and visionary skills needed to run a billion dollar company. It's really hard to know where to place the blame, but one would think it must fall directly on their shoulders at some point. If SNY isn't doing what they want or expect from them, they need to be proactive and find a better partner. If they realize that no one wants their "blockbuster" drug, they need to then fully invest in the "embarrassment of riches" and quit wasting time, money, and energy on Afrezza. If it's insurance coverage, then get the deals done already. Time is money. I just don't have confidence in these guys that they have what it takes to run this company. Too many holes that have been evident for too many months. Other companies are getting the job done. It's possible. Al seems to have confidence in Hakan. What does that tell you? |
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Post by stevil on Nov 9, 2015 18:48:34 GMT -5
That he's still human and can make mistakes. You guys give Al god status around here.
Edit to add:
Are you guys really that impressed with Hakan to think that better can't/doesn't exist out there? Quit with your blind faith and think for yourselves ha. A bunch of sheep on this board!
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Post by EveningOfTheDay on Nov 9, 2015 18:52:51 GMT -5
Sorry to be repetitive, but IMO confident, effective communication is a weakness at MNKD and serious consultation/coaching is needed, urgently. Company spokespeople should anticipate questions, and prepare competent answers. The company should have an effective spokesperson and put that person "out front." Chris I completely agree. None of this questions are particularly tough or unpredictable. Uncomfortable perhaps, but analysts are just doing their jobs. Mannkind needs to get it together or risk being seen as completely clueless in their desperation... wait a minute, it might be unfair, but I think we already see them that way. Unfortunately, I really think that they are telling as what is happening. Not hiding, not keeping secrets, just telling us what is happening, and it all is extremely disappointing. Anything that happen before approval could be swept easily under the rug, but for the last nine months Afrezza is been on the market and management seems to be reacting to events with little clarity and great hopes for the best. Unfortunately more often than not that is a formula for disaster. Ok, I will go quiet now. I think a need a vacation from all things Mannkind. GLTA |
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Post by stevil on Nov 9, 2015 18:56:58 GMT -5
I am with you EOTD.
People who have no plan cannot cast a vision. People with a plan have plan A, B, and C already lined up in case one falls through. That we haven't even heard a solid plan A is troubling to me. It doesn't behoove MNKD to have secrets at this point, or probably ever. We need every bit of momentum we can get right now to drive the SP and cash up. If there was any good news, I think they'd have divulged it.
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Post by EveningOfTheDay on Nov 9, 2015 18:58:31 GMT -5
Al seems to have confidence in Hakan. What does that tell you? It tells me that Hakan is probably very efficient at most other aspects of his job, just not the kind of guy you want explaining stuff away. And Stevil, please do not Like my posts. I have nothing buy contempt for your opinions. |
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Post by patryn on Nov 9, 2015 18:58:30 GMT -5
Sorry to be repetitive, but IMO confident, effective communication is a weakness at MNKD and serious consultation/coaching is needed, urgently. Company spokespeople should anticipate questions, and prepare competent answers. The company should have an effective spokesperson and put that person "out front." Chris I completely agree. None of this questions are particularly tough or unpredictable. Uncomfortable perhaps, but analysts are just doing their jobs. Mannkind needs to get it together or risk being seen as completely clueless in their desperation... wait a minute, it might be unfair, but I think we already see them that way. Unfortunately, I really think that they are telling as what is happening. Not hiding, not keeping secrets, just telling us what is happening, and it all is extremely disappointing. Anything that happen before approval could be swept easily under the rug, but for the last nine months Afrezza is been on the market and management seems to be reacting to events with little clarity and great hopes for the best. Unfortunately more often than not that is a formula for disaster. Ok, I will go quiet now. I think a need a vacation from all things Mannkind. GLTA Have a great break and enjoy your time in paradise. It was lovely when I was there in late September and the break from MNKD was also quite refreshing. Sad to see you go but I think that even those with unwavering resolve can be tested when there is so much uncertainty surrounding the future. Then again, I've never made money in investments that had guaranteed outcomes  |
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Post by Deleted on Nov 9, 2015 19:01:21 GMT -5
Chris-C, To be honest with you, preparation has a lot to do with planning. I don't know how many public speaking gigs you've done, but I know I'm a much,much better speaker when I'm knowledgeable about what I'm talking about. I have more confidence. I don't stumble. I have an answer ready because I've already done all the preparation needed to anticipate. I think the biggest problem with Matt/Hakan is that they're either handcuffed in what they can say/do or they just lack the organizational and visionary skills needed to run a billion dollar company. It's really hard to know where to place the blame, but one would think it must fall directly on their shoulders at some point. If SNY isn't doing what they want or expect from them, they need to be proactive and find a better partner. If they realize that no one wants their "blockbuster" drug, they need to then fully invest in the "embarrassment of riches" and quit wasting time, money, and energy on Afrezza. If it's insurance coverage, then get the deals done already. Time is money. I just don't have confidence in these guys that they have what it takes to run this company. Too many holes that have been evident for too many months. Other companies are getting the job done. It's possible. Pardon the pun, but after this call I think we are no longer a billion dollar company. (Sad face) |
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Post by Deleted on Nov 9, 2015 19:03:18 GMT -5
Evening: There's a cluster of soft-bashers here. They're kinda like waking thru the forest in the Fall, and getting those pesky burs sticking to your socks!
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Post by mssciguy on Nov 9, 2015 19:06:00 GMT -5
Pardon the pun, but after this call I think we are no longer a billion dollar company. (Sad face) Yeah no kidding. Congratulations Matt and Hakan. Will you accept a $1 salary like the Lilly CEO did when it's stock was in the dumpster? Something to think about. Wow. Just amazing at how over a billion of market cap can evaporate. Actually more than that, all in just a few months. Come on guys. Seriously, if you don't want to do the job or can't do it, just let somebody else do it. It's a free country. Freer for some than others, of course. |
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Post by stevil on Nov 9, 2015 19:07:32 GMT -5
Al seems to have confidence in Hakan. What does that tell you? It tells me that Hakan is probably very efficient at most other aspects of his job, just not the kind of guy you want explaining stuff away. And Stevil, please do not Like my posts. I have nothing buy contempt for your opinions. Noted. And won't do that again. Not sure why you feel so strongly about it. Feel free to call out anything I've said that hasn't been at least in the general vicinity of the right direction. Don't take your anger out on me because my opinions have been negative but correct. I guess I'll add more gasoline to the fire and say you and patryn are some of the posters I most look forward to reading. |
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Post by EveningOfTheDay on Nov 9, 2015 19:07:44 GMT -5
Have a great break and enjoy your time in paradise. It was lovely when I was there in late September and the break from MNKD was also quite refreshing. Sad to see you go but I think that even those with unwavering resolve can be tested when there is so much uncertainty surrounding the future. Then again, I've never made money in investments that had guaranteed outcomes Thanks Patryn, I think a bit more ocean time and less screen time should do the trick. By the way, I fully agree with this "I've never made money in investments that had guaranteed outcomes". That is the reason I stick around... well, that and the fact that Afrezza works. |
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Post by stevil on Nov 9, 2015 19:08:48 GMT -5
Pardon the pun, but after this call I think we are no longer a billion dollar company. (Sad face) Yeah no kidding. Congratulations Matt and Hakan. Will you accept a $1 salary like the Lilly CEO did when it's stock was in the dumpster? Something to think about. Wow. Just amazing at how over a billion of market cap can evaporate. Actually more than that, all in just a few months. Come on guys. Seriously, if you don't want to do the job or can't do it, just let somebody else do it. It's a free country. Freer for some than others, of course. My fear is they cannot afford to pay the right people (people with proven resumes) their asking price to run this company. So we're either stuck with what we've got or we pick someone with a lot of potential that may not have a lot of experience and hope for the best. |
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