MannKind Corporation Reports 2016 First Q Financial Results
May 9, 2016 15:07:19 GMT -5
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Post by Deleted on May 9, 2016 15:07:19 GMT -5
finance.yahoo.com/news/mannkind-corporation-reports-2016-first-200000724.html
VALENCIA, Calif., May 09, 2016 (GLOBE NEWSWIRE) -- MannKind Corporation (MNKD) (MNKD) today reported financial results for the first quarter ended March 31, 2016.
For the first quarter of 2016, total operating expenses were $20.0 million as compared to $21.7 million for the same quarter in 2015. Research and development expenses were $5.1 million for the first quarter of 2016, a decline of 45%, compared to the first quarter of 2015, primarily due to the reduction in force and closure of the Paramus, New Jersey facility in 2015 and the transition from development to commercial activities. General and administrative costs were $7.4 million for the first quarter of 2016, a decline of 30%, compared to the first quarter of 2015, mainly due to the reduction in force and closure of the Paramus facility in 2015 in addition to reduced professional fees related to strategic planning activities incurred in 2015 and lower non-cash stock compensation expense. Product manufacturing costs for the first quarter of 2016 were $7.5 million, an increase of 300%, compared to the same quarter of 2015, due to underutilization of the manufacturing facility and loss from foreign currency exchange of $2.4 million related to purchase commitments.
The Company’s portion of the loss sharing under the Sanofi License Agreement was $5.5 million for the first quarter of 2016. The total amount owed to Sanofi is currently $68.8 million, including accrued interest of $2.8 million.
The net loss for the first quarter of 2016 was $24.9 million, or $0.06 per share based on 428.9 million weighted average shares outstanding, compared to the net loss of $30.7 million, or $0.08 per share on 398.9 million weighted average shares outstanding in the first quarter of 2015. The number of common shares outstanding at March 31, 2016 was 429.1 million.
Cash and cash equivalents at March 31, 2016 were $27.7 million, compared to $59.1 million at December 31, 2015. In February 2016, an upfront fee of $250,000 was received pursuant to the previously announced collaboration and license agreement with Receptor Life Sciences. In addition, $467,000 was received from exercises of stock options by employees. Currently, $30.1 million remains available for borrowing under the amended loan arrangement with The Mann Group. A recently filed universal shelf registration statement became effective along with a prospectus supplement for a $50.0 million ATM facility.
VALENCIA, Calif., May 09, 2016 (GLOBE NEWSWIRE) -- MannKind Corporation (MNKD) (MNKD) today reported financial results for the first quarter ended March 31, 2016.
For the first quarter of 2016, total operating expenses were $20.0 million as compared to $21.7 million for the same quarter in 2015. Research and development expenses were $5.1 million for the first quarter of 2016, a decline of 45%, compared to the first quarter of 2015, primarily due to the reduction in force and closure of the Paramus, New Jersey facility in 2015 and the transition from development to commercial activities. General and administrative costs were $7.4 million for the first quarter of 2016, a decline of 30%, compared to the first quarter of 2015, mainly due to the reduction in force and closure of the Paramus facility in 2015 in addition to reduced professional fees related to strategic planning activities incurred in 2015 and lower non-cash stock compensation expense. Product manufacturing costs for the first quarter of 2016 were $7.5 million, an increase of 300%, compared to the same quarter of 2015, due to underutilization of the manufacturing facility and loss from foreign currency exchange of $2.4 million related to purchase commitments.
The Company’s portion of the loss sharing under the Sanofi License Agreement was $5.5 million for the first quarter of 2016. The total amount owed to Sanofi is currently $68.8 million, including accrued interest of $2.8 million.
The net loss for the first quarter of 2016 was $24.9 million, or $0.06 per share based on 428.9 million weighted average shares outstanding, compared to the net loss of $30.7 million, or $0.08 per share on 398.9 million weighted average shares outstanding in the first quarter of 2015. The number of common shares outstanding at March 31, 2016 was 429.1 million.
Cash and cash equivalents at March 31, 2016 were $27.7 million, compared to $59.1 million at December 31, 2015. In February 2016, an upfront fee of $250,000 was received pursuant to the previously announced collaboration and license agreement with Receptor Life Sciences. In addition, $467,000 was received from exercises of stock options by employees. Currently, $30.1 million remains available for borrowing under the amended loan arrangement with The Mann Group. A recently filed universal shelf registration statement became effective along with a prospectus supplement for a $50.0 million ATM facility.
