[Sign Up Now] to Receive Our FREE Daily SCVTV-SCVNews Digest by E-Mail

SCVNews.com | MannKind’s 2Q Loss Widens to 30 Mil. (7 Cents) | 08-10-2016
Inside
Weather
Santa Clarita CA
Sunny
Sunny
93°F
 
Calendar
Today in
S.C.V. History
July 27
1876 - 223-foot Soledad train tunnel completed; last tunnel on line linking L.A. & S.F. [story]


afrezza_largeValencia-based biotech MannKind Corp. reported financial results Monday for the second quarter and the six months ended June 30, 2016.

For the second quarter ended June 30, 2016, total operating expenses were $19.1 million as compared to $24.1 million for the same quarter in 2015. Research and development expenses were $4.3 million for the second quarter of 2016, a decrease of 44% compared to the second quarter of 2015, primarily due to a reduction in force in 2015 following the completion of Afrezza registration trials. Selling, general and administrative costs were $11.1 million for the second quarter of 2016, an increase of 5% compared to general and administrative costs for the second quarter of 2015, mainly due to sales and marketing expenses.

Manufacturing of commercial product resumed in the second quarter of 2016, in preparation for the relaunch of Afrezza in the third quarter of 2016, resulting in the recognition of product manufacturing costs of $3.7 million for the three months ended June 30, 2016. With limited production and underutilization of the manufacturing facility in the same period of 2015, product manufacturing costs were $5.7 million for the second quarter of 2015 due to under absorbed labor and overhead.

For the first six months ended 2016, total operating expenses were $39.1 million, a decrease of 15% as compared to $45.8 million for the same period in 2015. Research and development expenses were $9.4 million for the six months ended June 30, 2016, a decline of 45% compared to the same period in 2015, primarily due to the reduction in force in 2015 and the transition from development to commercial activities. Selling, general and administrative expenses for the six months ended June 30, 2016 were $18.5 million, a decrease of 13% compared to the same period in 2015, primarily due to the reduction in force, reduced professional fees related to strategic planning activities and lower non-cash stock compensation expense in 2015, offset by increased sales and marketing expense in 2016. Product manufacturing costs were $11.2 million for the six months ended June 30, 2016, an increase of 47% compared to the same period in 2015, as manufacturing of commercial product resumed in preparation for the relaunch of Afrezza in the third quarter of 2016.

For the three months ended June 30, 2016, the Company earned $0.3 million under the Sanofi License Agreement, which is required to be applied as a prepayment against the balance owed under the Sanofi Loan Facility. As of June 30, 2016, the total amount owed to Sanofi is $70.3 million, which includes accrued interest of $4.3 million.

Included in net loss for the three and six months ended June 30, 2016 is the non-cash effect of a $5.3 million fair value adjustment of the warrant liability related to the registered direct public offering completed in May 2016.

The net loss for the second quarter of 2016 was $30.0 million, or $0.07 per share, based on 455.3 million weighted average shares outstanding, compared with to the net loss of $28.9 million, or $0.07 per share, based on 401.0 million weighted average shares outstanding for the second quarter of 2015. The number of common shares outstanding at June 30, 2016 was 477.7 million.

Cash and cash equivalents at June 30, 2016 were $63.7 million, compared to $27.7 million at March 31, 2016. In May 2016, the Company received net proceeds of $47.4 million upon completion of a registered direct public offering, $9.2 million from Sanofi for the sale of insulin inventory in connection with a contractual obligation upon termination of the Sanofi License Agreement, and $0.7 million from Connecticut as a Research & Development tax credit. Currently, $30.1 million remains available for borrowing under the amended loan arrangement with The Mann Group along with $50.0 million available under the ATM facility.

 

About MannKind Corporation

mannkindlogoMannKind Corp. focuses on the discovery, development and commercialization of therapeutic products for patients with diseases such as diabetes. MannKind maintains a website at http://www.mannkindcorp.com to which MannKind regularly posts copies of its press releases as well as additional information about MannKind. Interested persons can subscribe on the MannKind website to e-mail alerts that are sent automatically when MannKind issues press releases, files its reports with the Securities and Exchange Commission or posts certain other information to the website.

Comment On This Story
COMMENT POLICY: We welcome comments from individuals and businesses. All comments are moderated. Comments are subject to rejection if they are vulgar, combative, or in poor taste.
REAL NAMES ONLY: All posters must use their real individual or business name. This applies equally to Twitter account holders who use a nickname.

0 Comments

You can be the first one to leave a comment.

Leave a Comment


LOCAL BUSINESS LINKS
LOCAL BUSINESS HEADLINES
FINANCIALS OF LOCAL INTEREST
MARKETS & METALS
NASDAQ6382.1860  chart -0.63%
S&P 5002475.42  chart -0.10%
STOCKS OF LOCAL INTEREST
Bank Santa Clarita15.72  chart +0.06%
Biosolar Inc Com Usd0.0001(post0.044  chart +4.76%
Sierra Bancorp26.85  chart +0.52%
Cu Bancorp (ca)37.05  chart +0.00%
Enable Ipc Corp. Com Stk Npv0.001  chart +0.00%
Flex Ltd. - Ordinary Shares17.09  chart +0.65%
N/aN/A  chartN/A
N/aN/A  chartN/A
Mannkind Corporation1.28  chart -3.03%
Mission Vly Bcp Ca14.00  chart +0.00%
Quest Diagnostics Incorporated108.99  chart +0.71%
Tejon Ranch Co21.10  chart -0.75%
Us Energy Initiative0.000399  chart -0.25%
Wesco Aircraft Holdings, Inc.10.45  chart -0.95%

Apple Inc.150.56  chart -1.89%
At&t Inc.39.41  chart +3.63%
Autonation, Inc.42.27  chart -0.49%
Best Buy Co., Inc.57.05  chart +2.66%
Big Lots, Inc.50.26  chart +2.89%
Barnes & Noble, Inc.8.15  chart +1.88%
Brady Corporation33.40  chart -0.74%
Boston Scientific Corporation27.05  chart -1.35%
N/a24  chart +0.00%
Cbre Group Inc Class A37.69  chart -1.70%
Carnival Corporation66.34  chart -0.54%
Comcast Corporation39.43  chart +0.20%
Costco Wholesale Corporation152.52  chart +0.28%
Curtiss-wright Corporation97.22  chart +1.22%
Cvs Health Corporation78.92  chart +0.80%
Cemex, S.a.b. De C.v. Sponsored9.59  chart -2.74%
D.r. Horton, Inc.36.07  chart -0.61%
Walt Disney Company (the)110.00  chart +2.86%
Edison International79.22  chart +0.39%
Hyatt Hotels Corporation Class 55.18  chart +1.03%
Home Depot, Inc. (the)147.73  chart +0.71%
Kb Home23.14  chart -0.17%
Kroger Company (the)23.95  chart +0.97%
Lennar Corporation Class A53.03  chart +0.53%
Laboratory Corporation Of Ameri160.10  chart -0.66%
N/aN/A  chartN/A
N/aN/A  chartN/A
Lowe's Companies, Inc.77.00  chart +1.34%
Marriott International104.06  chart +0.99%
Mcdonald's Corporation156.95  chart +0.28%
Mitsubishi Ufj Financial Group,6.30  chart -0.63%
Netflix, Inc.182.68  chart -3.38%
Office Depot, Inc.5.88  chart +0.00%
Rite Aid Corporation2.32  chart -2.93%
Rexford Industrial Realty, Inc.28.15  chart -0.04%
Regal Entertainment Group Class19.25  chart -4.70%
Ross Stores, Inc.55.12  chart +2.15%
Republic Services, Inc.65.40  chart +0.93%
N/aN/A  chartN/A
Starbucks Corporation59.50  chart +2.69%
Smart & Final Stores, Inc.8.70  chart +0.00%
Sears Holdings Corporation9.30  chart +6.16%
Six Flags Entertainment Corpora56.99  chart -3.78%
Sonova N156.30  chart +0.77%
Staples, Inc.10.18  chart +0.39%
Sunpower Corporation11.03  chart +0.18%
Target Corporation56.05  chart +1.98%
Time Warner Cable Inc209.56  chart -0.21%
Ulta Beauty, Inc.249.43  chart +0.89%
Walgreens Boots Alliance, Inc.78.78  chart +0.13%
Waste Connections, Inc.65.82  chart -0.27%
Whole Foods Market, Inc.41.78  chart -0.07%
Waste Management, Inc.75.45  chart +1.06%
Wal-mart Stores, Inc.79.78  chart +1.12%
Woodward, Inc.70.43  chart +0.03%
CURRENCY CONVERTER

Latest Additions to SCVNews.com
For College of the Canyons students grappling with mental health issues, immediate support is now just a text away.
Crisis Text Line Now Available for Students Struggling With Mental Health Issues
The William S. Hart Union High School District announces its policy to serve nutritious meals every school day under the National School Lunch Program and/or School Breakfast Program.
Hart Releases Fees For Free and Reduced-Price Food Program
Four College of the Canyons programs have been ranked by California Community Colleges (CCC) as Strong Workforce Stars, a new annual commendation for career education programs whose students show significant gains in social mobility and earning power.
Several COC Programs Make “Strong Workforce Stars” List
You may know Fargo and you may even know The Music Man, but do you know Don’t Hug Me?
July 29-Aug. 26: Musical Written by Local Playwright Comes to Santa Clarita
Deputies arrested a teenage girl for attempted murder Wednesday afternoon in the Shadow Pines neighborhood of Canyon Country.
Teenager Arrested for Attempted Murder
On Thursday, July 27, 2017 at approximately 12:03 a.m., a fatal traffic collision occurred involving a 2008 Toyota Scion and a 2011 Nissan Versa, on the southbound US-101 (Ventura Freeway), north of the SR-126 (Santa Paula Freeway) in Ventura, California.
Three Killed in Wrong-Way Collision on 101 Freeway North of SB-126
1876 - 223-foot Soledad train tunnel completed; last tunnel on line linking L.A. & S.F. [story]
Tonight on SCV NewsBreak, puppies and pints abounded at fundraiser Tuesday evening. Plus, the passing of a local legend. Watch these stories and more on tonight's edition of SCV NewsBreak.
SCV NewsBreak for Wednesday, July 26, 2017
Bob Danis, Korean War veteran, United States Air Force interpreter, singer, trumpet player and Santa Clarita Valley Senior Center band leader, died Tuesday in Valencia. He was 85.
Bob Danis, Korean War Veteran, Senior Center Star, Dies at 85
Legislation introduced by Representative Steve Knight (CA-25), known as the Securely Expediting Clearances through Reporting Transparency Act, H.R. 3210, or SECRET, passed the House today with a unanimous, bipartisan vote.
House Passes Knight’s ‘SECRET’ Act; Senate Next Stop
Los Angeles County Sheriff Jim McDonnell said the department would seek further legal clarity on its obligations to conform to the U.S. Supreme Court’s Brady decision.
Sheriff’s Department Seeks Clarity on Brady Decision
California Senator Scott Wilk will update the Santa Clarita Valley business community on state and local water projects at the SCV Chamber of Commerce's next "Good Morning SCV" breakfast on August 9.
August 9: Wilk Water Update at ‘Good Morning SCV’ Breakfast
CalArts alum Roger Holzberg (BFA 76), a cancer survivor and former creative director/VP at Walt Disney Imagineering, co-founded Reimagine Well, a revolutionary company that creates immersive healing experiences and builds custom virtual reality theaters in hospitals for pediatric and adolescent cancer patients.
CalArtians Collaborate on ‘Infusarium’ for Youth Cancer Patients
The monthly meeting of the Los Angeles County Sheriff Civilian Oversight Commission will take place at the Metropolitan Water District office in downtown Los Angeles on Thursday, July 27 starting at 9 a.m.
July 27: Sheriff Civilian Oversight Commission Meeting
Providence St. Joseph Health and Well Being Trust jointly announce the first round of $10 million in grants and contracts to mental health and wellness initiatives that will help vulnerable Californians.
Providence, Well Being Boost Mental Health Initiatives with $10 Million in Grants
The Los Angeles County Department of Mental Health is partnering with Univision to host a mental health and immigration awareness telecast on Thursday, July 27 from 5:30 p.m. to 11:30 p.m. on KMEX, Channel 34.
July 27: County, Univision Host Mental Health, Immigration Telecast
The FBI and Santa Clarita Valley Sheriff's Station warn of kidnapping scams and offer tips about what to do if you get one of those calls.
FBI, Sheriff’s Officials Warn of Virtual Kidnapping Scams
Garrett Hampson totaled four hits and the Lancaster JetHawks outhit the Rancho Cucamonga Quakes but lost, 11-4, on Tuesday night at LoanMart Field.
JetHawks Outhit, But Don’t Outscore Quakes Tuesday
Local singer-songwriter Savannah Burrows headlines a show also featuring country cover band Double Wide at Central Park on Saturday, July 29, at 7 p.m.
Savannah Burrows, Double Wide Bring Country to Central Park
Celebrate the benefits of vaccination during August, National Immunization Awareness Month.
August is National Immunization Awareness Month
Here's a list of the streets in Santa Clarita set for the city's Road Rehab Project from July 25 to August 4.
July 25-August 4: Santa Clarita Roads in Rehab
The California Highway Patrol's Newhall station will host a "Start Smart" driving class for teens at the station on Saturday, August 19 from 11 a.m. to 1 p.m.
August 19: Newhall CHP ‘Start Smart’ Teen Driver Class
2002 - Hollywood premiere of Disney's "The Country Bears," filmed at Golden Oak Ranch in Placerita Canyon [story]
For 42 years Soroptimist International of Valencia has been committed to the Live Your Dream program awarding cash grants to disadvantaged women.
Aug. 1: Summer “Wine” Down to Raise Funds for Disadvantaged Women
Tonight on SCV NewsBreak, A bear sighting was reported in Newhall Tuesday morning. Plus, the Child & Family Center and Domestic Violence Center of Santa Clarita Valley are going forces and planning to merge. Watch these stories and more on tonight's edition of SCV NewsBreak.
SCV NewsBreak for Tuesday, July 25, 2017
The California State University (CSU) has partnered with the Los Angeles Cleantech Incubator (LACI) to develop the next generation of clean energy entrepreneurs.
CSU Receives Grant; Will Fund Workshops for Clean Energy Entrepreneurs
The largest-ever concert series devoted entirely to the music of renowned composer John Luther Adams (Music BFA 73) takes place this week (July 26-July 30). Hosted by SFJAZZ, the festival takes place in several venues in San Francisco, including the Miner Auditorium, Grace Cathedral and the Sutro Baths at Lands End in the Golden Gate National Recreation Area.
Concert Series Devoted Entirely to CalARTS Alum
The Child & Family Center and Domestic Violence Center of Santa Clarita Valley have announced their intention to join forces and merge into a single organization to better serve the needs of the growing Santa Clarita community.
DVC Merging Into Child & Family Center
Local artist Chrystal Walker presents a one-woman show at FastFrame Valencia, located at 24204 Valencia Blvd., during September.
Sept. 1: One-Woman Show on Printmaking by Local Artist
Santa Clarita deputies are investigating a report of a bank robbery at the Logix location on McBean Parkway.
Suspected Serial Bank Robber Hits Logix in Valencia
Santa Clarita’s night-time commuters might notice some slowing on the freeway in the coming weeks, due to some road construction projects, officials said Tuesday.
Officials Issue Travel Alert for LAX Commuters
Knowing that up to 70 percent of residential water is used for landscaping, it’s no surprise that conscientious homeowners are looking for efficient irrigation methods to minimize water waste, and lower household water bills.
Aug. 19: CSUN-al Offering Class on Water-Saving Methods for Home and Garden
CHP officers and Fish and Wildlife officials were unable to locate a bear reported near Calgrove Boulevard and Wiley Canyon Road, in Newhall on Tuesday morning.
Bear Sighting in Newhall
Despite robust closed escrow sales in June, California pending home sales slipped for the sixth consecutive month, suggesting an impending slowdown in the state's housing market as the peak homebuying season winds down, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said today.
State Sees Downward Trend in June Home Sales
On Saturday, August 19, 2017, test your strength, stamina, and endurance at the 12th Annual Plane Pull fundraiser at the Long Beach Airport.
Aug. 19: Annual Plane Pull Benefiting Local Non-Profit