MannKind Corp Files 2023 Annual Report on Form 10-K

TL;DR

<b>MannKind Corporation has filed its 2023 Form 10-K, detailing financial performance and business operations.</b>

AI Summary

MANNKIND CORP (MNKD) filed a Annual Report (10-K) with the SEC on February 27, 2024. MannKind Corporation filed its annual report on Form 10-K for the fiscal year ended December 31, 2023. The filing includes financial data and business operations for the period. Key dates and events related to the company's financial reporting are detailed. The report references various financial instruments and agreements, including credit facilities and license agreements. Information on fair value disclosures for financial assets and liabilities is provided.

Why It Matters

For investors and stakeholders tracking MANNKIND CORP, this filing contains several important signals. This 10-K filing provides a comprehensive overview of MannKind's financial health and strategic activities throughout 2023, crucial for investors assessing the company's trajectory. The detailed financial disclosures, including fair value measurements and debt instruments, are essential for understanding the company's risk profile and operational stability.

Risk Assessment

Risk Level: medium — MANNKIND CORP shows moderate risk based on this filing. The company's financial disclosures indicate a reliance on various financial instruments and agreements, suggesting potential complexities and risks associated with their management and valuation.

Analyst Insight

Investors should carefully review the detailed financial statements and risk factor disclosures within the 10-K to understand MannKind's financial position and future prospects.

Key Numbers

• 20231231 — Fiscal Year End (Conformed Period of Report)
• 20240227 — Filing Date (As of Date)
• 000-50865 — SEC File Number (SEC File Number)
• 2834 — Standard Industrial Classification (SIC Code for Pharmaceutical Preparations)

Key Players & Entities

• MANNKIND CORP (company) — Filer of the 10-K
• 20231231 (date) — Fiscal year end
• 20240227 (date) — Filing date
• PHARMACEUTICAL PREPARATIONS (industry) — Standard Industrial Classification
• DE (location) — State of Incorporation
• CT (location) — Business and Mail Address State
• Cipla Ltd (company) — Mentioned in relation to a license and distribution agreement
• United Therapeutics Corporation (company) — Mentioned in relation to a collaboration and license agreement

FAQ

Risk Factors

• Fair Value Disclosures [medium — financial]: The company provides extensive disclosures regarding the fair value of its financial instruments, including Level 2 and Level 3 inputs, indicating potential valuation complexities.
• Credit Facility [medium — financial]: References to a MidCap Credit Facility and associated SOFR rates suggest the company utilizes debt financing, which carries inherent financial risks.
• Convertible Promissory Notes [medium — financial]: The filing mentions convertible promissory notes with entities like The Mann Group LLC and Thirona Bio Inc., indicating potential future dilution or debt obligations.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-02-27: Filing Date — Date the 10-K was officially submitted to the SEC.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This filing provides the core financial and operational data for MannKind Corp for the fiscal year 2023.)

Key Financial Figures

• $0.01 — ch Registered Common Stock, par value $0.01 per share MNKD The Nasdaq Stock Mar

Filing Documents

• mnkd-20231231.htm (10-K) — 3800KB
• mnkd-ex4_3.htm (EX-4.3) — 27KB
• mnkd-ex10_4.htm (EX-10.4) — 22KB
• mnkd-ex10_6.htm (EX-10.6) — 27KB
• mnkd-ex10_29.htm (EX-10.29) — 526KB
• mnkd-ex23_1.htm (EX-23.1) — 3KB
• mnkd-ex31_1.htm (EX-31.1) — 11KB
• mnkd-ex31_2.htm (EX-31.2) — 11KB
• mnkd-ex32_1.htm (EX-32.1) — 7KB
• mnkd-ex32_2.htm (EX-32.2) — 7KB
• mnkd-ex97.htm (EX-97) — 45KB
• img30090097_0.jpg (GRAPHIC) — 66KB
• 0000950170-24-021423.txt (&nbsp;) — 18768KB
• mnkd-20231231.xsd (EX-101.SCH) — 2908KB
• mnkd-20231231_htm.xml (XML) — 3358KB

Business

Business 6 Item 1A.

Risk Factors

Risk Factors 18 Item 1B. Unresolved Staff Comments 46 Item 1C. Cybersecurity 46 Item 2.

Properties

Properties 47 Item 3.

Legal Proceedings

Legal Proceedings 48 Item 4. Mine Safety Disclosures 48 PART II Item 5. Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 49 Item 6. [Reserved] 50 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 50 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 58 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 59 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 59 Item 9A.

Controls and Procedures

Controls and Procedures 59 Item 9B. Other Information 62 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 62 PART III Item 10. Directors, Executive Officers and Corporate Governance 63 Item 11.

Executive Compensation

Executive Compensation 65 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 65 Item 13. Certain Relationships and Related Transactions, and Director Independence 65 Item 14. Principal Accounting Fees and Services 65 PART IV Item 15. Exhibits. Financial Statement Schedules 66 Item 16. Form 10-K Summary 70

Forward-Looking Statements

Forward-Looking Statements

B usiness

Item 1. B usiness Unless the context requires otherwise, the words "MannKind," "we," "Company," "us" and "our" refer to MannKind Corporation and its subsidiaries. We are a biopharmaceutical company focused on the development and commercialization of innovative therapeutic products and devices to address serious unmet medical needs for those living with endocrine and orphan lung diseases. Our signature technologies – Technosphere dry-powder formulations and Dreamboat inhalation devices – offer rapid and convenient delivery of medicines to the deep lung where they can exert an effect locally or enter the systemic circulation. In our endocrine business unit, we currently commercialize two products: Afrezza (insulin human) Inhalation Powder, an ultra rapid-acting inhaled insulin indicated to improve glycemic control in adults with diabetes, and the V-Go wearable insulin delivery device, which provides continuous subcutaneous infusion of insulin in adults that require insulin. Afrezza was developed by us and received approval from the FDA in June 2014. Afrezza consists of a dry powder formulation of human insulin delivered from a small portable inhaler. Administered at the beginning of a meal, Afrezza dissolves rapidly upon inhalation to the lung and delivers insulin quickly to the bloodstream. V-Go received 510(k) clearance by the FDA in 2010 and has been available commercially since 2012. In May 2022, we acquired V-Go from Zealand Pharma A/S and Zealand Pharma US, Inc. (together "Zealand") and began integrating the product into our endocrine business unit. V-Go is a mechanical basal-bolus insulin delivery system that is worn like a patch and can eliminate the need for taking multiple daily shots. V-Go administers a continuous preset basal rate of insulin over 24 hours and provides discreet on-demand bolus dosing at mealtimes. We are solely responsible for the commercialization of Afrezza and V-Go in the United States. Outside of the U.S., our strategy has been

View Full Filing

View this 10-K filing on SEC EDGAR