MannKind Corp Files Q3 2024 10-Q

TL;DR

MannKind's Q3 10-Q is in: financials and operations updated.

AI Summary

MannKind Corporation filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the third quarter. Key financial figures and business developments are presented, reflecting the company's ongoing activities in the pharmaceutical sector.

Why It Matters

This filing provides investors and stakeholders with a crucial update on MannKind's financial health and strategic direction for the third quarter of 2024.

Risk Assessment

Risk Level: medium — As a pharmaceutical company, MannKind faces inherent risks related to drug development, regulatory approvals, and market competition.

Key Numbers

• 2024-09-30 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial data is reported.)
• 2024-11-07 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• MANNKIND CORP (company) — Filer of the 10-Q
• 20240930 (date) — End of the reporting period
• 20241107 (date) — Filing date
• 0000899460 (company) — Central Index Key for MannKind Corp
• Sagard Healthcare Partners Funding Borrower SPE 2 LP (company) — Mentioned in relation to funding/borrowing
• Steven B. Binder (person) — Mentioned in relation to company data

FAQ

Key Financial Figures

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

Filing Documents

• mnkd-20240930.htm (10-Q) — 3327KB
• mnkd-ex10_1.htm (EX-10.1) — 65KB
• mnkd-ex10_2.htm (EX-10.2) — 13KB
• mnkd-ex10_3.htm (EX-10.3) — 118KB
• mnkd-ex31_1.htm (EX-31.1) — 14KB
• mnkd-ex31_2.htm (EX-31.2) — 14KB
• mnkd-ex32_1.htm (EX-32.1) — 10KB
• mnkd-ex32_2.htm (EX-32.2) — 10KB
• 0000950170-24-123296.txt ( ) — 15829KB
• mnkd-20240930.xsd (EX-101.SCH) — 2454KB
• mnkd-20240930_htm.xml (XML) — 2909KB

: FINANCIAL INFORMATION

PART I: FINANCIAL INFORMATION 2

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) 2 Condensed Consolidated Statements of Operations: Three and nine months ended September 30, 2024 and 2023 2 Condensed Consolidated Statements of Comprehensive Income (Loss): Three and nine months ended September 30, 2024 and 2023 3 Condensed Consolidated Balance Sheets: September 30, 2024 and December 31, 2023 4 Condensed Consolidated Statements of Stockholders' Deficit: Three and nine months ended September 30, 2024 and 2023 5 Condensed Consolidated Statements of Cash Flows: Nine months ended September 30, 2024 and 2023 7 Notes to Condensed Consolidated Financial Statements 9

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 39

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 48

Controls and Procedures

Item 4. Controls and Procedures 48

: OTHER INFORMATION

PART II: OTHER INFORMATION 49

Legal Proceedings

Item 1. Legal Proceedings 49

Risk Factors

Item 1A. Risk Factors 49

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 77

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 77

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 77

Other Information

Item 5. Other Information 77

Exhibits

Item 6. Exhibits 79

SIGNATURES

SIGNATURES 81 1 PART 1: FINANCIA L INFORMATION

FINANCI AL STATEMENTS

ITEM 1. FINANCI AL STATEMENTS MANNKIND CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDAT ED STATEMENTS OF OPERATIONS (Unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (In thousands except per share data) Revenues: Net revenue – commercial product sales $ 19,728 $ 17,927 $ 59,272 $ 53,834 Revenue – collaborations and services 23,268 13,108 74,130 35,705 Royalties – collaboration 27,083 20,218 75,326 50,951 Total revenues 70,079 51,253 208,728 140,490 Expenses: Cost of goods sold 3,197 3,995 12,621 14,749 Cost of revenue – collaborations and services 14,826 10,259 44,377 29,955 Research and development 12,926 9,989 34,755 22,047 Selling 13,093 13,440 36,189 40,752 General and administrative 10,823 10,538 34,168 33,027 Loss (gain) on foreign currency transaction 2,454 ( 2,065 ) 526 ( 860 ) Total expenses 57,319 46,156 162,636 139,670 Income from operations 12,760 5,097 46,092 820 Other income (expense): Interest income, net 3,179 1,580 9,790 4,429 Interest expense on liability for sale of future royalties ( 4,089 ) — ( 12,720 ) — Interest expense on financing liability ( 2,470 ) ( 2,459 ) ( 7,361 ) ( 7,332 ) Interest expense ( 1,801 ) ( 2,815 ) ( 10,419 ) ( 12,474 ) Gain on bargain purchase 5,259 — 5,259 — Other income 32 318 32 286 Loss on extinguishment of debt — — ( 7,050 ) — (Loss) gain on available-for-sale securities — — ( 1,550 ) 932 Total other expense 110 ( 3,376 ) ( 24,019 ) ( 14,159 ) Income (loss) before income tax expense 12,870 1,721 22,073 ( 13,339 ) Income tax expense 1,320 — 1,907 — Net income (loss) $ 11,550 $ 1,721 $ 20,166 $ ( 13,339 ) Net income (loss) per share – basic $ 0.04 $

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View this 10-Q filing on SEC EDGAR