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Mannkind (MNKD)

MannKind Corporation focuses on the development and commercialization of inhaled therapeutic products for patients with endocrine and orphan lung diseases. MannKind is currently commercializing Afrezza® (insulin human) Inhalation Powder, its first FDA-approved product and the only inhaled ultra rapid-acting mealtime insulin in the United States, where it is available by prescription from pharmacies nationwide. MannKind is headquartered in Westlake Village, California, and has a state-of-the art manufacturing facility in Danbury, Connecticut.

MNKD stock data

Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

4 May 22
12 Aug 22
31 Dec 22
Quarter (USD) Mar 22 Dec 21 Sep 21 Jun 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 67.24M 67.24M 67.24M 67.24M 67.24M 67.24M
Cash burn (monthly) 18.98M 15.06M 8.67M 8.01M 6.08M 5.6M
Cash used (since last report) 83.49M 66.25M 38.12M 35.25M 26.76M 24.64M
Cash remaining -16.25M 988.46K 29.12M 31.99M 40.49M 42.6M
Runway (months of cash) -0.9 0.1 3.4 4.0 6.7 7.6

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
31 Jul 22 Steven B. Binder Common Stock, $0.01 Par Value Buy Acquire P No No 2.93 791 2.32K 728,997
31 Jul 22 Michael Castagna Common Stock, $0.01 Par Value Buy Acquire P No No 2.93 3,147 9.22K 2,084,486
31 Jul 22 Stuart A Tross Common Stock, $0.01 Par Value Buy Acquire P No No 2.93 4,581 13.42K 830,650
31 Jul 22 Alejandro Galindo Common Stock, $0.01 Par Value Buy Acquire P No No 2.93 5,000 14.65K 781,690
18 May 22 David Thomson Common Stock, $.01 Par Value Payment of exercise Dispose F No No 3.19 6,001 19.14K 747,213
50.1% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 182 192 -5.2%
Opened positions 25 36 -30.6%
Closed positions 35 24 +45.8%
Increased positions 55 51 +7.8%
Reduced positions 45 52 -13.5%
13F shares Current Prev Q Change
Total value 437.47M 882.57M -50.4%
Total shares 126.61M 122.93M +3.0%
Total puts 752K 1.17M -35.9%
Total calls 719.6K 712.3K +1.0%
Total put/call ratio 1.0 1.6 -36.6%
Largest owners Shares Value Change
BLK Blackrock 20.73M $76.3M -1.2%
STT State Street 14.7M $54.11M +12.7%
Vanguard 12.78M $47.04M +1.1%
CVI Investments 10.65M $13.73M 0.0%
Avoro Capital Advisors 8.8M $32.38M 0.0%
Emerald Advisers 5.68M $20.89M +8.8%
FMR 5.3M $19.51M +0.0%
Geode Capital Management 4.53M $16.69M +6.2%
Emerald Mutual Fund Advisers Trust 4.36M $16.04M -6.3%
Flynn James E 2.44M $2.59M 0.0%
Largest transactions Shares Bought/sold Change
STT State Street 14.7M +1.66M +12.7%
D. E. Shaw & Co. 1.25M +1.25M NEW
Millennium Management 166.29K -1.05M -86.4%
NTRS Northern Trust 2.38M -826.71K -25.8%
Marshall Wace 796.84K +796.84K NEW
Citadel Advisors 1.19M +772.78K +185.3%
Nuveen Asset Management 2.44M -726.97K -23.0%
BAC Bank Of America 1.63M +576.32K +54.6%
DG Capital Management 1.04M +524.13K +102.5%
C Citigroup 153.08K -518.14K -77.2%

Financial report summary

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Risks
  • Afrezza may only achieve a limited degree of commercial success. The continued commercialization and development of Afrezza will require substantial capital that we may not be able to obtain.
  • If we fail as an effective manufacturing organization, we may be unable to support commercialization of Afrezza or Tyvaso DPI.
  • If our suppliers fail to deliver materials and services needed for commercial manufacturing in a timely and sufficient manner or fail to comply with applicable regulations, and if we fail to timely identify and qualify alternative suppliers, our business, financial condition and results of operations would be harmed and the market price of our common stock and other securities could decline.
  • If Afrezza or any other product that we develop does not become widely accepted by physicians, patients, third-party payers and the healthcare community, we may be unable to generate significant revenue, if any.
  • If third-party payers do not cover Afrezza or any of our product candidates for which we receive regulatory approval, Afrezza or such product candidates might not be prescribed, used or purchased, which would adversely affect our revenues.
  • We may need to raise additional capital to fund our operations.*
  • We expect that our results of operations will fluctuate for the foreseeable future, which may make it difficult to predict our future performance from period to period.
  • Our business, product sales, results of operations and ability to access capital could be adversely affected by the effects of health pandemics or epidemics, including the ongoing COVID-19 pandemic, in regions where we or third parties distribute our products or where we or third parties on which we rely have significant manufacturing facilities, concentrations of clinical trial sites or other business operations.*
  • If we do not obtain regulatory approval of Afrezza in foreign jurisdictions, we will not be able to market Afrezza in such jurisdictions, which could limit our commercial revenues. We may not be able to establish additional regional partnerships or other arrangements with third parties for the commercialization of Afrezza outside of the United States.
  • We may not be successful in our efforts to develop and commercialize our product candidates.*
  • We have a history of operating losses. We expect to incur losses in the future and we may not generate positive cash flow from operations in the future.*
  • We have a substantial amount of debt, and we may be unable to make required payments of interest and principal as they become due.*
  • If we do not achieve our projected development goals in the timeframes we expect, our business, financial condition and results of operations will be harmed and the market price of our common stock and other securities could decline.*
  • Afrezza or our product candidates may be rendered obsolete by rapid technological change.
  • Continued testing of Afrezza or our product candidates may not yield successful results, and even if it does, we may still be unable to successfully commercialize our product candidates.
  • If product liability claims are brought against us, we may incur significant liabilities and suffer damage to our reputation.*
  • If we lose any key employees or scientific advisors, our operations and our ability to execute our business strategy could be materially harmed.
  • Our ability to use net operating losses to offset future taxable income may be subject to limitations.
  • Tax authorities may disagree with our positions and conclusions regarding certain tax positions, resulting in unanticipated costs, taxes or non-realization of expected benefits.
  • We may undertake internal restructuring activities in the future that could result in disruptions to our business or otherwise materially harm our results of operations or financial condition.
  • Our operations might be interrupted by the occurrence of a natural disaster or other catastrophic event.*
  • We deal with hazardous materials and must comply with environmental laws and regulations, which can be expensive and restrict how we do business.
  • Changes in funding for the FDA, the SEC and other government agencies could hinder their ability to hire and retain key leadership and other personnel, prevent new products and services from being developed or commercialized in a timely manner or otherwise prevent those agencies from performing normal functions on which the operation of our business may rely, which could negatively impact our business.
  • Our product candidates must undergo costly and time-consuming rigorous nonclinical and clinical testing and we must obtain regulatory approval prior to the sale and marketing of any product in each jurisdiction. The results of this testing or issues that develop in the review and approval by a regulatory agency may subject us to unanticipated delays or prevent us from marketing any products.
  • If we do not comply with regulatory requirements at any stage, whether before or after marketing approval is obtained, we may be fined or forced to remove a product from the market, subject to criminal prosecution, or experience other adverse consequences, including restrictions or delays in obtaining regulatory marketing approval.
  • We are subject to stringent, ongoing government regulation.
  • Healthcare legislation may make it more difficult to receive revenues.
  • Reports of side effects or safety concerns in related technology fields or in other companies’ clinical studies could delay or prevent us from obtaining regulatory approval for our product candidates or negatively impact public perception of Afrezza or any other products we may develop.
  • If we are unable to protect our proprietary rights, we may not be able to compete effectively, or operate profitably.
  • If we become involved in lawsuits to protect or enforce our patents or the patents of our collaborators or licensors, we would be required to devote substantial time and resources to prosecute or defend such proceedings.
  • If our technologies conflict with the proprietary rights of others, we may incur substantial costs as a result of litigation or other proceedings and we could face substantial monetary damages and be precluded from commercializing our products, which would materially harm our business and financial condition.
  • We may not obtain trademark registrations for our potential trade names.
  • We may not be able to generate sufficient cash to service all of our indebtedness and commitments. We may be forced to take other actions to satisfy our obligations or we may experience a financial failure.
  • Our stock price is volatile and may affect the market price of our common stock and other securities.*
  • The future sale of our common stock or the exchange or conversion of our convertible debt into common stock could negatively affect the market price of our common stock and other securities.*
  • Anti-takeover provisions in our charter documents and under Delaware law could make an acquisition of us, which may be beneficial to our stockholders, more difficult and may prevent attempts by our stockholders to replace or remove our current management.
  • Our amended and restated bylaws provide that the Court of Chancery of the State of Delaware and the federal district courts of the United States of America are the exclusive forums for substantially all disputes between us and our stockholders, which could limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers, or employees.
  • Because we do not expect to pay dividends in the foreseeable future, you must rely on stock appreciation for any return on any investment in our common stock.
  • Future sales of shares of our common stock in the public market, or the perception that such sales may occur, may depress our stock price and adversely impact the market price of our common stock and other securities.
  • If other biotechnology and biopharmaceutical companies or the securities markets in general encounter problems, the market price of our common stock and other securities could be adversely affected.
Management Discussion
  • ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
  • Statements in this report that are not strictly historical in nature are “forward-looking statements” within the meaning of the federal securities laws made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by terms such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “goal,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “would,” and similar expressions intended to identify forward-looking statements, though not all forward-looking statements contain these identifying words. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth below in Part II, Item 1A Risk Factors and elsewhere in this Quarterly Report on Form 10-Q. The preceding interim condensed consolidated financial statements and this Management’s Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with the financial statements and related notes for the year ended December 31, 2021 and Management’s Discussion and Analysis of Financial Condition and Results of Operations contained in the Annual Report. Readers are cautioned not to place undue reliance on forward-looking statements. The forward-looking statements speak only as of the date on which they are made, and we undertake no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they are made.
  • We are a biopharmaceutical company focused on the development and commercialization of inhaled therapeutic products for patients with endocrine and orphan lung diseases. Our lead product is Afrezza (insulin human) Inhalation Powder, an ultra rapid-acting inhaled insulin indicated to improve glycemic control in adults with diabetes, which was approved by the FDA in June 2014. We collaborate with a number of third parties to formulate their drugs on our Technosphere drug delivery platform. Since September 2018, we have been collaborating with United Therapeutics to develop an inhaled formulation of treprostinil known as Tyvaso DPI. In April 2021, United Therapeutics submitted an NDA to the FDA seeking approval of Tyvaso DPI. The NDA was resubmitted in December 2021 following a CRL in October 2021. The FDA is expected to complete its review of the pending NDA for Tyvaso DPI in May 2022.

Content analysis

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