What exactly is the Technosphere® Platform?

One of the largest organs in your body are the lungs. Picture the size of a full tennis court and that is roughly the surface area of both lungs in a typical adult. Running through those lungs are airways whose total length measures 1,500 miles – that’s the distance between Chicago and Las Vegas, New York to Albuquerque, and Los Angeles to Nashville.

Simply put, the lungs create a wonderful platform for effective drug delivery. MannKind’s Technosphere technology recognizes this and provides the distinct advantage of rapid, deep lung drug delivery. The effect is similar to intravenous delivery (I.V.; within a vein) and has the added benefit of bypassing the liver which can be especially helpful in reducing systemic side effects.

Examining it closer, it helps to look at inhalation, air flow travel, and the exhale. When you breathe in, air is drawn into the lung and flows down curving, narrowing airways that end in the air sacs or alveoli. When air is exhaled, the flow is reversed. Between the end of an inhalation and the start of exhalation, the air in the lung is stationary. To reach the deep lung, inhaled particles must be carried by the air stream and have enough momentum to continue through the stationary air to collide with the lung surface.

Particles that can reach the lung have aerodynamic diameters between 0.5 µm and 5-6 µm (1 µm is 1 micro-meter or about 0.00004 inches). Particles that are larger than 6 µm will leave the air stream and hit the back of your mouth and throat; smaller than 0.5 µm wouldn’t have the ability to reach the lungs and would simply get exhaled.

“The average Technosphere particle is about 2-2.5 µm which is in the middle of the respirable range,” explains Marshall Grant, PhD, MSc, Executive Director, Clinical Pharmacology & Research for MannKind Corporation. “The particle size distribution is a major reason Technosphere powders are highly efficient in delivering drug to the lungs than other dry powder inhalers (DPIs).”

The Technosphere particles in FDA-approved Afrezza® (insulin human) Inhalation Powder and Tyvaso DPI™ (treprostinil) Inhalation Powder are manufactured by different processes and possess different characteristics. But both are made up of small crystals of FDKP (fumaryl diketopiperazine), MannKind’s proprietary molecule. FDKP provides high solubility and fast dissolution at physiologic pH – and more importantly – can crystallize and form particles in the range appropriate for optimum delivery to the lungs.

When Technosphere powder reaches the lung surface, the FDKP and drug dissolve. The FDKP is then rapidly cleared from the lung into systemic circulation. The FDKP is not metabolized, but rather excreted primarily in the urine. Another value of Technosphere powders has been their versatility – they are compatible with a wide range of doses with different types of drugs.

MannKind’s Technosphere powders are delivered into the lung’s airstream via an inhalation device or DPI (dry powder inhaler). The breath-powered inhalers (Dreamboat® being the most common version) provide excellent delivery efficiency and are proven to deliver up to 70% of the dry-powder dose deep into the lungs. Our DPI are designed to be simple, easy to use and discreet. For patients, imagine having a drug in the convenient form of an inhaler that fits in the palm of your hand. This approach allows patients to not only take control of their health but do it while going about their day and enjoying life more humann.

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NTM Lung Disease on the Rise

“I cough every morning upon waking, so I don’t feel rested.” “Imagine not being able to breathe.” “Anxiety ruins everything about you – it’s not a normal life.” “You just exist from day to day and week to week.” These are a sampling of comments about the most bothersome symptoms from living with Nontuberculous Mycobacteria (NTM) shared in a study from NTM Info & Research, Inc. The statements are unfortunately typical and those with NTM often have unpredictable day-to-day health functioning and reduced quality of life.

NTM lung disease is a serious infection that is caused by bacteria that are common in the environment and can cause lung damage. The reality is that we are all exposed to these bacteria in our day-to-day lives – more than 120 species of mycobacteria have been identified. These common bacteria exist in water and soil particles that are in the air, wet places like hot tubs, steamy bathrooms, dishwashers, and even the dewy ground we walk on at the park. But not everyone is at risk of getting NTM lung disease just because they are exposed.

Those predisposed often have underlying conditions such as asthma, COPD, and bronchiectasis, which makes them prone to NTM infection. NTM is not considered to be contagious. Women over the age of 65 make up the majority of those impacted, with a predominance in those of Caucasian and Asian descent.

A rare disease, NTM can often be difficult to diagnose. Many will experience coughing, fatigue, weight loss and shortness of breath – all of which are common with other lung disease symptoms and other conditions like tuberculosis. With NTM, symptoms often worsen, and that is a marker not to be ignored.

It is estimated that some 86,000 individuals are living with NTM lung diseases, and it is on the rise growing 8% each year. Coastal regions including Gulf States have higher rates of infection accounting for 70% of annual NTM cases.

While no cure is available, treatments to manage NTM are available. Treatment for NTM involves antibiotic and multidrug regimens with duration lasting from months to years with tolerability and adverse reactions to treatment which often leads to a lack of adherence to therapy.

There is a valuable need to develop medicines that are well tolerated and effective that lends to consistent patient use and alleviates symptoms of NTM lung disease. MannKind continues to progress MNKD-101 (Clofazimine) for the treatment of NTM.

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Release Details

MannKind Corporation Reports 2023 Fourth Quarter and Full Year Financial Results: Provides Clinical Development Update

02/27/24
PDF Version
Conference Call to Begin Today at 5:00 p.m. (ET)
  • 2023 Total revenues of $199M; +99% vs. 2022
  • 4Q 2023 Total revenues of $58M; +62% vs. 2022
  • 4Q 2023 Net income of $1M; Non-GAAP net income of $7M
  • $302M of cash and cash equivalents and investments at December 31, 2023

DANBURY, Conn. and WESTLAKE VILLAGE, Calif., Feb. 27, 2024 (GLOBE NEWSWIRE) -- MannKind Corporation (Nasdaq: MNKD) today reported financial results for the quarter and full year ended December 31, 2023.

“We doubled our total revenues to nearly $200 million in 2023 and ended the year with a robust fourth quarter total revenue of $58 million,” said Michael Castagna, PharmD, Chief Executive Officer of MannKind Corporation. "With our strong year-end cash position of over $300 million, we are well positioned to capitalize on upcoming data read-outs for Afrezza and move MNKD-101 (clofazimine inhalation suspension) into phase 3 and MNKD-201 (nintedanib DPI) into phase 1 in the first half of 2024."

Fourth Quarter 2023 Results

Revenue Highlights

    Three Months
Ended December 31,		  
    2023     2022     $ Change     % Change  
    (Dollars in thousands)  
Net revenue – Afrezza   $ 15,487     $ 12,006     $ 3,481       29 %
Net revenue – V-Go     4,708       5,434     $ (726 )     (13 %)
Revenue – collaborations and services     17,249       9,544     $ 7,705       81 %
Royalties – collaborations     21,028       9,075     $ 11,953       132 %
Total revenues   $ 58,472     $ 36,059     $ 22,413       62 %
 

Afrezza® net revenue for the fourth quarter of 2023 increased $3.5 million, or 29%, compared to the same period in 2022 as a result of higher product demand and higher price (including a decrease in gross-to-net adjustments as a percentage of gross sales). V-Go® net revenue for the fourth quarter of 2023 decreased $0.7 million, or 13%, compared to the same period in 2022 as a result of lower product demand and an increase in rebates (as a percentage of gross sales). Collaborations and services revenue increased $7.7 million, or 81%, compared to the same period in 2022 primarily attributable to an increase in manufacturing Tyvaso DPI for United Therapeutics ("UT"). Royalties related to Tyvaso DPI for the fourth quarter of 2023 increased $12.0 million, or 132%, primarily as a result of increased patient demand. 

Commercial product gross margin in the fourth quarter of 2023 was 70% compared to 77% for the same period in 2022. The decrease in gross margin was primarily attributable to an increase in cost of goods sold for Afrezza due to the timing of the capitalization of costs to inventory and lower net revenue for V-Go.

Cost of revenue – collaborations and services was $12.0 million for the fourth quarter of 2023 and remained consistent with the same period in 2022. Higher manufacturing volumes resulted in efficiencies which contributed to a lower effective cost per unit.

Research and development ("R&D") expenses for the fourth quarter of 2023 were $9.2 million compared to $7.2 million for the same period in 2022. The $2.1 million increase was primarily attributed to increased development activities for INHALE-3 which commenced in the second quarter of 2023, INHALE-1 and other research and development activities, partially offset by a decrease in development activities for MNKD-101 due to the completion of a toxicology study in 2022.

Selling expenses were $11.0 million in the fourth quarter of 2023 compared to $11.6 million for the same period in 2022. The $0.6 million decrease was primarily due to lower promotional activities.

General and administrative expenses for the fourth quarter of 2023 were $9.5 million compared to $10.5 million for the same period in 2022. The $1.0 million decrease was primarily attributable to a decrease in personnel and consulting costs.

Interest income was $1.7 million for the fourth quarter of 2023 compared to $1.0 million for the same period in 2022. The $0.8 million increase was primarily due to higher yields on our marketable securities and money market funds.

Interest expense on notes was $2.5 million and interest expense on financing liability (related to the sale-leaseback of our Danbury manufacturing facility) was $2.7 million for the fourth quarter of 2023 and remained consistent with the same period in 2022.

Loss on available-for-sale securities for the fourth quarter of 2023 was $1.1 million as a result of the change in fair value of the investment which related to credit risk.

Year Ended December 31, 2023

Revenue Highlights

    Year
Ended December 31,		  
    2023     2022     $ Change     % Change  
    (Dollars in thousands)  
Net revenue – Afrezza   $ 54,914     $ 43,316     $ 11,598       27 %
Net revenue – V-Go     19,115       12,931     $ 6,184       48 %
Revenue – collaborations and services     52,954       27,924     $ 25,030       90 %
Royalties – collaborations     71,979       15,599     $ 56,380     *  
Total revenues   $ 198,962     $ 99,770     $ 99,192       99 %

________________________
* Not meaningful

Afrezza net revenue for the year ended December 31, 2023 increased $11.6 million, or 27%, compared to the same period in 2022 primarily as a result of higher product demand and price (including a decrease in gross-to-net adjustments as a percentage of gross sales). V-Go net revenue for the year ended December 31, 2023 increased $6.2 million, compared to the same period in 2022. The increase reflects a full year of sales in 2023 compared to seven months in 2022 after V-Go was acquired in May of that year. Net revenue from collaborations and services for the year ended December 31, 2023 increased $25.0 million, or 90%, primarily as a result of an increase in manufacturing Tyvaso DPI for UT and the deferral of manufacturing revenue in the prior year period until we began commercial manufacturing in May 2022. Royalties related to Tyvaso DPI, launched in the late second quarter of 2022 by UT, reached $72.0 million for the year ended December 31, 2023, reflecting a full year of sales and increasing patient demand over the period.

Commercial product gross margin was 72% for the year ended December 31, 2023 and remained consistent with the same period in 2022.

Cost of revenue – collaborations and services for the year ended December 31, 2023 was $41.9 million and remained consistent with the same period in 2022 as manufacturing activities shifted from preproduction efforts in the first five months of 2022 to full commercial production of Tyvaso DPI thereafter. Higher manufacturing volumes resulted in efficiencies which contributed to a lower effective cost per unit.

R&D expenses for the year ended December 31, 2023 were $31.3 million compared to $19.7 million for the same period in 2022. The $11.6 million increase was primarily attributed to increases in development activities for MNKD-101, costs for INHALE-3, which commenced in the second quarter of 2023, costs for INHALE-1 and other research and development activities.

Selling expenses for the year ended December 31, 2023 were $51.8 million compared to $53.8 million for the same period in 2022. The $2.0 million decrease was primarily due to the termination of an Afrezza pilot promotional effort with a contract sales force targeting primary care physicians, which ended in the third quarter of 2022, partially offset by increased personnel and promotional activities related to the acquisition of V-Go in the second quarter of 2022.

General and administrative expenses for the year ended December 31, 2023 were $42.5 million compared to $37.7 million for the same period in 2022. The $4.8 million increase was primarily attributable to increased personnel and consulting costs, including stock-based compensation and headcount.

Interest income was $6.2 million for the year ended December 31, 2023 compared to $2.5 million for the same period in 2022. The increase was primarily due to higher yields on our marketable securities and money market funds.

Interest expense on notes and milestone rights was $15.2 million and interest expense on financing liability was $9.8 million for the year ended December 31, 2023 and remained consistent with the same period in 2022.

Loss on available-for-sale securities for the year ended December 31, 2023 was $0.2 million as a result of the change in the fair value of the investment which related to credit risk.

Cash, cash equivalents and investments as of December 31, 2023 were $302.3 million.

Non-GAAP Measures

To supplement our consolidated financial statements presented under U.S. generally accepted accounting principles (GAAP), we are presenting non-GAAP income (loss) from operations, non-GAAP net income (loss) and non-GAAP net income (loss) per share - basic, which are non-GAAP financial measures. We are providing these non-GAAP financial measures to disclose additional information to facilitate the comparison of past and present operations, and they are among the indicators management uses as a basis for evaluating our financial performance. We believe that these non-GAAP financial measures, when considered together with our GAAP financial results, provide management and investors with an additional understanding of our business operating results, including underlying trends.

These non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures; should be read in conjunction with our consolidated financial statements prepared in accordance with GAAP; have no standardized meaning prescribed by GAAP; and are not prepared under any comprehensive set of accounting rules or principles. In addition, from time to time in the future there may be other items that we may exclude for purposes of our non-GAAP financial measures; and we may in the future cease to exclude items that we have historically excluded for purposes of our non-GAAP financial measures. Likewise, we may determine to modify the nature of adjustments to arrive at our non-GAAP financial measures. Because of the non-standardized definitions of non-GAAP financial measures, the non-GAAP financial measures as used by us in this report have limits in their usefulness to investors and may be calculated differently from, and therefore may not be directly comparable to, similarly titled measures used by other companies.

The following table reconciles our financial measure for income (loss) from operations, net income (loss) and net income (loss) per share ("EPS") for basic and diluted weighted average shares as reported in our consolidated statement of operations to a non-GAAP presentation as adjusted for select non-cash items: 1% royalty on net revenues for Tyvaso DPI ("Sold portion of royalty revenue") and interest expense on the related liability, stock-based compensation expense, gain on foreign currency transaction and gain on available-for-sale securities for the periods presented (in thousands, except per share amounts):

  Three Months   Year  
  Ended December 31,   Ended December 31,  
  2023   2022   2023   2022  
  (In thousands except per share data)  
GAAP income (loss) from operations $ 7,858   $ (12,790 ) $ 8,678   $ (64,110 )
Select non-cash adjustments:                
    Sold portion of royalty revenue (1)   (2,103 )   —     (2,103 )   —  
    Stock compensation   3,786     2,597     17,649     13,447  
    Loss (gain) on foreign currency transaction   2,776     3,474     1,916     (4,811 )
Non-GAAP income (loss) from operations $ 12,317   $ (6,719 ) $ 26,140   $ (55,474 )
                 
GAAP net income (loss) $ 1,401   $ (17,947 ) $ (11,938 ) $ (87,400 )
Select non-cash adjustments:                
    Sold portion of royalty revenue (1)   (2,103 )   —     (2,103 )   —  
    Stock compensation   3,786     2,597     17,649     13,447  
    Loss (gain) on foreign currency transaction   2,776     3,474     1,916     (4,811 )
    Interest expense on liability for sale of future royalties   185     —     185     —  
    Loss on available-for-sale securities   1,102     932     170     932  
Non-GAAP net income (loss) $ 7,147   $ (10,944 ) $ 5,879   $ (77,832 )
                 
GAAP net income (loss) per share - basic $ 0.01   $ (0.07 ) $ (0.04 ) $ (0.34 )
Select non-cash adjustments:                
    Sold portion of royalty revenue   (0.01 )   0.00     (0.01 )   0.00  
    Stock compensation   0.01     0.01     0.07     0.05  
    Loss (gain) on foreign currency transaction   0.01     0.01     0.01     (0.02 )
    Interest expense on liability for sale of future royalties   0.00     0.00     0.00     0.00  
    Loss on available-for-sale securities   0.00     0.00     0.00     0.00  
Non-GAAP net income (loss) per share - basic $ 0.02   $ (0.05 ) $ 0.03   $ (0.31 )
                 
Weighted average shares - basic   269,648     263,378     267,014     257,092  

__________________________

(1) Represents the non-cash portion of the 1% royalty on net sales of Tyvaso DPI earned during 4Q 2023 which is remitted to the royalty purchaser and recognized as royalties from collaborations in our consolidated statements of operations.  Our revenues from royalties from collaborations during 4Q 2023 totaled $21.0 million, of which $2.1 million will be remitted to the royalty purchaser.
   

Clinical Development Update

Afrezza INHALE-1 (pediatric phase 3 clinical trial)

  • Enrollment completed in February 2024
  • Upcoming expected data read-outs:
    • Primary endpoint analysis in 4Q 2024
    • Full results in 1H 2025
    • FDA submission for label expansion expected in 2025

Afrezza INHALE-3 (T1DM, Afrezza vs. standard of care including AID pumps; phase 4 clinical trial)

  • Enrollment completed ahead of schedule in 4Q 2023
  • Upcoming expected data read-outs:
    • First meal dosing – ATTD oral presentation in March 2024
    • 17-week top-line data/primary endpoints to be presented at ADA in June 2024
    • Additional data to be presented at ADCES August conference

MNKD-101 (clofazimine inhalation suspension)

  • Phase 3 development program aligned with the FDA – IND expected to be filed in 1Q 2024
  • Co-primary endpoints of sputum conversion and patient-reported outcomes
  • Up to 100 global sites, first patient expected to enroll in 2Q 2024

MNKD-201 (nintedanib DPI)

  • Phase 1 development program in healthy volunteers, expected to dose first patient in 2Q 2024
  • Results expected in late 2024

Conference Call

MannKind will host a conference call and presentation webcast to discuss these results today at 5:00 p.m. Eastern Time. Those interested in listening to the conference call live via the Internet may do so by visiting the Company’s website at mannkindcorp.com under Events & Presentations. A replay will be available on MannKind's website for 14 days.

About MannKind

MannKind Corporation (Nasdaq: MNKD) focuses on the development and commercialization of inhaled therapeutic products for patients with endocrine and orphan lung diseases.

We are committed to using our formulation capabilities and device engineering prowess to lessen the burden of diseases such as diabetes, pulmonary arterial hypertension (PAH) and nontuberculous mycobacterial (NTM) lung disease. Our signature technologies – dry-powder formulations and 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.

With a passionate team of Mannitarians collaborating nationwide, we are on a mission to give people control of their health and the freedom to live life.

Please visit mannkindcorp.com to learn more, and follow us on LinkedIn, Facebook, Twitter or Instagram.

Forward-Looking Statements

Statements in this press release that are not statements of historical fact are forward-looking statements that involve risks and uncertainties.  These statements include, without limitation, statements regarding the commencement of clinical studies of MNKD-101 and MNKD-201, FDA submissions and the data read-outs from clinical studies of Afrezza and MNKD-201. Words such as “believes,” “anticipates,” “plans,” “expects,” “intend,” “will,” “goal,” “potential” and similar expressions are intended to identify forward-looking statements. These forward-looking statements are based upon MannKind’s current expectations. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties, which include, without limitation, risks associated with manufacturing and supply, risks associated with developing product candidates, and other risks detailed in MannKind’s filings with the Securities and Exchange Commission (“SEC”), including under the “Risk Factors” heading of its Annual Report on Form 10-K for the year ended December 31, 2023, being filed with the SEC later today. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement, and MannKind undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date of this press release.

Tyvaso DPI is a trademark of United Therapeutics Corporation.

AFREZZA, MANNKIND, and V-GO are registered trademarks of MannKind Corporation.

MannKind Contact:
Rose Alinaya, Investor Relations
(818) 661-5000
IR@mannkindcorp.com 

 
MANNKIND CORPORATION AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF OPERATIONS
 
    Three Months
Ended December 31,		     Year
Ended December 31,		  
    2023     2022     2023     2022  
    (In thousands except per share data)  
Revenues:                        
Net revenue – commercial product sales   $ 20,195     $ 17,440     $ 74,029     $ 56,247  
Revenue – collaborations and services     17,249       9,544       52,954       27,924  
Royalties – collaborations     21,028       9,075       71,979       15,599  
Total revenues     58,472       36,059       198,962       99,770  
Expenses:                        
Cost of goods sold     6,114       4,081       20,863       16,003  
Cost of revenue – collaborations and services     11,953       12,043       41,908       41,494  
Research and development     9,236       7,156       31,283       19,721  
Selling     11,024       11,616       51,776       53,753  
General and administrative     9,511       10,479       42,538       37,720  
Loss (gain) on foreign currency transaction     2,776       3,474       1,916       (4,811 )
Total expenses     50,614       48,849       190,284       163,880  
Income (loss) from operations     7,858       (12,790 )     8,678       (64,110 )
Other income (expense):                        
Interest income, net     1,725       957       6,154       2,513  
Interest expense on financing liability     (2,493 )     (2,478 )     (9,825 )     (9,758 )
Interest expense     (2,677 )     (2,809 )     (15,151 )     (15,011 )
Interest expense on liability for sale of future royalties     (185 )     —       (185 )     —  
Loss on available-for-sale securities     (1,102 )     (932 )     (170 )     (932 )
Other income (expense)     (164 )     105       122       (102 )
Total other expense     (4,896 )     (5,157 )     (19,055 )     (23,290 )
Income (loss) before income tax expense     2,962       (17,947 )     (10,377 )     (87,400 )
Income tax expense     (1,561 )     —       (1,561 )     —  
Net income (loss)   $ 1,401     $ (17,947 )   $ (11,938 )   $ (87,400 )
Net income (loss) per share – basic   $ 0.01     $ (0.07 )   $ (0.04 )   $ (0.34 )
Weighted average shares used to compute net income (loss)
per share – basic		     269,648       263,378       267,014       257,092  
Net income (loss) per share – diluted   $ 0.00     $ (0.07 )   $ (0.04 )   $ (0.34 )
Weighted average shares used to compute net income (loss)
per share – diluted		     323,880    (1)   263,378       267,014       257,092  

__________________________

(1) Diluted weighted average shares differs from basic due to the weighted average number of shares that would be outstanding upon conversion of our Senior convertible notes (44,120 shares) and Mann Group convertible note (3,370 shares), and exercise or vesting of outstanding share-based payments to employees (6,742 shares). These adjustments to weighted average shares are only applied to periods with net income. 

       

MANNKIND CORPORATION AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
   
    December 31, 2023     December 31, 2022  
    (In thousands except share
and per share data)		  
ASSETS            
Current assets:            
Cash and cash equivalents   $ 238,480     $ 69,767  
Short-term investments     56,619       101,079  
Accounts receivable, net     14,901       16,801  
Inventory     28,545       21,772  
Prepaid expenses and other current assets     34,848       25,477  
Total current assets     373,393       234,896  
Property and equipment, net     84,220       45,126  
Goodwill     1,931       2,428  
Other intangible asset     1,073       1,153  
Long-term investments     7,155       1,961  
Other assets     7,426       9,718  
Total assets   $ 475,198     $ 295,282  
             
LIABILITIES AND STOCKHOLDERS' DEFICIT            
Current liabilities:            
Accounts payable   $ 9,580     $ 11,052  
Accrued expenses and other current liabilities     42,036       35,553  
Financing liability – current     9,809       9,565  
Midcap credit facility – current     20,000       —  
Liability for sale of future royalties – current     9,756       —  
Deferred revenue – current     9,085       1,733  
Recognized loss on purchase commitments – current     3,859       9,393  
Total current liabilities     104,125       67,296  
Mann Group convertible note     8,829       8,829  
Accrued interest – Mann Group convertible note     56       55  
Financing liability – long term     94,319       94,512  
Midcap credit facility – long term     13,019       39,264  
Senior convertible notes     226,851       225,397  
Liability for sale of future royalties – long term     136,054       —  
Recognized loss on purchase commitments – long term     60,942       62,916  
Operating lease liability     3,925       5,343  
Deferred revenue – long term     69,794       37,684  
Milestone liabilities     3,452       4,524  
Total liabilities     721,366       545,820  
Stockholders' deficit:            
Undesignated preferred stock, $0.01 par value – 10,000,000 shares  authorized;
no shares issued or outstanding as of December 31, 2023 and 2022		     —       —  
Common stock, $0.01 par value – 800,000,000 and 400,000,000 shares
   authorized as of December 31, 2023 and 2022, respectively,
   and 270,034,495 and 263,793,305 shares issued and outstanding as of
   December 31, 2023 and 2022, respectively		     2,700       2,638  
Additional paid-in capital     2,980,539       2,964,293  
Accumulated other comprehensive income     —       —  
Accumulated deficit     (3,229,407 )     (3,217,469 )
Total stockholders' deficit     (246,168 )     (250,538 )
Total liabilities and stockholders' deficit   $ 475,198     $ 295,282  

 


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