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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 10-Q

 

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2021

Or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                  to                 .

Commission file number: 000-50865

 

MannKind Corporation

(Exact name of registrant as specified in its charter)

 

 

Delaware

13-3607736

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

 

 

30930 Russell Ranch Road, Suite 300

Westlake Village, California

91362

(Address of principal executive offices)

(Zip Code)

(818) 661-5000

(Registrant’s telephone number, including area code)

 

N/A

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Common Stock, par value $0.01 per share

 

MNKD

 

The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes      No   

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

Accelerated filer

 

 

 

 

Non-accelerated filer

Smaller reporting company

 

 

 

 

 

 

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

 


Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     Yes      No  

As of July 30, 2021, there were 249,660,178 shares of the registrant’s common stock, $0.01 par value per share, outstanding.

 

 

 

 


 

MANNKIND CORPORATION

Form 10-Q

For the Quarterly Period Ended June 30, 2021

TABLE OF CONTENTS

 

 

Page

PART I: FINANCIAL INFORMATION

2

 

 

Item 1. Financial Statements (Unaudited)

2

Condensed Consolidated Balance Sheets: June 30, 2021 and December 31, 2020

2

Condensed Consolidated Statements of Operations: Three and six months ended June 30, 2021 and 2020

3

Condensed Consolidated Statements of Comprehensive Loss: Three and six months ended June 30, 2021 and 2020

4

Condensed Consolidated Statements of Stockholders’ Deficit: Three and six months ended June 30, 2021 and 2020

5

Condensed Consolidated Statements of Cash Flows: Six months ended June 30, 2021 and 2020

7

Notes to Condensed Consolidated Financial Statements

8

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

31

Item 3. Quantitative and Qualitative Disclosures About Market Risk

40

Item 4. Controls and Procedures

40

 

 

PART II: OTHER INFORMATION

41

 

 

Item 1. Legal Proceedings

41

Item 1A. Risk Factors

41

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

68

Item 3. Defaults Upon Senior Securities

68

Item 4. Mine Safety Disclosures

68

Item 5. Other Information

68

Item 6. Exhibits

69

 

 

SIGNATURES

71

 

1


 

PART 1: FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

MANNKIND CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands, except share and per share data)

 

 

June 30, 2021

 

 

December 31, 2020

 

ASSETS

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

Cash and cash equivalents

$

62,522

 

 

$

67,005

 

Restricted cash

 

 

 

 

158

 

Short-term investments

 

99,970

 

 

 

 

Accounts receivable, net

 

6,305

 

 

 

4,218

 

Inventory

 

7,482

 

 

 

4,973

 

Prepaid expenses and other current assets

 

3,624

 

 

 

3,122

 

Total current assets

 

179,903

 

 

 

79,476

 

Property and equipment, net

 

28,139

 

 

 

25,867

 

Long-term investments

 

38,950

 

 

 

 

Other assets

 

5,799

 

 

 

3,265

 

Total assets

$

252,791

 

 

$

108,608

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' DEFICIT

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

Accounts payable

$

7,486

 

 

$

5,582

 

Accrued expenses and other current liabilities

 

22,406

 

 

 

19,707

 

PPP loan — current

 

4,873

 

 

 

4,061

 

Deferred revenue — current

 

20,126

 

 

 

33,275

 

Recognized loss on purchase commitments — current

 

5,538

 

 

 

11,080

 

Total current liabilities

 

60,429

 

 

 

73,705

 

Senior convertible notes

 

223,217

 

 

 

 

MidCap credit facility

 

38,614

 

 

 

49,335

 

Mann Group promissory notes

 

18,425

 

 

 

63,027

 

Accrued interest — Mann Group promissory notes

 

169

 

 

 

4,150

 

PPP loan — long term

 

 

 

 

812

 

2024 convertible notes

 

 

 

 

5,000

 

Recognized loss on purchase commitments — long term

 

83,179

 

 

 

84,208

 

Operating lease liability

 

564

 

 

 

1,202

 

Deferred revenue  — long term

 

1,589

 

 

 

1,662

 

Milestone rights liability

 

4,839

 

 

 

5,926

 

Deposits from customer

 

5,317

 

 

 

 

Total liabilities

 

436,342

 

 

 

289,027

 

Commitments and contingencies (Note 12)

 

 

 

 

 

 

 

Stockholders' deficit:

 

 

 

 

 

 

 

Undesignated preferred stock, $0.01 par value — 10,000,000 shares authorized;

   no shares issued or outstanding as of June 30, 2021 and December 31, 2020

 

 

 

 

 

Common stock, $0.01 par value - 400,000,000 shares

   authorized, 249,617,550 and 242,117,089 shares issued and outstanding

   at June 30, 2021 and December 31, 2020, respectively

 

2,496

 

 

 

2,421

 

Additional paid-in capital

 

2,911,535

 

 

 

2,866,303

 

Accumulated deficit

 

(3,097,582

)

 

 

(3,049,143

)

Total stockholders' deficit

 

(183,551

)

 

 

(180,419

)

Total liabilities and stockholders' deficit

$

252,791

 

 

$

108,608

 

 

See notes to condensed consolidated financial statements.

2


MANNKIND CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(In thousands, except per share data)

 

 

Three Months Ended

June 30,

 

 

Six Months Ended

June 30,

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net revenue — commercial product sales

$

9,976

 

 

$

6,985

 

 

$

18,075

 

 

$

14,985

 

Revenue — collaborations and services

 

13,304

 

 

 

8,129

 

 

 

22,641

 

 

 

16,364

 

Total revenues

 

23,280

 

 

 

15,114

 

 

 

40,716

 

 

 

31,349

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of goods sold

 

4,411

 

 

 

3,677

 

 

 

8,726

 

 

 

7,841

 

Cost of revenue — collaborations and services

 

5,515

 

 

 

1,983

 

 

 

8,810

 

 

 

5,345

 

Research and development

 

2,329

 

 

 

1,464

 

 

 

4,771

 

 

 

3,219

 

Selling, general and administrative

 

20,056

 

 

 

13,670

 

 

 

37,469

 

 

 

28,020

 

Asset impairment

 

 

 

 

368

 

 

 

 

 

 

1,889

 

Loss (gain) on foreign currency translation

 

903

 

 

 

1,867

 

 

 

(2,935

)

 

 

71

 

Loss on purchase commitments

 

339

 

 

 

 

 

 

339

 

 

 

 

Total expenses

 

33,553

 

 

 

23,029

 

 

 

57,180

 

 

 

46,385

 

Loss from operations

 

(10,273

)

 

 

(7,915

)

 

 

(16,464

)

 

 

(15,036

)

Other (expense) income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

25

 

 

 

14

 

 

 

28

 

 

 

147

 

Interest expense on notes

 

(2,812

)

 

 

(1,084

)

 

 

(8,234

)

 

 

(2,155

)

Interest expense on Mann Group promissory notes

 

(368

)

 

 

(1,281

)

 

 

(1,398

)

 

 

(2,540

)

Loss on extinguishment of debt

 

(22,130

)

 

 

 

 

 

(22,130

)

 

 

 

Other income (expense)

 

35

 

 

 

14

 

 

 

(241

)

 

 

10

 

Total other expense

 

(25,250

)

 

 

(2,337

)

 

 

(31,975

)

 

 

(4,538

)

Loss before provision for income taxes

 

(35,523

)

 

 

(10,252

)

 

 

(48,439

)

 

 

(19,574

)

Provision for income taxes

 

 

 

 

 

 

 

 

 

 

 

Net loss

$

(35,523

)

 

$

(10,252

)

 

$

(48,439

)

 

$

(19,574

)

Net loss per share - basic and diluted

$

(0.14

)

 

$

(0.05

)

 

$

(0.20

)

 

$

(0.09

)

Shares used to compute basic and diluted net loss per share

 

249,295

 

 

 

213,880

 

 

 

247,970

 

 

 

212,943

 

 

See notes to condensed consolidated financial statements.

3


MANNKIND CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(Unaudited)

(In thousands)

 

 

Three Months Ended

June 30,

 

 

Six Months Ended

June 30,

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Net loss

$

(35,523

)

 

$

(10,252

)

 

$

(48,439

)

 

$

(19,574

)

Other comprehensive loss:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cumulative translation loss

 

 

 

 

 

 

 

 

 

 

(19

)

Comprehensive loss

$

(35,523

)

 

$

(10,252

)

 

$

(48,439

)

 

$

(19,593

)

 

See notes to condensed consolidated financial statements.

 

4


 

MANNKIND CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ DEFICIT

(Unaudited)

(In thousands)

 

 

 

Common Stock

 

 

Additional

Paid-In

 

 

Accumulated

Other

Comprehensive

 

 

Accumulated

 

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Loss

 

 

Deficit

 

 

Total

 

BALANCE, JANUARY 1, 2020

 

 

211,788

 

 

$

2,118

 

 

$

2,799,278

 

 

$

(19

)

 

$

(2,991,903

)

 

$

(190,526

)

Issuance of common stock under Employee

   Stock Purchase Plan

 

 

334

 

 

 

3

 

 

 

315

 

 

 

 

 

 

 

 

 

318

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

1,128

 

 

 

 

 

 

 

 

 

1,128

 

Issuance of common stock associated

   with debt interest payment

 

 

99

 

 

 

1

 

 

 

143

 

 

 

 

 

 

 

 

 

144

 

Net issuance of common stock associated

   with stock options and restricted stock

   units

 

 

504

 

 

 

5

 

 

 

(322

)

 

 

 

 

 

 

 

 

(317

)

Issuance of common stock in at-the-market

   offering

 

 

413

 

 

 

4

 

 

 

518

 

 

 

 

 

 

 

 

 

522

 

Issuance cost associated with at-the-market

   offering

 

 

 

 

 

 

 

 

(16

)

 

 

 

 

 

 

 

 

(16

)

Write-off of cumulative translation loss

 

 

 

 

 

 

 

 

 

 

 

19

 

 

 

 

 

 

19

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(9,322

)

 

 

(9,322

)

BALANCE, MARCH 31, 2020

 

 

213,138

 

 

$

2,131

 

 

$

2,801,044

 

 

$

 

 

$

(3,001,225

)

 

$

(198,050

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

2,185

 

 

 

 

 

 

 

 

 

2,185

 

Issuance of common stock from the

   exercise of warrants

 

 

7,250

 

 

 

73

 

 

 

11,527

 

 

 

 

 

 

 

 

 

11,600

 

Issuance of common stock pursuant to

   conversion of the June 2020 note

 

 

1,235

 

 

 

12

 

 

 

2,618

 

 

 

 

 

 

 

 

 

2,630

 

Net issuance of common stock associated

   with stock options and restricted stock

   units

 

 

297

 

 

 

3

 

 

 

114

 

 

 

 

 

 

 

 

 

117

 

Issuance of common stock in at-the-market

   offering

 

 

7,459

 

 

 

75

 

 

 

12,291

 

 

 

 

 

 

 

 

 

12,366

 

Issuance cost associated with at-the-market

   offering

 

 

 

 

 

 

 

 

(320

)

 

 

 

 

 

 

 

 

(320

)

Issuance of common stock from market

   price stock purchase

 

 

10

 

 

 

 

 

 

14

 

 

 

 

 

 

 

 

 

14

 

Adjustment of common stock in association

   with restricted stock units

 

 

(461

)

 

 

(5

)

 

 

5

 

 

 

 

 

 

 

 

 

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(10,252

)

 

 

(10,252

)

BALANCE, JUNE 30, 2020

 

 

228,928

 

 

$

2,289

 

 

$

2,829,478

 

 

$

 

 

$

(3,011,477

)

 

$

(179,710

)

5


 

 

 

 

 

Common Stock

 

 

Additional

Paid-In

 

 

Accumulated

Other

Comprehensive

 

 

Accumulated

 

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Loss

 

 

Deficit

 

 

Total

 

BALANCE, JANUARY 1, 2021

 

 

242,118

 

 

$

2,421

 

 

$

2,866,303

 

 

$

 

 

$

(3,049,143

)

 

$

(180,419

)

Net issuance of common stock associated

   with stock options and restricted stock

   units

 

390

 

 

4

 

 

 

393

 

 

 

 

 

 

 

 

 

397

 

Issuance of common stock under Employee

   Stock Purchase Plan

 

293

 

 

3

 

 

 

387

 

 

 

 

 

 

 

 

 

390

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

1,935

 

 

 

 

 

 

 

 

 

1,935

 

Issuance of common stock pursuant to

   conversion of the Mann Group

   convertible note

 

 

3,830

 

 

38

 

 

 

9,535

 

 

 

 

 

 

 

 

 

9,573

 

Issuance of common stock pursuant to

   conversion of the Mann Group

   convertible note interest

 

 

170

 

 

 

2

 

 

 

425

 

 

 

 

 

 

 

 

 

427

 

Issuance of common stock pursuant to

   conversion of the 2024 convertible notes

 

 

1,667

 

 

17