8-K
false000089946000008994602024-02-272024-02-27

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 27, 2024

 

 

MannKind Corporation

(Exact name of Registrant as Specified in Its Charter)

 

 

Delaware

000-50865

13-3607736

(State or Other Jurisdiction
of Incorporation)

(Commission File Number)

(IRS Employer
Identification No.)

 

 

 

 

 

1 Casper Street

 

Danbury, Connecticut

 

06810

(Address of Principal Executive Offices)

 

(Zip Code)

 

Registrant’s Telephone Number, Including Area Code: (818) 661-5000

 

N/A

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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 is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

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.

 


Item 2.02. Results of Operations and Financial Condition.

On February 27, 2024, MannKind Corporation issued a press release, a copy of which is furnished herewith as Exhibit 99.1 and is incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.

 

Exhibit 99.1

Press release dated February 27, 2024

 

 

Exhibit 104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

 


SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

MannKind Corporation

 

Date: February 27, 2024

By:

/s/ David Thomson, Ph.D., J.D.

David Thomson, Ph.D., J.D.

Corporate Vice President, General Counsel and Secretary

 

 


EX-99.1

 

https://cdn.kscope.io/fc146485cd4c73cbf92d733fb34b302d-img208524907_0.jpg 

EXHIBIT 99.1

 

MANNKIND CORPORATION REPORTS
2023 FOURTH QUARTER AND FULL YEAR FINANCIAL RESULTS: PROVIDES CLINICAL DEVELOPMENT UPDATE


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. February 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:
o
Primary endpoint analysis in 4Q 2024
o
Full results in 1H 2025
o
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:
o
First meal dosing – ATTD oral presentation in March 2024
o
17-week top-line data/primary endpoints to be presented at ADA in June 2024
o
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