MannKind Corporation Reports 2022 Second Quarter Financial Results
MannKind Corporation (Nasdaq: MNKD) reported a total revenue of $18.9 million for Q2 2022, a 28% increase year-over-year, driven by Afrezza net revenue of $10.6 million. The FDA approved Tyvaso DPI, contributing to revenue recognition. However, collaborations revenue decreased by $7.4 million compared to Q2 2021. The net loss decreased to $29.0 million, or $0.11 per share, from $35.5 million, aided by improved gross profit margins. Expenses rose due to heightened promotional efforts for Afrezza and V-Go.
- FDA approval of Tyvaso DPI, enhancing product portfolio.
- Afrezza gross profit increased by 31% to $7.3 million in Q2 2022.
- Total revenues for Q2 2022 showed a 28% increase compared to Q2 2021.
- Collaborations and services revenue dropped by $7.4 million year-over-year.
- Net loss increased to $55.0 million for the first half of 2022, compared to $48.4 million in H1 2021.
Conference Call to Begin Today at 5:00 p.m. (ET)
- Tyvaso DPI™ approved by the FDA in May representing the second FDA-approved product using the Technosphere® inhalation platform
- V-Go® acquired May 31;
$2.1 million Net Revenue recognized for June - 2Q 2022 Commercial Products Net Revenue of
$12.7 million ; +28% vs. 2Q 2021 - 2Q 2022 Collaboration and Services Revenue of
$5.9 million ; +171% vs. 1Q 2022
DANBURY, Conn. and WESTLAKE VILLAGE, Calif., Aug. 09, 2022 (GLOBE NEWSWIRE) -- MannKind Corporation (Nasdaq: MNKD) today reported financial results for the second quarter and first half of 2022.
“In the second quarter, we achieved multiple milestones that position the Company for growth over the next decade,” said Michael Castagna, PharmD, Chief Executive Officer of MannKind Corporation. “Tyvaso DPI was approved by the FDA, which allowed us to recognize manufacturing and royalty revenues for the first time this quarter. We also generated revenue from a newly acquired product, V-Go, that is complementary to our endocrine franchise.”
Second Quarter 2022 Results
Total revenues were
Afrezza gross profit for the second quarter of 2022 was
Cost of revenue – collaborations and services in the second quarter of 2022 was
Research and development expenses for the second quarter of 2022 were
Selling, general and administrative expenses for the second quarter of 2022 were
For the second quarter of 2022, the gain on foreign currency translation (for insulin purchase commitments denominated in Euros) was
Interest expense on financing liability was
Interest expense on notes for the second quarter of 2022 was
The net loss for the second quarter of 2022 was
First half of 2022
Total revenues were
Afrezza gross profit for the first half of 2022 was
Cost of revenue – collaborations and services for the first half of 2022 was
Research and development expenses for the first half ended June 30, of 2022 were
Selling, general and administrative expenses for the first half of 2022 were
For the first half of 2022, the gain on foreign currency translation (for insulin purchase commitments denominated in Euros) was
Interest expense on financing liability was
Interest expense on notes for the first half of 2022 was
The net loss for the first half of 2022 was
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 innovative therapeutic products and devices to address serious unmet medical needs for those living 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 expected sources of revenue and growth opportunities for MannKind. 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 these risks and uncertainties, which include, without limitation, risks that our products may only achieve a limited degree of commercial success and that manufacturing risks may adversely affect our ability to manufacture our products. These and other are 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, 2021, filed with the SEC on February 24, 2022, and in its Quarterly Report on Form 10-Q for the quarter ended June 30, 2022, 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, TECHNOSPHERE, MANNKIND, V-GO and the MannKind logo are registered trademarks of MannKind Corporation.
MannKind Contact:
Rose Alinaya, Investor Relations
(818) 661-5000
MANNKIND CORPORATION AND SUBSIDIARY
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share data)
June 30, 2022 | December 31, 2021 | ||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 35,507 | $ | 124,184 | |||
Short-term investments | 118,649 | 79,932 | |||||
Accounts receivable, net | 15,030 | 4,739 | |||||
Inventory | 20,573 | 7,152 | |||||
Prepaid expenses and other current assets | 3,717 | 3,482 | |||||
Total current assets | 193,476 | 219,489 | |||||
Property and equipment, net | 37,918 | 36,612 | |||||
Goodwill | 2,900 | — | |||||
Other intangible asset | 1,400 | — | |||||
Long-term investments | 32,596 | 56,619 | |||||
Other assets | 17,507 | 8,441 | |||||
Total assets | $ | 285,797 | $ | 321,161 | |||
LIABILITIES AND STOCKHOLDERS' DEFICIT | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 7,823 | $ | 6,956 | |||
Accrued expenses and other current liabilities | 33,184 | 27,419 | |||||
Financing liability — current | 9,470 | 6,977 | |||||
Deferred revenue — current | 1,667 | 827 | |||||
Recognized loss on purchase commitments — current | 7,420 | 6,170 | |||||
Total current liabilities | 59,564 | 48,349 | |||||
Senior convertible notes | 224,670 | 223,944 | |||||
Midcap credit facility | 39,047 | 38,833 | |||||
Mann Group convertible note | 8,829 | 18,425 | |||||
Accrued interest — promissory notes | 86 | 404 | |||||
Financing liability — long term | 94,447 | 93,525 | |||||
Recognized loss on purchase commitments — long term | 65,996 | 76,659 | |||||
Operating lease liability | 5,928 | 1,040 | |||||
Deferred revenue — long term | 29,762 | 19,543 | |||||
Milestone liabilities | 4,524 | 4,838 | |||||
Deposits from customer | — | 4,950 | |||||
Total liabilities | 532,853 | 530,510 | |||||
Stockholders' deficit: | |||||||
Undesignated preferred stock, | — | — | |||||
Common stock, | 2,573 | 2,515 | |||||
Additional paid-in capital | 2,936,667 | 2,918,205 | |||||
Accumulated other comprehensive loss | (1,206 | ) | — | ||||
Accumulated deficit | (3,185,090 | ) | (3,130,069 | ) | |||
Total stockholders' deficit | (247,056 | ) | (209,349 | ) | |||
Total liabilities and stockholders' deficit | $ | 285,797 | $ | 321,161 |
MANNKIND CORPORATION AND SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||
Revenues: | |||||||||||||||
Net revenue — commercial product sales | $ | 12,722 | $ | 9,976 | $ | 22,548 | $ | 18,075 | |||||||
Revenue — collaborations and services | 5,868 | 13,304 | 8,034 | 22,641 | |||||||||||
Royalties | 304 | — | 304 | — | |||||||||||
Total revenues | 18,894 | 23,280 | 30,886 | 40,716 | |||||||||||
Expenses: | |||||||||||||||
Cost of goods sold | 4,617 | 4,411 | 6,901 | 8,726 | |||||||||||
Cost of revenue — collaborations and services | 8,298 | 5,515 | 17,012 | 8,810 | |||||||||||
Research and development | 4,893 | 2,329 | 8,429 | 4,771 | |||||||||||
Selling, general and administrative | 26,043 | 20,056 | 46,740 | 37,469 | |||||||||||
(Gain) loss on foreign currency translation | (4,503 | ) | 903 | (6,486 | ) | (2,935 | ) | ||||||||
Loss on purchase commitments | — | 339 | — | 339 | |||||||||||
Total expenses | 39,348 | 33,553 | 72,596 | 57,180 | |||||||||||
Loss from operations | (20,454 | ) | (10,273 | ) | (41,710 | ) | (16,464 | ) | |||||||
Other (expense) income: | |||||||||||||||
Interest income, net | 516 | 25 | 893 | 28 | |||||||||||
Interest expense on financing liability | (2,443 | ) | — | (4,814 | ) | — | |||||||||
Interest expense on notes | (6,642 | ) | (3,180 | ) | (9,390 | ) | (9,632 | ) | |||||||
Loss on extinguishment of debt, net | — | (22,130 | ) | — | (22,130 | ) | |||||||||
Other expense | — | 35 | — | (241 | ) | ||||||||||
Total other expense | (8,569 | ) | (25,250 | ) | (13,311 | ) | (31,975 | ) | |||||||
Loss before provision for income taxes | (29,023 | ) | (35,523 | ) | (55,021 | ) | (48,439 | ) | |||||||
Provision for income taxes | — | — | — | — | |||||||||||
Net loss | $ | (29,023 | ) | $ | (35,523 | ) | $ | (55,021 | ) | $ | (48,439 | ) | |||
Net loss per share - basic and diluted | $ | (0.11 | ) | $ | (0.14 | ) | $ | (0.22 | ) | $ | (0.20 | ) | |||
Shares used to compute net loss per share - basic and diluted | 253,644 | 249,295 | 252,775 | 247,970 |
FAQ
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