MannKind(US:MNKD)2025-05-08 12:10Financial Position - As of March 31, 2025, the company had cash, cash equivalents, and investments totaling $198.2 million, with an accumulated deficit of $3.2 billion[214]. - As of March 31, 2025, the company had $198.2 million in capital resources and $36.3 million in outstanding borrowings[248]. - The company expects to meet its liquidity needs over the next 12 months based on current cash, sales of products, and potential financing sources[249]. Revenue Performance - For the three months ended March 31, 2025, total revenues increased by $12.1 million, or 18%, to $78.4 million compared to $66.3 million in the same period of 2024[218]. - Net revenue from commercial product sales was $18.973 million for Q1 2025, reflecting a slight increase of $0.209 million, or 1%, from $18.764 million in Q1 2024[218]. - Royalty revenue from United Therapeutics increased by $7.4 million, or 32%, for the three months ended March 31, 2025, driven by higher patient demand for Tyvaso DPI[221]. - Gross revenue from sales of Afrezza increased by $2.4 million, or 11%, for Q1 2025 compared to the same period in the prior year, primarily due to higher demand and price[218]. - Gross revenue from sales of V-Go decreased by $2.8 million, or 30%, for Q1 2025 compared to the same period in the prior year, attributed to lower demand[219]. Expenses - Research and development expenses increased by $1.0 million, or 10%, for Q1 2025, primarily due to increased expenditures for development activities and additional headcount[225]. - Selling, general and administrative expenses rose by $2.7 million, or 12%, for Q1 2025, mainly due to increases in headcount and promotional costs for Afrezza[226]. - Total expenses increased by $6.5 million, or 13%, for Q1 2025, totaling $56.1 million compared to $49.5 million in Q1 2024[223]. Profitability - The company’s gross margin for commercial products remained consistent at 80% for both Q1 2025 and Q1 2024[222]. - Non-GAAP adjusted net income for the three months ended March 31, 2025, was $21.629 million, up from $15.099 million in the prior year, with basic EPS increasing from $0.06 to $0.07[236]. Interest and Other Income - Interest income, net decreased by $1.5 million to $1.956 million for the three months ended March 31, 2025, a decline of 43% compared to the prior year[228]. - Interest expense increased by $2.1 million to $4.645 million, primarily due to $4.4 million related to an Afrezza net sales milestone[229]. - Total other expense rose by $2.848 million to $8.676 million, reflecting a 49% increase year-over-year[228]. Cash Flow - Cash used for operating activities was $6.4 million for the three months ended March 31, 2025, compared to cash generated of $6.7 million in the same period of 2024[244][245]. - A $2.5 million currency loss was realized for the three months ended March 31, 2025, due to fluctuations in the Euro exchange rate[252]. Commitments and Agreements - The company has $60.7 million in insulin purchase commitments and $90.0 million in milestone payments remaining under the Milestone Rights Agreement[239][240]. - The company filed a sales agreement prospectus for the sale of up to $200.0 million of common stock, with the full amount remaining available as of March 31, 2025[242].