MannKind Corporation (NASDAQ:MNKD) released the results from its most recently completed quarter, posting net losses of 14 cents per share or $52.1 million. Analysts had been expecting losses of 13 cents per share. In the same quarter a year ago, the drug maker posted net losses of 15 cents per share or $41 million.
Breaking down MannKind’s results
The drug maker reported rising expenses due to an increase in general and administrative expenses. The company said total operating expenses were $41.4 million compared to $36.4 million in the same quarter a year ago. MannKind Corporation (NASDAQ:MNKD) reported $26.2 million in research and development expenses, a decline from $26.4 million in last year’s first quarter.
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General and administrative expenses rose to $15.2 million, compared to $10 million in the same quarter a year ago. The company reported an increase of $3.4 million in stock-based compensation and $1.2 million in consulting and legal fees in connection with financing transactions during the quarter. MannKind Corporation (NASDAQ:MNKD) said this year it had 368.8 million weighted average shares during the first quarter, compared to 280.1 million shares last year. The drug maker said the number of shares increased mostly because of “warrant exercises, at-the-market stock issuances and conversion of debt into equity.”
MannKind’s future tied to Afrezza
Shares of MannKind Corporation (NASDAQ:MNKD) have been rather volatile since January as investors await approval from U.S. agencies for the company’s diabetes drug Afrezza. AdCom approved the drug for treatment of Type 1 and Type 2 diabetes. However, the company is still awaiting the final approvals from the U.S. Food and Drug Administration. The agency delayed making a decision on the Prescription Drug User Fee Act (PDUFA) date for the drug.
MannKind Corporation (NASDAQ:MNKD) stock declined after that delay. If the FDA does approve the drug for use in the U.S. and announced the PDUFA date, then the company’s stock could rise dramatically, just as it did after MannKind received an early approval from one of the FDA’s advisory committees.
Currently MannKind Corporation (NASDAQ:MNKD)’s future hangs in the balance, as Afrezza is its only drug that’s close to being on the market.