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Wednesday, Jun 7, 2023

Investors Breathe Easy With MannKind

MannKind Corp. reported on Tuesday another quarterly loss, but shares held steady as investors look forward to possible FDA approval of the company’s inhalable insulin in April. The Valencia biotech reported a loss of $53.6 million (-16 cents a share) for the fourth quarter ended Dec. 31, compared to a loss of $51.8 million (-23 cents) for the same quarter a year earlier. Analysts on average expected a loss of 14 cents, according to Thomson Financial Network. The drug developer does not yet have a product on the market so it recorded no revenue. For full-year, the company lost $191 million (-64 cents) compared to a loss of $169 million (-94 cents) for the previous year. Analysts on average expected a loss of 62 cents, according to Thomson. The Food and Drug Administration has scheduled an April 1 meeting to review the application for MannKind’s Afrezza brand of inhalable insulin. If approved, it would become the company’s first commercial product. The company has sustained itself through stock sales and loans from billionaire Alfred Mann, its founder. In addition to its financial results, the company announced it had nearly $71 million in cash and cash equivalents on hand as of Dec. 31, in addition to $30 million of available borrowing capacity from the Mann Group. Shares closed up 5 cents to $5.63 on the Nasdaq.

Joel Russel
Joel Russel
Joel Russell joined the Los Angeles Business Journal in 2006 as a reporter. He transferred to sister publication San Fernando Valley Business Journal in 2012 as managing editor. Since he assumed the position of editor in 2015, the Business Journal has been recognized four times as the best small-circulation tabloid business publication in the country by the Alliance of Area Business Publishers. Previously, he worked as senior editor at Hispanic Business magazine and editor of Business Mexico.

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