MannKind Corporation (Nasdaq: MNKD) today reported financial results for the first quarter ended March 31, 2013.
For the first quarter of 2013, total operating expenses were $36.4 million, compared to $33.9 million for the first quarter of 2012, an increase of $2.5 million. Research and development (R&D) expenses were $26.4 million for the first quarter of 2013, compared to $24.2 million for the same quarter in 2012, an increase of $2.2 million. This 9% increase was primarily due to an increase in clinical trial related expenses, partially offset by a decrease in facilities related costs and depreciation. General and administrative (G&A) expenses increased by $0.2 million to $10.0 million for the first quarter of 2013, compared to $9.8 million in the first quarter of 2012. This 2% increase in G&A expense was primarily due to an increase in non-cash stock-based compensation expense related to employee stock awards granted during the first quarter of 2013, partially offset by a decrease in legal expenses.
The net loss applicable to common stockholders for the first quarter of 2013 was $41.0 million, or $0.15 per share based on 280.1 million weighted average shares outstanding, compared with a net loss applicable to common stockholders of $38.2 million, or $0.27 per share based on 143.2 million weighted average shares outstanding for the first quarter of 2012. The number of common shares outstanding at March 31, 2013 was 289.4 million.
Cash and cash equivalents were $28.0 million at March 31, 2013 and $61.8 million at December 31, 2012 with $125.4 million remaining available for future borrowings under the loan agreement with The Mann Group as of March 31, 2013
