MANNKIND CORP
For the period ended Dec 31, 2023. Filed Feb 27, 2024.
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FY2023 · Filed Feb 27, 2024
MNKD$4.23+1.0%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STAT EMENTS OF CASH FLOWS
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| (In thousands) | |||
| CASH FLOWS FROM OPERATING ACTIVITIES: | |||
| Net loss | $(11,938) | $(87,400) | $(80,926) |
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||
| Stock-based compensation | 17,649 | 13,447 | 12,200 |
| Write-off of inventory | 4,574 | 2,202 | 1,902 |
| Depreciation and amortization | 4,535 | 3,325 | 1,986 |
| Amortization of debt discount and issuance costs | 2,085 | 2,092 | 1,709 |
| (Gain) loss on foreign currency transaction | 1,916 | (4,811) | (6,567) |
| Amortization of right-of-use assets | 1,301 | 2,987 | 1,258 |
| Loss on available-for-sale securities | 170 | 932 | — |
| Interest on Mann Group convertible note | 224 | 325 | 1,598 |
| Interest on liability for sale of future royalties | 185 | — | — |
| Interest on financing liability | 31 | 9,552 | 1,372 |
| Net (accretion) amortization of investments | (925) | 707 | 520 |
| Other, net | (339) | 17 | — |
| Loss on extinguishment of debt, net | — | — | 17,200 |
| Asset impairment | — | — | 106 |
| Interest on milestone right | — | — | 3,663 |
| Changes in operating assets and liabilities: | |||
| Accounts receivable, net | 2,345 | (11,807) | (776) |
| Inventory | (11,347) | (5,670) | (4,081) |
| Prepaid expenses and other current assets | (9,421) | (15,552) | (360) |
| Other assets | 263 | 523 | (138) |
| Accounts payable | (1,473) | 4,096 | 1,374 |
| Accrued expenses and other current liabilities | 6,606 | (723) | 8,814 |
| Deferred revenue | 39,462 | 19,047 | (14,567) |
| Recognized loss on purchase commitments | (9,424) | (5,709) | (5,892) |
| Operating lease liabilities | (2,385) | (3,309) | (2,135) |
| Accrued interest on Mann Group convertible note | — | — | (4,919) |
| Deposits from customer | — | (4,950) | 4,950 |
| Net cash provided by (used in) operating activities | 34,094 | (80,679) | (61,709) |
| CASH FLOWS FROM INVESTING ACTIVITIES: | |||
| Proceeds from held-to-maturity debt securities | 119,166 | 107,340 | 59,060 |
| Purchase of held-to-maturity debt securities | (79,095) | (74,536) | (196,131) |
| Purchase of property and equipment | (42,441) | (7,589) | (11,466) |
| Acquisition of V-Go | — | (15,341) | — |
| Proceeds from insurance claim | 382 | — | — |
| Purchase of available-for-sale securities | — | (5,000) | (3,000) |
| Net cash provided by (used in) investing activities | (1,988) | 4,874 | (151,537) |
| CASH FLOWS FROM FINANCING ACTIVITIES: | |||
| Proceeds from sale of future royalties | 150,000 | — | — |
| Issuance costs associated with sale of future royalties | (4,050) | — | — |
| Proceeds from at-the-market-offering | 6,887 | 19,790 | 1,886 |
| Issuance costs associated with at-the-market offering | (108) | (381) | (38) |
| Proceeds from market price stock purchase plan and employee stock purchase plan | 1,820 | 2,766 | 106 |
| Payments for taxes related to net issuance of common stock associated with restricted stock units and stock options | (10,162) | 319 | (498) |
| Principal payment on financing liability | (189) | (18) | — |
| Milestone payment | (924) | (1,088) | (5,000) |
| Proceeds from Senior convertible notes | — | — | 230,000 |
| Issuance costs associated with Senior convertible notes | — | — | (7,268) |
| Proceeds from the sale-leaseback transaction | — | — | 102,250 |
| Issuance costs associated with the sale-leaseback transaction | — | — | (3,120) |
| Deposit for the sale-leaseback transaction | — | — | (2,000) |
| Principal payments on Mann Group convertible note | — | — | (35,051) |
| Payment on MidCap credit facility | (6,667) | — | (10,000) |
| Payment of MidCap credit facility prepayment penalty | — | — | (1,000) |
| Net cash provided by financing activities | 136,607 | 21,388 | 270,267 |
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 168,713 | (54,417) | 57,021 |
| CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 69,767 | 124,184 | 67,163 |
| CASH AND CASH EQUIVALENTS, END OF PERIOD | $238,480 | $69,767 | $124,184 |
CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)
| Year Ended | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| (In thousands) | |||
| SUPPLEMENTAL CASH FLOWS DISCLOSURES: | |||
| Interest paid in cash | $18,279 | $8,852 | $11,268 |
| NON-CASH INVESTING AND FINANCING ACTIVITIES: | |||
| Reclassification of Midcap credit facility from long-term to current | 26,667 | — | — |
| Reclassification of investments from long-term to current | 6,404 | 82,850 | 32,654 |
| Non-cash construction in progress, property and equipment | 1,691 | 1,298 | 1,264 |
| Right-of-use asset modification | 728 | 3,793 | 278 |
| Goodwill adjustment for a net reduction in liabilities | 497 | — | — |
| Receivable for insurance claim on damaged equipment | 445 | — | — |
| Accrued issuance costs associated with liability for sale of future royalties | 325 | — | — |
| Payments on debt and interest through common stock issuance | 222 | 10,270 | 15,143 |
| Reclassification of Thirona convertible notes and interest receivable from long-term to current | — | 7,375 | — |
| Issuance of common stock under employee stock purchase plan | — | — | 1,090 |
| Addition of right-of-use-asset | — | 1,812 | 1,425 |
| Contingent milestone liability | — | 610 | — |
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