Clinical-stage biopharmaceutical company MannKind (NASDAQ: MNKD ) reported its first-quarter results before the opening bell this morning, pointing to higher spending ahead of its all-important PDUFA decision for experimental inhaled diabetes drug Afrezza on July 15.
For the quarter, MannKind produced no revenue and saw its operating expenses move higher by 13.7% to $41.4 million. Research and development expenses actually fell by just shy of 1% to $26.2 million from the prior-year period; however, general and administrative expenses ballooned 52% to $15.2 million as non-cash stock-based compensation rose by $3.4 million and the company experienced a $1.2 million increase in consulting and legal fees.
Net loss for the quarter increased 27% to $52.1 million, or $0.14 per share, from $41 million, or $0.15 per share from the year-ago quarter. MannKind has an additional 88.7 million shares outstanding now as compared to the prior year, thus the wider net loss but smaller EPS loss. Comparatively, Wall Street had expected MannKind to produce a slightly narrower $0.13-per-share loss.
As is always important with wholly clinical-stage companies, MannKind reported that its cash and cash equivalents totaled $35.8 million, compared with $70.8 million in the sequential fourth quarter. It also notes that it has $30.1 million in available borrowing capacity with the Mann Group to fund the company if needed.