MannKind Corp

Shares of the MannKind Corp( NASDAQ: MNKD ) lose more than 14 % in after hours trade after company has reported its quarterly earnings, below is the transcript:








For the first quarter of 2011, total operating expenses were $38.1 million compared with $40.6 million for the first quarter of 2010, and $32.1 million for the fourth quarter of 2010.

R&D expenses were $26.3 million for the first quarter of 2011 compared to $30.5 million for the first quarter of 2010, and $24.2 million for the fourth quarter of 2010. The decrease in R&D expense for the first quarter of 2011 compared to the same quarter in 2010 was primarily due to a decrease in raw material purchases, resulting from the February 2011 termination of an insulin supply agreement. As a consequence of terminating the agreement, the company did not take delivery of any insulin in the first quarter of 2011.

General and administrative expenses were $11.8 million for the first quarter of 2011 compared to $10.1 million for the first quarter of 2010 and $7.9 million for the fourth quarter of 2010. The increase in the current quarter compared to the same quarter in the prior year was primarily due to employee severance and other related termination benefits associated with the February 2011 reduction in force.

The net loss applicable to common stockholders for the first quarter of 2011 was $41.5 million or $0.34 per share based on a weighted average of 121.1 million shares outstanding. Compared with a net loss applicable to common stockholders of $44.7 million or $0.40 per share based on $113.1 million weighted average shares outstanding for the first quarter of 2010.

Our cash, cash equivalents and marketable securities at the end of the quarter totaled $47.5 million, which compares to $70.4 million at December 31, 2010. $31.5 million at March 31, 2010. Our cash on hand in our remaining credit facility from AL amount to $144.9 million, as of March 31, 2011.