MannKind Corporation Reports 2012 Second Quarter Financial Results
Published: Aug 07, 2012
VALENCIA, Calif.--(BUSINESS WIRE)--MannKind Corporation (Nasdaq: MNKD) today reported financial results for the second quarter ended June 30, 2012. For the second quarter of 2012, total operating expenses were $44.1 million, compared to $39.2 million for the second quarter of 2011, an increase of $4.9 million. Research and development (R&D) expenses were $26.6 million for the second quarter of 2012 compared to $30.3 million for the same quarter in 2011, a decrease of $3.7 million. This 12.2% decrease was primarily due to the settlement of the terminated insulin supply agreement in the second quarter of 2011 of $11.9 million, partially offset by an increase of $7.5 million in clinical trial related activities. General and administrative (G&A) expenses increased by $8.5 million to $17.4 million for the second quarter of 2012 compared to $8.9 million in the second quarter of 2011. This 95.5% increase in G&A expense was primarily due to a $7.7 million litigation settlement accrual recorded in the second quarter of 2012 and increased legal fees and financing transaction costs.