MannKind Corporation (Nasdaq:MNKD) today reported
financial results for the quarter and six months ended June 30,
2021.
“I am really proud of how our team has executed
so far in 2021 supporting the growth of Afrezza and preparing for
the potential commercial launch of Tyvaso DPI,” said Michael
Castagna, Chief Executive Officer of MannKind Corporation. “With
the issuance of the convertible debt in the first quarter and the
pay-down and restructuring of our legacy debt in the second
quarter, we have a stronger balance sheet with lower interest
expense which sets the company up for commercial growth and
pipeline advancement.”
Second Quarter 2021 Results
Total revenues were $23.3 million for the second
quarter of 2021, an increase of $8.2 million, or 54%, reflecting
Afrezza net revenue of $10.0 million and collaboration and services
revenue of $13.3 million. Afrezza net revenue increased $3.0
million, or 43%, compared to $7.0 million in the second quarter of
2020 as a result of higher prescription demand, the negative
effects of the COVID-19 pandemic in the prior year period, a more
favorable mix of Afrezza cartridges, and price (including a lower
gross-to-net deduction percentage of gross sales). Collaboration
and services revenue for the second quarter of 2021 increased $5.2
million, or 64%, compared to the second quarter of 2020, primarily
due to the Company’s collaboration with United Therapeutics.
Afrezza gross profit for the second quarter of
2021 was $5.6 million compared to $3.3 million in the same period
of 2020, a 68% increase that was driven primarily by higher Afrezza
revenue and increased manufacturing activities which resulted in a
higher amount of costs capitalized to inventory, partially offset
by a $2.0 million fee for an amendment of the Company’s insulin
supply agreement. Gross margin in the second quarter of 2021
was 56% compared to 47% for the same period in 2020. On a non-GAAP
basis, which excludes the $2.0 million insulin supply amendment
fee, gross margin was 76% for the second quarter of 2021 compared
to 47% for the same period in 2020.
Research and development (“R&D”) expenses
for the second quarter of 2021 were $2.3 million compared to $1.5
million for the second quarter of 2020. This increase of $0.9
million, or 59%, was attributable to increased development activity
related to our product pipeline.
Selling, general and administrative (“SG&A”)
expenses for the second quarter of 2021 were $20.1 million compared
to $13.7 million for the second quarter of 2020, an increase of
$6.4 million, or 47%, as we expanded our investment behind Afrezza
and lowered expenses in the prior year period when we voluntarily
reduced compensation and field force activities in response to the
onset of the COVID-19 pandemic. As we continued to re-engage our
selling activities behind Afrezza, we increased promotional and
marketing expenses by $1.8 million and patient support services by
$0.6 million. Personnel expenses increased $4.4 million due to the
favorable impact of lower spending during the COVID-19 pandemic as
well as increased headcount and stock compensation. The increased
spending in SG&A in the second quarter of 2021 was partially
offset by a reduction for the promotional cost for Thyquidity that
was recognized as cost of revenue — collaboration and services in
2021.
For the second quarter of 2021, the loss on
foreign currency translation for insulin purchase commitments
denominated in Euros was $0.9 million compared to $1.9 million for
the second quarter of 2020. The fluctuation was due to the change
in the U.S. dollar to Euro foreign exchange rate.
Interest expense on debt for the second quarter
of 2021 was $3.2 million compared to $2.4 million for the second
quarter of 2020. This increase of $0.8 million was the result of
interest on the $230.0 million 2.5% senior convertible notes,
partially offset by a decrease in interest due to the repayment of
$35.1 million of outstanding principal under the Mann Group
non-convertible promissory note and the repayment of $10.0 million
outstanding principal under the MidCap credit facility in the
second quarter of 2021. In addition, the Company reduced the
interest rates under the MidCap credit facility and the Mann Group
convertible note through amendments to the respective agreements in
the second quarter of 2021.
Loss on extinguishment of debt, a non-cash
expense item, for the three months ended June 30, 2021 was $22.1
million as a result of the amendment to the Mann Group convertible
note. The accounting for the $22.1 million loss on extinguishment
did not result in a change in the financial position of the
Company.
The net loss for the second quarter of 2021 was
$35.5 million, or $0.14 per share, compared to a $10.3 million net
loss in the second quarter of 2020, or $0.05 per share. The
increased net loss of $25.3 million was primarily due to a non-cash
loss on extinguishment of the Mann Group convertible note of $22.1
million as well as an increase in SG&A expenses and cost of
revenue — collaboration and services, partially offset by an
increase in Afrezza net revenue and revenues from collaboration and
services. Non-GAAP net loss, adjusted to exclude the $22.1 million
non-cash loss on extinguishment of the Mann Group convertible note
was $13.4 million, or $0.05 per share, for the three months ended
June 30, 2021 compared to $10.3 million, or $0.05 per share, for
the prior year period.
Six Months June 30, 2021
Total revenues were $40.7 million for the six
months ended June 30, 2021, an increase of $9.4 million, or 30%,
reflecting Afrezza net revenue of $18.1 million and collaboration
and services revenue of $22.6 million. Afrezza net revenue
increased 21% compared to $15.0 million for the six months ended
June 30, 2020, primarily as a result of higher prescription demand
and the negative effects of the COVID-19 pandemic in the prior year
period, a more favorable mix of Afrezza cartridges and price
(including a lower gross-to-net deduction percentage of gross
sales). Collaboration and services revenue for the six months ended
June 30, 2021 increased $6.3 million, or 38%, compared to the six
months ended June 30, 2020, primarily due to the Company’s
collaboration with United Therapeutics.
Afrezza gross profit for the six months ended
June 30, 2021 was $9.3 million compared to $7.1 million in the same
period of 2020, a 31% increase that was driven primarily by higher
Afrezza revenue. Cost of goods sold increased $0.9 million compared
to the same period in 2020, primarily due to a $2.0 million fee for
an amendment of the Company’s insulin supply agreement, partially
offset by $0.8 million of costs associated with lower manufacturing
cost per unit and the termination of the free goods program in
December 2020, in addition to $0.5 million of inventory write-offs
in 2020. Gross margin for the six months ended June 30, 2021
was 52% compared to 48% for the same period in 2020. On a non-GAAP
basis, which excludes the $2.0 million insulin supply amendment
fee, gross margin was 63% for the six months ended June 30, 2021
compared to 48% for the same period in 2020.
R&D expenses for the six months ended June
30, 2021 were $4.8 million compared to $3.2 million for the six
months ended June 30, 2020. This increase of $1.6 million, or 48%,
was attributable to increased development activity related to our
product pipeline.
SG&A expenses for the six months ended June
30, 2021 were $37.5 million compared to $28.0 million for the six
months ended June 30, 2020, an increase of $9.4 million, or 34%, as
we expanded our investment behind Afrezza and lowered expenses in
the prior year period when we voluntarily reduced compensation and
field force activities in response to the onset of the COVID-19
pandemic. As we continued to re-engage our selling activities
behind Afrezza, we increased promotional and marketing expenses by
$2.4 million and patient support services by $0.9 million in the
first half of 2021. Personnel expenses increased $6.4 million due
to the favorable impact of lower spending during the COVID-19
pandemic as well as increased headcount and stock compensation. The
increased spending in SG&A in the first half of 2021 was
partially offset by a reduction for the promotional cost for
Thyquidity that was recognized as cost of revenue — collaboration
and services in 2021.
For the six months ended June 30, 2021, the gain
on foreign currency translation for insulin purchase commitments
denominated in Euros was $2.9 million compared to a $0.1 million
loss for the six months ended June 30, 2020. The fluctuation was
due to the change in the U.S. dollar to Euro foreign exchange
rate.
Interest expense on debt for the six months
ended June 30, 2021 was $9.6 million compared to $4.7 million for
the six months ended June 30, 2020. This increase of $4.9 million
was the result of a $3.7 million milestone obligation achieved in
the first quarter of 2021, interest on the $230.0 million 2.5%
senior convertible notes issued in the first quarter of 2021,
partially offset by a decrease in interest due to the repayment of
$35.1 million of outstanding principal under the Mann Group
non-convertible promissory note and the repayment of $10.0 million
outstanding principal under the MidCap credit facility in the
second quarter of 2021. In addition, the Company reduced the
interest rates on the outstanding principal balances under the
MidCap credit facility and the Mann Group convertible note through
amendments to the respective agreements in the second quarter of
2021.
Non-cash loss on extinguishment of debt for the
six months ended June 30, 2021 was $22.1 million as a result of the
amendment to the Mann Group convertible note. The accounting for
the $22.1 million loss on extinguishment did not result in a change
in the financial position of the Company.
The net loss for the six months ended June 30,
2021 was $48.4 million, or $0.20 per share, compared to a $19.6
million net loss in the six months ended June 30, 2020, or $0.09
per share. The increased net loss of $28.9 million was primarily
due to the non-cash loss on extinguishment of the Mann Group
convertible note of $22.1 million as well as an increase in
SG&A expenses, cost of revenue – collaboration and services,
and loss on purchase commitments, partially offset by an increase
in Afrezza net revenues and revenues from collaboration and
services. Non-GAAP net loss, adjusted to exclude the $22.1 million
non-cash loss on extinguishment of the Mann Group convertible note
was $26.3 million, or $0.11 per share, for the six months ended
June 30, 2021 compared to $19.6 million, or $0.09 per share, for
the same period in the prior year.
Cash, cash equivalents, and investments at
June 30, 2021 were $201.4 million compared to $67.0 million at
December 31, 2020. The increase in cash, cash equivalents and
investments was primarily due to the issuance of $230.0 million of
2.5 % senior convertible notes in the first quarter of 2021.
Non-GAAP Measures
Certain financial information contained in this
press release is presented on both a reported basis (GAAP) and a
Non-GAAP basis. Reported results were prepared in accordance with
GAAP whereas Non-GAAP measures exclude items described in the
reconciliation tables below. Non-GAAP financial information is
intended to portray the results of our baseline performance,
supplement or enhance management, analysts and investors overall
understanding of our underlying financial performance and
facilitate comparisons among current and past periods. The Non-GAAP
financial measures are in addition to, not a substitute for, or
superior to measures of financial performance compared in
accordance with GAAP.
The following tables reconcile our gross margin
financial measure to a non-GAAP presentation as adjusted for the
nonrecurring amendment fee related to an amendment to our Insulin
Supply Agreement.
|
Three Months
EndedJune 30, |
|
(In
thousands) |
2021 |
|
|
2020 |
|
|
$ Change |
|
|
% Change |
|
Net revenue — Afrezza |
$ |
9,976 |
|
|
$ |
6,985 |
|
|
$ |
2,991 |
|
|
|
43 |
% |
Less cost of goods sold |
|
(4,411 |
) |
|
|
(3,677 |
) |
|
$ |
(734 |
) |
|
|
20 |
% |
GAAP gross profit — Afrezza |
|
5,565 |
|
|
|
3,308 |
|
|
$ |
2,257 |
|
|
|
68 |
% |
Exclude Amphastar amendment
fee |
|
2,000 |
|
|
|
— |
|
|
$ |
2,000 |
|
|
* |
|
Non-GAAP gross profit — Afrezza |
$ |
7,565 |
|
|
$ |
3,308 |
|
|
$ |
4,257 |
|
|
|
129 |
% |
Non-GAAP gross margin |
|
76 |
% |
|
|
47 |
% |
|
|
|
|
|
|
|
|
|
Six Months
EndedJune 30, |
|
|
2021 |
|
|
2020 |
|
|
$ Change |
|
|
% Change |
|
Net revenue — Afrezza |
$ |
18,075 |
|
|
$ |
14,985 |
|
|
$ |
3,090 |
|
|
|
21 |
% |
Less cost of goods sold |
|
(8,726 |
) |
|
|
(7,841 |
) |
|
$ |
885 |
|
|
|
11 |
% |
GAAP gross profit — Afrezza |
|
9,349 |
|
|
|
7,144 |
|
|
$ |
2,205 |
|
|
|
31 |
% |
Exclude Amphastar amendment
fee |
|
2,000 |
|
|
|
— |
|
|
$ |
2,000 |
|
|
* |
|
Non-GAAP gross profit — Afrezza |
$ |
11,349 |
|
|
$ |
7,144 |
|
|
$ |
4,205 |
|
|
|
59 |
% |
Non-GAAP gross margin |
|
63 |
% |
|
|
48 |
% |
|
|
|
|
|
|
|
|
____________________* Not meaningful
The following tables reconcile our financial
measure for net loss and EPS as reported in our condensed
consolidated statement of operations to a non-GAAP presentation as
adjusted for the $22.1 million non-cash loss on extinguishment of
the Mann Group convertible note, which did not result in a change
in our financial position.
|
Three Months
EndedJune 30, |
|
(In thousands, except
per share data) |
2021 |
|
|
2020 |
|
|
$ Change |
|
|
% Change |
|
GAAP to Non-GAAP Net Loss and EPS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
$ |
(35,523 |
) |
|
$ |
(10,252 |
) |
|
$ |
25,271 |
|
|
|
246 |
% |
Net loss per share - basic and diluted |
$ |
(0.14 |
) |
|
$ |
(0.05 |
) |
|
$ |
0.09 |
|
|
|
180 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less non-cash loss on extinguishment of debt(1) |
|
22,130 |
|
|
|
— |
|
|
$ |
22,130 |
|
|
* |
|
Non-GAAP net loss |
$ |
(13,393 |
) |
|
$ |
(10,252 |
) |
|
$ |
3,141 |
|
|
|
31 |
% |
Non-GAAP net loss per share - basic and diluted |
$ |
(0.05 |
) |
|
$ |
(0.05 |
) |
|
$ |
— |
|
|
|
— |
% |
Shares used to compute non-GAAP basic and diluted net loss per
share |
|
249,295 |
|
|
|
213,880 |
|
|
|
35,415 |
|
|
|
17 |
% |
|
Six Months
EndedJune 30, |
|
|
2021 |
|
|
2020 |
|
|
$ Change |
|
|
% Change |
|
GAAP to Non-GAAP Net Loss and EPS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
$ |
(48,439 |
) |
|
$ |
(19,574 |
) |
|
$ |
28,865 |
|
|
|
147 |
% |
Net loss per share - basic and diluted |
$ |
(0.20 |
) |
|
$ |
(0.09 |
) |
|
$ |
0.11 |
|
|
|
122 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less non-cash loss on extinguishment of debt(1) |
|
22,130 |
|
|
|
— |
|
|
$ |
22,130 |
|
|
* |
|
Non-GAAP net loss |
$ |
(26,309 |
) |
|
$ |
(19,574 |
) |
|
$ |
6,735 |
|
|
|
34 |
% |
Non-GAAP net loss per share - basic and diluted |
$ |
(0.11 |
) |
|
$ |
(0.09 |
) |
|
$ |
0.02 |
|
|
|
22 |
% |
Shares used to compute non-GAAP basic and diluted net loss per
share |
|
247,970 |
|
|
|
212,943 |
|
|
|
35,027 |
|
|
|
(16 |
%) |
____________________* Not meaningful(1) There is
no provision for income taxes associated with the non-cash loss on
extinguishment of debt as a result of our full valuation
allowance.
Conference Call
MannKind will host a conference call and
presentation webcast to discuss these results today at 5:00 p.m.
Eastern Time. Those interested in listening to the conference call
live via the Internet may do so by visiting the Company's website
at www.mannkindcorp.com under Events & Presentations. A replay
will be available on MannKind's website for 14 days.
About MannKind Corporation
MannKind Corporation (Nasdaq: MNKD) focuses on
the development and commercialization of inhaled therapeutic
products for patients with endocrine and orphan lung diseases.
MannKind is currently commercializing Afrezza® (insulin human)
Inhalation Powder, the Company’s first FDA-approved product and the
only inhaled ultra rapid-acting mealtime insulin in the United
States, where it is available by prescription from pharmacies
nationwide. Afrezza is also available by prescription in Brazil
where it is commercialized by the Company’s partner Biomm SA.
MannKind was established in 1991 and is headquartered in Westlake
Village, Calif., and has a manufacturing and R&D facility in
Danbury, Conn. The Company also employs field sales and medical
representatives across the U.S. Please visit www.mannkindcorp.com
to learn more.
Forward-Looking Statements
Statements in this press release that are not
statements of historical fact are forward-looking statements that
involve risks and uncertainties. These statements include, without
limitation, statements regarding the potential approval and
commercial launch of Tyvaso DPI, MannKind’s future commercial
growth and pipeline advancement, and MannKind’s ability to directly
commercialize pharmaceutical products. Words such as “believes”,
“anticipates”, “plans”, “expects”, “intend”, “will”, “goal”,
“potential” and similar expressions are intended to identify
forward-looking statements. These forward-looking statements are
based upon MannKind’s current expectations. Actual results and the
timing of events could differ materially from those anticipated in
such forward-looking statements as a result of these risks and
uncertainties, which include, without limitation, the risk that
Tyvaso DPI may not be approved by the FDA on the timeline expected,
or at all, risks associated with product commercialization, risks
associated with developing product candidates, risks associated
with MannKind’s ability to manage its existing cash resources or
raise additional cash resources, the impact of the COVID-19
pandemic, stock price volatility and other risks detailed in
MannKind’s filings with the Securities and Exchange Commission,
including under the “Risk Factors” heading of its Annual Report on
Form 10-K for the year ended December 31, 2020 and subsequent
periodic reports on Form 10-Q and current reports on Form 8-K, each
as filed with the Securities and Exchange Commission. You are
cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date of this press release.
All forward-looking statements are qualified in their entirety by
this cautionary statement, and MannKind undertakes no obligation to
revise or update any forward-looking statements to reflect events
or circumstances after the date of this press release.
Tyvaso DPI is an investigational combination
product that is not approved for any use in any country. The Tyvaso
DPI tradename is pending final FDA review. Tyvaso DPI is a
trademark of United Therapeutics Corporation.
Thyquidity is a trademark of Vertice Pharma.
Company Contact: 818-661-5000ir@mannkindcorp.com
MANNKIND CORPORATION AND
SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE
SHEETS(Unaudited)(In thousands,
except share and per share data)
|
June 30, 2021 |
|
|
December 31, 2020 |
|
ASSETS |
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
62,522 |
|
|
$ |
67,005 |
|
Restricted cash |
|
— |
|
|
|
158 |
|
Short-term investments |
|
99,970 |
|
|
|
— |
|
Accounts receivable, net |
|
6,305 |
|
|
|
4,218 |
|
Inventory |
|
7,482 |
|
|
|
4,973 |
|
Prepaid expenses and other current assets |
|
3,624 |
|
|
|
3,122 |
|
Total current assets |
|
179,903 |
|
|
|
79,476 |
|
Property and equipment, net |
|
28,139 |
|
|
|
25,867 |
|
Long-term investments |
|
38,950 |
|
|
|
— |
|
Other assets |
|
5,799 |
|
|
|
3,265 |
|
Total assets |
$ |
252,791 |
|
|
$ |
108,608 |
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' DEFICIT |
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
Accounts payable |
$ |
7,486 |
|
|
$ |
5,582 |
|
Accrued expenses and other current liabilities |
|
22,406 |
|
|
|
19,707 |
|
PPP loan — current |
|
4,873 |
|
|
|
4,061 |
|
Deferred revenue — current |
|
20,126 |
|
|
|
33,275 |
|
Recognized loss on purchase commitments — current |
|
5,538 |
|
|
|
11,080 |
|
Total current liabilities |
|
60,429 |
|
|
|
73,705 |
|
Senior convertible notes |
|
223,217 |
|
|
|
— |
|
MidCap credit facility |
|
38,614 |
|
|
|
49,335 |
|
Mann Group promissory notes |
|
18,425 |
|
|
|
63,027 |
|
Accrued interest — Mann Group
promissory notes |
|
169 |
|
|
|
4,150 |
|
PPP loan — long term |
|
— |
|
|
|
812 |
|
2024 convertible notes |
|
— |
|
|
|
5,000 |
|
Recognized loss on purchase
commitments — long term |
|
83,179 |
|
|
|
84,208 |
|
Operating lease liability |
|
564 |
|
|
|
1,202 |
|
Deferred revenue — long term |
|
1,589 |
|
|
|
1,662 |
|
Milestone rights liability |
|
4,839 |
|
|
|
5,926 |
|
Deposits from customer |
|
5,317 |
|
|
|
— |
|
Total liabilities |
|
436,342 |
|
|
|
289,027 |
|
|
|
|
|
|
|
|
|
Stockholders' deficit: |
|
|
|
|
|
|
|
Undesignated preferred stock,
$0.01 par value — 10,000,000 shares authorized; no shares issued or
outstanding as of June 30, 2021 and December 31, 2020 |
|
— |
|
|
|
— |
|
Common stock, $0.01 par value -
400,000,000 shares authorized, 249,617,550 and 242,117,089 shares
issued and outstanding at June 30, 2021 and December 31, 2020,
respectively |
|
2,496 |
|
|
|
2,421 |
|
Additional paid-in capital |
|
2,911,535 |
|
|
|
2,866,303 |
|
Accumulated deficit |
|
(3,097,582 |
) |
|
|
(3,049,143 |
) |
Total stockholders' deficit |
|
(183,551 |
) |
|
|
(180,419 |
) |
Total liabilities and
stockholders' deficit |
$ |
252,791 |
|
|
$ |
108,608 |
|
MANNKIND CORPORATION AND
SUBSIDIARIES CONDENSED
CONSOLIDATED STATEMENTS OF
OPERATIONS(Unaudited)(In
thousands, except per share data)
|
Three Months
EndedJune 30, |
|
|
Six Months
EndedJune 30, |
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenue — commercial product sales |
$ |
9,976 |
|
|
$ |
6,985 |
|
|
$ |
18,075 |
|
|
$ |
14,985 |
|
Revenue — collaborations and services |
|
13,304 |
|
|
|
8,129 |
|
|
|
22,641 |
|
|
|
16,364 |
|
Total revenues |
|
23,280 |
|
|
|
15,114 |
|
|
|
40,716 |
|
|
|
31,349 |
|
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of goods sold |
|
4,411 |
|
|
|
3,677 |
|
|
|
8,726 |
|
|
|
7,841 |
|
Cost of revenue — collaborations and services |
|
5,515 |
|
|
|
1,983 |
|
|
|
8,810 |
|
|
|
5,345 |
|
Research and development |
|
2,329 |
|
|
|
1,464 |
|
|
|
4,771 |
|
|
|
3,219 |
|
Selling, general and administrative |
|
20,056 |
|
|
|
13,670 |
|
|
|
37,469 |
|
|
|
28,020 |
|
Asset impairment |
|
— |
|
|
|
368 |
|
|
|
— |
|
|
|
1,889 |
|
Loss (gain) on foreign currency translation |
|
903 |
|
|
|
1,867 |
|
|
|
(2,935 |
) |
|
|
71 |
|
Loss on purchase commitments |
|
339 |
|
|
|
— |
|
|
|
339 |
|
|
|
— |
|
Total expenses |
|
33,553 |
|
|
|
23,029 |
|
|
|
57,180 |
|
|
|
46,385 |
|
Loss from operations |
|
(10,273 |
) |
|
|
(7,915 |
) |
|
|
(16,464 |
) |
|
|
(15,036 |
) |
Other (expense) income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
25 |
|
|
|
14 |
|
|
|
28 |
|
|
|
147 |
|
Interest expense on notes |
|
(2,812 |
) |
|
|
(1,084 |
) |
|
|
(8,234 |
) |
|
|
(2,155 |
) |
Interest expense on Mann Group promissory notes |
|
(368 |
) |
|
|
(1,281 |
) |
|
|
(1,398 |
) |
|
|
(2,540 |
) |
Loss on extinguishment of debt |
|
(22,130 |
) |
|
|
— |
|
|
|
(22,130 |
) |
|
|
— |
|
Other income (expense) |
|
35 |
|
|
|
14 |
|
|
|
(241 |
) |
|
|
10 |
|
Total other expense |
|
(25,250 |
) |
|
|
(2,337 |
) |
|
|
(31,975 |
) |
|
|
(4,538 |
) |
Loss before provision for income
taxes |
|
(35,523 |
) |
|
|
(10,252 |
) |
|
|
(48,439 |
) |
|
|
(19,574 |
) |
Provision for income taxes |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Net loss |
$ |
(35,523 |
) |
|
$ |
(10,252 |
) |
|
$ |
(48,439 |
) |
|
$ |
(19,574 |
) |
Net loss per share - basic and
diluted |
$ |
(0.14 |
) |
|
$ |
(0.05 |
) |
|
$ |
(0.20 |
) |
|
$ |
(0.09 |
) |
Shares used to compute basic and
diluted net loss per share |
|
249,295 |
|
|
|
213,880 |
|
|
|
247,970 |
|
|
|
212,943 |
|
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