Shares of MannKind Corporation (NASDAQ: MNKD) rose over 6.5% in pre trading session on Wednesday the company releases that Michael Castagna, PharmD, its Chief Executive Officer, would participate in a Fireside Chat at the 2023 RBC Capital Markets Global Healthcare Conference on Tuesday, May 16, 2023 at 2:05 pm (ET) at the InterContinental New York Barclay.
The PharmD, Chief Executive Officer of MannKind Corporation, Michael Castagna stated that Demand for Tyvaso DPI has been very strong, resulting in revenues of $23 million in the first quarter of 2023. He is excited about their inhaled platform and orphan lung pipeline as they get ready to launch their Phase 2/3 inhaled clofazimine trial for patients in the second half of 2023.
Afrezza’s net revenue increased in the first quarter of 2023 compared to the same time in 2022 due to stronger product demand, higher prices (including a more favorable gross-to-net adjustment), and a more favorable cartridge mix. In the second quarter of 2022, V-Go® was bought. The rise in partnerships and services income reflected the fact that Tyvaso DPI commercial production had not yet begun in the preceding period. Royalties for Tyvaso DPI, which United Therapeutics (“UT”) debuted in the second quarter of 2022, have continued to rise because to significant patient demand.
Commercial product gross margin was 69% in the first quarter of 2023, compared to 77% in the same time in 2022, owing principally to the inclusion of V-Go in the second quarter of 2022, which had a lower gross margin than Afrezza.
The cost of revenue – partnerships and services was $10.7 million in the first quarter of 2023, up from $8.7 million in the same time in 2022, a $2.0 million rise owing to an increase in Tyvaso DPI manufacturing operations.
General and administrative costs were $10.5 million in the first quarter of 2023, up from $7.9 million in the same time in 2022. The $2.6 million increase was mostly due to increasing stock-based pay, personnel, and professional expenses.
The interest expenditure on financing liabilities was $2.4 million in the first quarter of 2023, the same as in the same period in 2022.
Due to constant interest rates and no changes in loan balances, interest expenditure on notes was $2.8 million in the first quarter of 2023, remaining steady with the same period in 2022.
As of March 31, 2023, cash, cash equivalents, and investments totaled $166.6 million.
