MannKind Corporation (NASDAQ:MNKD) Q2 2024 Earnings Conference Call August 7, 2024 9:00 AM ET

Company Participants

Michael Castagna - CEO
Chris Prentiss - CFO

Conference Call Participants

Olivia Brayer - Cantor Fitzgerald
Thomas Smith - Leerink Partners
Gregory Renza - RBC Capital Markets
Brandon Folkes - Rodman & Renshaw

Operator

Good morning and welcome to the MannKind Corporation Second Quarter 2024 Financial Results Earnings Call. As a reminder, this call is being recorded August 7, 2024 and will be available for playback on the MannKind Corporation website shortly after the conclusion of this call and available for approximately 90 days. This call will contain forward looking statements. Such forward looking statements are subject to risks and uncertainty which could cause actual risks to differ materially from those stated expectations. For further information on the Company's risk factors, please see the 10Q report filed with the Securities and Exchange Commission this morning, the earnings release and the slides prepared for this presentation.

Joining us today for MannKind are Chief Executive Officer, Michael Castagna and Chief Financial Officer, Chris Prentiss. I'd like to turn the conference over to Mr. Castagna. Please go ahead, sir.

Michael Castagna

Thank you. Operator. Good morning everyone excited to be here, calling in from Danbury, Connecticut today, and joining me is Chris Prentiss, our Chief Financial Officer. Today we'll go over our traditional operational and pipeline highlights, quick financial review by Chris, with some closing remarks by myself, and we'll move to Q&A.

Let me begin by talking about some of the second quarter 2024 highlights. First, we had record revenue on Tabesa DPI, between manufacturing and royalty revenue coming in. Second, clofazimine inhalation suspension is well on its way, with fast track designation by the FDA, as well as several sites now activated and ready for patient enrollment.

And thirdly, nintedanib DPI is well under its way, with results expected here in Q4 along with chronic tox, we're now on our third cohort of single dose patients, anxiously awaiting to move to the MAD section of the study shortly. In our endocrine business, we had second quarter revenue with $20.8 million driven by Afrezza I'll talk about that shortly. INHALE-1 top line results for pediatrics is expected here in Q4 and we're excited for this pivotal moment in our history to unveil these results.

And then the third part of endocrine is INHALE-3. We met at its primary endpoint 17 week data were present at ADA and were very well received and we're coming up on our 30 week data readout here in the second half, and implementing our ADA post success plan. For financial results, record revenue for the company of $72 million of 49% with a GAAP net loss of $2 million and non-GAAP of $14 million that Chris will talk about shortly. We ended the quarter with a strong balance sheet. We continue to delever the company and reducing dilution to shareholders by paying down demand convertible debt and cash in stock, as opposed to stock only.