MannKind Corporation Posts In-Line Q4; Expense Falls 35%
MannKind Corp. (NASDAQ: MNKD) gained in Tuesday's extended session after the drug company posted a fourth-quarter loss in line with expectations and said operating expense fell 35 percent.
Shares of the Valencia, California development-stage company changed hands recently at $7, up more than 4 percent.
Mannkind posted a net loss of $36.4 million, or $0.09 a share, versus a year-earlier net loss of 53.6 million, or $0.16 a share.
Wall Street expected a loss of $0.09 a share.
Although revenue was negligible, the company noted that it launched its Afrezza inhalable insulin in the fourth quarter, and said operating expenses declined 35 percent from a year earlier on lower research and development costs.
General and administrative costs declined 29 percent, mainly on lower non-cash compensation expenses.
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