Dallas, Texas 08/13/2013 (Financialstrend) – MannKind Corporation (NASDAQ:MNKD) recently announced its financial results for the second quarter which ended on June 30, 2013.the company reported total operating expenses of $41.6 million a decrease of $2.5 million when comparing to $44.1 million reported a year ago. an increase of $0.5 million in research and development (R&D) expenses were it raised to $27.1 million from $26.6 million which was reported in the same quarter last year, the raise in research and development (R&D) expenses mainly due to an boost in non-cash stock damages expense moderately compensated by a decline in clinical trial associated expenses.
The company had general and administrative (G&A) expenses of $14.5 million which is decreased compared to $17.4 million of last year. This decrease in general and administrative expense was mainly due to non-cash expenses of a $7.7 million court case payment accrual recorded in the second quarter of 2012 somewhat compensated by improved stock compensation cost in this second quarter. Operating expenses amounted to be $78.0 million, the net loss related to common shareholders was $46.1 million or $0.16 per share compared to $36.6 million or $0.23 per share based on 159.9 million in the same period last year.
There had been a decline of 4.95% in the shares of MannKind Corporation which closed at $7.10 per share after opening at $7.51 for the day. The stock had presented intraday fluctuations on the range intraday low of $7.00 and intraday high of $7.58 per share on Monday. The shares had documented 52 week low at $1.82 and 52 week high at $8.33 per share. There are 290.88 million shares outstanding with a market cap of $2.07 billion and an institutional ownership of 18% of the total capital. The trading volume of MannKind Corporation was 15.45 million shares on Monday and the average volume is at 6.02 million shares per day.