Drug company MannKind Corp. (MNKD) Monday reported fourth-quarter net loss to common shares of $51.8 million or $0.23 per share, compared with net loss of $36 million or $0.30 per share in the prior year. Loss per share results for the reporting quarter reflect a higher share count.
On average, 8 analysts polled by Thomson Reuters expected a loss of $0.18 per share for the quarter. Analysts' estimates typically exclude special items.
Research and development expenses for the quarter escalated to $25 million from $20 million a year ago, reflecting increased clinical trial related activities.
The company also incurred other expenses of $13 million during the quarter.
Mannkind did not generate any revenues for the quarter, just as in the prior year.
Cash and cash equivalents were $61.8 million at December 2012.
MannKind Corp. focuses on the development of therapeutic products for patients with diseases such as diabetes and cancer.
For comments and feedback: editorial@rttnews.com