XML 42 R28.htm IDEA: XBRL DOCUMENT
v3.21.2

Borrowings (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2021
Debt Disclosure [Abstract] |
Summary of Carrying Amount of Principal Borrowings | Carrying amount of principal borrowings consist of the following (in thousands):
|  | September 30, 2021 |  |  | December 31, 2020 |
Senior convertible notes |  | $ | 223,580 |  |  | $ | — |
MidCap credit facility |  |  | 38,723 |  |  |  | 49,335 |
Mann Group promissory notes(1) |  |  | 18,425 |  |  |  | 63,027 |
PPP loan |  |  | — |  |  |  | 4,873 |
2024 convertible notes |  |  | — |  |  |  | 5,000 |
Total debt — net carrying amount |  | $ | 280,728 |  |  | $ | 122,235 |
___________________
(1) | The amendment to the Mann Group convertible note in the second quarter of 2021 resulted in a substantial premium of $22.1 million based on the fair value post modification, which contributed to the loss on extinguishment in the condensed consolidated statement of operations for the nine months ended September 30, 2021 and was recognized as additional paid-in capital in the condensed consolidated balance sheet as of September 30, 2021. The accounting for the $22.1 million loss on extinguishment did not result in a change in the financial position of the Company.
Schedule of Line of Credit Facility Debt and Key Terms | The following table provides a summary of the Company’s debt and key terms as of September 30, 2021:
|  | Amount Due |  |  | Terms
|  | September 30, 2021 |  |  | December 31, 2020 |  |  | Annual Interest Rate |  |  |  |  | Maturity Date |  |  |  | Conversion Price
Senior convertible notes |  | $230.0 million |  |  | $ | — |  |  | 2.50% |  |  |  |  | March 2026 |  |  |  | $5.21 per share
MidCap credit facility(1) |  | $40.0 million |  |  | $50.0 million |  |  | one-month LIBOR (1% floor) plus 6.25% |  |  | (1 | ) | August 2025 |  | (1 | ) | N/A
Mann Group convertible note |  | $18.4 million (plus $0.3 million accrued interest paid-in-kind) |  |  | $28.0 million (plus $0.6 million accrued interest paid-in-kind) |  |  | 2.50% |  |  | (2 | ) | December 2025 |  | (2 | ) | $2.50 per share
Mann Group non-convertible note(3) |  |  | — |  |  | $35.1 million (plus $3.6 million accrued interest paid-in-kind) |  |  | 7.00% |  |  |  |  | November 2024 |  |  |  | N/A
PPP loan(4) |  |  | — |  |  | $4.9 million |  |  | 0.98% |  |  |  |  | April 2022 |  |  |  | N/A
2024 convertible notes(5) |  |  | — |  |  | $5.0 million |  |  | 5.75% |  |  |  |  | November 2024 |  |  |  | $3.00 per share
____________________
(1) | In April 2021, the Company prepaid $10.0 million principal balance and amended the MidCap credit facility. The interest rate prior to the amendment was one-month LIBOR (2% floor) plus 6.75% and the maturity date was in August 2024.
(2) | In April 2021, the Mann Group convertible note was amended. The interest rate prior to the amendment was 7.00% and the maturity date was in November 2024.
(3) | In April 2021, the Company prepaid $35.1 million principal balance as well as accrued unpaid interest.
(4) | In July 2021, the Company received full forgiveness from the SBA for the $4.9 million principal balance of the PPP loan and recognized a gain on extinguishment of debt for the full principal balance and a de minimis amount of accrued but unpaid interest.
(5) | In February 2021, the $5.0 million principal balance was converted into 1,666,667 shares of the Company’s common stock.
Schedule of Maturities of Our Borrowings | The maturities of the Company’s borrowings as of September 30, 2021 are as follows (in thousands):
|  | Amounts |
2021 |  | $ | — |
2022 |  |  | — |
2023 |  |  | 6,667 |
2024 |  |  | 20,000 |
Thereafter |  |  | 261,758 |
Total principal payments |  |  | 288,425 |
Discount |  |  | (1,277 | )
Debt issuance cost |  |  | (6,420 | )
Total debt — net carrying amount |  | $ | 280,728 |
Schedule of Amortization of Debt Premium and Accretion of Debt Discount and Debt Issuance Cost | Amortization of debt discount and debt issuance cost related to all borrowings for the three and nine months ended September 30, 2021 and 2020 were as follows (in thousands):
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Amortization of debt discount |  | $ | 109 |  |  | $ | 53 |  |  | $ | 255 |  |  | $ | 232 |
Amortization of debt issuance cost |  |  | 363 |  |  |  | 27 |  |  |  | 852 |  |  |  | 82 |

X
- Definition Schedule of amortization of debt issuance cost and debt discount. + References No definition available. + Details
Name: | mnkd_ScheduleOfAmortizationOfDebtIssuanceCostAndDebtDiscountTableTextBlock
Namespace Prefix: | mnkd_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. + References No definition available. + Details
Name: | us-gaap_ScheduleOfDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of short-term or long-term contractual arrangements with lenders, including letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19(b),22(b)) -URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 + Details
Name: | us-gaap_ScheduleOfLineOfCreditFacilitiesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of maturity and sinking fund requirement for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=123465755&loc=d3e1835-112601 + Details
Name: | us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration