MANNKIND CORP

Listed Company

MNKDCIK 0000899460NasdaqLarge AcceleratedPharmaceutical PreparationsDelawareFY ends Dec 31

Period

FY 2025

Revenue

$348.97M

Net Income

$5.86M

Total Assets

$792.18M

Equity

$-51.02M

Shares Out

308.10M

Op. Cash Flow

$18.25M

Business

MannKind Corp is a biopharmaceutical company developing and commercializing therapeutic products and inhalation delivery devices for endocrine and orphan lung diseases. It offers Technosphere dry-powder formulations and Dreamboat inhalers and commercializes Afrezza inhaled insulin, the V-Go wearable insulin delivery device, and supplies Tyvaso DPI through a commercialization partner. Key business units include an Endocrine unit (Afrezza, V-Go) and a Pulmonary/orphan lung disease unit (MNKD-101, MNKD-201) with formulation and manufacturing operations. MannKind sells directly in the United States and uses regional licensing, partner commercialization and contract manufacturing for international distribution.

Summary from filing dated 2025-02-26

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenues	349	286	199	100	75
Cost of goods sold - commercial, excluding amortization of acquired intangible assets	27	17	21	16	17
Research and development	66	46	31	20	12
Selling, general and administrative	144	94	94	91	77
Amortization of acquired intangible assets	4	—	—	—	—
Loss (gain) on foreign currency transaction	8	−4	2	−5	−7
Total expenses	310	213	190	164	122
Income from operations	39	73	9	−64	−47
Interest income, net	8	13	6	3	112,000
Interest expense on liability for sale of future royalties	−14	−16	−185,000	—	—
Interest expense	−14	−12	−15	−15	—
Interest expense on financing liability	−10	−10	−10	−10	−1
Impairment of available-for-sale investment	−6	−2	−170,000	—	—
Gain on bargain purchase	—	5	—	—	—
Other (expense) income	−1	32,000	122,000	−102,000	−239,000
Loss on settlement of debt	—	−20	—	—	−17
Total other expense	−37	−42	−19	−23	−34
Income before income tax (benefit) expense	1	31	−10	−87	−81
Income tax (benefit) expense	−4	3	2	0	0
Net Income (Loss)	6	28	−12	−87	−81
Net income (loss) per share - basic	0.02	0.1	−0.04	−0.34	−0.32
Weighted average shares used to compute net income (loss) per share - basic	306	274	267	257	249
Net income (loss) per share - diluted	0.02	0.1	−0.04	−0.34	−0.32
Weighted average shares used to compute net income (loss) per share - diluted	314	284	267	257	249

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	75	46	238	70	124
Short-term investments	96	151	57	101	80
Accounts receivable, net	38	12	15	17	5
Inventory	35	28	29	22	7
Prepaid expenses and other current assets	47	31	35	25	3
Total current assets	292	268	373	235	219
Restricted cash	745,000	737,000	—	—	—
Long-term investments	5	5	7	2	57
Property and equipment, net	82	85	84	45	37
Goodwill	68	2	2	2	—
Developed technology - on-body infusor	190	—	—	—	—
IPR&D - ReadyFlow Formulation	130	—	—	—	—
Other intangible assets	5	5	1	1	—
Other assets	20	27	7	10	8
Total assets	792	394	475	295	321
Accounts payable	9	7	10	11	7
Accrued expenses and other current liabilities	65	40	42	36	27
Senior convertible notes - current	36	—	—	—	—
Liability for sale of future royalties - current	14	12	10	—	—
Contingent consideration - current	21	—	—	—	—
Financing liability - current	10	10	10	—	—
Deferred revenue - current	15	12	9	2	827,000
Total current liabilities	171	82	104	67	48
Liability for sale of future royalties - long term	137	137	136	—	—
Financing liability - long term	93	94	94	—	—
Deferred revenue long term	40	51	70	38	20
Recognized loss on purchase commitments long term	66	58	61	63	77
Operating lease liability	11	12	4	5	1
Contingent consideration -long term	5	—	—	—	—
Milestone liabilities	2	3	3	5	5
Term loan	318	—	—	—	—
Senior convertible notes	—	36	227	225	224
Total liabilities	843	473	721	546	531
Commitments and contingencies (Note 14)	—	—	—	—	—
Undesignated preferred stock, $0.01 par value - 10,000,000 shares authorized; no shares issued or outstanding as of December 31, 2025 or December 31,2024	—	—	—	—	—
Common stock, $0.01 par value - 800,000,000 shares authorized; 307,832,587 and 302,959,782 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively	3	3	3	3	3
Additional paid-in capital	3,142	3,119	2,981	2,964	2,918
Accumulated other comprehensive income	115,000	1	—	—	—
Accumulated deficit	−3,196	−3,202	−3,229	−3,217	−3,130
Total stockholders' deficit	−51	−79	−246	−251	−209
Total liabilities and stockholders' deficit	792	394	475	295	321

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net income (loss)	6	28	−12	−87	−81
Stock-based compensation	24	21	18	13	12
Interest on liability for sale of future royalties	14	16	185,000	—	—
Sold portion of royalty revenue	−13	−10	−2	—	—
Write-off of inventory	10	4	5	2	2
Depreciation and amortization	12	7	5	3	2
Impairment loss on available-for-sale investment	6	2	170,000	—	—
Net accretion of investments	−3	−5	−925,000	—	—
Non-cash lease expense of right-of-use assets	1	2	1	3	1
Change in fair value of contingent liability	1	—	—	—	—
Amortization of debt discount and issuance costs	854,000	2	2	2	2
Loss on estimated returns of acquired product	—	1	—	—	—
Other, net	155,000	380,000	−84,000	17,000	—
Change in deferred tax liability	−5	—	—	—	—
Accounts receivable, net	−5	3	2	−12	−776,000
Inventory	−7	−3	−11	−6	−4
Prepaid expenses and other current assets	−10	−7	−7	−16	−360,000
Other assets	−2	−4	263,000	523,000	−138,000
Accounts payable	−17	−3	−1	4	1
Accrued expenses and other current liabilities	3	−3	7	−723,000	9
Deferred revenue	−8	−15	39	19	−15
Recognized loss on purchase commitments	—	−3	−9	−6	−6
Operating lease liabilities	−873,000	−2	−2	−3	−2
Net cash provided by operating activities	18	43	34	−81	−62
Purchase of available-for-sale securities	−158	−7	—	−5	−3
Proceeds from maturities of available-for-sale securities	215	58	—	—	—
Acquisition of scPharma, net of cash acquired	−348	—	—	−15	—
Issuance of note receivable	−10	—	—	—	—
Purchase of property and equipment	−5	−10	−42	−8	−11
Purchase of held-to-maturity securities	—	−274	−79	−75	−196
Proceeds from maturities of held-to-maturity securities	—	135	119	107	59
Proceeds from insurance claim	—	396,000	382,000	—	—
Net cash used in investing activities	−305	−97	−2	5	−152
Proceeds from term loan	325	—	—	—	—
Payment of loan issuance costs	−7	—	—	—	—
Payments for taxes related to net issuance of common stock associated with restricted stock units and stock options	−3	−6	−10	319,000	−498,000
Principal payments on financing liability	−726,000	−398,000	−189,000	—	—
Proceeds from market price stock purchase plan and employee stock purchase plan	2	3	2	3	106,000
Milestone Right Agreement payment	−639,000	−752,000	−924,000	—	—
Principal and early extinguishment payments on MidCap credit facility	—	−37	−7	—	—
Proceeds from sale of future royalties	—	—	150	—	—
Issuance costs associated with sale of future royalties	—	—	−4	—	—
Principal and early extinguishment payments on senior convertible notes	—	−88	—	—	—
Principal and early extinguishment payments on Mann Group convertible note	—	−9	—	—	−35
Net cash provided by (used in) financing activities	315	−137	137	21	270
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	29	−191	169	−54	57
Interest paid in cash	15	18	18	9	11
Income taxes paid in cash	2	4	—	—	—
Non-cash contingent consideration from acquisition of scPharma	25	—	—	—	—
Debt forgiven as part of scPharma acquisition	10	—	—	—	−5
Payments of senior convertible note principal through common stock issuances	—	116	—	—	—
Amortization of liability for sale of future royalties	1	4	—	—	—
Purchases of property and equipment included in accounts payable and accrued expenses	619,000	2	2	1	1
Assumption of right-of-use-asset and operating lease liability	—	10	—	—	—
Non-cash acquisition of intangible asset	—	4	—	—	—
Non-cash acquisition of property and equipment	—	959,000	—	—	—
Right-of-use asset modification	—	—	728,000	4	278,000
Goodwill adjustment for a net reduction in liabilities	—	—	497,000	—	—
Receivable for insurance claim on damaged equipment	—	—	445,000	—	—
Accrued issuance costs associated with liability for sale of future royalties	—	—	325,000	—	—

Filings

Filing historySign up free to browse every 10-K, 10-Q, 8-K, and proxy this filer has submitted to the SEC.Sign up free · Upgrade to Pro

Material Events

Material EventsTrack every 8-K filing and material event — AI-summarized, timelined, and alertable.Sign up free · Upgrade to Pro

Insiders

Insider ActivitySee executive buy/sell windows and insider trade activity over rolling 30/90/365-day windows.Sign up free · Upgrade to Pro

Institutional Holders

Institutional HoldersSee which funds hold this stock and track position changes quarter over quarter.Sign up free · Upgrade to Pro