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Revenue up 22% as MannKind (NASDAQ: MNKD) absorbs Furoscix deal costs

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Form Type
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Rhea-AI Filing Summary

MannKind Corporation reported strong top-line growth for the fourth quarter and full year 2025, driven by its cardiometabolic and inhaled therapies portfolio. Q4 2025 revenues were $111.9 million, up 46% from Q4 2024, with full year 2025 revenues of $349.0 million, a 22% increase over 2024.

Growth came from higher royalties on Tyvaso DPI, increased collaborations and services for United Therapeutics, and rising Afrezza sales, plus $23.2 million of Furoscix revenue added after acquiring scPharmaceuticals in October 2025. Despite this, MannKind recorded a Q4 2025 net loss of $15.9 million and full year 2025 net income of $5.9 million, down from $27.6 million in 2024, as R&D and SG&A spending rose sharply to support pipeline development and the Furoscix launch.

Positive

  • None.

Negative

  • None.

Insights

Revenue grew 22% in 2025, but higher spending and deal costs compressed earnings.

MannKind delivered notable top-line expansion, with 2025 revenues of $348.97M, up 22% from 2024. Q4 2025 revenue reached $111.96M, a 46% year-over-year increase, reflecting stronger Afrezza sales, Tyvaso DPI royalties and the first quarter of Furoscix contribution after the October 7, 2025 acquisition of scPharma.

Profitability, however, moved in the opposite direction. Full year GAAP net income fell to $5.86M from $27.59M in 2024, and Q4 swung to a net loss of $15.95M. R&D expenses rose 45% to $66.35M, and SG&A climbed 53% to $144.14M, as the company advanced MNKD-201, expanded research capabilities, and funded Furoscix commercialization and Afrezza pediatric launch preparation.

Non-GAAP results smooth some of these effects: 2025 non-GAAP adjusted net income was $59.52M versus $67.71M in 2024, indicating the core business remained profitable even as MannKind absorbed acquisition-related expenses of $9.69M and began amortizing acquired intangibles. Future disclosures on the Afrezza pediatric and Furoscix ReadyFlow PDUFA decisions in May 2026 and July 2026 will help clarify how this increased investment translates into growth.

false000089946000008994602026-02-262026-02-26

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 26, 2026

 

 

MannKind Corporation

(Exact name of Registrant as Specified in Its Charter)

 

 

Delaware

000-50865

13-3607736

(State or Other Jurisdiction
of Incorporation)

(Commission File Number)

(IRS Employer
Identification No.)

 

 

 

 

 

1 Casper Street

 

Danbury, Connecticut

 

06810

(Address of Principal Executive Offices)

 

(Zip Code)

 

Registrant’s Telephone Number, Including Area Code: (818) 661-5000

 

N/A

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class

 

Trading
Symbol(s)

 


Name of each exchange on which registered

Common Stock, par value $0.01 per share

 

MNKD

 

The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 


Item 2.02. Results of Operations and Financial Condition.

On February 26, 2026, MannKind Corporation issued a press release, a copy of which is furnished herewith as Exhibit 99.1 and is incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.

 

Exhibit 99.1

Press release dated February 26, 2026

 

 

Exhibit 104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

 


SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

MannKind Corporation

 

Date: February 26, 2026

By:

/s/ David Thomson, Ph.D., J.D.

David Thomson, Ph.D., J.D.

Corporate Vice President, General Counsel and Secretary

 

 


img208524907_0.gif

MannKind Reports Fourth Quarter and Full Year 2025 Financial Results and Provides Business Update

 

Conference call today at 9:00 am ET

 

Q4 2025 revenues of $112M, +46% vs. Q4 2024
Furoscix® Q4 2025 net sales of $23M, +91% vs. Q4 2024
Afrezza® Q4 2025 net sales of $23M, +25% vs. Q4 2024
2025 full year revenues of $349M, +22% vs. 2024
Successfully completed the acquisition of scPharmaceuticals Inc. (scPharma)
Program updates:
Afrezza pediatric indication PDUFA date May 29, 2026
Furoscix ReadyFlow Autoinjector PDUFA date July 26, 2026

 

DANBURY, Conn. and WESTLAKE VILLAGE, Calif., Feb. 26, 2026 (GLOBE NEWSWIRE) -- MannKind Corporation (Nasdaq: MNKD)

a biopharmaceutical company dedicated to transforming chronic disease care through innovative, patient-centric solutions for cardiometabolic and orphan lung diseases, today reported financial results for the fourth quarter and year ended December 31, 2025, and provided a business update.

 

“MannKind closed 2025 with strong momentum across our commercial portfolio and meaningful progress in our pipeline. The addition of Furoscix strengthens our cardiometabolic franchise, while Afrezza and UT-related revenues continue to deliver sustained growth,” said Michael Castagna, PharmD, Chief Executive Officer of MannKind Corporation. “As we enter a catalystrich 2026, with two upcoming FDA decisions, and Nintedanib DPI INFLO-1 Phase 1b topline data, we believe we are wellpositioned to drive longterm value for patients, providers and shareholders. Our team’s hard work over the last several years is culminating in significant milestones with the potential to drive near-term growth.”

 

Business Update and Upcoming Milestones

Commercial Products

Furoscix

Furoscix (furosemide injection) generated $23 million in net sales following the October 7, 2025, acquisition, compared to $12 million in Q4 2024 as reported by scPharma, a 91% increase
FDA accepted for review a supplemental New Drug Application (sNDA) for Furoscix ReadyFlow Autoinjector; with a PDUFA target action date of July 26, 2026; if approved, it would deliver an IV-equivalent diuretic dose (subcutaneous furosemide injection 80 mg/ml) in under 10 seconds

Afrezza

Afrezza (insulin human) Inhalation Powder Q4 2025 net sales were $23 million, compared to $18 million in Q4 2024, a 25% increase
FDA accepted for review the supplemental Biologics License Application (sBLA) for Afrezza in pediatrics, with a PDUFA target action date of May 29, 2026; if approved, it would be the first needle-free insulin option for pediatric patients
In Q1 2026, the FDA approved updated Afrezza label providing starting dose guidance when switching from multiple daily injections (MDI) or insulin pump mealtime therapy
ADA Standards of Care in Diabetes – 2026 now recommends clinicians evaluate inhaled insulin as a prandial option at every patient visit, moving it into routine care conversations and creating a catalyst for broader adoption
Afrezza launched in India by Cipla

 

Development

Nintedanib DPI (MNKD-201)

Enrollment underway in Phase 1b (INFLO-1) study, top line data expected in 2H 2026
Initiated Phase 2 clinical trial (INFLO-2) in idiopathic pulmonary fibrosis (IPF) and plan to enroll first patient in Q2 2026

Other Programs

Formulating investigational molecule (MNKD-1501) under the expanded collaboration with United Therapeutics (UT) using MannKind’s proprietary Technosphere® platform
Initiated pre-clinical development of Bumetanide DPI (MNKD-701)

 

Corporate Update

Completed acquisition of scPharma on October 7, 2025
Cash, cash equivalents and investments as of December 31, 2025, totaled $176 million

 

Fourth Quarter and Full Year 2025 Financial Results

 

Revenues

 

 

Three Months
Ended December 31,

 

 

 

2025

 

 

2024

 

 

$ Change

 

 

% Change

 

Revenues

 

(Dollars in thousands)

 

Royalties

 

$

33,564

 

 

$

27,009

 

 

$

6,555

 

 

 

24

%

Collaborations and services

 

 

27,986

 

 

 

26,710

 

 

 

1,276

 

 

 

5

%

Afrezza

 

 

22,878

 

 

 

18,279

 

 

 

4,599

 

 

 

25

%

Furoscix(1)

 

 

23,178

 

 

 

 

 

 

23,178

 

 

N/A

 

V-Go

 

 

4,349

 

 

 

4,778

 

 

 

(429

)

 

 

(9

%)

Total revenues

 

$

111,955

 

 

$

76,776

 

 

$

35,179

 

 

 

46

%

________________________

(1)
Amount represents revenue earned beginning on the scPharma acquisition date of October 7, 2025.

 

 

Year
Ended December 31,

 

 

 

2025

 

 

2024

 

 

$ Change

 

 

% Change

 

Revenues

 

(Dollars in thousands)

 

Royalties

 

$

128,116

 

 

$

102,335

 

 

$

25,781

 

 

 

25

%

Collaborations and services

 

 

106,713

 

 

 

100,840

 

 

 

5,873

 

 

 

6

%

Afrezza

 

 

74,587

 

 

 

64,041

 

 

 

10,546

 

 

 

16

%

Furoscix(1)

 

 

23,178

 

 

 

 

 

 

23,178

 

 

N/A

 

V-Go

 

 

16,372

 

 

 

18,288

 

 

 

(1,916

)

 

 

(10

%)

Total revenues

 

$

348,966

 

 

$

285,504

 

 

$

63,462

 

 

 

22

%

_________________________

(1)
Amount represents revenue earned beginning on the scPharma acquisition date of October 7, 2025.

 

Total revenues for the fourth quarter and full year 2025 rose due to increases in revenue from royalties, collaborations and services, and commercial product sales. The increase in royalties was due to UT’s increase in net revenue from sales of Tyvaso DPI®. Collaborations and services revenue grew due to increased units sold to UT. Revenue from commercial sales increased primarily due to net sales from Furoscix beginning on the scPharma acquisition date of October 7, 2025 as well as an increase in net sales of Afrezza over the prior periods.

 

Operating Expenses and Other Financial Highlights

 

Cost of goods sold – commercial, excluding amortization of acquired intangible assets, was $13.9 million for the fourth quarter of 2025, compared to $4.8 million for the same period in 2024, an increase of 190%. For the full year 2025, Cost of goods sold – commercial, excluding amortization of acquired intangible assets, was $26.8 million, compared to $17.4 million for the same period in 2024, an increase of 54%. These increases are primarily attributable to the inclusion of Furoscix following the acquisition on October 7, 2025, as well as increased sales of Afrezza.

 

Cost of revenue – collaborations and services was $15.7 million for the fourth quarter of 2025, compared to $14.8 million for the same period in 2024, an increase of 6%. For the full year 2025, cost of revenue – collaborations and services was $61.2 million, compared to $59.2 million for the same period in 2024, an increase of 3%. These increases are primarily the result of a higher number of units of Tyvaso DPI sold through to UT compared to the prior periods.

 

Research and development ("R&D") expenses were $27.6 million for the fourth quarter of 2025 compared to $11.1 million for the same period in 2024, an increase of 148%. For the full year 2025, R&D expenses were $66.3 million compared to $45.9 million in the same period in 2024, an increase of 45%. These increases were primarily attributable to the ICoN-1 clinical study for MNKD-101, which was discontinued in the fourth quarter of 2025, clinical production scale-up for MNKD-201, personnel costs primarily due to a full-year of costs associated with the third quarter of 2024 Pulmatrix transaction, which bolstered our research capabilities and capacity, and ReadyFlow Autoinjector-related expenses. These increases were partially offset by the completion of INHALE-3, the Phase 1 clinical study for MNKD-201, and toxicology studies in 2024, as well as lower costs for INHALE-1 as the study was closed out in the second quarter of 2025.

 

Selling, general and administrative ("SG&A") expenses were $58.4 million for the fourth quarter of 2025 compared to $24.0 million for the same period in 2024, an increase of 144%. For the full year 2025, SG&A expenses were $144.1 million compared to $94.3 million in the same period in 2024, an increase of 53%. These increases primarily reflect the inclusion of SG&A costs associated with the promotion and support of Furoscix as well as transaction-related costs incurred as part of the acquisition of scPharma. The remainder of the increase was largely attributable to higher headcount and personnel-related expenses in our commercial group as well as increased promotional costs in preparation to support the potential pediatric launch of Afrezza in 2026.

 

Conference Call

MannKind will host a conference call and presentation webcast to discuss these results today at 9:00 a.m. Eastern Time. The webcast will

 


 

be accessible via a link on MannKind’s website. A replay will also be available in the same location within 24 hours after the call and accessible for approximately 90 days.

 

About MannKind

MannKind Corporation (Nasdaq: MNKD) is a biopharmaceutical company dedicated to transforming chronic disease care through innovative, patient-centric solutions. Focused on cardiometabolic and orphan lung diseases, we develop and commercialize treatments that address serious unmet medical needs, including diabetes, pulmonary hypertension, and fluid overload in heart failure and chronic kidney disease.

 

With deep expertise in drug-device combinations, MannKind aims to deliver therapies designed to fit seamlessly into daily life.

 

Learn more at mannkindcorp.com.

 

Forward-Looking Statements

Statements in this press release that are not statements of historical fact are forward-looking statements that involve risks and uncertainties. These statements include, without limitation, statements regarding MannKind's expectations about 2026 being a catalyst-rich year; the FDA’s potential approval of the sBLA for Afrezza for the pediatric population and of the sNDA for Furoscix ReadyFlow Autoinjector, and the expected timing thereof; expectations regarding MannKind’s ongoing and planned clinical trials and nonclinical studies, including the timing for enrollment for the Phase 2 clinical trial of MNKD-201 in IPF and the expected timing for data readouts from the Phase 1b clinical trial of MNKD-201, and preclinical development of MNKD-701; the potential benefits of Furoscix ReadyFlow Autoinjector and Afrezza Inhalation Powder in pediatrics, if approved; the ADA’s Standards of Care in Diabetes 2026 recommendations for inhaled insulin creating a catalyst for broader adoption; and MannKind being positioned to drive long-term value. Words such as “believes,” “anticipates,” “plans,” “expects,” “intend,” “will,” “goal,” “potential” and similar expressions are intended to identify forward-looking statements. These forward-looking statements are based upon MannKind’s current expectations. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties, which include, without limitation, risks associated with developing product candidates; risks and uncertainties related to unforeseen delays that may impact the timing of clinical trials and reporting data; risks associated with safety and other complications of our products and product candidates; risks associated with the regulatory review process; risks associated with competition; manufacturing risks; market adoption risks; and other risks detailed in MannKind’s filings with the Securities and Exchange Commission (“SEC”), including under the “Risk Factors” heading of its Annual Report on Form 10-K for the year ended December 31, 2025, being filed with the SEC later today. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement, and MannKind undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date of this press release.

 

Tyvaso DPI is a trademark of United Therapeutics Corporation.

 

Furoscix is a registered trademark and Furoscix ReadyFlow is a trademark of scPharmaceuticals Inc., a subsidiary of MannKind Corporation.

 

AFREZZA, MANNKIND, TECHNOSPHERE and V-GO are registered trademarks of MannKind Corporation.

 

MannKind Contacts:

Investor Relations

Kate Miranda

(617) 921-5461

Email: ir@mnkd.com

 

Media Relations

Christie Iacangelo

(818) 292-3500

Email: media@mnkd.com

 

 


 

 

MANNKIND CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS

 

 

 

Three Months
Ended December 31,

 

 

Year
Ended December 31,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

 

(In thousands except per share data)

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

Commercial product sales

 

$

50,405

 

 

$

23,057

 

 

$

114,137

 

 

$

82,329

 

Collaborations and services

 

 

27,986

 

 

 

26,710

 

 

 

106,713

 

 

 

100,840

 

Royalties

 

 

33,564

 

 

 

27,009

 

 

 

128,116

 

 

 

102,335

 

Total revenues

 

 

111,955

 

 

 

76,776

 

 

 

348,966

 

 

 

285,504

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of goods sold – commercial, excluding amortization of acquired intangible assets

 

 

13,927

 

 

 

4,808

 

 

 

26,800

 

 

 

17,429

 

Cost of revenue – collaborations and services

 

 

15,746

 

 

 

14,796

 

 

 

61,160

 

 

 

59,173

 

Research and development

 

 

27,588

 

 

 

11,138

 

 

 

66,348

 

 

 

45,893

 

Selling, general and administrative

 

 

58,411

 

 

 

23,972

 

 

 

144,135

 

 

 

94,329

 

Amortization of acquired intangible assets

 

 

3,973

 

 

 

 

 

 

3,973

 

 

 

 

(Gain) loss on foreign currency transaction

 

 

(3

)

 

 

(4,433

)

 

 

7,749

 

 

 

(3,907

)

Total expenses

 

 

119,642

 

 

 

50,281

 

 

 

310,165

 

 

 

212,917

 

(Loss) income from operations

 

 

(7,687

)

 

 

26,495

 

 

 

38,801

 

 

 

72,587

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

Interest income, net

 

 

1,637

 

 

 

2,825

 

 

 

8,053

 

 

 

12,615

 

Interest expense on liability for sale of future royalties

 

 

(3,885

)

 

 

(3,452

)

 

 

(14,449

)

 

 

(16,172

)

Interest expense on financing liability

 

 

(2,451

)

 

 

(2,467

)

 

 

(9,750

)

 

 

(9,828

)

Impairment of available-for-sale investment

 

 

 

 

 

 

 

 

(6,409

)

 

 

(1,550

)

Interest expense

 

 

(7,536

)

 

 

(1,562

)

 

 

(13,830

)

 

 

(11,981

)

Other (expense) income

 

 

(1,009

)

 

 

 

 

 

(1,009

)

 

 

32

 

Gain on bargain purchase

 

 

 

 

 

 

 

 

 

 

 

5,259

 

Loss on settlement of debt

 

 

 

 

 

(13,394

)

 

 

 

 

 

(20,444

)

Total other expense

 

 

(13,244

)

 

 

(18,050

)

 

 

(37,394

)

 

 

(42,069

)

Income before income tax (benefit) expense

 

 

(20,931

)

 

 

8,445

 

 

 

1,407

 

 

 

30,518

 

Income tax (benefit) expense

 

 

(4,983

)

 

 

1,023

 

 

 

(4,456

)

 

 

2,930

 

Net (loss) income

 

$

(15,948

)

 

$

7,422

 

$

5,863

 

 

$

27,588

 

Net (loss) income per share – basic

 

$

(0.05

)

 

$

0.03

 

 

$

0.02

 

 

$

0.10

 

Weighted average shares used to compute net (loss) income
   per share – basic

 

 

307,260

 

 

 

279,191

 

 

 

305,639

 

 

 

274,415

 

Net (loss) income per share – diluted

 

$

(0.05

)

 

$

0.03

 

 

$

0.02

 

 

$

0.10

 

Weighted average shares used to compute net (loss) income
   per share – diluted
(1)

 

 

307,260

 

 

 

290,631

 

 

 

314,112

 

 

 

283,844

 

 

_________________________

(1)
Diluted weighted average shares ("DWAS") differs from basic weighted average shares due to the weighted average number of shares that would be outstanding upon exercise or vesting of outstanding share-based payments to employees and conversion of convertible notes. For the year ended December 31, 2025, DWAS included 8.5 million shares issuable upon exercise or vesting of outstanding share-based payments.

 

 


 

 

 

MANNKIND CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS

 

 

 

December 31, 2025

 

 

December 31, 2024

 

 

 

(In thousands except share
and per share data)

 

ASSETS

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

74,882

 

 

$

46,339

 

Short-term investments

 

 

96,464

 

 

 

150,917

 

Accounts receivable, net

 

 

38,367

 

 

 

11,804

 

Inventory

 

 

35,313

 

 

 

27,886

 

Prepaid expenses and other current assets

 

 

46,553

 

 

 

31,360

 

Total current assets

 

 

291,579

 

 

 

268,306

 

Restricted cash

 

 

745

 

 

 

737

 

Long-term investments

 

 

5,012

 

 

 

5,482

 

Property and equipment, net

 

 

82,423

 

 

 

85,365

 

Goodwill

 

 

67,595

 

 

 

1,931

 

Developed technology - on-body infusor

 

 

190,027

 

 

 

 

IPR&D - ReadyFlow Formulation

 

 

129,600

 

 

 

 

Other intangible assets

 

 

5,072

 

 

 

5,265

 

Other assets

 

 

20,129

 

 

 

26,757

 

Total assets

 

$

792,182

 

 

$

393,843

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' DEFICIT

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

9,034

 

 

$

6,792

 

Accrued expenses and other current liabilities

 

 

64,628

 

 

 

40,293

 

Senior convertible notes – current

 

 

36,280

 

 

 

 

Liability for sale of future royalties – current

 

 

14,298

 

 

 

12,283

 

Contingent consideration - current

 

 

21,132

 

 

 

 

Financing liability – current

 

 

10,328

 

 

 

10,062

 

Deferred revenue – current

 

 

15,331

 

 

 

12,407

 

Total current liabilities

 

 

171,031

 

 

 

81,837

 

Liability for sale of future royalties – long term

 

 

136,985

 

 

 

137,362

 

Financing liability – long term

 

 

93,092

 

 

 

93,877

 

Deferred revenue – long term

 

 

39,977

 

 

 

51,160

 

Recognized loss on purchase commitments – long term

 

 

65,952

 

 

 

58,204

 

Operating lease liability

 

 

10,689

 

 

 

11,645

 

Contingent consideration – long term

 

 

5,114

 

 

 

 

Milestone liabilities

 

 

2,003

 

 

 

2,523

 

Term loan

 

 

318,361

 

 

 

 

Senior convertible notes

 

 

 

 

 

36,051

 

Total liabilities

 

 

843,204

 

 

 

472,659

 

Commitments and contingencies

 

 

 

 

 

 

Stockholders' deficit:

 

 

 

 

 

 

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

 

 

3,078

 

 

 

3,029

 

Additional paid-in capital

 

 

3,141,741

 

 

 

3,118,865

 

Accumulated other comprehensive income

 

 

115

 

 

 

1,109

 

Accumulated deficit

 

 

(3,195,956

)

 

 

(3,201,819

)

Total stockholders' deficit

 

 

(51,022

)

 

 

(78,816

)

Total liabilities and stockholders' deficit

 

$

792,182

 

 

$

393,843

 

 

 

 

 

 

 


 

 

 

Non-GAAP Measures

 

To supplement our consolidated financial statements presented under GAAP, we are presenting non-GAAP net income (loss) and non- GAAP net income (loss) per share - basic, which are non-GAAP financial measures. We are providing these non-GAAP financial measures to disclose additional information to facilitate the comparison of past and present operations, and they are among the indicators management uses as a basis for evaluating our financial performance. We believe that these non-GAAP financial measures, when considered together with our GAAP financial results, provide management and investors with an additional understanding of our business operating results, including underlying trends.

 

These non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures; should be read in conjunction with our consolidated financial statements prepared in accordance with GAAP; have no standardized meaning prescribed by GAAP; and are not prepared under any comprehensive set of accounting rules or principles. In addition, from time to time in the future there may be other items that we may exclude for purposes of our non-GAAP financial measures; and we may in the future

cease to exclude items that we have historically excluded for purposes of our non-GAAP financial measures. Likewise, we may determine to modify the nature of its adjustments to arrive at our non-GAAP financial measures. Because of the non-standardized definitions of non- GAAP financial measures, the non-GAAP financial measures as used by us in this report have limits in their usefulness to investors and may be calculated differently from, and therefore may not be directly comparable to, similarly titled measures used by other companies.

 

The following table reconciles our financial measures for net income (loss) and net income (loss) per share ("EPS") for basic weighted average shares as reported in our consolidated statement of operations to a non-GAAP presentation:

 

 

Three Months
Ended December 31,

 

 

Year
Ended December 31,

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

 

Net Income

 

 

Basic EPS

 

 

Net Income

 

 

Basic EPS

 

 

Net Income

 

 

Basic EPS

 

 

Net Income
(Loss)

 

 

Basic EPS

 

 

 

(In thousands except per share data)

GAAP reported net (loss) income

$

(15,948

)

 

$

(0.05

)

 

$

7,422

 

 

$

0.03

 

 

$

5,863

 

 

$

0.02

 

 

$

27,588

 

 

$

0.10

 

 

Non-GAAP adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock compensation

 

6,972

 

 

 

0.02

 

 

 

5,818

 

 

 

0.02

 

 

 

24,195

 

 

 

0.08

 

 

 

21,358

 

 

 

0.08

 

 

Interest expense on liability for sale of future royalties

 

3,885

 

 

 

0.01

 

 

 

3,452

 

 

 

0.01

 

 

 

14,449

 

 

 

0.05

 

 

 

16,172

 

 

 

0.06

 

 

Sold portion of royalty revenue (1)

 

(3,357

)

 

 

(0.01

)

 

 

(2,701

)

 

 

(0.01

)

 

 

(12,812

)

 

 

(0.04

)

 

 

(10,234

)

 

 

(0.04

)

 

Acquisition-related expenses (2)

 

6,017

 

 

 

0.03

 

 

 

 

 

 

 

 

 

9,690

 

 

 

0.03

 

 

 

 

 

 

 

Amortization of intangible assets acquired

 

3,973

 

 

 

0.01

 

 

 

 

 

 

 

 

 

3,973

 

 

 

0.01

 

 

 

 

 

 

 

 

(Gain) loss on foreign currency transaction

 

(3

)

 

 

 

 

 

(4,433

)

 

 

(0.02

)

 

 

7,749

 

 

 

0.03

 

 

 

(3,907

)

 

 

(0.01

)

 

Impairment loss on available-for-sale investment

 

 

 

 

 

 

 

 

 

 

 

 

 

6,409

 

 

 

0.01

 

 

 

1,550

 

 

 

0.01

 

 

Gain on bargain purchase

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(5,259

)

 

 

(0.02

)

 

Loss on settlement of debt

 

 

 

 

 

 

 

13,394

 

 

 

0.05

 

 

 

 

 

 

 

 

20,444

 

 

 

0.07

 

 

Non-GAAP adjusted net income (loss)

$

1,539

 

 

$

0.01

 

 

$

22,952

 

 

$

0.08

 

 

$

59,516

 

 

$

0.19

 

 

$

67,712

 

 

$

0.25

 

 

Weighted average shares used to compute net income (loss)
    per share – basic

 

307,260

 

 

 

 

 

 

279,191

 

 

 

 

 

 

305,639

 

 

 

 

 

 

274,415

 

 

 

 

 

 

_______________________

(1)
Represents the non-cash portion of the 1% royalty on net sales of Tyvaso DPI earned during the years ended December 31, 2025 and 2024 which is remitted to the royalty purchaser and recognized as royalties from collaborations in our consolidated statements of operations. Our revenues from royalties from collaborations during the year ended December 31, 2025 and 2024 totaled $128.1 million and $102.3 million, respectively, of which $12.8 million and $10.2 million, respectively, is remitted to the royalty purchaser.
(2)
Represents transaction fees incurred during the year ended December 31, 2025 associated with the acquisition of scPharma.

 


FAQ

How did MannKind (MNKD) perform financially in Q4 2025?

MannKind generated strong top-line growth in Q4 2025, with revenues of $111.9 million, up 46% from Q4 2024. The quarter reflected higher Tyvaso DPI royalties, increased Afrezza sales, and the first quarter of Furoscix revenues following the scPharmaceuticals acquisition.

What were MannKind’s full year 2025 revenues and growth versus 2024?

For 2025, MannKind reported total revenues of $348.97 million, a 22% increase over 2024’s $285.50 million. Growth was driven by higher royalties on Tyvaso DPI, more collaboration and services revenue with United Therapeutics, rising Afrezza sales, and added Furoscix revenue after acquiring scPharma.

Was MannKind profitable in 2025 and how did earnings change from 2024?

MannKind remained profitable on a GAAP basis for full year 2025, with net income of $5.86 million, but this declined from $27.59 million in 2024. Higher R&D and SG&A spending to support pipeline programs and the Furoscix acquisition reduced overall earnings despite revenue growth.

How much revenue did Furoscix contribute to MannKind in 2025?

Furoscix generated $23.18 million of revenue for MannKind in 2025, all recorded after the October 7, 2025 acquisition of scPharmaceuticals. In Q4 2025, Furoscix net sales were also $23.18 million, compared with $12 million in Q4 2024 as reported previously by scPharma.

How did Afrezza sales trend for MannKind in 2025?

Afrezza net sales increased in 2025, reaching $74.59 million for the year versus $64.04 million in 2024, a 16% rise. In Q4 2025, Afrezza net sales were $22.88 million, up 25% from $18.28 million in Q4 2024, reflecting growing adoption.

What major pipeline and regulatory milestones does MannKind highlight for 2026?

MannKind expects a catalyst-rich 2026 with two key FDA decisions: a PDUFA action date of May 29, 2026 for Afrezza’s pediatric sBLA, and July 26, 2026 for the Furoscix ReadyFlow Autoinjector sNDA. The company also anticipates Phase 1b MNKD-201 topline data in the second half of 2026.

What is MannKind’s cash and investment position at year-end 2025?

As of December 31, 2025, MannKind held $74.9 million in cash and cash equivalents and $101.5 million in short- and long-term investments combined. This totaled approximately $176 million, providing financial resources to support commercialization, clinical development, and integration of the scPharma acquisition.

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Pharmaceutical Preparations
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