MannKind (NASDAQ: MNKD) adds new Technosphere program in United Therapeutics deal

Rhea-AI Filing Summary

MannKind Corporation has expanded its long‑running collaboration with United Therapeutics through a first amendment to their 2018 global license and collaboration agreement. The amendment documents United Therapeutics’ decision to add an additional development product to the scope of the partnership.

MannKind will formulate an investigational molecule for this additional product using its Technosphere® platform and will supply specified quantities of clinical trial material, while United Therapeutics will handle all remaining preclinical and clinical development work. In return, MannKind will receive an upfront payment of $5 million, is eligible for up to $35 million in development milestone payments tied to the additional product, and would earn 10% royalties on its net sales if the product is ultimately approved.

Insights

Biopharma partnerships analyst

MannKind adds a new Technosphere program with United Therapeutics, bringing upfront cash, milestones and potential royalties.

The amendment extends the existing 2018 global license and collaboration by adding an additional development product. MannKind’s role centers on formulating an investigational molecule on its Technosphere® platform and manufacturing clinical trial materials, while United Therapeutics assumes responsibility for all other preclinical and clinical development activities.

Financially, MannKind secures an immediate $5 million upfront payment plus eligibility for up to $35 million in development milestones linked to the additional product’s progress. If the product is approved and sold, MannKind would receive 10% royalties on net sales, creating a potential recurring revenue stream contingent on successful development and commercialization.

This structure limits MannKind’s development burden while giving it exposure to future product economics. Actual impact will depend on development outcomes and the additional product’s commercial performance, which would be detailed in future disclosures if key milestones are reached.

8-K Event Classification

2 items: 1.01, 9.01

2 items

Item 1.01 Entry into a Material Definitive Agreement Business

The company signed a significant contract such as a merger agreement, credit facility, or major partnership.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Understanding 8-K Material Events →

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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): August 24, 2025

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 1.01 Entry into a Material Definitive Agreement.

On August 24, 2025 MannKind Corporation (“MannKind”) entered into a first amendment (“First Amendment”) to the global license and collaboration agreement dated September 3, 2018 (the “License Agreement”) with United Therapeutics Corporation (“United Therapeutics”). The First Amendment memorializes the exercise of United Therapeutics’ option to expand the scope of the products covered by the License Agreement to include an additional development product (the “Additional Product”). Pursuant to the First Amendment, MannKind will formulate an investigational molecule using its proprietary Technosphere® platform and will manufacture specified quantities of clinical trial materials for the Additional Product. United Therapeutics will conduct all other preclinical and clinical development activities.

Under the terms of the First Amendment, MannKind will receive an upfront payment of $5 million and is eligible to receive up to $35 million in milestone payments upon achievement of specified development milestones related to the Additional Product, and 10% royalties on net sales of the Additional Product, if approved.

The foregoing summary of the First Amendment does not purport to be complete and is qualified in its entirety by reference to the First Amendment, a copy of which is attached as Exhibit 10.1 to this report.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.	Description
10.1*#	First Amendment to License and Collaboration Agreement dated August 24, 2025 between MannKind Corporation and United Therapeutics Corporation
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

*	Certain portions of this exhibit have been omitted pursuant to Item 601(b)(10)(iv) of Regulation S-K.
#	Schedules have been omitted pursuant to Item 601(a)(5) of Regulation S-K.

SIGNATURES

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: August 27, 2025	By:	/s/ David Thomson, Ph.D., J.D.
		David Thomson, Ph.D., J.D.
		Executive Vice President, General Counsel and Secretary

FAQ

What agreement did MannKind (MNKD) announce with United Therapeutics?

MannKind entered into a first amendment to its 2018 global license and collaboration agreement with United Therapeutics, expanding the scope to include an additional development product.

What work will MannKind perform under the amended agreement?

MannKind will formulate an investigational molecule using its Technosphere® platform and will manufacture specified quantities of clinical trial materials for the additional product.

What responsibilities does United Therapeutics have in this expanded collaboration?

United Therapeutics will conduct all other preclinical and clinical development activities related to the additional product covered by the amended license agreement.

How much upfront cash will MannKind receive from this amendment?

Under the first amendment, MannKind will receive an upfront payment of $5 million from United Therapeutics.

What milestone payments and royalties could MannKind earn from the additional product?

MannKind is eligible for up to $35 million in development milestone payments and would receive 10% royalties on net sales of the additional product, if it is approved.

Where can investors find the full text of the amended MannKind–United Therapeutics agreement?

The first amendment is filed as Exhibit 10.1 to the report, with certain portions and schedules omitted under applicable Regulation S‑K rules.