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MannKind Corporation is a biopharmaceutical company focused on cardiometabolic and orphan lung diseases, aiming to offer patient‑centric drug–device therapies for chronic conditions.
The company currently commercializes three cardiometabolic products: Afrezza inhaled insulin for adults with diabetes, Furoscix for edema in heart failure and chronic kidney disease, and the V‑Go wearable insulin delivery device. It also earns royalties and manufacturing revenue from Tyvaso DPI for pulmonary hypertension, marketed by United Therapeutics, and recently expanded this collaboration to include MNKD‑1501.
MannKind’s pipeline includes MNKD‑201, an inhaled nintedanib for idiopathic pulmonary fibrosis now in Phase 1b and global Phase 2 studies, and MNKD‑701, an early bumetanide inhalation program. Key 2026 regulatory milestones include FDA decisions on an Afrezza pediatric sBLA by May 29, 2026 and a Furoscix ReadyFlow Autoinjector sNDA by July 26, 2026.
Manufacturing is centered in Danbury, Connecticut, where Technosphere powders, inhalers and Tyvaso DPI are produced; V‑Go and many Furoscix components are made by contract manufacturers, including in China. A 2025 FDA inspection of the Connecticut facility concluded without Form 483 observations.
The filing highlights extensive risks, including dependence on United Therapeutics’ continued emphasis on Tyvaso DPI—particularly in light of its newly promoted Tresmi soft‑mist treprostinil candidate—manufacturing and supply‑chain concentration, pricing and reimbursement pressures, evolving U.S. healthcare and privacy laws, and the need for additional capital and successful commercialization to support ongoing operations and growth.
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.
MannKind Corporation reported an insider stock sale by Chief People & Workplace Officer Stuart A. Tross. On January 8, 2026, he sold 47,006 shares of MannKind common stock at a price of $6.33 per share. After this transaction, he continued to beneficially own 985,007 shares of common stock in direct ownership form. The filing notes that the sale occurred pursuant to a pre-established Rule 10b5-1 trading plan that was put in place on June 17, 2025, indicating the trades were scheduled in advance.
A Rule 144 notice reports a planned sale of 47,000 common shares of the issuer through Morgan Stanley Smith Barney LLC Executive Financial Services on the NASDAQ, with an aggregate market value of $297,510.00 and an approximate sale date of 01/08/2026. The filing states that 307,070,281 shares of this class were outstanding.
The shares to be sold were acquired as performance shares from the issuer, including 24,636 shares acquired on 05/22/2023 and 22,364 shares acquired on 05/17/2024, both listed as having payment noted as not applicable.
MannKind Corp Chief Executive Officer and director Michael Castagna reported stock option exercises and related share sales in recent insider transactions. On 12/12/2025 he exercised 20,806 employee stock options at $4.55 per share and sold 20,806 shares of common stock at $6, leaving him with 2,504,792 common shares held directly. On 12/16/2025 he exercised a further 21,310 options at $4.55 and sold 21,310 common shares at $6, again ending with 2,504,792 directly held shares. Following these trades, he beneficially owns 15,804 employee stock options with a $4.55 exercise price expiring on 05/19/2026. The transactions were carried out under a Rule 10b5-1 trading plan established on August 8, 2025.
MannKind Corporation filed Amendment No. 1 to a prior current report related to its completed merger with scPharmaceuticals Inc. The update focuses on providing fuller financial information for the acquired business and the combined company.
The amendment adds audited consolidated financial statements of scPharma for the year ended December 31, 2024, unaudited interim condensed consolidated financial statements for the three and six months ended June 30, 2025, and unaudited pro forma condensed combined financial information for MannKind for the six months ended June 30, 2025 and the year ended December 31, 2024. It also lists related exhibits, including the merger agreement, a contingent value rights agreement, a loan agreement amendment, and the auditor’s consent, while leaving all other parts of the original report unchanged.
MannKind Corporation executive reports stock sale under pre-set plan. On 11/14/2025, an officer of MannKind Corp (MNKD), serving as EVP Technical Operations, sold 18,777 shares of common stock in an open-market transaction coded as a sale. The weighted average sale price was $5.03 per share, based on individual trades between $5.00 and $5.07. After this transaction, the executive directly beneficially owned 455,211 shares of MannKind common stock. The filing notes that the sale occurred pursuant to a Rule 10b5-1 trading plan that was established on May 14, 2025, indicating the trades were made according to a pre-arranged schedule.
MannKind (MNKD) filed a Form 4 showing its Chief Medical Officer acquired 318,200 shares of common stock via restricted stock units on 11/11/2025 at a price of $0. Following the grant, the reporting person beneficially owned 318,200 shares, held directly.
The RSUs carry a four-year vesting schedule: no shares vest on the first anniversary of the vesting determination date of September 29, 2025, and one-third vests on each anniversary thereafter until fully vested on the fourth anniversary.
MannKind Corporation is discontinuing its Phase 3 trial of nebulized clofazimine (MNKD-101) for refractory nontuberculous mycobacterial lung disease after an interim analysis for the first 46 participants who completed the double-blind phase showed no sputum culture conversions, indicating futility.
The data safety monitoring board reviewed the results on November 8, 2025 and agreed with stopping the study; no safety issues were identified. MannKind plans to investigate the outcome and apply learnings to MNKD-102, a dry powder clofazimine formulation progressing from pre-clinical toward Phase 1.
MannKind Corporation reported Q3 2025 results with total revenue of $82,130,000, up from $70,079,000 a year ago. Net income was $7,985,000 (basic and diluted EPS $0.03), driven by higher product sales and royalties.
Revenue mix: product revenue $48,274,000, collaborations and services $26,506,000, and royalties $33,319,000. Operating income reached $18,896,000 as total expenses were $63,234,000. Other expense reflected an impairment of available-for-sale investment of $6,409,000.
On the balance sheet, cash and cash equivalents were $127,392,000 and short‑term investments were $132,643,000. A new term loan of $73,428,000 was outstanding. For the nine months, operating cash flow totaled $26,213,000. Stockholders’ deficit narrowed to $(44,552,000). After quarter end, MannKind completed the acquisition of scPharmaceuticals on October 7, 2025 following a $10,000,000 promissory note issued on August 24, 2025.