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MannKind Corporation

Logo: MannKind Corporation, Public domain, via Wikimedia Commons⁴

American Bio Pharmaceutical Company

MannKind Corporation is a biopharmaceutical company focusing on the discovery, development, and commercialization of therapeutic products for diseases such as diabetes and pulmonary arterial hypertension. Based in Danbury, Connecticut, the company was founded in February 1991.³ From Wikipedia, CC BY-SA 4.0

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Last updated Oct 16, 2026.

Overview

1991Founded¹

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TickerMNKD on Nasdaq¹
Industrybiotechnology¹
HeadquartersDanbury¹
Websitemannkindcorp.com
Legal formDelaware corporation¹
Incorporated inDE⁵
Business address1 Casper Street, Danbury, Ct 06810⁵
Filer categoryLarge accelerated filer⁵

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Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

11.1%Operating margin⁷

1.7%Net margin⁷

22.2%Revenue growth, 2025⁷

$13.7MFree cash flow⁷

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Product Revenue brought in 48% of the revenue MannKind Corporation broke down this way in fiscal 2025.

Product Revenue$216.5M⁷48%up 21% from 2024
Royalty$128.1M⁷28%up 25% from 2024
License and Service$106.7M⁷24%up 6% from 2024
Manufacturing Services$1.6M⁷0%down 77% from 2024

Products and services by year

Products and services	2023	2024	2025
Product Revenue	$126.1M	$178.6M	$216.5M
Royalty	$72.0M	$102.3M	$128.1M
License and Service	$53.0M	$100.8M	$106.7M
Manufacturing Services	$0	$7.1M	$1.6M

Where the money goes

Where each dollar of revenue went, fiscal 2025

Selling, general and adminOther costs

Cost of revenue8¢$26.8M
Selling, general and admin41¢$144.1M
Other costs48¢$167.7M
Income tax1¢$4.5M
Profit2¢$5.9M

Out of $349.0M in revenue.⁷

Where each dollar of operating cash went, fiscal 2025

Capital spendingKept or used elsewhere

Capital spending25¢$4.6M
Kept or used elsewhere75¢$13.7M

Out of $18.3M of cash from operations.⁷

Financial statements

Revenue⁸⁹¹⁰¹¹⁷$349.0M in 2025+454% since 2019

Operating income⁸⁹¹⁰¹¹⁷$38.8M in 2025

Net income⁸⁹¹⁰¹¹⁷$5.9M in 2025

Every line of the income statement in the latest annual report, as filed.⁷

Period ending	2025-12-31	2024-12-31	2023-12-31
Total revenues	$349.0M	$285.5M	$199.0M
Cost of goods sold - commercial, excluding amortization of acquired intangible assets	$26.8M	$17.4M	$20.9M
Research and development	$66.3M	$45.9M	$31.3M
Selling, general and administrative	$144.1M	$94.3M	$94.3M
Amortization of acquired intangible assets	$4.0M
Loss (gain) on foreign currency transaction	$7.7M	-$3.9M	$1.9M
Total expenses	$310.2M	$212.9M	$190.3M
Income from operations	$38.8M	$72.6M	$8.7M
Interest income, net	$8.1M	$12.6M	$6.2M
Interest expense on liability for sale of future royalties	-$14.4M	-$16.2M	-$185.0K
Interest expense	-$13.8M	-$12.0M	-$15.2M
Interest expense on financing liability	-$9.8M	-$9.8M	-$9.8M
Impairment of available-for-sale investment	-$6.4M	-$1.6M	-$170.0K
Gain on bargain purchase		$5.3M
Other (expense) income	-$1.0M	$32.0K	$122.0K
Loss on settlement of debt		-$20.4M
Total other expense	-$37.4M	-$42.1M	-$19.1M
Income before income tax (benefit) expense	$1.4M	$30.5M	-$10.4M
Income tax (benefit) expense	-$4.5M	$2.9M	$1.6M
Net Income (Loss)	$5.9M	$27.6M	-$11.9M
Net income (loss) per share - basic	$0.02	$0.10	-$0.04
Weighted average shares used to compute net income (loss) per share - basic	305.6M shares	274.4M shares	267.0M shares
Net income (loss) per share - diluted	$0.02	$0.10	-$0.04
Weighted average shares used to compute net income (loss) per share - diluted	314.1M shares	283.8M shares	267.0M shares

Total assets⁸¹⁴⁹¹⁰¹¹⁷$792.2M in 2025+745% since 2019

Total liabilities⁸¹⁴⁹¹⁰¹¹⁷$843.2M in 2025+197% since 2019

Shareholders’ equity⁹¹⁰¹¹⁷-$51.0M in 2025−73% since 2019

Cash⁸¹⁴⁹¹⁰¹¹⁷$74.9M in 2025+150% since 2019

Long-term debt⁸¹⁴⁹¹⁰¹¹⁷$354.6M in 2025+198% since 2019

Every line of the balance sheet in the latest annual report, as filed.⁷

Period ending	2025-12-31	2024-12-31	2023-12-31
Cash and cash equivalents	$74.9M	$46.3M
Short-term investments	$96.5M	$150.9M
Accounts receivable, net	$38.4M	$11.8M
Inventory	$35.3M	$27.9M
Prepaid expenses and other current assets	$46.6M	$31.4M
Total current assets	$291.6M	$268.3M
Restricted cash	$745.0K	$737.0K
Long-term investments	$5.0M	$5.5M
Property and equipment, net	$82.4M	$85.4M
Goodwill	$67.6M	$1.9M
Developed technology - on-body infusor	$190.0M
IPR&D - ReadyFlow Formulation	$129.6M
Other intangible assets	$5.1M	$5.3M
Other assets	$20.1M	$26.8M
Total assets	$792.2M	$393.8M
Accounts payable	$9.0M	$6.8M
Accrued expenses and other current liabilities	$64.6M	$40.3M
Senior convertible notes - current	$36.3M
Liability for sale of future royalties - current	$14.3M	$12.3M
Contingent consideration - current	$21.1M
Financing liability - current	$10.3M	$10.1M
Deferred revenue - current	$15.3M	$12.4M
Total current liabilities	$171.0M	$81.8M
Liability for sale of future royalties - long term	$137.0M	$137.4M
Financing liability - long term	$93.1M	$93.9M
Deferred revenue long term	$40.0M	$51.2M
Recognized loss on purchase commitments long term	$66.0M	$58.2M
Operating lease liability	$10.7M	$11.6M
Contingent consideration -long term	$5.1M
Milestone liabilities	$2.0M	$2.5M
Term loan	$318.4M
Senior convertible notes		$36.1M
Total liabilities	$843.2M	$472.7M
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	$3.1M	$3.0M
Additional paid-in capital	$3.1B	$3.1B
Accumulated other comprehensive income	$115.0K	$1.1M
Accumulated deficit	-$3.2B	-$3.2B
Total stockholders' deficit	-$51.0M	-$78.8M	-$246.2M
Total liabilities and stockholders' deficit	$792.2M	$393.8M
Undesignated preferred stock, par value	$0.01	$0.01
Undesignated preferred stock, shares authorized	10.0M shares	10.0M shares
Undesignated preferred stock, shares issued	0 shares	0 shares
Undesignated preferred stock, shares outstanding	0 shares	0 shares
Common stock, par value	$0.01	$0.01
Common stock, shares authorized	800.0M shares	800.0M shares
Common stock, shares issued	307.8M shares	303.0M shares
Common stock, shares outstanding	307.8M shares	303.0M shares

Cash from operations⁸⁹¹⁰¹¹⁷$18.3M in 2025

Capital spending⁸⁹¹⁰¹¹⁷$4.6M in 2025+78% since 2019

Free cash flow⁸⁹¹⁰¹¹⁷$13.7M in 2025

Every line of the cash flow in the latest annual report, as filed.⁷

Period ending	2025-12-31	2024-12-31	2023-12-31
Net income (loss)	$5.9M	$27.6M	-$11.9M
Stock-based compensation	$24.2M	$21.4M	$17.6M
Interest on liability for sale of future royalties	$14.4M	$16.2M	$185.0K
Sold portion of royalty revenue	-$12.8M	-$10.2M	-$2.1M
Write-off of inventory	$10.4M	$3.9M	$4.6M
Depreciation and amortization	$12.3M	$7.4M	$4.5M
Loss (gain) on foreign currency transaction	$7.7M	-$3.9M	$1.9M
Impairment loss on available-for-sale investment	$6.4M	$1.6M	$170.0K
Net accretion of investments	-$2.6M	-$5.1M	-$925.0K
Non-cash lease expense of right-of-use assets	$1.2M	$1.7M	$1.3M
Change in fair value of contingent liability	$1.0M
Amortization of debt discount and issuance costs	$854.0K	$1.6M	$2.1M
Loss on settlement of debt		$20.4M
Gain on bargain purchase		-$5.3M
Loss on estimated returns of acquired product		$1.4M
Other, net	$155.0K	$380.0K	-$84.0K
Change in deferred tax liability	-$5.0M
Accounts receivable, net	-$4.8M	$2.7M	$2.3M
Inventory	-$6.6M	-$3.2M	-$11.3M
Prepaid expenses and other current assets	-$10.0M	-$6.6M	-$7.3M
Other assets	-$1.9M	-$3.6M	$263.0K
Accounts payable	-$16.7M	-$2.8M	-$1.5M
Accrued expenses and other current liabilities	$3.3M	-$2.7M	$6.6M
Deferred revenue	-$8.3M	-$15.3M	$39.5M
Recognized loss on purchase commitments		-$2.7M	-$9.4M
Operating lease liabilities	-$873.0K	-$2.3M	-$2.4M
Net cash provided by operating activities	$18.3M	$42.5M	$34.1M
Purchase of available-for-sale securities	-$157.8M	-$7.0M
Proceeds from maturities of available-for-sale securities	$215.3M	$58.1M
Acquisition of scPharma, net of cash acquired	-$347.7M
Issuance of note receivable	-$10.0M
Purchase of property and equipment	-$4.6M	-$9.7M	-$42.4M
Purchase of held-to-maturity securities		-$273.8M	-$79.1M
Proceeds from maturities of held-to-maturity securities		$135.3M	$119.2M
Proceeds from insurance claim		$396.0K	$382.0K
Net cash used in investing activities	-$304.8M	-$96.6M	-$2.0M
Proceeds from term loan	$325.0M
Payment of loan issuance costs	-$7.3M
Payments for taxes related to net issuance of common stock associated with restricted stock units and stock options	-$3.3M	-$6.1M	-$10.2M
Principal payments on financing liability	-$726.0K	-$398.0K	-$189.0K
Proceeds from market price stock purchase plan and employee stock purchase plan	$2.0M	$3.1M	$1.8M
Milestone Right Agreement payment	-$639.0K	-$752.0K	-$924.0K
Principal and early extinguishment payments on MidCap credit facility		-$36.6M	-$6.7M
Proceeds from sale of future royalties			$150.0M
Issuance costs associated with sale of future royalties			-$4.0M
Principal and early extinguishment payments on senior convertible notes		-$87.7M
Principal and early extinguishment payments on Mann Group convertible note		-$8.9M
Net cash provided by (used in) financing activities	$315.1M	-$137.3M	$136.6M
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	$28.6M	-$191.4M	$168.7M
Interest paid in cash	$14.7M	$17.5M	$18.3M
Income taxes paid in cash	$1.7M	$4.3M
Non-cash contingent consideration from acquisition of scPharma	$25.2M
Debt forgiven as part of scPharma acquisition	$10.0M
Payments of senior convertible note principal through common stock issuances		$116.4M
Amortization of liability for sale of future royalties	$1.4M	$3.6M
Purchases of property and equipment included in accounts payable and accrued expenses	$619.0K	$1.7M	$1.7M
Assumption of right-of-use-asset and operating lease liability		$10.1M
Non-cash acquisition of intangible asset		$4.3M
Non-cash acquisition of property and equipment		$959.0K
Right-of-use asset modification			$728.0K
Goodwill adjustment for a net reduction in liabilities			$497.0K
Receivable for insurance claim on damaged equipment			$445.0K
Accrued issuance costs associated with liability for sale of future royalties			$325.0K

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The story

Founded by Alfred E. Mann in 1991.¹

Founded in February 1991, the company's present form is a result of a 2003 merger of three companies owned by Alfred E. Mann: Pharmaceutical Discovery Corporation (PDC), the cancer vaccine developer CTL ImmunoTherapies, Inc., and its sister company Allecure Corp, which was developing an allergy vaccine technology. Pharmaceutical Discovery was purchased in 2001 from Solomon Steiner; with that purchase MannKind acquired the Technosphere molecule and Medtone inhaler, upon which was developed its lead product, Afrezza (inhalable insulin).

The FDA approved Afrezza on June 27, 2014.

On August 11, 2014 MannKind entered into an exclusive global licensing agreement with Sanofi for Afrezza sales. Under the agreement, MannKind received $150 million cash from Sanofi, in exchange for sharing profits and losses of sales of Afrezza, with 65% for Sanofi and 35% for MannKind. On January 5, 2016, MannKind Corporation announced the termination of the license and collaboration agreement with Sanofi. By December 2017, the company had lost 11% of its trading volume due to the poor sales.

In March 2020, the company announced it was working with fellow pharmaceutical company Immix Biopharma to try to develop an inhalable treatment for acute respiratory distress syndrome, a lung disease.

From Wikipedia’s article on MannKind Corporation, shared under CC BY-SA 4.0.⁶

Leadership

Who has led MannKind Corporation, and when. Pick a name to see everywhere that person has worked.

FounderAlfred E. Mann¹

Products and brands

Products and product candidates

The firm has developed Afrezza a rapid-acting insulin peaking 12 to 15 minutes after inhalation and exiting the body within 2–3 hours. The inhalation technology uses a miniature, breath-powered inhaler in combination with single-use cartridges containing pre-metered doses. Initial pharmacokinetic studies were followed by studies of safety and efficiency involving Technosphere formulations of different therapeutic proteins.

Facilities

MannKind has a large corporate office in Westlake Village, California. The Afrezza manufacturing facility is in Danbury, Connecticut. In 2022, the company moved its official headquarters to Danbury.