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MNKD

MannKind Corporation

MNKD

MannKind Corporation • NASDAQ
$5.35 ▼ -0.56% (-0.03)
Market Cap $1.64 B
52w High $7.07
52w Low $3.38
Dividend Yield 0%
P/E 53.5
Volume 609.90K
Outstanding Shares 307.01M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $82.13M ▲ $43.151M ▼ $7.985M ▲ 9.722% ▲ $0.03 ▲ $17.866M ▲
Q2-2025 $76.527M ▼ $50.66M ▲ $668K ▼ 0.873% ▼ $0.002 ▼ $9.749M ▼
Q1-2025 $78.354M ▲ $38.545M ▲ $13.158M ▲ 16.793% ▲ $0.043 ▲ $26.899M ▲
Q4-2024 $76.776M ▲ $30.677M ▼ $7.422M ▼ 9.667% ▼ $0.027 ▼ $18.614M ▼
Q3-2024 $70.079M $39.296M $11.55M 16.481% $0.042 $23.842M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $260.035M ▲ $494.64M ▲ $539.192M ▲ $-44.552M ▲
Q2-2025 $178.985M ▼ $411.697M ▲ $466.739M ▼ $-55.042M ▲
Q1-2025 $181.541M ▼ $410.141M ▲ $468.759M ▼ $-58.618M ▲
Q4-2024 $197.256M ▼ $393.843M ▼ $472.659M ▼ $-78.816M ▲
Q3-2024 $251.588M $464.2M $674.126M $-209.926M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $7.985M ▲ $23.486M ▲ $-25.058M ▼ $71.96M ▲ $70.386M ▲ $22.361M ▲
Q2-2025 $668K ▼ $8.95M ▲ $6.256M ▲ $-5.51M ▼ $9.696M ▲ $7.833M ▲
Q1-2025 $13.158M ▲ $-6.377M ▼ $5.962M ▼ $1.39M ▲ $975K ▲ $-6.707M ▼
Q4-2024 $7.422M ▼ $22.644M ▲ $48.224M ▲ $-86.9M ▼ $-16.032M ▲ $19.748M ▲
Q3-2024 $11.55M $9.331M $-41.256M $-2.342M $-34.267M $7.914M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Product Revenue
Product Revenue
 $0 ▲$0 ▲$40.00M ▲$50.00M ▲
Royalty
Royalty
 $80.00M ▲$30.00M ▼$30.00M ▲$30.00M ▲
Service
Service
 $0 ▲$0 ▲$0 ▲$0 ▲
License And Service
License And Service
 $0 ▲$30.00M ▲$0 ▼$0 ▲
Product
Product
 $60.00M ▲$20.00M ▼$0 ▼$0 ▲

Five-Year Company Overview

Income Statement

Income Statement MannKind’s income statement shows a company that has moved from being a chronic loss-maker to one that is now edging into consistent profitability. Revenue has been growing steadily each year from a very small base, and gross profit has kept pace, indicating that the core products carry attractive economics once volumes scale. Operating results have flipped from losses to modest operating and EBITDA profits in the most recent years, suggesting better cost control and growing contribution from partnerships and royalties. Net income has moved from meaningful red ink to small profits, and earnings per share have improved accordingly. The overall picture is of a business still small in scale but clearly progressing up the profitability curve, with operating leverage starting to show through.

Balance Sheet

Balance Sheet The balance sheet is improving but still has structural weaknesses. Total assets have grown over time as the company has invested in its platform, facilities, and acquisitions, though there was a step down recently tied to lower cash. Cash levels were strong a year ago but have since come down, reflecting investment and possibly debt reduction. Debt has been reduced sharply in the most recent year, which lowers financial risk but also leaves less cash cushion. Shareholders’ equity remains negative, though the deficit is shrinking over time, which is a sign that accumulated losses are being worked down. Overall, MannKind is less leveraged and somewhat more resilient than before, but it still carries a fragile capital structure typical of smaller biopharma companies.

Cash Flow

Cash Flow Cash flow trends are notably better than the historical income statement would suggest. Operating cash flow has moved from persistent outflows to positive territory over the last couple of years, indicating that the business is starting to fund its own operations rather than relying solely on external capital. Free cash flow has likewise shifted from consistent negatives to roughly breakeven or slightly positive, helped by modest capital spending needs. Investment in property and equipment has remained relatively small, suggesting the current manufacturing footprint can support near-term growth. Taken together, MannKind appears to be transitioning from cash-burning to cash-generating, though the margin for error is still thin and depends on continued revenue growth and partner performance.

Competitive Edge

Competitive Edge MannKind occupies a focused niche within biotechnology, centered on inhaled drug delivery. Its Technosphere platform, combined with specialized manufacturing capabilities, gives it a differentiated position versus traditional injectable or oral therapies. Afrezza provides a unique inhaled insulin option, and the Tyvaso DPI collaboration validates the platform in pulmonary hypertension, bringing both credibility and recurring royalty income. Patents and know-how around deep-lung delivery create real barriers to entry, and the existing commercial infrastructure and plant in Connecticut are not easily replicated. However, MannKind is still a small player competing against much larger diabetes and pulmonary drug makers, with limited marketing muscle and heavy dependence on a few products and partners. Payer coverage, physician adoption, and the success of its collaborators remain key external factors that can either strengthen or undermine its competitive standing.

Innovation and R&D

Innovation and R&D Innovation is the heart of MannKind’s story. The Technosphere platform enables rapid, systemic delivery of drugs through the lungs, opening doors to reformulating existing treatments and creating new options in diabetes, rare lung diseases, and potentially other areas. Afrezza showcases ultra-rapid insulin delivery, and Tyvaso DPI demonstrates that the platform can be applied to other molecules via partnerships. The pipeline includes next-generation inhaled therapies for orphan lung diseases and a broader move into cardiorenal medicine via the acquisition of Furoscix, which diversifies beyond pure pulmonary and diabetes care. The company is also targeting a pediatric label expansion for Afrezza, which could meaningfully widen its addressable market if approved. At the same time, the discontinuation of earlier programs underscores the usual biotech risk: trial setbacks, regulatory uncertainty, and the need for continuous R&D investment to refresh the pipeline. Overall, MannKind’s innovation engine looks credible and increasingly validated, but still carries the typical binary risks of clinical and regulatory outcomes.

Summary

MannKind is evolving from a high-risk, development-stage biotech into a small but growing commercial platform company built around inhaled therapeutics. Financially, it has shifted from deep losses and cash burn toward modest profitability and improving cash generation, though it still operates on a relatively tight balance sheet with a history of negative equity. Strategically, its strength lies in its proprietary Technosphere technology, niche leadership in inhaled insulin, validated partnerships, and specialized manufacturing—a combination that gives it a defensible position despite its small size. The expansion into rare lung diseases and cardiorenal medicine, along with potential pediatric approval for Afrezza, offers meaningful upside optionality but also adds execution and integration risk. In essence, MannKind represents a classic emerging biotech transition story: improving fundamentals and a differentiated technology platform, offset by balance-sheet fragility, product concentration, and the usual scientific and regulatory uncertainties.

NEWS

November 11, 2025 · 4:05 PM UTC

MannKind to Present at the Jefferies Global Healthcare Conference

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November 10, 2025 · 8:00 AM UTC

MannKind Provides Update on Phase 3 ICoN-1 Trial of Nebulized Clofazimine for NTM Lung Disease

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November 6, 2025 · 9:00 AM UTC

MannKind Commemorates Alfred E. Mann's 100th Birthday with New Scholarship Program Supporting Young Adults Living with Diabetes

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November 5, 2025 · 8:00 AM UTC

MannKind Corporation Reports Third Quarter 2025 Financial Results and Provides Business Update

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October 29, 2025 · 4:05 PM UTC

MannKind Corporation to Hold 2025 Third Quarter Financial Results Conference Call on November 5, 2025

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