MannKind Corporation
Key statistics
from XBRL data in SEC filingsAI briefing
from the latest 10-K, 10-Q and 8-K eventsMannKind is a biopharmaceutical company commercializing inhaled insulin, an on-body diuretic, and a wearable insulin delivery device, with a royalty stream from a partnered pulmonary hypertension product.
What they do
MannKind develops and commercializes drug-device combination therapies for cardiometabolic and orphan lung diseases. Its commercial products include Afrezza (inhaled insulin), Furoscix (furosemide injection delivered via on-body infusor), and V-Go (wearable insulin delivery). It also earns royalties and manufacturing supply revenue from United Therapeutics on Tyvaso DPI, and is developing a nintedanib DPI for idiopathic pulmonary fibrosis.
Revenue drivers
- Afrezza — Ultra rapid-acting inhaled insulin; Q2 2026 net sales were $17.0M, down 7% year-over-year due to lower demand.
- Furoscix — Subcutaneous furosemide for edema in heart failure and CKD; acquired with scPharma in October 2025; Q2 2026 net sales were $22.2M, up from zero in Q2 2025.
- V-Go — Mechanical basal-bolus insulin delivery patch; Q2 2026 net sales were $2.77M, down 33% year-over-year.
- Collaborations and royalties — Includes Tyvaso DPI royalties (9% after sold 1%) and manufacturing supply revenue from United Therapeutics; Q2 2026 collaborations and services were $35.0M, royalties $32.4M, both up vs. prior year.
Recent performance
Q2 2026 total revenues were $109.4M, up 43% from $76.5M in Q2 2025, driven by Furoscix and higher collaboration revenue. Net revenue from commercial product sales rose 87% to $42.0M, but Afrezza revenue declined 7% and V-Go dropped 33%. Collaborations and services revenue grew 53% to $35.0M, while royalties grew 4% to $32.4M. Cash and investments totaled $111M as of June 30, 2026, with long-term debt of $319.1M.
Strategy
Management is pursuing diversification across cardiometabolic and orphan lung diseases, leveraging its drug-device platform. Key initiatives include expanding Afrezza into pediatric diabetes (FDA approved May 2026), commercializing Furoscix ReadyFlow autoinjector (approved July 2026), and advancing MNKD-201 (nintedanib DPI) into Phase 2 after positive Phase 1b data. The company also partners with United Therapeutics on Ralinepag DPI (MNKD-1501) and expects to file an IND by year-end. Financing includes a $50M private placement to fund a $45M CVR payment tied to Furoscix ReadyFlow approval.
Risks
- Commercial product demand — Afrezza and V-Go revenue declined in Q2 2026, indicating market acceptance challenges that may persist.
- Regulatory and development risk — Pipeline products like MNKD-201 and MNKD-1501 may fail in clinical trials or face regulatory delays.
- Dependence on collaboration partner — Tyvaso DPI royalties and supply revenue depend on United Therapeutics' commercialization success and ongoing collaboration.
- Financial leverage and solvency — As of June 30, 2026, shareholders' equity was negative $67.2M and long-term debt was $319.1M, with limited cash ($52.9M balance sheet cash plus $111M including investments).
Outlook
Management expects near-term growth from the two FDA approvals: Afrezza in pediatrics and Furoscix ReadyFlow (commercially available late August 2026). The positive INFLO-1 Phase 1b data for MNKD-201 supports advancement of the global Phase 2 study. Ralinepag DPI IND filing is on track for year-end, and a $5M payment from United Therapeutics supports that program. The company also anticipates continued Furoscix growth, with Integrated Delivery Network purchases up 36% and nephrology units dispensed up 67% from Q1 2026.