MNKD

This article first appeared on GuruFocus. Second Quarter Revenue: $109.4 million, up 43% year-over-year. First Half Revenue: $199.5 million, up 29% over the first half of 2025. Afrezza Net Sales: $17 million in Q2 2026. Furosix Net Sales: $22.2 million, up 43% from Q1 2026. Furosix Units Sold: Increased 49% quarter-over-quarter. Royalty Revenue: $32.4 million, up 4% year-over-year. Collaboration and Services Revenue: $35 million, up 53% year-over-year. GAAP Net Loss: $19 million in Q2 2026, compared with GAAP net income of $700,000 in the prior year quarter. Non-GAAP Net Loss: $2.7 million, compared with non-GAAP net income of $13.9 million in Q2 2025. R&D Expense: $18 million, compared with $13.7 million in the prior year quarter. SG&A Expense: $58.3 million, compared with $31.6 million in the prior year quarter. Pro Forma Cash Position: $161 million at quarter end. Warning! GuruFocus has detected 8 Warning Signs with MNKD. Is MNKD fairly valued? Test your thesis with our free DCF calculator. Release Date: August 05, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. MannKind Corp (NASDAQ:MNKD) achieved all three major 2026 catalysts: Afrezza pediatric approval, Furo6 ReadyFlow approval, and positive Phase 1b data for nintedanib DPI in IPF patients. Afrezza pediatric launch shows strong early momentum, with all 20 priority accounts writing prescriptions and one in three of the top 100 pediatric rapid-acting insulin prescribers already prescribing. Furo6 revenue grew 43% quarter-over-quarter, driven by a 49% increase in units sold, with nephrology sales up 67%. Marketed products revenue grew 111% year-over-year, now exceeding royalty revenue, demonstrating successful diversification. The nintedanib DPI Phase 1b study showed a clean safety profile with zero serious adverse events, zero bronchospasms, and zero discontinuations, supporting chronic use. Furo6 ReadyFlow, the only IV-equivalent diuretic auto-injector, is expected to launch within three weeks, with a 70% gross margin improvement over the on-body infuser. The company raised $50 million in a pipe financing, providing pro forma cash of $161 million to support launches and development. MannKind Corp (NASDAQ:MNKD) reported a GAAP net loss of $19 million in Q2 2026, compared to net income of $0.7 million in the prior year quarter. The company expects Q2 to be the highest quarter for manufacturing-related revenues, with annual revenues in line with the prior year, indicating potential revenue decline in the second half. Afrezza adult sales saw softness due to resource reallocation to pediatrics, with a year-over-year decline. Furo6 gross-to-net adjustments increased to 29% in Q2, offsetting some revenue growth. The company will incur a $45 million CVR payment in Q3, impacting cash flow. The nintedanib DPI Phase 1b study reported a 39% cough rate, though mostly mild and transient. Furo6 guidance implies a significant second-half revenue ramp, which may be challenging given patient affordability issues and inventory transitions. Q: What proportion of Afrezza scripts are coming through the cash program, and do you expect these patients to convert to more standard channels?A: Michael Castagna, CEO: More than half of the scripts are going through as cash, with the other half as fully paid. It's too early to tell how quickly conversion will happen, but we are pursuing prior authorizations and appeals. The $35 cash program will run through the end of 2026, and we hope to work through most payers by then. Pediatric approval rates are consistent with adult approval rates, which is a positive indicator. Q: Can you walk us through the regulatory path forward for the IPF program (MannKind 201), and is PPF something you're looking into?A: Michael Castagna, CEO: We met with the FDA last year and have submitted the Phase 2 protocol for review, with feedback expected in the fall. The FDA likely wants to see the effect size from Phase 2 before determining if one trial is sufficient for approval. We are exploring IPF, PPF, and ILD indications. The working assumption is at least one trial for IPF, with additional data potentially needed for other populations, but the effect size will drive those discussions. Q: Can you help us understand the pace of script trends in the pediatric setting, and how do you expect the mix of adult and pediatric scripts to trend?A: Michael Castagna, CEO: We saw an initial bolus of patients, followed by a steady referral pattern. The last two weeks have shown building momentum, with our highest week occurring recently. We are adding roughly 1,000 new pediatric targets to our 70 reps. About 450 new prescribers have come in since launch (200 peds, 250 adults). We're seeing about 60-70% of patients coming from MDI, with a third using it intermittently. The adult business hit a nadir in Q2/Q3 but is building back, with new patients growing almost 30% in July. Q: With the previously quoted 23-37% peak share range for Afrezza, how much assumes conversion of pumps/pods versus MDI patients? And what is the shortest credible route to approval for the 201 program?A: Michael Castagna, CEO: We expect roughly half of patients to come from MDI, 20-30% from pumps (either switching or adding on), and 15-20% insulin-naive. The two-unit cartridge will help in the naive setting. For 201, my initial goal was a biosimilar-like pathway with non-inferiority, but we need Phase 2 data to show effect size. The FDA likely prefers an add-on design with placebo. The success of JASCADE and Tyvaso nebulizer will help enrollment in a Phase 3 add-on trial. Q: Any color on refills or prescribers writing repeat prescriptions for Afrezza, and is the dosing data resonating with pediatric prescribers?A: Michael Castagna, CEO: We are seeing refills in month two, which is a good sign. Over 30% of customers have written three or more scripts. The learning curve is different from adultscost is not perceived as a barrier (we charge $35), and the label change on dosing brings confidence. Some TOP20 institutions took seven weeks to embed lung function tests, but that's now done. The dosing change is helping patients start and should result in fewer dropouts. Q: Regarding the pediatric launch, one in three of the TOP100 pediatric insulin writers have prescribedwhat about the other two-thirds? And what needs to happen in the three weeks before the ReadyFlow launch?A: Michael Castagna, CEO: The other two-thirds are likely due to summer vacations and scheduling in-services. There are no major objectionsthe audience is engaged and asking the right questions. On ReadyFlow, the supply chain is outsourced, and we need time for labeling, packaging, and fitting into the queue. We're training reps the week of August 10th, and inventory should be available by the end of that week or the following Monday. Q: When will the additional doses for Afrezza be available, and what will the mix be? How should we think about product gross margin with the ReadyFlow transition?A: Michael Castagna, CEO: High doses will take another 12-18 months. The two-unit cartridge is already on stability, and we hope to get it to market in 2027. It will help with titration and the pediatric market. Chris Prentice, CFO: The Furosix margin increases by about 70% with the transition from OBI to ReadyFlow. For 2027, a large majority of sales will be ReadyFlow, which will significantly help margins. The on-body will also be impacted by tariffs, exacerbating the margin difference. Q: With Furosix first-half revenue of ~$38 million, achieving the $110-120 million guidance implies roughly doubling in the second half. Can you walk us through the cadence and key assumptions?A: Michael Castagna, CEO: In 2025, one-third of units came in the first half and two-thirds in the second half. This trend is expected due to patient out-of-pocket costs in the first part of the year (doughnut hole). Co-pay assistance foundations have gone away with generics on Entresto. We hit roughly 35% of our expected annual revenue in the first half, which is good given headwinds. Inventory shifts between auto-injector and on-body will drive noise in Q3/Q4, but based on history, we expect to achieve the demand. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

United Therapeutics UTHR reported second-quarter 2026 earnings per share (EPS) of $7.27, beating the Zacks Consensus Estimate of $6.82. Bottom line increased 13.4% year over year. United Therapeutics markets four products for pulmonary arterial hypertension (PAH): Tyvaso, Orenitram, Adcirca and Remodulin. It also markets Unituxin for the treatment of pediatric patients with high-risk neuroblastoma. Revenues in the quarter totaled $783.3 million, which missed the Zacks Consensus Estimate of $803 million. Top line declined 2% year over year. Year to date, shares of United Therapeutics have rallied 6.5% against the industry’s 3.9% decline. Image Source: Zacks Investment Research A key driver of the company’s top line is Tyvaso products. United Therapeutics markets two versions of Tyvaso, Tyvaso dry powder inhalation (DPI) and nebulized Tyvaso. Both versions are approved for the treatment of PAH and pulmonary hypertension associated with interstitial lung disease (PH-ILD) indications. Combined Tyvaso sales totaled $452.6 million, down 4% year over year due to lower revenues from nebulized Tyvaso. Tyvaso sales fell short of the Zacks Consensus Estimate of $469 million. Tyvaso DPI generated revenues of $326.6 million, climbing 4% year over year due to an increase in patient demand and some pricing benefits. Revenues from nebulized Tyvaso (treprostinil) were $126 million, down 18%, largely due to reduced U.S. demand despite modest price increases. Sales of Orenitram rose 1% year over year to $125.7 million. Remodulin (including Remunity Pump) sales declined 6% year over year to $126.3 million primarily due to lower demand in the United States despite an increase in international revenues. Unituxin sales were up 12% year over year to $65.2 million. Adcirca sales were $6.7 million, roughly consistent with the prior-year quarter. Research and development expenses were $146.3 million in the quarter, up 9% year over year, mainly due to higher spending on clinical programs and a rise in the fair value of contingent consideration liabilities related to acquired manufactured organ and organ alternative projects. Selling, general and administrative expenses declined 3% year over year to $206.7 million in the quarter. As of June 30, 2026, UTHR had cash, cash equivalents and investments of $3.8 billion compared with $3.5 billion as of March 31, 2026. United Therapeutics is pursuing significant label expansion opportunities for Tyvaso in broader pulmonary fibrosis settings, including idiopathic pulmonary fibrosis (IPF) and progressive pulmonary fibrosis (PPF). The company's IPF development program consists of two late-stage parallel studies, TETON-1 (conducted in the United States and Canada) and TETON-2 (internationally). The TETON studies evaluated nebulized Tyvaso for the treatment of patients with IPF, a devastating lung disease with limited treatment options. Based on data from the studies, UTHR submitted a supplemental new drug application to the FDA in June for the approval of nebulized Tyvaso in IPF. If the drug is approved for this indication, United Therapeutics expects Tyvaso sales in the IPF indication to exceed the drug’s sales in the PAH indication. Patient enrollment is ongoing in the phase III TETON PPF study evaluating the drug in patients with PPF. Top-line data is expected in the second half of 2027. The company is developing Tresmi, an investigational inhaled treprostinil solution delivered via a soft mist inhaler for the treatment of PAH and PH-ILD. The therapy is designed to reduce coughing by up to 90% compared with Tyvaso DPI. UTHR plans to submit regulatory applications for both indications in 2026, with a commercial launch in 2027, subject to regulatory approval. Another promising late-stage pipeline asset is ralinepag, a potential next-generation growth driver for the company’s PAH franchise. The selective prostacyclin receptor agonist is being developed in two formulations, an oral version and a DPI version (RAL-DPI). The growth of oral ralinepag increased significantly following positive data from the pivotal phase III ADVANCE OUTCOMES study in patients with PAH in March 2026. The study met its primary and secondary endpoints. Based on the data, United Therapeutics recently submitted a new drug application for oral ralinepag to the FDA. Beyond the oral formulation, UTHR is developing ralinepag DPI (RAL-DPI), an inhaled dry-powder version of ralinepag, in collaboration with MannKind Corporation MNKD. While initially targeting PAH, management sees potential opportunities for RAL-DPI in PH-ILD, IPF and PPF. The company plans to file an investigational new drug application later this year. Management expects approval for nebulized Tyvaso in IPF and oral ralinepag in PAH in 2027. United Therapeutics is progressing well with the development of its organ manufacturing business. Last month, the company acquired Thymmune Therapeutics, a Cambridge-based, privately held biotech company developing regenerative thymic cell therapies. The acquisition reinforces United Therapeutics’ commitment to advancing regenerative medicine and expanding the availability and long-term success of organ transplantation. The acquisition added THY-100, Thymmune’s lead investigational therapy, to the company’s pipeline. United Therapeutics Corporation price-consensus-eps-surprise-chart | United Therapeutics Corporation Quote United Therapeutics currently carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the biotech sector are Harmony Biosciences HRMY and Liquidia Corporation LQDA, each currently sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here. Over the past 60 days, earnings per share estimates for Harmony Biosciences have increased from $3.20 to $3.33 for 2026. Over the same period, estimates for earnings per share increased from $3.64 to $3.87 for 2027. HRMY shares have risen 2.2% year to date. Harmony Biosciences missed on earnings in three of the trailing four quarters and beat in the remaining one, delivering an average negative surprise of 13.97%. Over the past 60 days, estimates for Liquidia’s 2026 earnings per share have increased to $3.02 from $2.97. Over the same period, EPS estimates for 2027 have risen to $5.31 from $4.81. LQDA shares have gained 158.4% year to date. Liquidia’s earnings beat estimates in three of the trailing four quarters and missed in the remaining one, with the average surprise being 54.40%. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report United Therapeutics Corporation (UTHR) : Free Stock Analysis Report MannKind Corporation (MNKD) : Free Stock Analysis Report Liquidia Corporation (LQDA) : Free Stock Analysis Report Harmony Biosciences Holdings, Inc. (HRMY) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Interested in MannKind Corporation? Here are five stocks we like better. Second-quarter revenue rose 43% to $109.4 million, driven by commercial products and collaboration revenue, but MannKind posted a $19 million GAAP net loss due to planned investments in FUROSCIX, Afrezza, MNKD-201 and the scPharma acquisition. Afrezza sales reached $17 million, while FUROSCIX sales grew 43% sequentially to $22.2 million. The FDA-approved FUROSCIX ReadyFlow autoinjector is expected to launch in August, with management maintaining its $110 million–$120 million annual FUROSCIX revenue outlook and anticipating substantially improved margins. MannKind advanced its pipeline after positive Phase 1b results for inhaled nintedanib in idiopathic pulmonary fibrosis, dosing the first patient in a global Phase 2 trial. A $50 million financing increased pro forma cash to $161 million, although the company expects to pay a $45 million contingent value right in the third quarter. MannKind (NASDAQ:MNKD) reported second-quarter revenue of $109.4 million, up 43% from the prior-year period, as growth in its commercial products and collaboration revenue helped offset increased spending tied to product launches and development programs. The company recorded a GAAP net loss of $19 million for the quarter, compared with net income of $700,000 a year earlier. Non-GAAP net loss was $2.7 million, versus non-GAAP net income of $13.9 million in the second quarter of 2025. Chief Financial Officer Chris Prentiss said the year-over-year change reflected planned investments in FUROSCIX, the pediatric launch of Afrezza, development of MNKD-201, and costs associated with MannKind’s scPharma acquisition. → SpaceX’s First Earnings Report Could Decide Whether Shorts or Bulls Have Control Chief Executive Officer Michael Castagna said MannKind’s three major 2026 catalysts had all been achieved: pediatric approval for Afrezza, FDA approval for the FUROSCIX ReadyFlow autoinjector, and positive Phase 1b data for inhaled nintedanib in idiopathic pulmonary fibrosis, or IPF. Afrezza generated $17 million in net sales during the quarter. FUROSCIX generated $22.2 million in net sales, rising 43% from the first quarter, supported by a 49% increase in units sold. Prentiss said higher gross-to-net adjustments, which reached 29% during the quarter, partially offset the increase in units. → 3 Drone Stocks That Should Soar After the Summer Slump Castagna said marketed-product revenue grew 27% sequentially from the first quarter, while royalties declined 1% over the same period. Excluding collaboration and service revenue, marketed products grew 111% year over year, he said. MannKind’s two commercial products also exceeded royalty revenue as a portion of its underlying revenue mix during the quarter. Royalty revenue from United Therapeutics rose 4% year over year to $32.4 million. Collaboration and services revenue increased 53% to $35 million, primarily due to greater volumes of products sold through to United Therapeutics. MannKind also recognized $4.9 million in ralinepag DPI development milestone revenue. → The Bitcoin Comeback May Already Be Underway—2 ETFs for Exposure Prentiss said manufacturing-related collaboration revenue can fluctuate with production schedules at MannKind’s Danbury facility. Based on current plans, he expects the second quarter to be the company’s highest quarter for manufacturing-related revenue, while full-year revenue should remain in line with the prior year. Afrezza received pediatric approval on May 29, meaning the second quarter contained a limited period of launch activity. Castagna said all 20 of MannKind’s priority pediatric accounts had written at least one prescription, while one-third of the top 100 pediatric rapid-acting insulin prescribers had prescribed the product. The company has emphasized the pediatric diabetes market as a more concentrated and institutionally based opportunity than the adult market. Castagna said approximately 1,000 pediatric prescribers account for 80% of prescriptions in the segment, compared with roughly 60,000 adult prescribers accounting for 80% of rapid-acting insulin prescriptions. He also pointed to support from caregivers, diabetes educators, school nurses, advocacy organizations and social-media communities, as well as more than a decade of Afrezza safety data and recent clinical evidence. MannKind said its $35 access program is intended to reduce barriers to starting treatment. Castagna said more than half of pediatric prescriptions were being filled through cash-pay channels, with the remainder fully paid. The company is pursuing prior authorizations, appeals and payer discussions, and expects its cash-pay program to run through the end of 2026. He said pediatric approval rates have been consistent with adult approval rates. Early prescription activity has included refills and repeat prescribers, according to management. Castagna said more than 30% of customers had written three or more prescriptions based on the company’s available data, though he cautioned that it remains early to assess refill trends. He added that MannKind had seen roughly 450 new prescribers since launch, including about 200 pediatric and 250 adult prescribers. Looking ahead, MannKind expects to introduce a 2-unit Afrezza cartridge in 2027 and is targeting a Bluetooth-connected InhaleIQ device integrated with continuous glucose monitoring. The company also expects higher-concentration Afrezza formulations around 2028, which Castagna said could support larger doses with lower powder loads. MannKind’s FUROSCIX ReadyFlow autoinjector was recently approved by the FDA and is expected to become available later this month. Castagna described ReadyFlow as the only IV-equivalent diuretic delivered through an autoinjector and said the product could support earlier treatment of fluid overload, post-hospital discharge protocols and efforts to reduce readmissions. The product will initially be made available to key institutions and community prescribers. MannKind expects its field teams to complete ReadyFlow training during the week of Aug. 10, with promotion beginning the following week and product shipments occurring in August. Castagna said FUROSCIX growth during the quarter included a 36% increase in institutional delivery network engagement and a 67% sequential increase in nephrology sales. MannKind separated cardiology and nephrology sales-force efforts earlier this year, a move that management said caused some disruption in the first quarter but began contributing to growth in the second quarter. Prentiss said the transition from the on-body infuser to ReadyFlow is expected to improve FUROSCIX margins by about 70%. He said the company anticipates that ReadyFlow will account for a large majority of FUROSCIX volume in 2027. The on-body product could also face tariff effects in future periods, he said. MannKind maintained its $110 million to $120 million annual FUROSCIX revenue outlook. Castagna said second-half demand historically exceeds first-half demand, in part because patient out-of-pocket costs tend to decline later in the year as Medicare coverage dynamics change. He added that inventory movements between ReadyFlow and the on-body infuser could affect quarterly revenue timing in the second half. MannKind also highlighted positive Phase 1b findings for its inhaled nintedanib DPI program in patients with IPF. The company said the seven-day, multiple-ascending-dose study showed no serious adverse events, no bronchospasms, and no discontinuations or dose reductions related to safety or tolerability. Cough occurred in approximately 39% of participants, though Castagna said 60% experienced no cough after inhalation and about 30% reported mild cough. No patients discontinued treatment due to cough, according to the company. The first patient has been dosed in MannKind’s Phase 2 study, and the company expects to activate sites globally throughout 2026. Management has submitted the Phase 2 protocol to the FDA for potential U.S. sites and expects feedback in the fall. Castagna said the eventual registrational path, including the number of required trials and potential expansion into related pulmonary conditions, remains to be determined with the FDA. At quarter-end, MannKind announced a $50 million private investment in public equity financing, giving it a pro forma cash position of $161 million. The company expects to pay a $45 million contingent value right in the third quarter associated primarily with ReadyFlow approval, with approximately $16 million of expense recorded during the quarter. MannKind Corporation, a biopharmaceutical company, focuses on the development and commercialization of inhaled therapeutic products for endocrine and orphan lung diseases in the United States. It offers Afrezza, an inhaled insulin used to improve glycemic control in adults with diabetes, and the V-Go wearable insulin delivery device, which provides continuous subcutaneous infusion of insulin in adults. The company's product pipeline also includes Tyvaso DPI (Treprostinil), an inhalation powder for the treatment of pulmonary arterial hypertension and pulmonary hypertension associated with interstitial lung disease; MNKD-101, a nebulized formulation of clofazimine, for the treatment of severe chronic and recurrent pulmonary infections, including nontuberculous mycobacterial lung disease; MNKD-201, a dry-powder formulation of nintedanib, for the treatment of idiopathic pulmonary fibrosis (IPF). This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "MannKind Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

Achieved three major catalysts to drive future growth: Encouraging early momentum in Afrezza pediatric launch Q2 2026 total revenues of $109.4M, +43% vs. Q2 2025 Conference call and webcast today at 4:30 p.m. ET DANBURY, Conn. and WESTLAKE VILLAGE, Calif., Aug. 05, 2026 (GLOBE NEWSWIRE) -- MannKind Corporation (Nasdaq: MNKD)a biopharmaceutical company dedicated to transforming chronic disease care through innovative, patient-centric solutions for cardiometabolic and orphan lung diseases, today reported financial results for the second quarter of 2026, and provided a business update. “This was a transformative period for MannKind, during which we delivered all three major catalysts we set out to achieve in 2026,” said Michael Castagna, Chief Executive Officer of MannKind. “The two recent FDA approvals are expected to fuel our near-term growth opportunities to help patients living with diabetes, heart failure and CKD. The positive Phase 1b INFLO-1 results for MNKD-201 reduces development risk and strengthens our confidence in the ability of our platform to help people living with IPF and other fibrotic diseases. Together, these milestones validate our diversification strategy and position MannKind for sustainable growth.” Business Update and Upcoming Milestones Commercial Products Revenue from marketed products (Afrezza, Furoscix®) grew 27% from Q1 2026 to Q2 2026 Furoscix Furoscix (furosemide injection) generated $22.2 million in net sales for Q2 2026 Continued growth in Integrated Delivery Networks, increasing doses purchased by 36% over Q1 2026 Record number of nephrology units dispensed, increasing by 67% over Q1 2026 Received FDA approval of Furoscix ReadyFlow™ on July 23, 2026, the first and only autoinjector delivering IV-equivalent diuretic therapy for the treatment of edema in adults with heart failure (HF) or chronic kidney disease (CKD); expected to be commercially available in late August Afrezza Afrezza (insulin human) Inhalation Powder generated $17.0 million in net sales for Q2 2026 Received FDA approval of Afrezza on May 29, 2026 for use in children and adolescents ages 6 and older living with diabetes Awarded Breakthrough T1D grant supporting advancement of INHALE-1ST, a pediatric trial of Afrezza in youth with newly diagnosed type 1 diabetes DevelopmentNintedanib DPI (MNKD-201) Topline data readout of U.S. Phase 1b INFLO-1 demonstrates safety and tolerability in IPF patients Site activation and enrollment underway in the global Phase 2 INFLO-2 study Ralinepag DPI (MNKD-1501) On track for IND filing by year end Received a $5 million payment from United Therapeutics (UT) to support the rapid advancement of ralinepag DPI Corporate Update Cash, cash equivalents and investments as of June 30, 2026, totaled $111 million Closed $50 million private placement on July 24, 2026; proceeds will fund the $45 million CVR payment triggered by the FDA approval of Furoscix ReadyFlow Second Quarter 2026 Financial Results Revenues Total revenues for the second quarter of 2026 increased compared to the same period in the prior year due to the addition of Furoscix to our product portfolio through the October 7, 2025 acquisition of scPharma, as well as increases in collaborations and services revenue, and royalties. The increase in collaborations and services revenue was primarily attributable to increased product sold to UT and revenue earned related to the development of ralinepag DPI. The increase in royalties was due to UT’s increase in net revenue from sales of Tyvaso DPI. Operating Expenses and Other Financial Highlights Cost of goods sold – commercial, excluding amortization of acquired intangible assets, was $14.4 million for the three months ended June 30, 2026, compared to $4.6 million for the same period in 2025. Research and development expenses were $18.0 million for the three months ended June 30, 2026, compared to $13.7 million for the same period in 2025, an increase of 32%. Selling, general and administrative expenses were $58.3 million for the three months ended June 30, 2026, compared to $31.6 million for the same period in 2025, an increase of 84%. Six Months Ended June 30, 2026 Revenues Total revenues for the six months ended June 30, 2026 increased compared to the same period in the prior year due to the addition of Furoscix to our product portfolio through the October 7, 2025 acquisition of scPharma, as well as increases in collaborations and services revenue, and royalties. The increase in collaborations and services revenue was primarily attributable to an increase in revenue earned related to the development of ralinepag DPI. The increase in royalties was due to UT’s increase in net revenue from sales of Tyvaso DPI. Operating Expenses and Other Financial Highlights Cost of goods sold – commercial, excluding amortization of acquired intangible assets, was $21.9 million for the six months ended June 30, 2026, compared to $8.4 million for the same period in 2025. Research and development expenses were $35.2 million for the six months ended June 30, 2026, compared to $24.7 million for the same period in 2025, an increase of 43%. Selling, general and administrative expenses were $112.4 million for the six months ended June 30, 2026, compared to $56.6 million for the same period in 2025, an increase of 98%. Conference Call and WebcastMannKind will host a conference call and webcast to discuss these results today at 4:30 p.m. Eastern Time. The webcast will be accessible via a link on MannKind’s website at https://investors.mannkindcorp.com/events-and-presentations. A replay will also be available in the same location within 24 hours after the call and accessible for approximately 90 days. About MannKindMannKind Corporation (Nasdaq: MNKD) is a biopharmaceutical company dedicated to transforming chronic disease care through innovative, patient-centric solutions. Focused on cardiometabolic and orphan lung diseases, we develop and commercialize treatments that address serious unmet medical needs, including diabetes, pulmonary hypertension, and fluid overload in heart failure and chronic kidney disease. With deep expertise in drug-device combinations, MannKind aims to deliver therapies designed to fit seamlessly into daily life. Learn more at mannkindcorp.com. Forward-Looking Statements Statements in this press release that are not statements of historical fact are forward-looking statements that involve risks and uncertainties. These statements include, without limitation, statements regarding the timing for expected commercial availability of Furoscix ReadyFlow and the broadened growth potential for Furoscix; the timing of a planned IND filing of ralinepag DPI; expectations regarding MannKind’s ongoing and planned clinical trials and nonclinical studies; and our being positioned for sustainable growth. Words such as “believes,” “anticipates,” “plans,” “expects,” “intend,” “will,” “goal,” “potential,” “prepare,” “opportunity” and similar expressions are intended to identify forward-looking statements. These forward-looking statements are based upon MannKind’s current expectations. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties, which include, without limitation, risks associated with developing product candidates; risks and uncertainties related to unforeseen delays that may impact the timing of clinical trials and reporting data; risks associated with safety and other complications of our products and product candidates; risks associated with the regulatory review process; risks associated with competition; manufacturing risks; market adoption risks; and other risks detailed in MannKind’s filings with the Securities and Exchange Commission (“SEC”), including under the “Risk Factors” heading of its Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, being filed with the SEC later today. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement, and MannKind undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date of this press release. Tyvaso DPI is a trademark of United Therapeutics Corporation. AFREZZA, FUROSCIX, FUROSCIX READYFLOW, MANNKIND, and V-GO are trademarks of MannKind Corporation. Non-GAAP Measures To supplement our condensed consolidated financial statements presented under GAAP, we are presenting non-GAAP net (loss) income and non-GAAP net (loss) income per share – basic, which are non-GAAP financial measures. We are providing these non-GAAP financial measures to disclose additional information to facilitate the comparison of past and present operations, and they are among the indicators management uses as a basis for evaluating our financial performance. We believe that these non-GAAP financial measures, when considered together with our GAAP financial results, provide management and investors with an additional understanding of our business operating results, including underlying trends. These non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures; should be read in conjunction with our condensed consolidated financial statements prepared in accordance with GAAP; have no standardized meaning prescribed by GAAP; and are not prepared under any comprehensive set of accounting rules or principles. In addition, from time to time in the future there may be other items that we may exclude for purposes of our non-GAAP financial measures; and we may in the futurecease to exclude items that we have historically excluded for purposes of our non-GAAP financial measures. Likewise, we may determine to modify the nature of adjustments to arrive at our non-GAAP financial measures. Because of the non-standardized definitions of non- GAAP financial measures, the non-GAAP financial measures as used by us in this report have limits in their usefulness to investors and may be calculated differently from, and therefore may not be directly comparable to, similarly titled measures used by other companies. The following table reconciles our financial measures for net (loss) income and net (loss) income per share ("EPS") for basic weighted average shares as reported in our condensed consolidated statement of operations to a non-GAAP presentation: CONTACT: MannKind Contacts: Investor Relations Kate Miranda Email: [email protected] Media Relations Christie Iacangelo Email: [email protected]

Generally well-tolerated with no serious adverse events, bronchospasm or diarrhea; no study drug discontinuations 90% of patients had no [60%] or mild [30%] cough ~450 total inhalations administered in patients with IPF Global Phase 2 INFLO-2 trial actively enrolling patients Conference call and webcast scheduled for July 29 at 4:30 p.m. ET DANBURY, Conn. and WESTLAKE VILLAGE, Calif., July 29, 2026 (GLOBE NEWSWIRE) -- MannKind Corporation (Nasdaq: MNKD), a biopharmaceutical company focused on developing innovative, patient-centric therapies for chronic diseases, today announced positive topline results from INFLO-1, its Phase 1b randomized, double-blind, placebo-controlled study evaluating nintedanib dry powder inhalation (DPI) in patients with idiopathic pulmonary fibrosis (IPF). The study met its primary objective, demonstrating that nintedanib DPI was generally safe and well tolerated in patients with IPF. The Phase 1b study enrolled 27 patients across 10 U.S. sites and evaluated two multiple-ascending dose regimens of nintedanib DPI administered over seven days. INFLO-1 Topline ResultsKey findings from the study included: No serious adverse events No drug-related gastrointestinal side effects (i.e., diarrhea, nausea, vomiting) No bronchospasm events No treatment discontinuations or dose reductions No differences in spirometry parameters between nintedanib DPI and placebo (empty cartridges) Most patients experienced no cough; reported cough events were predominantly mild, transient and resolved Additional data will be presented at a future conference. "The INFLO-1 results represent an important milestone for our nintedanib DPI program and further validates the potential of our Technosphere® platform in pulmonary fibrosis," said Michael Castagna, PharmD, Chief Executive Officer of MannKind Corporation. "Across our Phase 1a and Phase 1b studies, participants have received more than 700 inhalations of nintedanib DPI, including nearly 450 inhalations administered to people living with IPF. Importantly, cough was not a meaningful barrier to treatment. When observed, cough events were generally mild, transient and resolved, with no cough-related discontinuations or dose reductions. These findings provide growing confidence as we continue to advance Phase 2 development." Phase 1a Program Established Foundation for Clinical DevelopmentThe INFLO-1 findings build upon previously reported results from MannKind's completed Phase 1a first-in-human study in healthy volunteers. In that study, nintedanib DPI demonstrated favorable safety and tolerability with no serious adverse events, no discontinuations, and no safety signals identified. Pharmacokinetic analyses demonstrated rapid absorption and dose-proportional increases in plasma concentrations consistent with deep-lung delivery following inhalation. Across the completed Phase 1a and Phase 1b studies, a total of 48 individuals have received nintedanib DPI, 18 of whom were patients with IPF, providing the largest reported clinical dataset with an inhaled nintedanib therapy in patients with IPF to date. Global Phase 2 INFLO-2 Study UnderwayMannKind's global Phase 2 INFLO-2 study is actively enrolling patients with IPF. The randomized, double-blind, placebo-controlled trial is expected to enroll approximately 210 participants across approximately 85 sites worldwide and is designed to further evaluate the safety, tolerability and efficacy of nintedanib DPI. Participants are being randomized to receive either nintedanib DPI (2mg four times daily or 4mg twice daily) or placebo for 12 weeks, followed by a 24-week open-label extension in which all participants will receive active treatment. The primary objective of the study is to assess safety and tolerability of nintedanib DPI. Secondary objectives include evaluating a potential efficacy signal, including the annualized rate of decline in forced vital capacity (FVC), a key measure of lung function in IPF. Additional endpoints will assess disease progression, pulmonary exacerbations, exercise capacity, patient-reported outcomes, and pharmacokinetics. About INFLO-1INFLO-1 was a Phase 1b, randomized, double-blind, placebo-controlled study of nintedanib DPI in patients with IPF. The U.S. trial consisted of multiple ascending doses (MAD) with the primary objective to evaluate safety, tolerability and pharmacokinetics of nintedanib DPI compared to placebo in patients with IPF. More information on INFLO-1 is available at: ClinicalTrials.gov (NCT07344558). Differentiated Approach to a Significant Unmet Need IPF is a chronic, progressive lung disease characterized by irreversible fibrosis and declining lung function. Despite available therapies, the disease remains associated with substantial morbidity and mortality. Nintedanib, currently approved as an oral therapy for IPF, has demonstrated the ability to slow disease progression but can be associated with systemic side effects that may limit tolerability, treatment persistence, and the ability to use combination therapies. Nintedanib DPI (MNKD-201) leverages MannKind’s Technosphere® dry powder inhalation technology to deliver nintedanib directly to the deep lung, with the goal of achieving therapeutic concentrations at the site of disease while reducing systemic exposure. MannKind has developed two FDA-approved dry powder inhalation therapies utilizing its proven Technosphere formulation technology, with clinical data demonstrating less than 3% discontinuation due to cough in adult patients. About IPFIdiopathic pulmonary fibrosis is a chronic, progressive lung disease characterized by irreversible scarring of lung tissue that leads to worsening lung function over time. Despite available therapies, IPF remains associated with significant morbidity and mortality. According to the American Lung Association and GlobalData, there are an estimated 100,000 IPF patients in the U.S. with a 20% rise in the last decade. IPF affects an estimated 1-1.5 million people worldwide, based on global prevalence analyses reporting approximately 13-20 patients per 100,000 population.1 Investor CallManagement of the Company will host a conference call to discuss results at 4:30 p.m. ET on July 29, 2026. Presenting from the Company will be its Chief Executive Officer, Michael Castagna, PharmD, and Wassim Fares, M.D., MSc, FCCP, Senior Vice President, Therapeutic Area Head – Respiratory. To view and listen to the webcast, visit MannKind's website at https://investors.mannkindcorp.com/events-and-presentations. A replay will also be available on MannKind's website for approximately 90 days. About MannKindMannKind Corporation (Nasdaq: MNKD) is a biopharmaceutical company dedicated to transforming chronic disease care through innovative, patient-centric solutions. Focused on cardiometabolic and orphan lung diseases, we develop and commercialize treatments that address serious unmet medical needs, including diabetes, pulmonary hypertension, and fluid overload in heart failure and chronic kidney disease. With deep expertise in drug-device combinations, MannKind aims to deliver therapies designed to fit seamlessly into daily life. Learn more at mannkindcorp.com. Forward-Looking Statements Statements in this press release that are not statements of historical fact are forward-looking statements that involve risks and uncertainties. Forward-looking statements include statements regarding the continuing development of MNKD-201 and the potential of our platform in pulmonary fibrosis. Words such as “believes”, “anticipates”, “plans”, “expects”, “intends”, “will”, “goal”, “potential” and similar expressions are intended to identify forward-looking statements. These forward-looking statements are based upon MannKind’s current expectations. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties, which include, without limitation, the risk that continued testing of a drug may not yield successful results or results that are consistent with earlier testing, and other risks detailed in MannKind’s filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2025 and subsequent periodic reports on Form 10-Q and current reports on Form 8-K. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement, and MannKind undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date of this press release. MANNKIND and TECHNOSPHERE are registered trademarks of MannKind Corporation. 1 National Library of Medicine (U.S.). Idiopathic pulmonary fibrosis. MedlinePlus Genetics. Available at: https://medlineplus.gov/genetics/condition/idiopathic-pulmonary-fibrosis/. CONTACT: MannKind Contacts: Media Relations: Christie Iacangelo (818) 292-3500 [email protected] Investor Relations: Kate Miranda (781) 301-6869 [email protected]

Director Steven B. Binder disclosed a disposition of 76,880 shares of MannKind Corporation (NASDAQ:MNKD) at $4.07 per share in transactions completed on July 15, 2026, and July 17, 2026, according to a recent SEC Form 4 filing. Transaction value based on SEC Form 4 weighted average sale price ($4.07); post-transaction value based on July 17, 2026 market close ($4.03). What was the primary mechanism for this transaction?The disposition was a structured liquidation resulting from the vesting of performance-based restricted stock units (RSUs). Approximately 24,000 shares were withheld by the company to satisfy mandatory tax obligations, and 52,485 shares were sold via a pre-arranged Rule 10b5-1 trading plan. This setup allows insiders to manage portfolio liquidity and diversification following major vesting events. How did the company's market performance influence the vesting criteria?The underlying equity was delivered after MannKind achieved the 41.5th percentile of total shareholder return relative to the Russell 3000 Pharmaceutical & Biotechnology Index. This performance level triggered an 83% achievement of the target objective established in May 2023, resulting in the net delivery of 93,790 shares to Steven B. Binder prior to the reported sales. What is the scale of the insider's remaining investment?Following the reported activity, the director maintains a direct interest in 824,918 shares. This position was valued at $3.32 million as of the July 17, 2026 market close. The stock has generated a 3% return over the past 12 months as of the transaction date. What are the fundamental financial metrics for MannKind?For the trailing twelve months, the company reported revenue of $360.8 million and a net loss of ($23.9 million). The firm is headquartered in Danbury and focuses on the U.S. biopharmaceutical market for rare lung conditions and endocrine treatments. MannKind Corporation develops and commercializes respiratory-delivered biopharmaceutical treatments, with its flagship product Afrezza, an inhaled insulin formulation designed to improve glycemic control in adults with diabetes, serving as the primary revenue driver. The company generates revenue through direct pharmaceutical sales of its approved products to healthcare providers and patients, leveraging its proprietary pulmonary delivery technology platform to differentiate its therapeutic offerings in the marketplace. MannKind targets endocrinologists, primary care physicians, and patients with diabetes and rare pulmonary conditions in the United States, positioning its products for both adult and pediatric patient populations. MannKind Corporation is a biopharmaceutical company with a market capitalization of $1.2 billion and TTM revenue of $360.8 million. The company's competitive differentiation derives from its innovative pulmonary delivery technology platform, which enables non-invasive administration of therapeutics for endocrine disorders and rare lung conditions. MannKind's strategic focus on respiratory-delivered treatments addresses significant unmet medical needs while positioning the company within the specialized biopharmaceutical sector. Of the 93,790 shares Binder actually received, he kept fewer than half. Taxes claimed about 24,000, and he sold another 52,485 through a plan set well before the vesting date, walking away with roughly $214,000 in proceeds. Directors often hold rather than harvest, so the split here is worth noting, even though a plan set months earlier means he wasn't really reacting to anything. Plus, he still owns 824,918 shares, which at $4.03 is worth about $3.3 million.More importantly for long-term investors, the award paid out at 83% of target because MannKind landed at the 41.5th percentile of its pharma and biotech peer index. That middling result reflects a rough few years, punctuated by February, when the stock fell nearly 40% in a day after United Therapeutics announced Tresmi. CEO Martine Rothblatt called it a "category killer," and it threatens the Tyvaso DPI inhaler that generated $32.7 million in MannKind royalties during the first quarter. It’ll be critical to watch how Tresmi shapes up in the coming quarters. The payments have made up MannKind's most lucrative revenue stream, and after a peer-lagging performance in the past several years, it’s clear the market has already had some skepticism priced in even without this looming uncertainty. Before you buy stock in MannKind, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and MannKind wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $371,842!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,244,783!* Now, it’s worth noting Stock Advisor’s total average return is 900% — a market-crushing outperformance compared to 207% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors. See the 10 stocks » *Stock Advisor returns as of July 20, 2026. Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends MannKind. The Motley Fool has a disclosure policy. What This MannKind Director Sale Signals With $32.7 Million in Quarterly Royalties Revenue Potentially at Risk was originally published by The Motley Fool

MannKind Corporation reported past first-quarter 2026 results with revenue rising to US$90.17 million from US$78.35 million, but the company moved from a US$13.16 million net profit to a US$16.62 million net loss as expenses increased following the scPharmaceuticals acquisition. Alongside these mixed results, MannKind highlighted progress on Afrezza pediatrics, Furoscix ReadyFlow, and an expanded ralinepag DPI collaboration with United Therapeutics that could materially influence its future revenue mix and risk profile. Now we will examine how MannKind’s return to quarterly losses, despite higher revenue, affects its existing investment narrative and risk balance. We've uncovered the 12 dividend fortresses yielding 5%+ that don't just survive market storms, but thrive in them. To own MannKind today, you have to believe its inhaled drug platform and expanding specialty portfolio can offset dependence on Tyvaso DPI royalties and Afrezza. The Q1 2026 return to losses, despite higher revenue, reinforces that near term the key catalyst is the upcoming FDA decision on Afrezza pediatrics, while the biggest risk is that rising operating costs after the scPharmaceuticals deal keep MannKind structurally unprofitable. This quarter’s results do not appear to change that risk-reward framing in a material way. Against this backdrop, the expanded ralinepag DPI collaboration with United Therapeutics stands out. The extra US$5 million payment, potential US$35 million in milestones, and 10% royalties underscore how important partnered inhaled therapies could become in reshaping MannKind’s revenue mix away from a narrow product base. For investors watching the Afrezza pediatric and Furoscix ReadyFlow PDUFA dates, this added program highlights both the opportunity to diversify and the execution risk tied to a still concentrated pipeline. However, beneath the revenue growth, the step-up in expenses and renewed losses could be an early sign of the kind of sustained cash burn investors should be aware of... Read the full narrative on MannKind (it's free!) MannKind's narrative projects $544.8 million revenue and $62.0 million earnings by 2029. Uncover how MannKind's forecasts yield a $7.17 fair value, a 102% upside to its current price. Some of the lowest ranking analysts were already cautious, assuming only about 3.7% annual revenue growth to roughly US$389 million and no profitability in three years, so this fresh loss may push you to reconsider how much weight you give to concerns about high spending and cash burn compared with more upbeat views on Afrezza pediatrics and the broader inhaled portfolio. Explore 3 other fair value estimates on MannKind - why the stock might be worth over 2x more than the current price! Don't just follow the ticker - dig into the data and build a conviction that's truly your own. A great starting point for your MannKind research is our analysis highlighting 3 key rewards and 2 important warning signs that could impact your investment decision. Our free MannKind research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate MannKind's overall financial health at a glance. Opportunities like this don't last. These are today's most promising picks. Check them out now: Invest in the nuclear renaissance through our list of 91 elite nuclear energy infrastructure plays powering the global AI revolution. Outshine the giants: these 17 early-stage AI stocks could fund your retirement. Capitalize on the AI infrastructure supercycle with our selection of the 39 best 'picks and shovels' of the AI gold rush converting record-breaking demand into massive cash flow. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include MNKD. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]