MannKind Corp

Latest Results (15.04.2026):

MannKind Corp's Q4 2025 results show strong top-line growth driven by commercial momentum and the October 2025 acquisition of scPharmaceuticals: total Q4 revenues were $112.0 million (+46% vs. Q4 2024) and full-year 2025 revenues were $349.0 million (+22% vs. 2024). Despite higher sales, Q4 2025 produced a GAAP net loss of $15.9 million, while full-year 2025 reported a GAAP net income of $5.9 million. Liquidity at year-end remained solid with cash, cash equivalents and investments of approximately $176 million.

Revenue snapshot

Q4 2025 total revenues were $111.96M, up 46% year-over-year. Full-year 2025 revenues totaled $348.97M, up 22% vs. 2024, driven by increases in royalties, collaborations/services and commercial product sales.

Commercial product performance

Afrezza Q4 2025 net sales were $22.9M (+25% vs. Q4 2024). Furoscix contributed $23.2M in Q4 2025 net sales following the Oct 7, 2025 acquisition (reported as $12M by scPharma in Q4 2024), representing a meaningful new revenue stream for MannKind Corp.

Profitability and operating costs

Operating loss for Q4 2025 was $7.7M. Q4 GAAP net loss was $15.9M. Cost of goods sold (commercial) rose sharply to $13.9M in Q4 (up 190% YoY), R&D was $27.6M in Q4 (+148% YoY) and SG&A was $58.4M in Q4 (+144% YoY), largely reflecting Furoscix integration and commercialization investments.

Non‑GAAP results

MannKind reported a Q4 2025 non‑GAAP adjusted net income of $1.54M (basic EPS $0.01). For full-year 2025, non‑GAAP adjusted net income was $59.5M (basic EPS $0.19), after adjustments such as stock compensation, acquisition-related costs and certain financing items.

Balance sheet and liquidity

As of December 31, 2025, cash, cash equivalents and short/long-term investments totaled about $176M. Total assets were $792.2M and total liabilities rose to $843.2M (including a $318.4M term loan), resulting in a stockholders’ deficit of $51.0M (improved vs. $78.8M a year earlier).

Corporate actions and near-term milestones

MannKind Corp completed the acquisition of scPharma on October 7, 2025. Key regulatory milestones: Afrezza pediatric sBLA PDUFA target date May 29, 2026; Furoscix ReadyFlow™ autoinjector sNDA PDUFA target date July 26, 2026.

Pipeline and development progress

Development highlights include enrollment underway in MNKD‑201 (nintedanib DPI) Phase 1b (INFLO‑1) with topline data expected 2H 2026, initiation of a Phase 2 IPF trial (INFLO‑2) with first-patient planned in Q2 2026, and preclinical work on MNKD‑701 (bumetanide DPI) plus continued collaboration work (MNKD‑1501) with United Therapeutics.