Immediate opportunity to increase capacity for formulation and early asset development in upgraded Boston area R&D spaceNon-cash deal includes royalty-free iSPERSE™ technology license in exchange for access to MannKind's Cricket® inhaler DANBURY, Conn. and WESTLAKE VILLAGE, Calif., May 29, 2024 (GLOBE NEWSWIRE) -- MannKind Corporation (NASDAQ:MNKD), a company focused on the development and commercialization of innovative inhaled therapeutic products and devices for patients with endocrine and orphan lung di ...

Immediate opportunity to increase capacity for formulation and early asset development in upgraded Boston area R&D spaceNon-cash deal includes royalty-free iSPERSE™ technology license in exchange for access to MannKind’s Cricket® inhaler DANBURY, Conn. and WESTLAKE VILLAGE, Calif., May 29, 2024 (GLOBE NEWSWIRE) -- MannKind Corporation (Nasdaq: MNKD), a company focused on the development and commercialization of innovative inhaled therapeutic products and devices for patients with endocrine and orphan lung d ...

MannKind (MNKD) appears an attractive pick, as it has been recently upgraded to a Zacks Rank #1 (Strong Buy). An upward trend in earnings estimates -- one of the most powerful forces impacting stock prices -- has triggered this rating change.A company's changing earnings picture is at the core of the Zacks rating. The system tracks the Zacks Consensus Estimate -- the consensus measure of EPS estimates from the sell-side analysts covering the stock -- for the current and following years.Since a changing earn ...

Financial Data and Key Metrics Changes - Total revenues grew by 63% year-over-year, marking the eighth consecutive quarter of revenue growth [18][24] - GAAP net income for Q1 2024 was $11 million, representing a significant increase compared to previous quarters [20][24] - Cash at the end of Q1 2024 was $304 million, up by $2 million from the previous quarter [6][24] Business Line Data and Key Metrics Changes - Tabesa DPI revenue reached almost $48 million, driven by strong sales and record production [5][18] - The diabetes business saw a 7% year-over-year volume growth, with Afrezza growing 7% while V-GO sales dropped by 16% to $4 million [6][11][19] - Collaboration and services revenue increased by 118% to $25 million, attributed to higher production activity and sales [18] Market Data and Key Metrics Changes - The inhaled insulin market is expected to continue growing, with MannKind targeting a $1 billion opportunity in orphan lung diseases [7] - The company anticipates significant revenue potential from the Tabesa DPI product, estimating $300 million to $350 million for every 10,000 patients covered [30] Company Strategy and Development Direction - MannKind is focusing on expanding its inhaled insulin product line and addressing rare orphan lung diseases [4][30] - The company plans to invest in clinical trials for MannKind-101 and MannKind-201, with fast-track designations from the FDA [22][29] - The strategy includes enhancing the commercial model for Afrezza and exploring international market opportunities [16][30] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about continued revenue growth and the potential for new product approvals in the near future [4][29] - The company is positioned well financially, having reduced debt and improved cash flow, which supports ongoing investments in growth initiatives [23][24] - Management highlighted the importance of upcoming clinical trial results and their potential impact on future product launches [29][61] Other Important Information - The company has undergone significant transformation, with a focus on improving the lives of patients with diabetes and orphan lung diseases [27][28] - Upcoming scientific conferences and shareholder meetings are planned to enhance engagement and communication with stakeholders [32] Q&A Session Summary Question: Expectations for INHALE-3 readout at ADA in June - Management clarified that the goal is to demonstrate that Afrezza is as effective as the best standard of care for Type-1 diabetes, with a focus on mealtime control [35][36] Question: Path forward for MannKind-201 in IPF - Management indicated that they are confident in the trial's execution and do not see a need for a partner at this stage, focusing on independent progress [42][44] Question: Next milestones for Afrezza and potential filing timelines - Management discussed the possibility of filing for approval based on six months of data, depending on the results from ongoing trials [46][48] Question: Sustainability of revenue growth from collaboration - Management noted that increased production and sales to United Therapeutics are expected to continue, with recurring revenue from ongoing projects [49][51]

For the quarter ended March 2024, MannKind (MNKD) reported revenue of $66.26 million, up 63.1% over the same period last year. EPS came in at $0.05, compared to -$0.04 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $58.25 million, representing a surprise of +13.76%. The company delivered an EPS surprise of +150.00%, with the consensus EPS estimate being $0.02.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how ...

MannKind (MNKD) came out with quarterly earnings of $0.05 per share, beating the Zacks Consensus Estimate of $0.02 per share. This compares to loss of $0.04 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 150%. A quarter ago, it was expected that this biopharmaceutical company would post a loss of $0.01 per share when it actually produced earnings of $0.02, delivering a surprise of 300%.Over the last four quarters, the company ...

1Q 2024 Total revenues of $66M; +63% vs. 1Q 20231Q 2024 Net income of $11M; Non-GAAP net income of $15M$304M of cash and cash equivalents and investments at March 31, 2024In early April, repaid Midcap senior-secured debt and Mann Group convertible debt totaling approximately $37M FDA Fast Track designation and IND clearance received for MNKD-101 DANBURY, Conn. and WESTLAKE VILLAGE, Calif., May 08, 2024 (GLOBE NEWSWIRE) -- MannKind Corporation (NASDAQ:MNKD) today reported financial results for the quarter en ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . Commission file number: 000-50865 MannKind Corporation (Exact name of registrant as specified in its charter) Delaware 13-3607736 (State or other jurisdiction of in ...

[Q1 2024 Financial and Operational Highlights](index=1&type=section&id=1.%20Q1%202024%20Financial%20and%20Operational%20Highlights) [Financial Highlights](index=1&type=section&id=1.1%20Financial%20Highlights) MannKind reported strong Q1 2024 financial performance, achieving its eighth consecutive quarter of revenue growth and positive net income | Metric | Q1 2024 (Millions USD) | Q1 2023 (Millions USD) | Change (Millions USD) | % Change | | :-------------------------------- | :--------------------- | :--------------------- | :-------------------- | :------- | | Total Revenues | $66.0 | $40.6 | +$25.4 | +63% | | Net Income (GAAP) | $11.0 | ($9.8) | +$20.8 | N/A | | Non-GAAP Net Income | $15.0 | ($5.2) | +$20.2 | N/A | | Cash & Cash Equivalents & Investments (as of March 31, 2024) | $304.0 | N/A | N/A | N/A | [Key Business Developments](index=1&type=section&id=1.2%20Key%20Business%20Developments) The company advanced debt management and clinical development, repaying substantial debt and securing key regulatory designations for pipeline products - In early April, repaid Midcap senior-secured debt and Mann Group convertible debt totaling approximately **$37 million**[1](index=1&type=chunk) - **FDA Fast Track designation** and **IND clearance** received for MNKD-101, potentially accelerating its path to patients[1](index=1&type=chunk)[2](index=2&type=chunk) [Detailed Financial Performance](index=1&type=section&id=2.%20Detailed%20Financial%20Performance) [Revenue Analysis](index=1&type=section&id=2.1%20Revenue%20Analysis) Total revenues for Q1 2024 grew 63% year-over-year, primarily from increased collaboration royalties and services revenue, with modest Afrezza net revenue growth Q1 2024 Revenue Breakdown (Thousands USD) | Revenue Source | 2024 (Thousands USD) | 2023 (Thousands USD) | Change (Thousands USD) | % Change | | :-------------------------------- | :------------------- | :------------------- | :------------------- | :------- | | Royalties – collaborations | $22,651 | $11,678 | $10,973 | 94% | | Revenue – collaborations and services | $24,848 | $11,386 | $13,462 | 118% | | Net revenue – Afrezza | $14,438 | $12,423 | $2,015 | 16% | | Net revenue – V-Go | $4,326 | $5,139 | ($813) | (16%) | | **Total revenues** | **$66,263** | **$40,626** | **$25,637** | **63%** | - Royalties related to Tyvaso DPI increased **94%** due to increased patient demand[3](index=3&type=chunk) - Collaborations and services revenue increased **118%**, primarily due to increased manufacturing of Tyvaso DPI for United Therapeutics[3](index=3&type=chunk) - Afrezza net revenue increased **16%** due to higher price, including a decrease in gross-to-net adjustments[3](index=3&type=chunk) - V-Go net revenue decreased **16%** due to lower product demand[3](index=3&type=chunk) [Cost of Revenues and Gross Margin](index=1&type=section&id=2.2%20Cost%20of%20Revenues%20and%20Gross%20Margin) Commercial product gross margin significantly improved, while collaboration and services cost of revenue increased due to higher volumes, partially offset by efficiency gains - Commercial product gross margin in Q1 2024 was **80%**, up from **69%** in Q1 2023, primarily due to an increase in Afrezza net revenue[3](index=3&type=chunk) - Cost of revenue – collaborations and services increased by **$4.1 million** to **$14.8 million** in Q1 2024, primarily due to increased manufacturing volume and related production activities; higher volumes led to lower effective cost per unit[4](index=4&type=chunk) [Operating Expenses](index=3&type=section&id=2.3%20Operating%20Expenses) Operating expenses showed mixed trends: R&D increased for pipeline development, selling decreased due to restructuring, and G&A slightly rose from V-Go related returns [Research and Development (R&D) Expenses](index=3&type=section&id=2.3.1%20Research%20and%20Development%20%28R%26D%29%20Expenses) R&D expenses notably increased, driven by intensified MNKD-101 development, ongoing Afrezza clinical studies, and higher personnel costs | Metric | Q1 2024 (Thousands USD) | Q1 2023 (Thousands USD) | Change (Thousands USD) | | :----------------------- | :---------------------- | :---------------------- | :--------------------- | | R&D Expenses | $10,013 | $5,605 | +$4,408 | - Increase primarily attributed to increased development activities for clofazimine inhaled suspension (MNKD-101), costs for an Afrezza post-marketing clinical study (INHALE-3), and personnel expenses due to increased headcount[5](index=5&type=chunk) [Selling Expenses](index=3&type=section&id=2.3.2%20Selling%20Expenses) Selling expenses decreased year-over-year, reflecting the impact of sales force restructuring activities completed during the quarter | Metric | Q1 2024 (Thousands USD) | Q1 2023 (Thousands USD) | Change (Thousands USD) | | :--------------- | :---------------------- | :---------------------- | :--------------------- | | Selling Expenses | $11,601 | $13,310 | -$1,709 | - Decrease primarily due to reduced personnel and travel expenses related to sales force restructuring activities[5](index=5&type=chunk) [General and Administrative (G&A) Expenses](index=3&type=section&id=2.3.3%20General%20and%20Administrative%20%28G%26A%29%20Expenses) G&A expenses remained stable, with a slight increase from estimated V-Go pre-acquisition returns, partially offset by lower personnel costs | Metric | Q1 2024 (Thousands USD) | Q1 2023 (Thousands USD) | Change (Thousands USD) | | :-------------------------------- | :---------------------- | :---------------------- | :--------------------- | | G&A Expenses | $10,728 | $10,542 | +$186 | - Increase primarily attributable to a **$1.2 million** loss related to estimated returns associated with sales of V-Go that pre-date our acquisition, partially offset by reduced personnel costs[6](index=6&type=chunk) [Other Income and Expenses](index=3&type=section&id=2.4%20Other%20Income%20and%20Expenses) Interest income significantly increased due to higher yields and investments, while new interest expense arose from the sale of future royalties | Metric | Q1 2024 (Thousands USD) | Q1 2023 (Thousands USD) | Change (Thousands USD) | | :----------------------- | :---------------------- | :---------------------- | :--------------------- | | Interest Income, net | $3,434 | $1,302 | +$2,132 | - Interest income, net, increased primarily due to higher yields on the securities portfolio and an increase in underlying investments from the proceeds of the sale of **1% of Tyvaso DPI royalties** in December 2023[6](index=6&type=chunk) - Interest expense on liability for sale of future royalties was **$4.2 million** in Q1 2024, due to imputed interest and amortization of debt issuance costs on the liability recorded in connection with the December 2023 royalty sale[7](index=7&type=chunk) [Net Income (Loss)](index=1&type=section&id=2.5%20Net%20Income%20%28Loss%29) The company achieved a positive GAAP net income in Q1 2024, a significant improvement from a net loss in the prior year period | Metric | Q1 2024 (Thousands USD) | Q1 2023 (Thousands USD) | | :---------------- | :---------------------- | :---------------------- | | Net Income (Loss) | $10,630 | ($9,795) | [Non-GAAP Financial Measures](index=3&type=section&id=2.6%20Non-GAAP%20Financial%20Measures) Non-GAAP financial measures provide additional insight into operating results by adjusting for non-cash items, resulting in a higher adjusted net income for Q1 2024 - Non-GAAP financial measures (net income/loss and EPS) are presented to supplement GAAP results, providing additional understanding of business operating results and underlying trends by adjusting for select non-cash items[8](index=8&type=chunk)[9](index=9&type=chunk) Non-GAAP Reconciliation (Thousands USD, except EPS) | Metric | Q1 2024 (GAAP, Thousands USD) | Adjustments (Thousands USD) | Q1 2024 (Non-GAAP, Thousands USD) | Q1 2023 (GAAP, Thousands USD) | Adjustments (Thousands USD) | Q1 2023 (Non-GAAP, Thousands USD) | | :-------------------------------------------------------------------------------- | :---------------------------- | :-------------------------- | :-------------------------------- | :---------------------------- | :-------------------------- | :-------------------------------- | | Net Income (Loss) | $10,630 | $4,469 | $15,099 | ($9,795) | $4,609 | ($5,186) | | Diluted EPS | $0.04 | $0.01 | $0.05 | ($0.04) | $0.02 | ($0.02) | | Weighted Average Shares (Diluted) | 324,733 | N/A | 324,733 | 263,969 | N/A | 263,969 | - Adjustments include sold portion of royalty revenue, interest expense on liability for sale of future royalties, stock compensation, and (gain) loss on foreign currency transaction[10](index=10&type=chunk)[11](index=11&type=chunk) [Financial Position and Liquidity](index=3&type=section&id=3.%20Financial%20Position%20and%20Liquidity) [Cash and Investments](index=3&type=section&id=3.1%20Cash%20and%20Investments) As of March 31, 2024, MannKind maintained a strong cash and investments position, providing financial flexibility Cash and Investments (Millions USD) | Metric | As of March 31, 2024 (Millions USD) | | :------------------------------------ | :---------------------------------- | | Cash, cash equivalents and investments | $304.5 | [Debt Repayment](index=1&type=section&id=3.2%20Debt%20Repayment) Subsequent to the quarter end, the company successfully repaid approximately $37 million in senior-secured and convertible debt, strengthening its balance sheet - In early April, repaid Midcap senior-secured debt and Mann Group convertible debt totaling approximately **$37 million**[1](index=1&type=chunk) [Clinical Development Updates](index=5&type=section&id=4.%20Clinical%20Development%20Updates) [Afrezza Clinical Trials](index=5&type=section&id=4.1%20Afrezza%20Clinical%20Trials) Afrezza INHALE-1 and INHALE-3 clinical trials reached Q1 2024 milestones, with upcoming data read-outs and planned FDA submission for label expansion - Afrezza INHALE-1 (pediatric phase 3): Patient enrollment and randomization completed in **1Q 2024**; primary endpoint analysis expected in **4Q 2024**, full results in **1H 2025**, and FDA submission for label expansion in **2025**[12](index=12&type=chunk) - Afrezza INHALE-3 (T1DM, phase 4): Last participant completed randomized treatment phase in **1Q 2024**; top-line data/primary endpoints to be presented at **ADA conference in June 2024**, with additional data at **ADCES August conference**[12](index=12&type=chunk) [MNKD-101 (clofazimine inhalation suspension)](index=5&type=section&id=4.2%20MNKD-101%20%28clofazimine%20inhalation%20suspension%29) MNKD-101 received crucial regulatory designations, paving the way for its clinical trial initiation in the near future - Received **Fast Track designation** from the FDA and **FDA clearance of Investigational New Drug Application (IND)**[13](index=13&type=chunk) - First patient expected to enroll in **2Q 2024** across up to **120 global sites**, with co-primary endpoints of sputum conversion and patient-reported outcomes[13](index=13&type=chunk) [MNKD-201 (nintedanib DPI)](index=5&type=section&id=4.3%20MNKD-201%20%28nintedanib%20DPI%29) MNKD-201 is advancing to Phase 1 clinical trials, with the first patient expected to be dosed in Q2 2024 and results anticipated by late 2024 - Received **FDA clearance** to proceed to Phase 1 clinical trial[14](index=14&type=chunk) - Phase 1 development program in healthy volunteers expected to dose first patient in **2Q 2024**, with results expected in **late 2024**[14](index=14&type=chunk) [Company Information](index=6&type=section&id=5.%20Company%20Information) [About MannKind](index=6&type=section&id=5.1%20About%20MannKind) MannKind is a biopharmaceutical company focused on innovative inhaled therapeutics and devices for endocrine and orphan lung diseases, utilizing dry-powder formulations - Focuses on development and commercialization of innovative inhaled therapeutic products and devices for serious unmet medical needs in endocrine and orphan lung diseases[16](index=16&type=chunk) - Committed to addressing diseases like diabetes, nontuberculous mycobacterial (NTM) lung disease, pulmonary fibrosis, and pulmonary hypertension[16](index=16&type=chunk) - Utilizes signature technologies: dry-powder formulations and inhalation devices for rapid and convenient delivery of medicines to the deep lung[16](index=16&type=chunk) [Forward-Looking Statements](index=6&type=section&id=5.2%20Forward-Looking%20Statements) This section cautions on forward-looking statements, highlighting inherent risks and uncertainties that could cause actual results to differ materially from projections - Statements in the press release that are not historical facts are forward-looking and involve risks and uncertainties[18](index=18&type=chunk) - Forward-looking statements include expected timing of patient enrollment and dosing, potential for expedited review, timing of data read-outs, and planned FDA submissions[18](index=18&type=chunk) - Actual results could differ due to risks associated with manufacturing, product development, clinical trial delays, safety, regulatory review, and other risks detailed in SEC filings[18](index=18&type=chunk) [Condensed Consolidated Financial Statements](index=7&type=section&id=6.%20Condensed%20Consolidated%20Financial%20Statements) [Condensed Consolidated Statements of Operations](index=7&type=section&id=6.1%20Condensed%20Consolidated%20Statements%20of%20Operations) The unaudited condensed consolidated statements of operations for the three months ended March 31, 2024, and 2023, detailing revenues, expenses, and net income (loss) Condensed Consolidated Statements of Operations (Thousands USD, except per share data) | | Ended March 31, 2024 (Thousands USD) | Ended March 31, 2023 (Thousands USD) | | :------------------------------------------------------------------------------------ | :----------------------------------- | :----------------------------------- | | **Revenues:** | | | | Net revenue – commercial product sales | $18,764 | $17,562 | | Revenue – collaborations and services | $24,848 | $11,386 | | Royalties – collaborations | $22,651 | $11,678 | | **Total revenues** | **$66,263** | **$40,626** | | **Expenses:** | | | | Cost of goods sold | $3,819 | $5,530 | | Cost of revenue – collaborations and services | $14,779 | $10,683 | | Research and development | $10,013 | $5,605 | | Selling | $11,601 | $13,310 | | General and administrative | $10,728 | $10,542 | | (Gain) loss on foreign currency transaction | ($1,399) | $954 | | **Total expenses** | **$49,541** | **$46,624** | | **Income (loss) from operations** | **$16,722** | **($5,998)** | | **Other income (expense):** | | | | Interest income, net | $3,434 | $1,302 | | Interest expense on financing liability | ($2,447) | ($2,424) | | Interest expense | ($2,567) | ($2,786) | | Interest expense on liability for sale of future royalties | ($4,248) | — | | Other income | — | $111 | | **Total other expense** | **($5,828)** | **($3,797)** | | **Income (loss) before income tax expense** | **$10,894** | **($9,795)** | | Income tax expense | $264 | — | | **Net income (loss)** | **$10,630** | **($9,795)** | | Net income (loss) per share – basic | $0.04 | ($0.04) | | Weighted average shares used to compute net income (loss) per share – basic | 270,356 | 263,969 | | Net income (loss) per share – diluted | $0.04 | ($0.04) | | Weighted average shares used to compute net income (loss) per share – diluted | 324,733 | 263,969 | [Condensed Consolidated Balance Sheets](index=8&type=section&id=6.2%20Condensed%20Consolidated%20Balance%20Sheets) The unaudited condensed consolidated balance sheets as of March 31, 2024, and December 31, 2023, presenting the company's assets, liabilities, and stockholders' deficit Condensed Consolidated Balance Sheets (Thousands USD) | | March 31, 2024 (Thousands USD) | December 31, 2023 (Thousands USD) | | :------------------------------------------------------------------------------------ | :----------------------------- | :-------------------------------- | | **ASSETS** | | | | **Current assets:** | | | | Cash and cash equivalents | $193,272 | $238,480 | | Short-term investments | $107,457 | $56,619 | | Accounts receivable, net | $19,912 | $14,901 | | Inventory | $26,442 | $28,545 | | Prepaid expenses and other current assets | $36,019 | $34,848 | | **Total current assets** | **$383,102** | **$373,393** | | Property and equipment, net | $83,620 | $84,220 | | Goodwill | $1,931 | $1,931 | | Other intangible asset | $1,053 | $1,073 | | Long-term investments | $3,726 | $7,155 | | Other assets | $7,447 | $7,426 | | **Total assets** | **$480,879** | **$475,198** | | **LIABILITIES AND STOCKHOLDERS' DEFICIT** | | | | **Current liabilities:** | | | | Accounts payable | $7,149 | $9,580 | | Accrued expenses and other current liabilities | $42,291 | $42,036 | | Financing liability – current | $9,872 | $9,809 | | Midcap credit facility – current | $20,000 | — | | Liability for sale of future royalties – current | $10,537 | $9,756 | | Deferred revenue – current | $7,601 | $9,085 | | Recognized loss on purchase commitments – current | $2,446 | $3,859 | | **Total current liabilities** | **$99,896** | **$104,125** | | Mann Group convertible note | $8,829 | $8,829 | | Accrued interest – Mann Group convertible note | $55 | $56 | | Financing liability – long term | $94,207 | $94,319 | | Midcap credit facility – long term | $8,105 | $13,019 | | Senior convertible notes | $227,214 | $226,851 | | Liability for sale of future royalties – long term | $137,418 | $136,054 | | Recognized loss on purchase commitments – long term | $60,287 | $60,942 | | Operating lease liability | $3,645 | $3,925 | | Deferred revenue – long term | $67,741 | $69,794 | | Milestone liabilities | $3,452 | $3,452 | | **Total liabilities** | **$710,849** | **$721,366** | | **Stockholders' deficit:** | | | | Common stock | $2,703 | $2,700 | | Additional paid-in capital | $2,986,104 | $2,980,539 | | Accumulated deficit | ($3,218,777) | ($3,229,407) | | **Total stockholders' deficit** | **($229,970)** | **($246,168)** | | **Total liabilities and stockholders' deficit** | **$480,879** | **$475,198** |

DANBURY, Conn. and WESTLAKE VILLAGE, Calif., May 06, 2024 (GLOBE NEWSWIRE) -- MannKind Corporation (NASDAQ:MNKD), a company focused on the development and commercialization of innovative inhaled therapeutic products and devices for patients with endocrine and orphan lung diseases, announced today that the U.S. Food and Drug Administration (FDA) has granted Fast Track designation of Clofazimine Inhalation Suspension (MNKD-101) for the treatment of nontuberculous mycobacterial (NTM) lung disease. Fast track d ...