MannKind(MNKD) - 2024 Q4 - Annual Results

Financial Performance - 2024 total revenues reached $286 million, representing a 43% increase compared to 2023; Q4 2024 revenues were $77 million, up 31% year-over-year[5] - 2024 net income was $28 million, with a non-GAAP net income of $68 million; Q4 2024 net income was $7 million, with a non-GAAP net income of $23 million[5] - Total revenues for Q4 2024 reached $76,776,000, a 31.3% increase from $58,472,000 in Q4 2023[21] - Net income for the year ended December 31, 2024, was $27,588,000, compared to a net loss of $11,938,000 in 2023[21] - The company reported a non-GAAP adjusted net income of $22,952,000 for Q4 2024, compared to $7,147,000 in Q4 2023, indicating a significant improvement[26] - Basic net income per share for Q4 2024 was $0.03, up from $0.01 in Q4 2023[21] Revenue Sources - Revenue from collaborations and services increased by 90% to $100.8 million in 2024, driven by higher manufacturing of Tyvaso DPI[8] Expenses and Liabilities - Total expenses for the year 2024 were $212,917,000, compared to $190,284,000 in 2023, marking an increase of 11.9%[21] - Research and development expenses rose by 47% to $45.9 million in 2024, primarily due to clinical study activities[14] - Research and development expenses increased to $45,893,000 for the year 2024, up from $31,283,000 in 2023, reflecting a 46.7% increase[21] - The company’s total liabilities decreased to $472,659,000 in 2024 from $721,366,000 in 2023, a reduction of 34.5%[23] Cash and Assets - MannKind's cash, cash equivalents, and investments totaled $203 million at year-end 2024[5] - Cash and cash equivalents decreased significantly to $46,339,000 in 2024 from $238,480,000 in 2023, a decline of 80.6%[23] - Total assets decreased to $393,843,000 in 2024 from $475,198,000 in 2023, representing a 17.1% decline[23] Clinical Trials and Approvals - The INHALE-1 Phase 3 clinical trial for Afrezza in pediatrics is progressing, with a planned FDA submission in 1H 2025[6] - The Phase 3 trial of clofazimine inhalation suspension (MNKD-101) is expected to meet interim enrollment targets by the end of 2025[3] - Afrezza was approved in India for adults, with expected shipments in Q4 2025, generating a $1.1 million regulatory milestone[9] - The company anticipates supplemental new drug application filing for Afrezza in 1H 2025, pending FDA feedback[6] Debt Management - The company reduced debt principal by $236 million, leaving a remaining convertible debt of $36 million[5]