MannKind(MNKD) - 2025 Q1 - Quarterly Results

Financial Performance - 1Q 2025 revenues reached $78.4 million, an increase of 18% compared to 1Q 2024[4] - 1Q 2025 net income was $13.2 million, reflecting a 24% increase year-over-year[9] - Non-GAAP net income for 1Q 2025 was $21.6 million, up 43% from the same period in 2024[10] - GAAP reported net income for Q1 2025 was $13,158,000, compared to $10,630,000 in Q1 2024, reflecting a year-over-year increase of 23.7%[24] - Non-GAAP adjusted net income for Q1 2025 was $21,629,000, up from $15,099,000 in Q1 2024, indicating a growth of 43.3%[24] - Basic EPS for Q1 2025 remained stable at $0.04, consistent with Q1 2024[24] Prescription Growth - Afrezza experienced a 20% growth in new prescriptions (NRx) and a 14% growth in total prescriptions (TRx) in 1Q 2025 compared to 1Q 2024[8] Research and Development - The Phase 3 trial for MNKD-101 is on track for interim analysis, with 55 patients randomized across four countries[5] - The company expects to advance the MNKD-201 program into the next phase of global development in the second half of 2025[3] - Research and development expenses increased by 10% to $11.0 million in 1Q 2025, driven by clinical study activities[9] Financial Position - Cash, cash equivalents, and investments totaled $198 million as of March 31, 2025[8] - Total assets increased to $410,141,000 as of March 31, 2025, up from $393,843,000 at December 31, 2024, representing a growth of 4.0%[21] - Current liabilities rose significantly to $115,937,000, compared to $81,837,000 in the previous period, marking an increase of 41.7%[21] - Accounts receivable increased to $28,900,000 from $11,804,000, showing a substantial rise of 144.5%[21] - Short-term investments decreased to $134,229,000 from $150,917,000, a decline of 11.1%[21] - Total stockholders' deficit improved to $(58,618,000) from $(78,816,000), a reduction of 25.6%[21] Expenses - Selling, general and administrative expenses rose by 12% to $25.0 million in 1Q 2025, primarily due to increased headcount and promotional costs[9] - The company reported a non-GAAP adjustment for stock compensation of $5,385,000 in Q1 2025, compared to $3,885,000 in Q1 2024, an increase of 38.7%[24] Share Information - The weighted average shares used to compute basic EPS increased to 303,481,000 in Q1 2025 from 270,356,000 in Q1 2024, a rise of 12.2%[24] Future Plans - The company plans to submit a supplemental Biologics License Application (sBLA) for Afrezza in pediatric patients by mid-2025[5]