MannKind Corporation Reports 2024 Second Quarter Financial Results: Provides Clinical Development Update

Financial Performance - Total revenues for Q2 2024 reached $72 million, representing a 49% increase compared to Q2 2023 [1][3] - Year-to-date (YTD) 2024 total revenues amounted to $139 million, a 55% increase from YTD 2023 [1] - Net income for YTD 2024 was $9 million, with a non-GAAP net income of $29 million [1] Revenue Breakdown - Royalties from collaborations totaled $25.6 million in Q2 2024, up 34% from the previous year [3] - Revenue from collaborations and services increased by 132% to $26 million in Q2 2024 [3] - Net revenue from Afrezza was $16.3 million, a 20% increase year-over-year, while V-Go net revenue decreased by 7% to $4.5 million [3] Cost and Expenses - Commercial product gross margin improved to 73% in Q2 2024 from 72% in Q2 2023, driven by higher Afrezza net revenue [4] - Research and development (R&D) expenses rose to $11.8 million in Q2 2024, up from $6.5 million in Q2 2023, primarily due to increased development activities [5] - Selling expenses decreased to $11.5 million in Q2 2024 from $14 million in Q2 2023, attributed to a sales force restructuring [6] Clinical Development - The company advanced two orphan lung programs to human studies, with MNKD-101 Phase 3 clinical trial activities initiated and MNKD-201 Phase 1 clinical trial on schedule [1][20][21] - Afrezza INHALE-3 trial showed significant improvements in achieving target A1c levels compared to standard care [20] - MNKD-201 Phase 1 trial in healthy volunteers is underway, with results expected in Q4 2024 [23] Cash and Investments - As of June 30, 2024, the company had cash, cash equivalents, and investments totaling $261.9 million [14]