MannKind Corporation Reports Fourth Quarter and Full Year 2024 Financial Results and Provides Business Update

Core Viewpoint - MannKind Corporation reported strong financial results for 2024, achieving a revenue run rate of $300 million and significant growth in various business segments, while also advancing its clinical programs for Afrezza and other products [2][5][6]. Financial Performance - Total revenues for 2024 reached $286 million, representing a 43% increase compared to 2023, with fourth-quarter revenues of $77 million, up 31% year-over-year [5][7]. - The company reported a net income of $28 million for 2024, compared to a net loss of $11.9 million in 2023, with fourth-quarter net income of $7 million [5][17]. - Non-GAAP net income for 2024 was $68 million, or $0.25 per share, compared to $5.9 million, or $0.03 per share, in 2023 [5][17]. Business Updates - MannKind appointed Dominic Marasco as President of the Endocrine Business Unit to drive growth for Afrezza, including a planned submission for pediatric approval in summer 2025 [2][6]. - The company is progressing its clinical programs, with the INHALE-1 trial for Afrezza in pediatrics and the Phase 3 trial for clofazimine inhalation suspension expected to meet interim enrollment targets by the end of 2025 [2][3][6]. Pipeline Advancements - The company successfully completed Phase 1 of the nintedanib DPI trial, demonstrating good tolerability with no serious adverse events [6][10]. - Afrezza has been approved in India for adults, with shipments expected in Q4 2025, pending regulatory requirements [6][10]. Balance Sheet Strength - MannKind reduced its debt principal by $236 million during 2024, leaving a remaining convertible debt of $36 million, and ended the year with cash and investments totaling $203 million [5][9]. - The company reported a strong balance sheet, with total assets of $393.8 million as of December 31, 2024 [22].