MANNKIND CORP
MNKD evidence brief
What we can confirm
What it means
What to watch
Prepared research question
What matters most for MNKD—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · MNKD
MannKind Corporation is a biopharmaceutical company focused on developing and commercializing inhaled therapeutic products for endocrine and orphan lung diseases, with a marketed inhaled insulin (Afrezza) and a proprietary dry-powder inhalation technology platform.
Key risk: High debt burden
BioSniper Score
Based on 6 of 6 signals
Market Cap
$1.27B
Cash Runway
24.3 moLead Asset
afrezza (Phase 3)Next Catalyst
Phase2_Topline · Dec 31, 2027Financial data as of Jun 30, 2026.
Tracking 2 pipeline candidates · 6 clinical trials · 2 catalysts · 1 FDA decision for MANNKIND CORP.
Similar companies
MannKind Corporation is a biopharmaceutical company focused on developing and commercializing inhaled therapeutic products for endocrine and orphan lung diseases, with a marketed inhaled insulin (Afrezza) and a proprietary dry-powder inhalation technology platform.
- Total revenue of $109.4M for the six months ended June 30, 2026 [sec].
- Cash & equivalents of $52.9M as of June 30, 2026 [sec].
- Net loss of $19.0M for the six months ended June 30, 2026 [sec].
- Shareholders' equity deficit of $51.0M as of June 30, 2026 [sec].
- Total debt of $319.1M as of June 30, 2026 [sec].
What works
- Royalty revenue from Tyvaso DPI (9% net royalty) provides a recurring, high-margin income stream; royalties from collaborations totaled $65.1M for the six months ended June 30, 2026 [sec_mda].
- Commercial product portfolio includes Afrezza, Furoscix, and V-Go, generating diversified product sales [sec_mda].
- Proprietary Technosphere dry-powder inhalation platform enables differentiated inhaled formulations, with pipeline candidates like MNKD-201 (inhaled nintedanib) for IPF [sec_mda].
What to weigh
- Accumulated deficit of $3.2 billion as of December 31, 2025, reflecting a long history of losses [sec_mda].
- Shareholders' equity deficit of $51.0M as of June 30, 2026, indicating negative book value [sec].
- High total debt of $319.1M as of June 30, 2026, which may constrain financial flexibility [sec].
- Dependence on a single partner (United Therapeutics) for the majority of Tyvaso DPI royalty revenue, creating concentration risk [sec_mda].
From the filings
Quoted directly from source documents.
Royalty revenue from Tyvaso DPI totaled $65.1 million for the six months ended June 30, 2026.
“Our royalties from collaborations during the three and six months ended June 30, 2026 totaled $32.4 million and $65.1 million, respectively”
SEC MD&A · August 5, 2026
MannKind had an accumulated deficit of $3.2 billion as of December 31, 2025.
“As of December 31, 2025, we had cash, cash equivalents and investments of $176.4 million, an accumulated deficit of $3.2 billion”
SEC MD&A · February 26, 2026
MannKind plans to meet with the FDA in the first half of 2025 to discuss late-stage development of MNKD-201.
“We plan to meet with the FDA in the first half of 2025 to discuss the late-stage development of MNKD-201.”
SEC MD&A · February 26, 2025
MannKind's collaboration with United Therapeutics entitles it to a 10% royalty on net sales of Tyvaso DPI, reduced to 9% after a royalty sale.
“Our collaboration agreement with UT entitles us to receive a 10% royalty on net sales of Tyvaso DPI, subject to our sale of a 1% royalty on future net sales to a royalty purchaser (leaving us with a 9% royalty)”
SEC MD&A · May 6, 2026
Catalyst timeline
- 2027-12-31 · Phase2_Topline · afrezza — Phase 2 Readout: afrezza — Topline data from a Phase 2 study of Afrezza will be released, which may inform the product's future label expansion or competitive positioning.
- 2042-02-02 · Patent_Expiry · TYVASO DPI — Patent/Exclusivity Expiry: TYVASO DPI — Patent/exclusivity expiry for Tyvaso DPI could open the market to generic competition, potentially reducing royalty revenue for MannKind.
Risks & what to watch (4)›
Key risks
- High debt burden — Total debt of $319.1M as of June 30, 2026, which may limit financial flexibility and increase refinancing risk [sec].
- Negative shareholders' equity — Shareholders' equity deficit of $51.0M as of June 30, 2026, indicating accumulated losses exceed equity [sec].
- Dependence on single partner — Tyvaso DPI royalty revenue depends on United Therapeutics' commercial execution; any disruption could materially impact revenue [sec_mda].
- Pipeline development risk — MNKD-201 (inhaled nintedanib) is in early-stage development; failure to achieve regulatory milestones could impair growth prospects [sec_mda].
What to watch
- Phase 2 readout for Afrezza expected by December 31, 2027 [catalyst].
- Patent/exclusivity expiry for Tyvaso DPI on February 2, 2042, which could affect long-term royalty revenue [catalyst].
- FDA meeting outcome for MNKD-201 (inhaled nintedanib) to determine late-stage development path [sec_mda].
- Quarterly royalty revenue trends from Tyvaso DPI, as they are a key driver of cash flow [sec_mda].
Sources: SEC filings · SEC MD&A · Generated August 28, 2026 · How we verify sources →
Run MANNKIND CORP through your own thesis
Use the pipeline, catalyst, financial, FDA, and market facts on this page as inputs to a protocol you control.
Your protocol can:
- Turn available MANNKIND CORP facts into screen rules or deeper checks
- Show cited findings, blockers, and unresolved evidence together
- Save the logic and rerun it as the company evidence changes
Evidence & data
Score breakdownBased on 6 of 6 signals · derived from public data
24.3 months
OCF -$18M · Net income -$19M
Lead: Approved
2 candidates
2 upcoming, next in ~488d
1 buy · 5 sells (180d)
Runway
Catalysts
Pipeline
Regulatory
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
251
Total value held
$446.4M
| Holder | Shares | Value |
|---|---|---|
| blackrock, inc. | 28,600,998 | $70.1M |
| vanguard capital management llc | 25,782,132 | $63.2M |
| state street corp | 18,683,483 | $45.8M |
| geode capital management, llc | 7,505,147 | $18.4M |
| millennium management llc | 6,390,922 | $15.7M |
| morgan stanley | 5,793,147 | $14.2M |
| dimensional fund advisors lp | 4,953,295 | $12.1M |
| 180 wealth advisors, llc | 4,291,703 | $10.5M |
| rubric capital management lp | 3,620,413 | $8.9M |
| fmr llc | 3,480,964 | $8.5M |
Showing top 10 of 251 institutional holders of MANNKIND CORP. Open the full 13F history after sign-in.
Short Interest
as of May 1, 2026- % of float
- 9.7%
- Days to cover
- 5.4
- Shares short
- 29,576,907
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
MNKD short interestGovernance
Frequently asked questions
What is the AI investment thesis for MANNKIND CORP?
MannKind Corporation is a biopharmaceutical company focused on developing and commercializing inhaled therapeutic products for endocrine and orphan lung diseases, with a marketed inhaled insulin (Afrezza) and a proprietary dry-powder inhalation technology platform.
What is MANNKIND CORP's lead drug candidate?
MANNKIND CORP's most advanced tracked candidate is afrezza (Phase 3) for Diabetes Mellitus, Type 1; Type 1 Diabetes.
What is MANNKIND CORP's next catalyst?
MANNKIND CORP's next tracked catalyst is a Phase2_Topline event — "Phase 2 Readout: afrezza" — expected December 31, 2027.
Who is the CEO of MANNKIND CORP?
Dr. Michael E. Castagna Pharm.D. is the chief executive officer of MANNKIND CORP (MNKD).
Where is MANNKIND CORP headquartered?
MANNKIND CORP (MNKD) is headquartered in Danbury, CT, United States.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.