MANNKIND CORP MNKD
We are a biopharmaceutical company dedicated to transforming chronic disease care through innovative, patient-centric solutions. Focused on cardiometabolic and orphan lung diseases, we develop and commercialize treatments that address serious unmet medical needs, including diabetes, pulmonary hypertension, and fluid overload in heart failure and chronic kidney disease. With deep expertise in drug-device combinations, we aim to deliver therapies designed to fit seamlessly into daily life.
Our cardiometabolic business is currently comprised of three commercial products: Afrezza (insulin human) Inhalation Powder; Furoscix (furosemide injection); and the V-Go wearable insulin delivery device:
•Afrezza is an ultra rapid-acting inhaled insulin indicated to improve glycemic control in adults with diabetes. Afrezza was developed by us and consists of a dry powder formulation of human insulin delivered from a small portable inhaler. Administered at the beginning of a meal, Afrezza dissolves rapidly upon inhalation to the lung and delivers insulin quickly to the bloodstream.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $349.0M | $285.5M | $199.0M | $99.8M | $75.4M | $65.1M | $63.0M | $27.9M | $11.7M | $174.8M |
| Cost of revenue | $26.8M | $17.4M | $20.9M | $16.0M | $16.8M | $15.1M | $20.1M | $19.4M | $17.2M | $17.1M |
| Gross profit | $322.2M | $268.1M | $178.1M | $83.8M | $58.6M | $50.1M | $43.0M | $8.5M | -$5.5M | $157.6M |
| SG&A | $144.1M | $94.3M | $94.3M | $91.5M | $31.9M | $24.7M | $74.7M | $79.7M | $75.0M | $46.9M |
| Total operating expenses | $88.0M | $76.6M | $62.8M | $57.5M | $38.9M | $24.6M | $107.6M | $104.5M | $119.9M | $107.5M |
| Operating income | $38.8M | $72.6M | $8.7M | -$64.1M | -$47.0M | -$47.9M | -$44.6M | -$76.6M | -$108.2M | $67.3M |
| Interest expense | $13.8M | $12.0M | $15.2M | $15.0M | $15.2M | — | — | — | — | — |
| Pre-tax income | $1.4M | $30.5M | -$10.4M | -$87.4M | -$80.9M | -$57.5M | -$51.9M | -$86.7M | -$117.3M | $125.7M |
| Income tax | $4.5M | $2.9M | $1.6M | $0 | $0 | $218.0K | $0 | $240.0K | $51.0K | $0 |
| Net income | $5.9M | $27.6M | -$11.9M | -$87.4M | -$80.9M | -$57.2M | -$51.9M | -$87.0M | -$117.3M | $125.7M |
| EPS, basic | 0.02 | 0.10 | -0.04 | -0.34 | -0.32 | -0.26 | — | -0.60 | -1.13 | 1.37 |
| EPS, diluted | 0.02 | 0.10 | -0.04 | -0.34 | -0.32 | -0.26 | -0.27 | -0.60 | -1.13 | 1.36 |
| Shares, diluted (wtd. avg.) | $314.1M | $283.8M | $267.0M | $257.1M | $249.2M | $222.6M | — | $144.1M | $104.2M | $92.1M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $74.9M | $46.3M | $238.5M | $69.8M | $124.2M | $67.0M | $29.9M | $71.2M | $43.9M | $22.9M |
| Short-term investments | $96.5M | $150.9M | $56.6M | $101.1M | $79.9M | $0 | $20.0M | — | — | — |
| Receivables | $38.4M | $11.8M | $14.9M | $16.8M | $4.7M | $4.2M | $3.5M | $4.0M | $2.8M | $302.0K |
| Inventory | $35.3M | $27.9M | $28.5M | $21.8M | $7.2M | $5.0M | $4.2M | $3.6M | $2.7M | $2.3M |
| Total current assets | $291.6M | $268.3M | $373.4M | $234.9M | $219.5M | $79.5M | $60.8M | $81.9M | $57.2M | $77.5M |
| Property, plant and equipment | $82.4M | $85.4M | $84.2M | $45.1M | $36.6M | $25.9M | $26.8M | $25.6M | $26.9M | $28.9M |
| Goodwill | $67.6M | $1.9M | $1.9M | $2.4M | — | — | — | — | — | — |
| Other intangibles | $5.1M | $5.3M | $1.1M | $1.2M | — | — | — | — | — | — |
| Total assets | $792.2M | $393.8M | $475.2M | $295.3M | $321.2M | $108.6M | $93.7M | $107.7M | $84.6M | $107.1M |
| Accounts payable | $9.0M | $6.8M | $9.6M | $11.1M | $7.0M | $5.6M | $4.8M | $5.4M | $7.0M | $3.3M |
| Total current liabilities | $171.0M | $81.8M | $104.1M | $67.3M | $48.3M | $73.7M | $65.6M | $75.2M | $87.6M | $92.1M |
| Long-term debt | $354.6M | $36.1M | $268.7M | $273.5M | $281.2M | $122.2M | $118.9M | $102.5M | — | — |
| Total liabilities | $843.2M | $472.7M | $721.4M | $545.8M | $530.5M | $289.0M | $284.3M | $282.8M | $299.3M | $290.7M |
| Retained earnings | -$3.20B | -$3.20B | -$3.23B | -$3.22B | -$3.13B | -$3.05B | -$2.99B | -$2.94B | -$2.85B | -$2.74B |
| Total equity | -$51.0M | -$78.8M | -$246.2M | -$250.5M | -$209.3M | -$180.4M | -$190.5M | -$175.1M | -$214.7M | -$183.6M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $18.3M | $42.5M | $34.1M | -$80.7M | -$61.7M | -$28.1M | -$88.5M | -$37.7M | -$64.8M | -$78.1M |
| Depreciation and amortisation | $8.1M | $7.3M | $4.5M | $3.3M | $2.0M | $1.8M | $1.6M | $1.7M | $1.8M | $2.4M |
| Stock-based compensation | $24.2M | $21.4M | $17.6M | $13.4M | $12.2M | $6.5M | $6.2M | $6.9M | $4.8M | $5.1M |
| Capital expenditure | $4.6M | $9.7M | $42.4M | $7.6M | $11.5M | $801.0K | $2.6M | $354.0K | — | $1.1M |
| Investing cash flow | -$304.8M | -$96.6M | -$2.0M | $4.9M | -$151.5M | $15.2M | -$22.8M | -$234.0K | $16.7M | -$1.1M |
| Financing cash flow | $315.1M | -$137.3M | $136.6M | $21.4M | $270.3M | $49.9M | $69.9M | $61.3M | $73.6M | $43.0M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-145613.
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| AKTX | Akari Therapeutics Plc | $1.79T | — | — |
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| JNJ | JOHNSON & JOHNSON | $663.28B | 25.0x | 6.0% |
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| MRK | Merck & Co., Inc. | $370.89B | 20.6x | 1.3% |
| ABT | ABBOTT LABORATORIES | $188.69B | 29.1x | 5.7% |
| PFE | PFIZER INC | $162.16B | 20.9x | -1.6% |