MNKD Stock — MannKind Corporation: Cash, EV, Pipeline

What they do

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.

Source: 10-K FY2025 via SEC EDGAR

Share price

$4.13

Market cap

$1,328.4M

Cash

$96.6M

Enterprise value

$1,695.8M

Balance sheet

Cash	$96.6M
Debt	$319.4M
Royalty-sale liability	$144.6M
Net cash	-$222.8M
Enterprise value	$1,695.8M
Basic shares	321.6M shares
Fully diluted shares	324.0M shares
Fully diluted market cap	$1,337.9M
Cash per share	$0.30
Quarterly burn	$18.4M
Cash runway	5.3 quarters

Cash figures as of 2026-09-30. Database snapshot: 2026-11-13.

Royalty-sale liability as of 2026-09-30 (10-Q); included in enterprise value.

Share structure

Common

321.5M

Pre-funded warrants

2.4M

Options

—

RSUs

—

Warrants

0.0M

Converts

0.0M

Conv preferred

0.0M

ESPP reserve

—

FDSO

324.0M

Cap table as of 2026-10-23.

Price history

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Next catalyst

Ralinepag DPI (MNKD-1501) · Dec 1-31 · guided in 17d

Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
GUIDEDDec 1-31 in 17d	Ralinepag DPI (MNKD-1501) MNKD-1501 IND filing	Not disclosed	Not disclosed	By year-end 2026
Apr 12 - May 24 in 5 mo	Technosphere Insulin	Phase 2	Type 1 Diabetes Mellitus	—
Feb 10 - Mar 23 in 15 mo	Nintedanib Dry Powder Inhalation	Phase 2	Idiopathic Pulmonary Fibrosis; Idiopathic Pulmonary Fibrosis (IPF)	—

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

Afrezza

Approved · Active Modality: Technosphere inhalation powder (insulin human)

Target insulin receptor

Partnerships Cipla (India launch partner); Amphastar (insulin supply)

Indications

diabetes (mealtime insulin) (Approved)

Catalysts

— May 29, 2026

Status note Commercial product; sBLA for children and adolescents assigned PDUFA May 29, 2026.

Furoscix

Approved · Active Modality: furosemide injection (on-body infusor)

Target NKCC2

Indications

heart failure (congestion) (Approved)

Status note Commercial product; ReadyFlow autoinjector sNDA submitted 2025.

V-Go

Approved · Active Modality: wearable mechanical basal-bolus insulin delivery device

Partnerships Zealand Pharma (acquired May 2022)

Indications

diabetes (Approved)

Status note FDA 510(k) cleared 2010; commercial since 2012.

Tyvaso DPI

Approved · Active Modality: treprostinil inhalation powder (Technosphere)

Target prostacyclin (IP) receptor

Partnerships United Therapeutics (development and marketing partner; 10% royalty on net sales)

Indications

pulmonary arterial hypertension (PAH) (Approved)
pulmonary hypertension associated with interstitial lung disease (PH-ILD) (Approved)

Status note FDA approved May 2022; commercialized by United Therapeutics.

Per-asset detail extracted from the 10-Q filed 2026-08-05. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

Pipeline

Lead drug	Technosphere Insulin
Lead indication	Type 1 Diabetes Mellitus
Lead phase	Phase 2
Active trials	2
Collaborator trials	2

Active clinical trials

Trial	Phase	Status	Role	Sponsor	BP	Condition(s)	Mgmt guide
NCT07224321	Phase 2	Recruiting	Sponsor	MNKD	—	Type 1 Diabetes Mellitus	—
NCT07679893	Phase 2	Recruiting	Sponsor	MNKD	—	Idiopathic Pulmonary Fibrosis; Idiopathic Pulmonary Fibrosis (IPF)	—
NCT06535789	Phase 3	Recruiting	Collaborator	Jaeb Center for Health Research	—	Diabetes, Gestational; Pregnancy Complications; Glucose Metabolism Disorders	—
NCT06880835	Not disclosed	Recruiting	Collaborator	Jaeb Center for Health Research	—	Diabetes Mellitus, Type 1	—

Sponsor-matched active trials from ClinicalTrials.gov (2 as sponsor, 2 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.

View all 4 active trials for Mannkind Corporation on ClinicalTrials.gov

Specialist fund holders

Tracked specialist funds: ADAR1 Capital Management, Aisling Capital, Ally Bridge Group, Avoro Capital Advisors, BVF Partners, Baker Bros. Advisors, Boxer Capital, Braidwell LP, Casdin Capital, Cormorant Asset Management, DAFNA Capital, Deerfield Management, EcoR1 Capital, Frazier Life Sciences, Great Point Partners, Ikarian Capital, Logos Global Management, OrbiMed Advisors, Perceptive Advisors, RA Capital Management, RTW Investments, Sphera Biotech, Stonepine Capital, Tang Capital Partners, Vivo Capital.

Fund	Shares	Q/Q change	% of portfolio	Filing
Frazier Life Sciences	6,600,000	+700,000	0.61%	2026-08-14
Braidwell LP	3,458,429	+3,458,429	0.54%	2026-08-14
Avoro Capital Advisors	0	-2,200,000	0.00%	2026-08-14
Stonepine Capital	0	-16,300	0.00%	2026-08-17

Specialist-fund positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

Latest news

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MNKD — MannKind Corporation ☆

What they do

Balance sheet

Share structure

Price history

Next catalyst

Upcoming catalysts

Pipeline assets

Pipeline

Active clinical trials

Specialist fund holders

Latest news

MNKD — MannKind Corporation