MannKind Corp (MNKD)
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symbol.quality_heading
We found at least one documented issue that threatens the company itself — regardless of how the stock is currently valued.
This light rates the substance of the company, not the share price — and two red criteria are hard evidence. First, stockholders' equity was negative at minus $59.2 million as of March 31, 2026 and worse on three consecutive reporting dates; the balance-sheet line in the quarterly report reads, verbatim, “Total stockholders’ deficit”. Second, interest coverage over the trailing twelve months stands at 0.37 (operating income $14.8 million against $39.8 million of interest expense); in fiscal year 2025 it was 1.02, so also without a cushion. On top of that come two thirds of revenue from a partner that publicly calls the successor to their shared product a "category killer" — in substance the leading argument, but formally the yellow tier, because the supply agreement runs through at least December 31, 2031. Honestly set against all this: no going-concern warning, an unqualified audit opinion, covenants met, no maturity before 2030, and operating cash flow of plus $19.3 million over twelve months. The $133.9 million of liquidity stretches far on paper — but above the $40.0 million cash covenant, pure cash covers at most about two quarters, and the $45.0 million for the approval came in July 2026 out of a capital raise, not out of the business. Hence red — as a verdict on the substance, not on the price of the stock. The decision is yours.
symbol.quality_note
In 2026 MannKind delivered what shareholders had waited years for: two FDA approvals in eight weeks. The second one, Furoscix ReadyFlow on July 23, 2026, triggered a $45.0 million cash payment under contingent value rights that very same day — and it was funded one day later with a stock sale of roughly $50.0 million. Behind it stands a company that grew revenue 22 percent to $349.0 million in 2025, drew $231.5 million of that from a single partner, and whose stockholders' equity stood at minus $59.2 million on March 31, 2026. We read the mandatory filings to the U.S. securities regulator line by line. Not investment advice — just the question of who ends up paying for the progress.
Read the analysis
Stock Watch
This analysis is as of July 27, 2026. Stock Watch will tell you what's changed at MNKD since then.
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Appears in These Scanners
This stock currently matches 12 of our scanner strategies — each hit links to the scanner.
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. Scanners marked in red are red-flag signals (risk/short scanners) — appearing there is not a seal of approval. View all scanners
Trading Day
Key levels of the most recently completed trading day — not a live quote.
52-Week Range
Current price 3.90 $ — 41% of the range above the low.
Lowest and highest closing price over the last 52 weeks. The marker shows where the current price sits within that range: close to the high speaks for strength, close to the low for weakness.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 08/03/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
AI Rating
Uses AIMannKind bestätigt in allen sechs ausgewerteten SEC-Berichten wörtlich, dass Beschäftigte generative KI für ihre Arbeit einsetzen und dass ein Wegfall dieser Technologie das Geschäft weniger effizient machen würde — KI ist damit Arbeitsmittel, aber weder Produkt noch Umsatzquelle des Biopharma-Geschäfts (Afrezza, Furoscix, V-Go, Tyvaso DPI), und die Risk Factors nennen KI nur als Cyber- und Datenschutzrisiko, nicht als Bedrohung des eigenen Geschäftsmodells.
View the full file — quotes, sources, reviewed filings
„Our employees and personnel use generative AI technologies to perform their work, and the disclosure and use of personal data in generative AI technologies is subject to various privacy laws and other privacy obligations. Governments have passed and are likely to pass additional laws and regulations regulating generative AI. Our use of this technology could result in additional compliance costs, regulatory investigations and actions, and lawsuits. If we are unable to use generative AI, it could make our business less efficient and result in competitive disadvantages."
Unsere Beschäftigten und Mitarbeitenden setzen generative KI-Technologien ein, um ihre Arbeit zu erledigen, und die Offenlegung und Nutzung personenbezogener Daten in generativen KI-Technologien unterliegt verschiedenen Datenschutzgesetzen und weiteren Datenschutzpflichten. Regierungen haben zusätzliche Gesetze und Verordnungen zur Regulierung generativer KI erlassen und werden dies voraussichtlich weiter tun. Unser Einsatz dieser Technologie könnte zusätzliche Kosten für die Regelbefolgung, behördliche Untersuchungen und Maßnahmen sowie Klagen nach sich ziehen. Sollten wir generative KI nicht mehr nutzen können, könnte dies unser Geschäft weniger effizient machen und zu Wettbewerbsnachteilen führen.
„Sensitive information of the Company or our customers could also be leaked, disclosed, or revealed as a result of or in connection with the use of generative artificial intelligence (“AI”) technologies by our employees, personnel or vendors."
Sensible Informationen des Unternehmens oder unserer Kunden könnten auch infolge oder im Zusammenhang mit der Nutzung generativer künstlicher Intelligenz („KI“) durch unsere Beschäftigten, Mitarbeitenden oder Lieferanten nach außen dringen, offengelegt oder preisgegeben werden.
„Our employees and personnel use generative AI technologies to perform their work, and the disclosure and use of personal data in generative AI technologies is subject to various privacy laws and other privacy obligations."
Unsere Beschäftigten und Mitarbeitenden setzen generative KI-Technologien ein, um ihre Arbeit zu erledigen, und die Offenlegung und Nutzung personenbezogener Daten in generativen KI-Technologien unterliegt verschiedenen Datenschutzgesetzen und weiteren Datenschutzpflichten.
Filings Reviewed: 10-Q 2026-05-06 · 10-Q 2025-11-05 · 10-Q 2025-08-06 · 10-Q 2025-05-08 · 10-K 2026-02-26 · 10-K 2025-02-26
Rated on July 27, 2026 · How the Rating Is Built
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Analysts & Price Target
The price target sits 97.9% above the current price.
- Consensus
- Strong Sell
- Analyst Ratings
- 7
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 0.10 | 0.04 – 0.15 | 463 | -46.1% | 4 |
| 12/31/2027 | 0.22 | 0.20 – 0.24 | 522 | 112.2% | 4 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Next Reporting Date
- Expected Earnings per Share
- -0.02 $
Expected date of the next quarterly or annual figures. Dates do shift occasionally — only the invitation issued by the company is binding.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
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· Total · per year
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The figures could not be loaded right now.
Source: fundamental data
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | 0.03 | 490.40 | 77 | 31.30 | 9.70 | 23 | 20 |
| 2025: Q1 | 0.04 | 25.30 | 78 | 18.20 | 16.80 | -6 | -7 |
| 2025: Q2 | 0.00 | – | 77 | 5.70 | 0.90 | 9 | 8 |
| 2025: Q3 | 0.03 | -36.80 | 82 | 17.20 | 9.70 | 24 | 22 |
| 2025: Q4 | -0.05 | -298.80 | 112 | 45.80 | -14.20 | -8 | -10 |
| 2026: Q1 | -0.05 | -231.50 | 90 | 15.10 | -18.40 | -6 | -8 |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Annual Figures
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 175 | 67 | 126 | 1.36 | -78 | -184 | 107 |
| 2017 | 12 | -108 | -117 | -1.13 | -65 | -215 | 85 |
| 2018 | 28 | -77 | -87 | -0.60 | -38 | -175 | 108 |
| 2019 | 63 | -45 | -52 | -0.27 | -88 | -191 | 94 |
| 2020 | 65 | -48 | -57 | -0.26 | -28 | -180 | 109 |
| 2021 | 75 | -47 | -81 | -0.32 | -62 | -209 | 321 |
| 2022 | 100 | -64 | -87 | -0.34 | -81 | -251 | 295 |
| 2023 | 199 | 9 | -12 | -0.04 | 34 | -246 | 475 |
| 2024 | 286 | 73 | 28 | 0.10 | 43 | -79 | 394 |
| 2025 | 349 | 39 | 6 | 0.02 | 18 | -51 | 792 |
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Assessment: Opportunities & Risks
$231.5 million of $349.0 million in 2025 revenue (66 percent) and about 62 percent in the first quarter of 2026 come from one single partner; in that same quarter royalties rose 9 percent to $32.7 million while manufacturing revenue fell 20 percent to $23.5 million. The same partner described its successor product Tresmi as a "category killer" on the February 25, 2026 earnings call — MannKind lists this as a risk factor itself (10-K 2025, Item 1A; revenue shares from Note 11 and 10-Q Note 4). The supply agreement, however, runs through at least December 31, 2031 (10-K 2025, Note 11): concentration, but no proven threat to the company's existence.
Stockholders' equity was negative at minus $59.2 million as of March 31, 2026 and worse on three consecutive reporting dates (minus $44.6 million / minus $51.0 million / minus $59.2 million); the accumulated deficit of $3,212.6 million is more than four times total assets of $744.4 million. The loan of nominally $325.0 million at 9.09 percent is secured by substantially all assets, including intellectual property (10-Q as of March 31, 2026, Note 9; 10-K 2025, Note 10).
In the trailing twelve months through March 31, 2026, operating income of $14.8 million stood against $39.8 million of interest expense — interest coverage of 0.37; in fiscal year 2025 it was 1.02. Cash interest paid rose to $9.7 million in the first quarter of 2026 from $3.0 million (plus 224 percent), and $27.7 million of cash interest is budgeted for the loan alone in 2026 (10-K 2025, Item 7; 10-Q as of March 31, 2026).
Revenue rose 22 percent in 2025 to $349.0 million and 15.1 percent in the first quarter of 2026 to $90.2 million. Two FDA approvals were added in 2026 — Afrezza for children aged 6 and up on May 29, 2026 and Furoscix ReadyFlow on July 23, 2026 — and on May 27, 2026 the FDA dropped the mandated five-year safety study with 8,000 to 10,000 patients (8-K of May 28, June 2 and July 24, 2026).
In mitigation: no going-concern warning in the annual or quarterly report, an unqualified opinion from Deloitte & Touche (engaged since 2001), loan covenants met as of December 31, 2025 and March 31, 2026, no maturity before August 6, 2030, and a $200.0 million stock sale program entirely unused. Against that, and decisive: the credit agreement requires at least $40.0 million of unrestricted cash under a control agreement at every quarter-end — only $52.8 million stood against that as of March 31, 2026; and the $45.0 million for the triggered contingent value rights payment did not come from the business but from a placement of roughly $50.0 million on July 24, 2026 (10-Q as of March 31, 2026, Note 9 and Note 12; 8-K of July 24, 2026).
The share count rose from 211.8 million (end of 2019) to at least 319,391,004 after the private placement of July 24, 2026, fully diluted 321,803,636 — about half again as many. The placement alone, 12,853,470 securities at $3.89 and $3.88 respectively, diluted by 4.2 percent and expressly served to fund the $45.0 million contingent value rights payment (8-K of July 24, 2026, Item 3.02).
MannKind delivered in 2026: two FDA approvals in eight weeks, a mandated study dropped, and revenue that grew 22 percent in 2025 to $349.0 million. The substance does not carry that progress, though: equity was negative at minus $59.2 million as of March 31, 2026 and worse on three consecutive reporting dates, and over the trailing twelve months operating income of $14.8 million stood against $39.8 million of interest expense. Two out of every three revenue dollars come from a partner that is building the successor to their shared product itself. And the biggest success of the year, the approval of Furoscix ReadyFlow on July 23, 2026, triggered a $45.0 million cash payment that very same day — funded one day later with new shares. Not investment advice.
- MannKind reached our research list through our in-house stock scanner: on July 27, 2026, MNKD appeared on twelve lists at once — four for strength and momentum, three for reversal patterns and five warning lists (going concern distress proxy, Altman Z distress zone, Beneish M-Score, two downtrend lists in the Stan Weinstein tradition). These lists are recomputed daily; the reading quoted is the one from July 27, 2026.
- The filing cut-offs of this analysis are December 31, 2025 (annual report 10-K, filed February 26, 2026) and March 31, 2026 (quarterly report 10-Q, filed May 6, 2026); the 8-K announcements of May 6, May 22, May 28, June 2 and July 24, 2026 were reviewed on top of that. Cash, equity and the accrual for the contingent value rights each refer to March 31, 2026 — there is no published figure after that date. Market data are as of July 27, 2026.
- Do not confuse them: MannKind has two different obligations of $45.0 million each. One is the contingent value rights from the scPharmaceuticals acquisition, triggered by the FDA approval of July 23, 2026 (payable in cash). The other is the milestone rights outstanding since 2013 from an old loan, of an original $90.0 million, carried at $2.5 million.
- The "going concern (distress proxy)" list in our in-house stock scanner is a metrics filter and expressly not an auditor's going-concern note: the terms "going concern" and "substantial doubt" do not appear once in the annual report 10-K for 2025. Likewise, Altman Z″ (−9.77) and the Beneish M-Score (0.377) are in-house metrics with documented distortions — the Altman value through the accumulated deficit, the Beneish value through the data break caused by the acquisition of October 7, 2025. No allegation of manipulation.
About the Company
MannKind Corporation, ein biopharmazeutisches Unternehmen, konzentriert sich auf die Bereitstellung verschiedener Lösungen zur Veränderung der Versorgung chronischer Erkrankungen. Es entwickelt und vermarktet Behandlungen für schwerwiegende ungedeckte medizinische Bedürfnisse, darunter Diabetes, pulmonale Hypertonie und Flüssigkeitsüberladung bei Herzinsuffizienz…
| Employees | 591 |
|---|---|
| Headquarters | Danbury, CT |
| Address | 1 Casper Street, 06810 Danbury, United States |
| Phone | 818 661 5000 |
| Website | mannkindcorp.com |
| IPO Date | 28. Jul 2004 |
| ISIN | US56400P7069 |
| Stock Split | 1:5 on 03/03/2017 |
Management
| Name | Title | Birth Year |
|---|---|---|
| Michael E. Castagna Pharm.D. | CEO & Director | 1976 |
| Christopher B. Prentiss M.B.A. | Chief Financial Officer | 1975 |
| David B. Thomson J.D., Ph.D. | Executive VP, General Counsel & Secretary | 1967 |
| Stuart A. Tross Ph.D. | Chief People & Workplace Officer | 1967 |
| Dominic Marasco R.Ph. | President of Endocrine Business Unit | 1972 |
| Sanjay Singh M.B.A. | Executive Vice President of Technical Operations | 1966 |
| Ajay Ahuja M.B.A., M.D. | Executive VP & Chief Medical Officer | 1970 |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Insider Transactions
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| 17. Jul 2026 | Thomson David | EVP Genl Counsel & Secretary | Sell | 24,109 | 4.05 | 97,641 |
| 17. Jul 2026 | Binder Steven B. | Director | Sell | 52,485 | 4.06 | 213,089 |
| 15. Jul 2026 | Prentiss Christopher B | Chief Financial Officer | Other | 10,675 | 4.09 | 43,661 |
| 15. Jul 2026 | Prentiss Christopher B | Chief Financial Officer | Other | 11,572 | 4.09 | 47,329 |
| 15. Jul 2026 | Marasco Dominic | Pres, Endocrine Business Unit | Other | 3,623 | 4.09 | 14,818 |
| 15. Jul 2026 | Tross Stuart A | Chief People & Workpl Officer | Other | 12,331 | 4.09 | 50,434 |
| 15. Jul 2026 | Tross Stuart A | Chief People & Workpl Officer | Other | 11,572 | 4.09 | 47,329 |
| 15. Jul 2026 | Tross Stuart A | Chief People & Workpl Officer | Other | 8,253 | 4.09 | 33,755 |
| 15. Jul 2026 | Tross Stuart A | Chief People & Workpl Officer | Other | 33,652 | 4.09 | 137,637 |
| 15. Jul 2026 | Tross Stuart A | Chief People & Workpl Officer | Other | 93,790 | 0.00 | – |
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
View all insider transactions →Chart
Interactive price chart (TradingView).
Data as of: July 31, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.