MannKind Corp
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
We found at least one documented issue that threatens the company itself — regardless of how the stock is currently valued.
Why this colour
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.
What the thesis turns on
Assessment: Opportunities & Risks
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.
Dependence on United Therapeutics
$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.
Balance sheet and substance
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).
Interest burden and earning power
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).
Growth and approvals
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).
Funding position
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).
Dilution
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).
Worth Noting
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.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at MNKD since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 2.30 $ to 6.20 $ · Last price: 3.60 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
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.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Biotechnology
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| MannKind Corp MNKD | 1.1 | – | 67.0 | 75.4 | -3.3 | 22.2 | -33.6 |
| Vertex Pharmaceuticals Inc VRTX | 130.6 | 31.3 | 24.5 | 55.0 | 38.1 | 9.6 | 33.4 |
| Regeneron Pharmaceuticals Inc REGN | 82.0 | 19.9 | 13.1 | 44.5 | 20.7 | 1.0 | 35.5 |
| Moderna Inc MRNA | 62.7 | – | 4.6 | -66.0 | -131.1 | -39.2 | 532.3 |
| argenx NV ARGX | 61.9 | 38.1 | 34.2 | 59.1 | 32.0 | 89.6 | 30.9 |
| Revolution Medicines Inc RVMD | 40.9 | – | -9.7 | -174,708.6 | 0.0 | -100.0 | 338.3 |
| BeiGene, Ltd. ONC | 40.0 | 63.1 | 34.1 | 88.9 | 19.1 | 40.2 | 6.4 |
| Alnylam Pharmaceuticals Inc ALNY | 32.6 | 61.8 | 28.4 | 79.7 | 23.0 | 65.2 | -48.1 |
| Royalty Pharma Plc RPRX | 32.5 | 31.8 | 19.6 | 95.8 | 100.3 | 5.1 | 68.6 |
| Median of companies shown | 40.9 | 34.9 | 24.5 | 59.1 | 20.7 | 9.6 | 33.4 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
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.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($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 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
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
| 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 |
| 2026: Q2 | -0.06 | – | 109 | 43.00 | -17.40 | -18 | -24 |
What Do These Terms Mean?
- 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.
Screening
Appears in These Scanners
This stock currently matches 11 of our scanner strategies — each hit links to the scanner.
Breakout & Setup
Momentum & Trend
Research
Risk & Weakness
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
Outlook
Analysts & Price Target
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.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 0.03 | 0.01 – 0.04 | 443 | -84.2% | 4 |
| 12/31/2027 | 0.13 | 0.05 – 0.20 | 504 | 325.0% | 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.
Valuation
What is priced in?
Free cash flow over the past twelve months is negative, which rules out a serious reverse calculation. Any growth rate only makes a negative cash flow more negative; no present value comes out of it. What the price reflects here is therefore not a stream of cash flows, but the expectation that there will be one at all.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
MannKind 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.
10-K · 2026-02-26 · View SEC filing
„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.
10-Q · 2026-05-06 · View SEC filing
„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.
10-K · 2025-02-26 · View SEC filing
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
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 51.8%
- More than 10% revenue growth is expected for the coming year 12.8%
- Share count grows by less than 3% a year 6.9%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 26.2%
- Gross margin at 40% or higher and without meaningful erosion 82.5%
- Goodwill from acquisitions does not grow faster than revenue 8.5%
- Net debt below twice EBITDA 11.0 x EBITDA
- Operating cash flow covers the profits of the last three years 73 m
- Return on capital at 15% or higher, or up versus two years ago 6.3%
- Insiders hold at least 10% or are net buyers 1.6%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
4/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 8.0%
- Exp. sales growth 3Y > 5% 20.2%
- EBIT growth 10Y > 5% -5.9%
- Exp. EBIT growth 3Y > 5% 161.1%
- Net debt < 4x EBIT 7.8x
- EBIT positive, 10Y straight 4
- Max. EBIT decline < 50% 100.0%
- Return on equity > 15% –
- ROCE > 15% 6.2%
- Expected return > 10% 164.4%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
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.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Sep 10, 2026 | Binder Steven B. | Director | Sell | 33,558 | 3.81 | 127,856 |
| Aug 7, 2026 | Binder Steven B. | Director | Sell | 39,051 | 4.06 | 158,547 |
| Jul 17, 2026 | Thomson David | EVP Genl Counsel & Secretary | Sell | 24,109 | 4.05 | 97,641 |
| Jul 17, 2026 | Binder Steven B. | Director | Sell | 52,485 | 4.06 | 213,089 |
| Jul 15, 2026 | Prentiss Christopher B | Chief Financial Officer | Other | 10,675 | 4.09 | 43,661 |
| Jul 15, 2026 | Prentiss Christopher B | Chief Financial Officer | Other | 11,572 | 4.09 | 47,329 |
| Jul 15, 2026 | Marasco Dominic | Pres, Endocrine Business Unit | Other | 3,623 | 4.09 | 14,818 |
| Jul 15, 2026 | Tross Stuart A | Chief People & Workpl Officer | Other | 12,331 | 4.09 | 50,434 |
| Jul 15, 2026 | Tross Stuart A | Chief People & Workpl Officer | Other | 11,572 | 4.09 | 47,329 |
| Jul 15, 2026 | Tross Stuart A | Chief People & Workpl Officer | Other | 8,253 | 4.09 | 33,755 |
The company
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
- 07/28/2004
- 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 |
| Wassim Fares M.D., M.Sc. | Senior VP and Therapeutic Area Head of Respiratory & (interim) Cariorenal | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 08/21/2026 MANNKIND CORP (MNKD): Other Events; Financial Statements and Exhibits SEC ↗
- 08/05/2026 MANNKIND CORP (MNKD): Results of Operations and Financial Condition; Financial Statements and Exhibits SEC ↗
- 07/24/2026 MANNKIND CORP (MNKD): Unregistered Sales of Equity Securities; Other Events; Financial Statements and Exhibits SEC ↗
Data as of: September 17, 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.