MNKD

MKT CAP:$830M

MannKind Corporation

Market Cap

$830M

Healthcare·Biotechnology·🇺🇸 United States·NASDAQ

Healthcare·Biotechnology·🇺🇸·NASDAQ

Stock Price

$2.74-$2.86 (-51.07%)

Apr 22, 2026

Company Details

MannKind Corporation, a biopharmaceutical company, focuses on the development and commercialization of inhaled therapeutic products for endocrine and orphan lung diseases in the United States. It offers Afrezza, an inhaled insulin used to i...

CEO

Michael E. Castagna

IPO Date

Jul 28, 2004

Website

www.mannkindcorp.com

Key Metrics TTM

Revenue

$349M

+22.2% YoY

Net Income

$6M

EPS (Diluted)

$0.02

Free Cash Flow

$14M

Revenue / Share

$1.11

Gross Margin

76.4%

Operating Margin

11.1%

Net Margin

1.7%

FCF Margin

3.9%

P/S

2.4x

P/E

141.6x

Earnings Reports

Q1 2026

May 14, 2026

PENDING

FY 2025

Feb 26, 2026

$349M+22.2%EPS $0.02

Q4 2025

Feb 26, 2026

$112M+45.8%EPS -$0.05

Q3 2025

Nov 5, 2025

$82M+17.2%EPS $0.03

Q2 2025

Aug 6, 2025

$77M+5.7%EPS $0.00

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$12M	$994.0K	-$21M
Q2 22	$19M	$6M	-$20M
Q3 22	$33M	$15M	-$10M
Q4 22	$36M	$20M	-$13M
Q1 23	$41M	$24M	-$6M
Q2 23	$49M	$34M	$2M
Q3 23	$51M	$37M	$5M
Q4 23	$58M	$40M	$8M
Q1 24	$66M	$48M	$17M
Q2 24	$72M	$52M	$17M
Q3 24	$70M	$52M	$13M
Q4 24	$77M	$57M	$26M
Q1 25	$78M	$61M	$22M
Q2 25	$77M	$56M	$5M
Q3 25	$82M	$62M	$19M
Q4 25	$112M	$88M	-$8M

Valuation

Quarter	P/S	P/E
Q1 22	11.9x	—
Q2 22	12.7x	—
Q3 22	10.9x	—
Q4 22	8.3x	—
Q1 23	6.5x	—
Q2 23	5.3x	—
Q3 23	4.7x	—
Q4 23	4.2x	—
Q1 24	3.7x	97.8x
Q2 24	3.3x	70.7x
Q3 24	3.1x	38.5x
Q4 24	2.9x	30.1x
Q1 25	2.8x	27.6x
Q2 25	2.8x	25.3x
Q3 25	2.6x	28.4x
Q4 25	2.4x	141.6x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$18M	-$23M
Q2 22	-$32M	-$29M
Q3 22	-$28M	-$28M
Q4 22	-$2M	-$7M
Q1 23	$1M	-$7M
Q2 23	$3M	-$14M
Q3 23	$9M	-$3M
Q4 23	$22M	$16M
Q1 24	$7M	$4M
Q2 24	$4M	$861.0K
Q3 24	$9M	$8M
Q4 24	$23M	$20M
Q1 25	-$6M	-$7M
Q2 25	$9M	$8M
Q3 25	$23M	$22M
Q4 25	-$8M	-$10M

Capital Expenditures

Quarter	CapEx
Q1 22	$5M
Q2 22	$3M
Q3 22	$271.0K
Q4 22	$5M
Q1 23	$8M
Q2 23	$17M
Q3 23	$11M
Q4 23	$6M
Q1 24	$2M
Q2 24	$3M
Q3 24	$1M
Q4 24	$3M
Q1 25	$330.0K
Q2 25	$1M
Q3 25	$1M
Q4 25	$2M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	-31.2%	+40.7%
Q2 22	-18.8%	+17.3%
Q3 22	+47.8%	+47.3%
Q4 22	+188.1%	+33.9%
Q1 23	+238.8%	+40.2%
Q2 23	+157.3%	+19.2%
Q3 23	+56.1%	+8.8%
Q4 23	+62.2%	+3.6%
Q1 24	+63.1%	+6.3%
Q2 24	+48.9%	+19.0%
Q3 24	+36.7%	+24.2%
Q4 24	+31.3%	-0.7%
Q1 25	+18.2%	+13.2%
Q2 25	+5.7%	+27.7%
Q3 25	+17.2%	+10.5%
Q4 25	+45.8%	+137.9%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$3M	23.4%
Q2 22	$4M	23.4%
Q3 22	$4M	11.0%
Q4 22	$3M	7.2%
Q1 23	$4M	9.0%
Q2 23	$6M	11.5%
Q3 23	$5M	9.0%
Q4 23	$4M	6.5%
Q1 24	$4M	5.9%
Q2 24	$6M	8.9%
Q3 24	$5M	7.5%
Q4 24	$6M	7.6%
Q1 25	$5M	6.9%
Q2 25	$8M	9.8%
Q3 25	$0	0.0%
Q4 25	$7M	6.2%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q1 22	$4M	$8M	$13M	—
Q2 22	$5M	$10M	$16M	—
Q3 22	$4M	$9M	$14M	—
Q4 22	$7M	—	$54M	—
Q1 23	$6M	$11M	$13M	—
Q2 23	$6M	$12M	$14M	—
Q3 23	$10M	$11M	$13M	—
Q4 23	$9M	$10M	$11M	—
Q1 24	$10M	$11M	$12M	—
Q2 24	$12M	$13M	$11M	—
Q3 24	$13M	$11M	$13M	—
Q4 24	$11M	—	—	$24M
Q1 25	$11M	—	—	$25M
Q2 25	$14M	—	—	$32M
Q3 25	$14M	$14M	$15M	—
Q4 25	$28M	—	—	$58M

Revenue Segments

Quarter	License And Service	Product	Royalty	Product Revenue	Service
Q2 24	$26M	$21M	$26M	—	—
Q3 24	$23M	$20M	$27M	—	—
Q1 25	$29M	$19M	$30M	—	—
Q2 25	—	—	$31M	$45M	$621.0K
Q3 25	—	—	$33M	$48M	$537.0K

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$67M	$95M	$162M
Q2 22	$36M	$119M	$154M
Q3 22	$54M	$111M	$165M
Q4 22	$70M	$101M	$171M
Q1 23	$86M	$80M	$166M
Q2 23	$86M	$58M	$144M
Q3 23	$83M	$58M	$141M
Q4 23	$238M	$57M	$295M
Q1 24	$193M	$107M	$301M
Q2 24	$97M	$151M	$248M
Q3 24	$62M	$189M	$252M
Q4 24	$46M	$151M	$197M
Q1 25	$47M	$134M	$182M
Q2 25	$57M	$122M	$179M
Q3 25	$127M	$133M	$260M
Q4 25	$75M	$96M	$171M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	252M	+0.3%	+2.1%
Q2 22	254M	+0.7%	+1.7%
Q3 22	259M	+2.2%	+3.8%
Q4 22	263M	+1.6%	+4.9%
Q1 23	264M	+0.2%	+4.8%
Q2 23	266M	+0.6%	+4.7%
Q3 23	269M	+1.2%	+3.6%
Q4 23	324M	+20.5%	+23.0%
Q1 24	325M	+0.3%	+23.0%
Q2 24	273M	-15.9%	+2.8%
Q3 24	285M	+4.3%	+5.9%
Q4 24	291M	+2.1%	-10.3%
Q1 25	321M	+10.4%	-1.2%
Q2 25	311M	-2.9%	+14.1%
Q3 25	312M	+0.0%	+9.5%
Q4 25	314M	+0.8%	+8.1%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$34.4K	349
Q2 22	$54.1K	349
Q3 22	$94.1K	349
Q4 22	$91.3K	395
Q1 23	$102.9K	395
Q2 23	$123.1K	395
Q3 23	$129.8K	395
Q4 23	$141.2K	414
Q1 24	$160.1K	414
Q2 24	$174.8K	414
Q3 24	$169.3K	414
Q4 24	$188.6K	407
Q1 25	$192.5K	407
Q2 25	$188.0K	407
Q3 25	$201.8K	407
Q4 25	$189.1K	592

Revenue / Employee