MANNKIND CORP (MNKD) FY2025 10-K Annual Report
MANNKIND CORP (MNKD) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 26, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
MANNKIND CORP FY2025 10-K Analysis
Business Overview
- • Core business: biopharmaceutical company focused on inhalation drug delivery and proprietary pulmonary technologies
- • New emphasis: multiple amendments (up to seventh) to Commercial Supply Agreement with United Therapeutics Corporation in current year
- • Strategic shift: continuation and expansion of collaboration and supply agreements rather than new product launches or segments
- • Notable metric: numerous contract amendments in fiscal 2026, including the Seventh Amendment to Commercial Supply Agreement dated January 7, 2026
- • Unusual fact: substantial focus in filing on detailed biographies of board members highlighting extensive pharma leadership experience
Management Discussion & Analysis
- • No revenue or profitability data provided in the overview section
- • Cardiometabolic segment consists of Afrezza, Furoscix, V-Go device with recent acquisition of scPharma in Oct 2025
- • No specific cash flow, capital allocation, or margin figures disclosed
- • No forward-looking outlook, guidance, or emerging risks mentioned in the provided text
Risk Factors
- • Regulatory risk: Inflation Reduction Act of 2022 limited insulin copays to $35/month for Medicare Part D starting 2023, pressuring Afrezza pricing and reimbursement
- • Geopolitical risk: V-Go wholly manufactured in China, exposed to U.S.-China trade tensions and potential tariff changes affecting margins
- • Operational risk: Single-source supplier of insulin for Afrezza from Amphastar, creating vulnerability to supply disruptions
- • Competitive risk: United Therapeutics’ Tresmi with up to 90% less coughing may displace Tyvaso DPI, materially impacting royalty revenue
- • Financial risk: scPharma acquisition funded by debt increased interest expense, leverage, and debt service requirements significantly
MANNKIND CORP FY2025 Key Financial MetricsXBRL
Revenue
$349M
▲ +22.2% YoY
Net Income
$6M
▼ -78.7% YoY
Operating Margin
11.1%
▼ -1431bp YoY
Net Margin
1.7%
▼ -798bp YoY
ROE
-11.5%
▲ +2351bp YoY
Total Assets
$792M
▲ +101.1% YoY
EPS (Diluted)
$0.02
▼ -80.0% YoY
Operating Cash Flow
$18M
▼ -57.1% YoY
Source: XBRL data from MANNKIND CORP FY2025 10-K filing on SEC EDGAR. All figures in USD.
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