Revenue: As of FY2025 Q4, the actual value is USD 111.96 M, beating the estimate of USD 99.85 M.EPS: As of FY2025 Q4, the actual value is USD -0.05.EBIT: As of FY2025 Q4, the actual value is USD 4.548 M.<h4>Total Revenues</h4>MannKind Corporation reported total revenues of $111,955 thousand for Q4 2025, a 46% increase compared to $76,776 thousand in Q4 2024. For the full year 2025, total revenues reached $348,966 thousand, up 22% from $285,504 thousand in 2024.<h4>Segment Revenue</h4><ul><li>Royalties: Royalties were $33,564 thousand in Q4 2025, a 24% increase from $27,009 thousand in Q4 2024. Full-year 2025 royalties totaled $128,116 thousand, a 25% increase from $102,335 thousand in 2024, primarily due to United Therapeutics’ increased net revenue from sales of Tyvaso DPI®.</li><li>Collaborations and services: Collaborations and services revenue increased by 5% to $27,986 thousand in Q4 2025 from $26,710 thousand in Q4 2024. For the full year 2025, this revenue grew 6% to $106,713 thousand from $100,840 thousand in 2024, driven by increased units sold to United Therapeutics.</li><li>Afrezza: Afrezza net sales were $22,878 thousand in Q4 2025, marking a 25% increase from $18,279 thousand in Q4 2024. Full-year 2025 Afrezza net sales were $74,587 thousand, up 16% from $64,041 thousand in 2024.</li><li>Furoscix: Furoscix generated $23,178 thousand in net sales in Q4 2025, following its acquisition on October 7, 2025. This compares to $12 million in Q4 2024 as reported by scPharmaceuticals Inc., representing a 91% increase. For the full year 2025, Furoscix net sales were $23,178 thousand.</li><li>V-Go: V-Go revenue decreased by 9% to $4,349 thousand in Q4 2025 from $4,778 thousand in Q4 2024. Full-year 2025 V-Go revenue was $16,372 thousand, a 10% decrease from $18,288 thousand in 2024.</li></ul><h4>Operating Expenses</h4><ul><li>Cost of goods sold – commercial (excluding amortization of acquired intangible assets): This cost increased by 190% to $13,927 thousand in Q4 2025 from $4,808 thousand in Q4 2024. For the full year 2025, it rose 54% to $26,800 thousand from $17,429 thousand in 2024, primarily due to the inclusion of Furoscix and increased Afrezza sales.</li><li>Cost of revenue – collaborations and services: This cost increased by 6% to $15,746 thousand in Q4 2025 from $14,796 thousand in Q4 2024. For the full year 2025, it increased by 3% to $61,160 thousand from $59,173 thousand in 2024, mainly due to a higher number of Tyvaso DPI units sold to United Therapeutics.</li><li>Research and development (R&amp;D) expenses: R&amp;D expenses surged by 148% to $27,588 thousand in Q4 2025 from $11,138 thousand in Q4 2024. For the full year 2025, R&amp;D expenses increased by 45% to $66,348 thousand from $45,893 thousand in 2024, driven by the ICoN-1 clinical study (discontinued in Q4 2025), clinical production scale-up for MNKD-201, personnel costs, and ReadyFlow Autoinjector-related expenses.</li><li>Selling, general and administrative (SG&amp;A) expenses: SG&amp;A expenses rose 144% to $58,411 thousand in Q4 2025 from $23,972 thousand in Q4 2024. For the full year 2025, SG&amp;A expenses increased by 53% to $144,135 thousand from $94,329 thousand in 2024, reflecting Furoscix promotion costs, scPharma acquisition-related transaction costs, higher headcount, and promotional costs for the potential pediatric launch of Afrezza.</li><li>Amortization of acquired intangible assets: This expense was $3,973 thousand for both Q4 2025 and the full year 2025, with no comparable amount in 2024.</li><li>Total expenses: Total expenses for Q4 2025 were $119,642 thousand compared to $50,281 thousand in Q4 2024. For the full year 2025, total expenses were $310,165 thousand compared to $212,917 thousand in 2024.</li></ul><h4>Operational Metrics</h4><ul><li>(Loss) income from operations: MannKind Corporation reported an operating loss of -$7,687 thousand in Q4 2025, compared to an operating income of $26,495 thousand in Q4 2024. For the full year 2025, operating income was $38,801 thousand, down from $72,587 thousand in 2024.</li><li>Net (loss) income: The company reported a net loss of -$15,948 thousand in Q4 2025, compared to a net income of $7,422 thousand in Q4 2024. For the full year 2025, net income was $5,863 thousand, down from $27,588 thousand in 2024.</li></ul><h4>Cash and Investments</h4><ul><li>Cash, cash equivalents and investments: As of December 31, 2025, cash, cash equivalents and investments totaled $176 million. This includes cash and cash equivalents of $74,882 thousand (up from $46,339 thousand in 2024) and short-term investments of $96,464 thousand (down from $150,917 thousand in 2024).</li></ul><h4>Unique Metrics and Corporate Updates</h4><ul><li>Acquisition: MannKind Corporation successfully completed the acquisition of scPharmaceuticals Inc. on October 7, 2025.</li><li>Goodwill: Goodwill increased significantly to $67,595 thousand as of December 31, 2025, from $1,931 thousand as of December 31, 2024.</li><li>Developed technology - on-body infusor: This new asset was valued at $190,027 thousand as of December 31, 2025.</li><li>IPR&amp;D - ReadyFlow Formulation: This new asset was valued at $129,600 thousand as of December 31, 2025.</li><li>Term loan: A new term loan of $318,361 thousand was reported as of December 31, 2025.</li></ul><h4>Outlook / Guidance</h4>MannKind Corporation anticipates 2026 to be a catalyst-rich year, with two upcoming FDA decisions for the Afrezza pediatric indication (PDUFA date May 29, 2026) and the Furoscix ReadyFlow Autoinjector (PDUFA date July 26, 2026). The company also expects Nintedanib DPI INFLO-1 Phase 1b topline data in the second half of 2026. These milestones are believed to position the company well to drive long-term value for patients, providers, and shareholders.

Mannkind | 8-K: FY2025 Q4 Revenue Beats Estimate at USD 111.96 M