mannkind investor relations

What exactly is the Technosphere® Platform?

One of the largest organs in your body are the lungs. Picture the size of a full tennis court and that is roughly the surface area of both lungs in a typical adult. Running through those lungs are airways whose total length measures 1,500 miles – that’s the distance between Chicago and Las Vegas, New York to Albuquerque, and Los Angeles to Nashville.

Simply put, the lungs create a wonderful platform for effective drug delivery. MannKind’s Technosphere technology recognizes this and provides the distinct advantage of rapid, deep lung drug delivery. The effect is similar to intravenous delivery (I.V.; within a vein) and has the added benefit of bypassing the liver which can be especially helpful in reducing systemic side effects.

Examining it closer, it helps to look at inhalation, air flow travel, and the exhale. When you breathe in, air is drawn into the lung and flows down curving, narrowing airways that end in the air sacs or alveoli. When air is exhaled, the flow is reversed. Between the end of an inhalation and the start of exhalation, the air in the lung is stationary. To reach the deep lung, inhaled particles must be carried by the air stream and have enough momentum to continue through the stationary air to collide with the lung surface.

Particles that can reach the lung have aerodynamic diameters between 0.5 µm and 5-6 µm (1 µm is 1 micro-meter or about 0.00004 inches). Particles that are larger than 6 µm will leave the air stream and hit the back of your mouth and throat; smaller than 0.5 µm wouldn’t have the ability to reach the lungs and would simply get exhaled.

“The average Technosphere particle is about 2-2.5 µm which is in the middle of the respirable range,” explains Marshall Grant, PhD, MSc, Executive Director, Clinical Pharmacology & Research for MannKind Corporation. “The particle size distribution is a major reason Technosphere powders are highly efficient in delivering drug to the lungs than other dry powder inhalers (DPIs).”

The Technosphere particles in FDA-approved Afrezza® (insulin human) Inhalation Powder and Tyvaso DPI™ (treprostinil) Inhalation Powder are manufactured by different processes and possess different characteristics. But both are made up of small crystals of FDKP (fumaryl diketopiperazine), MannKind’s proprietary molecule. FDKP provides high solubility and fast dissolution at physiologic pH – and more importantly – can crystallize and form particles in the range appropriate for optimum delivery to the lungs.

When Technosphere powder reaches the lung surface, the FDKP and drug dissolve. The FDKP is then rapidly cleared from the lung into systemic circulation. The FDKP is not metabolized, but rather excreted primarily in the urine. Another value of Technosphere powders has been their versatility – they are compatible with a wide range of doses with different types of drugs.

MannKind’s Technosphere powders are delivered into the lung’s airstream via an inhalation device or DPI (dry powder inhaler). The breath-powered inhalers (Dreamboat® being the most common version) provide excellent delivery efficiency and are proven to deliver up to 70% of the dry-powder dose deep into the lungs. Our DPI are designed to be simple, easy to use and discreet. For patients, imagine having a drug in the convenient form of an inhaler that fits in the palm of your hand. This approach allows patients to not only take control of their health but do it while going about their day and enjoying life more humann.

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NTM Lung Disease on the Rise

“I cough every morning upon waking, so I don’t feel rested.” “Imagine not being able to breathe.” “Anxiety ruins everything about you – it’s not a normal life.” “You just exist from day to day and week to week.” These are a sampling of comments about the most bothersome symptoms from living with Nontuberculous Mycobacteria (NTM) shared in a study from NTM Info & Research, Inc. The statements are unfortunately typical and those with NTM often have unpredictable day-to-day health functioning and reduced quality of life.

NTM lung disease is a serious infection that is caused by bacteria that are common in the environment and can cause lung damage. The reality is that we are all exposed to these bacteria in our day-to-day lives – more than 120 species of mycobacteria have been identified. These common bacteria exist in water and soil particles that are in the air, wet places like hot tubs, steamy bathrooms, dishwashers, and even the dewy ground we walk on at the park. But not everyone is at risk of getting NTM lung disease just because they are exposed.

Those predisposed often have underlying conditions such as asthma, COPD, and bronchiectasis, which makes them prone to NTM infection. NTM is not considered to be contagious. Women over the age of 65 make up the majority of those impacted, with a predominance in those of Caucasian and Asian descent.

A rare disease, NTM can often be difficult to diagnose. Many will experience coughing, fatigue, weight loss and shortness of breath – all of which are common with other lung disease symptoms and other conditions like tuberculosis. With NTM, symptoms often worsen, and that is a marker not to be ignored.

It is estimated that some 86,000 individuals are living with NTM lung diseases, and it is on the rise growing 8% each year. Coastal regions including Gulf States have higher rates of infection accounting for 70% of annual NTM cases.

While no cure is available, treatments to manage NTM are available. Treatment for NTM involves antibiotic and multidrug regimens with duration lasting from months to years with tolerability and adverse reactions to treatment which often leads to a lack of adherence to therapy.

There is a valuable need to develop medicines that are well tolerated and effective that lends to consistent patient use and alleviates symptoms of NTM lung disease. MannKind continues to progress MNKD-101 (Clofazimine) for the treatment of NTM.

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Release Details

MannKind Reports Fourth Quarter and Full Year 2025 Financial Results and Provides Business Update

02/26/26
PDF Version
Conference call today at 9:00 am ET
  • Q4 2025 revenues of $112M, +46% vs. Q4 2024
    • Furoscix® Q4 2025 net sales of $23M, +91% vs. Q4 2024
    • Afrezza® Q4 2025 net sales of $23M, +25% vs. Q4 2024
  • 2025 full year revenues of $349M, +22% vs. 2024
  • Successfully completed the acquisition of scPharmaceuticals Inc. (scPharma)
  • Program updates:
    • Afrezza pediatric indication PDUFA date May 29, 2026
    • Furoscix ReadyFlow™ Autoinjector PDUFA date July 26, 2026 

DANBURY, Conn. and WESTLAKE VILLAGE, Calif., Feb. 26, 2026 (GLOBE NEWSWIRE) -- MannKind Corporation (Nasdaq: MNKD) a biopharmaceutical company dedicated to transforming chronic disease care through innovative, patient-centric solutions for cardiometabolic and orphan lung diseases, today reported financial results for the fourth quarter and year ended December 31, 2025, and provided a business update.

“MannKind closed 2025 with strong momentum across our commercial portfolio and meaningful progress in our pipeline. The addition of Furoscix strengthens our cardiometabolic franchise, while Afrezza and UT-related revenues continue to deliver sustained growth,” said Michael Castagna, PharmD, Chief Executive Officer of MannKind Corporation. “As we enter a catalyst‑rich 2026, with two upcoming FDA decisions, and Nintedanib DPI INFLO-1 Phase 1b topline data, we believe we are well‑positioned to drive long‑term value for patients, providers and shareholders. Our team’s hard work over the last several years is culminating in significant milestones with the potential to drive near-term growth.”

Business Update and Upcoming Milestones 
Commercial Products  
Furoscix

  • Furoscix (furosemide injection) generated $23 million in net sales following the October 7, 2025, acquisition, compared to $12 million in Q4 2024 as reported by scPharma, a 91% increase
  • FDA accepted for review a supplemental New Drug Application (sNDA) for Furoscix ReadyFlow Autoinjector; with a PDUFA target action date of July 26, 2026; if approved, it would deliver an IV-equivalent diuretic dose (subcutaneous furosemide injection 80 mg/ml) in under 10 seconds

Afrezza 

  • Afrezza (insulin human) Inhalation Powder Q4 2025 net sales were $23 million, compared to $18 million in Q4 2024, a 25% increase
  • FDA accepted for review the supplemental Biologics License Application (sBLA) for Afrezza in pediatrics, with a PDUFA target action date of May 29, 2026; if approved, it would be the first needle-free insulin option for pediatric patients
  • In Q1 2026, the FDA approved updated Afrezza label providing starting dose guidance when switching from multiple daily injections (MDI) or insulin pump mealtime therapy  
  • ADA Standards of Care in Diabetes – 2026 now recommends clinicians evaluate inhaled insulin as a prandial option at every patient visit, moving it into routine care conversations and creating a catalyst for broader adoption  
  • Afrezza launched in India by Cipla

Development
Nintedanib DPI (MNKD-201) 

  • Enrollment underway in Phase 1b (INFLO-1) study, top line data expected in 2H 2026 
  • Initiated Phase 2 clinical trial (INFLO-2) in idiopathic pulmonary fibrosis (IPF) and plan to enroll first patient in Q2 2026

Other Programs

  • Formulating investigational molecule (MNKD-1501) under the expanded collaboration with United Therapeutics (UT) using MannKind’s proprietary Technosphere® platform
  • Initiated pre-clinical development of Bumetanide DPI (MNKD-701)  

Corporate Update

  • Completed acquisition of scPharma on October 7, 2025
  • Cash, cash equivalents and investments as of December 31, 2025, totaled $176 million
Fourth Quarter and Full Year 2025 Financial Results
 
Revenues Three Months
Ended December 31,		  
  2025     2024     $ Change     % Change  
Revenues (Dollars in thousands)  
Royalties $ 33,564     $ 27,009     $ 6,555       24 %
Collaborations and services   27,986       26,710       1,276       5 %
Afrezza   22,878       18,279       4,599       25 %
Furoscix(1)   23,178       —       23,178     N/A  
V-Go   4,349       4,778       (429 )     (9 %)
Total revenues $ 111,955     $ 76,776     $ 35,179       46 %


(1) Amount represents revenue earned beginning on the scPharma acquisition date of October 7, 2025.

  Year
Ended December 31,		  
  2025     2024     $ Change     % Change  
Revenues (Dollars in thousands)  
Royalties $ 128,116     $ 102,335     $ 25,781       25 %
Collaborations and services   106,713       100,840       5,873       6 %
Afrezza   74,587       64,041       10,546       16 %
Furoscix(1)   23,178       —       23,178     N/A  
V-Go   16,372       18,288       (1,916 )     (10 %)
Total revenues $ 348,966     $ 285,504     $ 63,462       22 %


(1) Amount represents revenue earned beginning on the scPharma acquisition date of October 7, 2025.

Total revenues for the fourth quarter and full year 2025 rose due to increases in revenue from royalties, collaborations and services, and commercial product sales. The increase in royalties was due to UT’s increase in net revenue from sales of Tyvaso DPI®. Collaborations and services revenue grew due to increased units sold to UT. Revenue from commercial sales increased primarily due to net sales from Furoscix beginning on the scPharma acquisition date of October 7, 2025 as well as an increase in net sales of Afrezza over the prior periods.

Operating Expenses and Other Financial Highlights

  • Cost of goods sold – commercial, excluding amortization of acquired intangible assets, was $13.9 million for the fourth quarter of 2025, compared to $4.8 million for the same period in 2024, an increase of 190%. For the full year 2025, Cost of goods sold – commercial, excluding amortization of acquired intangible assets, was $26.8 million, compared to $17.4 million for the same period in 2024, an increase of 54%. These increases are primarily attributable to the inclusion of Furoscix following the acquisition on October 7, 2025, as well as increased sales of Afrezza.

  • Cost of revenue – collaborations and services was $15.7 million for the fourth quarter of 2025, compared to $14.8 million for the same period in 2024, an increase of 6%. For the full year 2025, cost of revenue – collaborations and services was $61.2 million, compared to $59.2 million for the same period in 2024, an increase of 3%. These increases are primarily the result of a higher number of units of Tyvaso DPI sold through to UT compared to the prior periods.

  • Research and development ("R&D") expenses were $27.6 million for the fourth quarter of 2025 compared to $11.1 million for the same period in 2024, an increase of 148%. For the full year 2025, R&D expenses were $66.3 million compared to $45.9 million in the same period in 2024, an increase of 45%. These increases were primarily attributable to the ICoN-1 clinical study for MNKD-101, which was discontinued in the fourth quarter of 2025, clinical production scale-up for MNKD-201, personnel costs primarily due to a full-year of costs associated with the third quarter of 2024 Pulmatrix transaction, which bolstered our research capabilities and capacity, and ReadyFlow Autoinjector-related expenses. These increases were partially offset by the completion of INHALE-3, the Phase 1 clinical study for MNKD-201, and toxicology studies in 2024, as well as lower costs for INHALE-1 as the study was closed out in the second quarter of 2025.

  • Selling, general and administrative ("SG&A") expenses were $58.4 million for the fourth quarter of 2025 compared to $24.0 million for the same period in 2024, an increase of 144%. For the full year 2025, SG&A expenses were $144.1 million compared to $94.3 million in the same period in 2024, an increase of 53%. These increases primarily reflect the inclusion of SG&A costs associated with the promotion and support of Furoscix as well as transaction-related costs incurred as part of the acquisition of scPharma. The remainder of the increase was largely attributable to higher headcount and personnel-related expenses in our commercial group as well as increased promotional costs in preparation to support the potential pediatric launch of Afrezza in 2026.

Conference Call
MannKind will host a conference call and presentation webcast to discuss these results today at 9:00 a.m. Eastern Time. The webcast will be accessible via a link on MannKind’s website. A replay will also be available in the same location within 24 hours after the call and accessible for approximately 90 days.

About MannKind
MannKind Corporation (Nasdaq: MNKD) is a biopharmaceutical company dedicated to transforming chronic disease care through innovative, patient-centric solutions. Focused on cardiometabolic and orphan lung diseases, we develop and commercialize treatments that address serious unmet medical needs, including diabetes, pulmonary hypertension, and fluid overload in heart failure and chronic kidney disease.

With deep expertise in drug-device combinations, MannKind aims to deliver therapies designed to fit seamlessly into daily life.

Learn more at mannkindcorp.com.

Forward-Looking Statements
Statements in this press release that are not statements of historical fact are forward-looking statements that involve risks and uncertainties. These statements include, without limitation, statements regarding MannKind's expectations about 2026 being a catalyst-rich year; the FDA’s potential approval of the sBLA for Afrezza for the pediatric population and of the sNDA for Furoscix ReadyFlow Autoinjector, and the expected timing thereof; expectations regarding MannKind’s ongoing and planned clinical trials and nonclinical studies, including the timing for enrollment for the Phase 2 clinical trial of MNKD-201 in IPF and the expected timing for data readouts from the Phase 1b clinical trial of MNKD-201, and preclinical development of MNKD-701; the potential benefits of Furoscix ReadyFlow Autoinjector and Afrezza Inhalation Powder in pediatrics, if approved; the ADA’s Standards of Care in Diabetes 2026 recommendations for inhaled insulin creating a catalyst for broader adoption; and MannKind being positioned to drive long-term value. Words such as “believes,” “anticipates,” “plans,” “expects,” “intend,” “will,” “goal,” “potential” and similar expressions are intended to identify forward-looking statements. These forward-looking statements are based upon MannKind’s current expectations. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties, which include, without limitation, risks associated with developing product candidates; risks and uncertainties related to unforeseen delays that may impact the timing of clinical trials and reporting data; risks associated with safety and other complications of our products and product candidates; risks associated with the regulatory review process; risks associated with competition; manufacturing risks; market adoption risks; and other risks detailed in MannKind’s filings with the Securities and Exchange Commission (“SEC”), including under the “Risk Factors” heading of its Annual Report on Form 10-K for the year ended December 31, 2025, being filed with the SEC later today. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement, and MannKind undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date of this press release.

Tyvaso DPI is a trademark of United Therapeutics Corporation.

Furoscix is a registered trademark and Furoscix ReadyFlow is a trademark of scPharmaceuticals Inc., a subsidiary of MannKind Corporation.

AFREZZA, MANNKIND, TECHNOSPHERE and V-GO are registered trademarks of MannKind Corporation.

MannKind Contacts:
Investor Relations
Kate Miranda
(617) 921-5461
Email: ir@mnkd.com

Media Relations
Christie Iacangelo
(818) 292-3500
Email: media@mnkd.com

MANNKIND CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS
  Three Months
Ended December 31,		     Year
Ended December 31,		  
  2025     2024     2025     2024  
  (In thousands except per share data)  
Revenues:                      
Commercial product sales $ 50,405     $ 23,057     $ 114,137     $ 82,329  
Collaborations and services   27,986       26,710       106,713       100,840  
Royalties   33,564       27,009       128,116       102,335  
Total revenues   111,955       76,776       348,966       285,504  
Expenses:                      
Cost of goods sold – commercial, excluding amortization of acquired intangible assets   13,927       4,808       26,800       17,429  
Cost of revenue – collaborations and services   15,746       14,796       61,160       59,173  
Research and development   27,588       11,138       66,348       45,893  
Selling, general and administrative   58,411       23,972       144,135       94,329  
Amortization of acquired intangible assets   3,973       —       3,973       —  
(Gain) loss on foreign currency transaction   (3 )     (4,433 )     7,749       (3,907 )
Total expenses   119,642       50,281       310,165       212,917  
(Loss) income from operations   (7,687 )     26,495       38,801       72,587  
Other income (expense):                      
Interest income, net   1,637       2,825       8,053       12,615  
Interest expense on liability for sale of future royalties   (3,885 )     (3,452 )     (14,449 )     (16,172 )
Interest expense on financing liability   (2,451 )     (2,467 )     (9,750 )     (9,828 )
Impairment of available-for-sale investment   —       —       (6,409 )     (1,550 )
Interest expense   (7,536 )     (1,562 )     (13,830 )     (11,981 )
Other (expense) income   (1,009 )     —       (1,009 )     32  
Gain on bargain purchase   —       —       —       5,259  
Loss on settlement of debt   —       (13,394 )     —       (20,444 )
Total other expense   (13,244 )     (18,050 )     (37,394 )     (42,069 )
Income before income tax (benefit) expense   (20,931 )     8,445       1,407       30,518  
Income tax (benefit) expense   (4,983 )     1,023       (4,456 )     2,930  
Net (loss) income $ (15,948 )   $ 7,422     $ 5,863     $ 27,588  
Net (loss) income per share – basic $ (0.05 )   $ 0.03     $ 0.02     $ 0.10  
Weighted average shares used to compute net (loss) income
per share – basic		   307,260       279,191       305,639       274,415  
Net (loss) income per share – diluted $ (0.05 )   $ 0.03     $ 0.02     $ 0.10  
Weighted average shares used to compute net (loss) income
per share – diluted(1)		   307,260       290,631       314,112       283,844  


(1) Diluted weighted average shares ("DWAS") differs from basic weighted average shares due to the weighted average number of shares that would be outstanding upon exercise or vesting of outstanding share-based payments to employees and conversion of convertible notes. For the year ended December 31, 2025, DWAS included 8.5 million shares issuable upon exercise or vesting of outstanding share-based payments. 

MANNKIND CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS
               
  December 31, 2025     December 31, 2024  
  (In thousands except share  
and per share data)
ASSETS          
Current assets:          
Cash and cash equivalents $ 74,882     $ 46,339  
Short-term investments   96,464       150,917  
Accounts receivable, net   38,367       11,804  
Inventory   35,313       27,886  
Prepaid expenses and other current assets   46,553       31,360  
Total current assets   291,579       268,306  
Restricted cash   745       737  
Long-term investments   5,012       5,482  
Property and equipment, net   82,423       85,365  
Goodwill   67,595       1,931  
Developed technology - on-body infusor   190,027       —  
IPR&D - ReadyFlow Formulation   129,600       —  
Other intangible assets   5,072       5,265  
Other assets   20,129       26,757  
Total assets $ 792,182     $ 393,843  
           
LIABILITIES AND STOCKHOLDERS' DEFICIT          
Current liabilities:          
Accounts payable $ 9,034     $ 6,792  
Accrued expenses and other current liabilities   64,628       40,293  
Senior convertible notes – current   36,280       —  
Liability for sale of future royalties – current   14,298       12,283  
Contingent consideration - current   21,132       —  
Financing liability – current   10,328       10,062  
Deferred revenue – current   15,331       12,407  
Total current liabilities   171,031       81,837  
Liability for sale of future royalties – long term   136,985       137,362  
Financing liability – long term   93,092       93,877  
Deferred revenue – long term   39,977       51,160  
Recognized loss on purchase commitments – long term   65,952       58,204  
Operating lease liability   10,689       11,645  
Contingent consideration -long term   5,114       —  
Milestone liabilities   2,003       2,523  
Term loan   318,361       —  
Senior convertible notes   —       36,051  
Total liabilities   843,204       472,659  
Commitments and contingencies          
Stockholders' deficit:          
Undesignated preferred stock, $0.01 par value – 10,000,000 shares authorized;   —       —  
   no shares issued or outstanding as of December 31, 2025 or December 31, 2024
Common stock, $0.01 par value – 800,000,000 shares authorized;   3,078       3,029  
   307,832,587 and 302,959,782 shares issued and outstanding as of
  December 31, 2025 and December 31, 2024, respectively
Additional paid-in capital   3,141,741       3,118,865  
Accumulated other comprehensive income   115       1,109  
Accumulated deficit   (3,195,956 )     (3,201,819 )
Total stockholders' deficit   (51,022 )     (78,816 )
Total liabilities and stockholders' deficit $ 792,182     $ 393,843  


Non-GAAP Measures

To supplement our consolidated financial statements presented under GAAP, we are presenting non-GAAP net income (loss) and non- GAAP net income (loss) per share - basic, which are non-GAAP financial measures. We are providing these non-GAAP financial measures to disclose additional information to facilitate the comparison of past and present operations, and they are among the indicators management uses as a basis for evaluating our financial performance. We believe that these non-GAAP financial measures, when considered together with our GAAP financial results, provide management and investors with an additional understanding of our business operating results, including underlying trends.

These non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures; should be read in conjunction with our consolidated financial statements prepared in accordance with GAAP; have no standardized meaning prescribed by GAAP; and are not prepared under any comprehensive set of accounting rules or principles. In addition, from time to time in the future there may be other items that we may exclude for purposes of our non-GAAP financial measures; and we may in the future
cease to exclude items that we have historically excluded for purposes of our non-GAAP financial measures. Likewise, we may determine to modify the nature of its adjustments to arrive at our non-GAAP financial measures. Because of the non-standardized definitions of non- GAAP financial measures, the non-GAAP financial measures as used by us in this report have limits in their usefulness to investors and may be calculated differently from, and therefore may not be directly comparable to, similarly titled measures used by other companies.

The following table reconciles our financial measures for net income (loss) and net income (loss) per share ("EPS") for basic weighted average shares as reported in our consolidated statement of operations to a non-GAAP presentation:

  Three Months
Ended December 31,		     Year
Ended December 31,
  2025     2024     2025     2024  
  Net Income     Basic EPS     Net Income     Basic EPS     Net Income     Basic EPS     Net Income
(Loss)		     Basic EPS  
  (In thousands except per share data)
GAAP reported net (loss) income $ (15,948 )   $ (0.05 )   $ 7,422     $ 0.03     $ 5,863     $ 0.02     $ 27,588     $ 0.10  
Non-GAAP adjustments:                                              
Stock compensation   6,972       0.02       5,818       0.02       24,195       0.08       21,358       0.08  
Interest expense on liability for sale of future royalties   3,885       0.01       3,452       0.01       14,449       0.05       16,172       0.06  
Sold portion of royalty revenue(1)   (3,357 )     (0.01 )     (2,701 )     (0.01 )     (12,812 )     (0.04 )     (10,234 )     (0.04 )
Acquisition-related expenses(2)   6,017       0.03       —       —       9,690       0.03     —       —  
Amortization of intangible assets acquired   3,973       0.01       —       —       3,973       0.01       —       —  
(Gain) loss on foreign currency transaction   (3 )     —       (4,433 )     (0.02 )     7,749       0.03       (3,907 )     (0.01 )
Impairment loss on available-for-sale investment   —       —       —       —       6,409       0.01       1,550       0.01  
Gain on bargain purchase   —       —       —       —     —       —       (5,259 )     (0.02 )
Loss on settlement of debt   —       —       13,394       0.05     —       —       20,444       0.07  
Non-GAAP adjusted net income (loss) $ 1,539     $ 0.01     $ 22,952     $ 0.08     $ 59,516     $ 0.19     $ 67,712     $ 0.25  
Weighted average shares used to compute net income (loss)
per share – basic		   307,260             279,191             305,639             274,415        


(1) Represents the non-cash portion of the 1% royalty on net sales of Tyvaso DPI earned during the years ended December 31, 2025 and 2024 which is remitted to the royalty purchaser and recognized as royalties from collaborations in our consolidated statements of operations. Our revenues from royalties from collaborations during the year ended December 31, 2025 and 2024 totaled $128.1 million and $102.3 million, respectively, of which $12.8 million and $10.2 million, respectively, is remitted to the royalty purchaser.
(2) Represents transaction fees incurred during the year ended December 31, 2025 associated with the acquisition of scPharma.


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Source: MannKind