MannKind (MNKD) AI Stock Analysis

• Market Cap: $1.83B
• Dividend Yield: N/A
• Average Volume (3M): 3.10M
• Price to Earnings (P/E): 63.3
• Beta (1Y): 0.78
• Revenue Growth: 17.44%
• EPS Growth: 24.15%
• Country: US
• Employees: 403
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): 0.03
• Shares Outstanding: 307,070,280
• 10 Day Avg. Volume: 3,095,450
• 30 Day Avg. Volume: 3,095,456
• PEG Ratio: -0.20
• Price to Book (P/B): -22.39
• Price to Sales (P/S): 6.18
• P/FCF Ratio: 53.77
• Enterprise Value/Market Cap: 0.89
• Enterprise Value/Revenue: 5.22
• Enterprise Value/Gross Profit: 6.95
• Enterprise Value/Ebitda: 22.42
• 1Y Price Target: $9.21
• Price Target Upside: 54.27% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 7
• EPS Forecast (FY): 0.07
• Revenue Forecast (FY): $342.68M

• Rating: 64 Neutral
• Price Target: $6.00 ▲(0.50% Upside)

MannKind's overall stock score reflects a balance of strong revenue growth and strategic acquisitions against high leverage and valuation concerns. The positive technical indicators and earnings call sentiment are offset by the halted clinical trial and high P/E ratio.

Positive Factors

Revenue Growth

Strong revenue growth, driven by products like Tyvaso DPI and Afrezza, indicates robust market demand and effective sales strategies, supporting long-term business expansion.

Strategic Acquisitions

The acquisition of scPharmaceuticals enhances MannKind's portfolio, expanding its market reach and product offerings, which could drive future revenue and competitive positioning.

Cash Generation

Strong cash generation capabilities provide MannKind with financial flexibility to invest in growth opportunities and manage debt, supporting long-term sustainability.

Negative Factors

High Leverage

High financial leverage and negative equity pose risks to MannKind's financial stability, potentially limiting its ability to invest in growth and weather economic downturns.

Clinical Trial Halt

Halting the Phase 3 trial for MNKD-101 due to futility represents a setback in product development, potentially delaying new revenue streams and impacting long-term growth prospects.

Increased SG&A Expenses

Rising SG&A expenses could pressure MannKind's profitability, reducing margins and limiting funds available for strategic initiatives, affecting long-term financial performance.

MannKind Business Overview & Revenue Model

Company Description

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 improve glycemic control in adults with diabetes. It also promotes Thyquidity to adult and pediatric endocrinologists, and other healthcare providers for the treatment of hypothyroidism. The company has a license and collaboration agreement with United Therapeutics Corporation. It also has an agreement with NRx Pharmaceuticals to develop a dry powder formulation of ZYESAMI (aviptadil), a synthetic form of human vasoactive intestinal peptide to help protect cells against inflammatory conditions. MannKind Corporation was incorporated in 1991 and is headquartered in Westlake Village, California.

How the Company Makes Money

MannKind primarily generates revenue through the sale of Afrezza, its inhalable insulin product. The company sells Afrezza directly to pharmacies and healthcare providers, and revenue is influenced by prescription volume, pricing strategies, and reimbursement policies. Additionally, MannKind may pursue partnerships or collaborations with pharmaceutical companies for the development and commercialization of new products utilizing its Technosphere platform, which could provide upfront payments, milestone payments, and royalties based on future sales. These partnerships can significantly contribute to the company's earnings, especially as it seeks to expand its product portfolio and market reach.

MannKind Financial Statement Overview

Summary

MannKind's financial performance is mixed. The income statement shows growth and improved profitability, with a gross profit margin of 74.91% and a net profit margin of 10.87%. However, the balance sheet reveals significant challenges, including negative stockholders' equity and a negative debt-to-equity ratio, indicating high financial leverage. The cash flow statement is strong, with a 50.72% growth in free cash flow, indicating good cash generation capabilities. Overall, the company is on a positive growth trajectory but must address balance sheet weaknesses.

Income Statement

MannKind's income statement shows a positive trajectory with a consistent increase in total revenue and gross profit margins over the years. The TTM data reflects a gross profit margin of 74.91% and a net profit margin of 10.87%, indicating improved profitability. However, the EBIT and EBITDA margins have slightly decreased compared to the previous year, suggesting some operational challenges. Overall, the revenue growth rate of 3.99% in the TTM period is a positive indicator of growth.

Balance Sheet

The balance sheet reveals significant challenges with a negative stockholders' equity, leading to a negative debt-to-equity ratio. This indicates high financial leverage and potential risk. The return on equity is also negative, reflecting the company's struggle to generate profits from its equity base. Despite a stable asset base, the negative equity ratio is a concern for long-term financial stability.

Cash Flow

Cash flow analysis shows a strong improvement in free cash flow growth at 50.72% in the TTM period, indicating better cash generation capabilities. The operating cash flow to net income ratio is positive, suggesting efficient cash conversion from operations. The free cash flow to net income ratio of 83.33% further supports the company's ability to generate cash relative to its net income, showcasing a healthy cash flow position.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	313.79M	285.50M	198.96M	99.77M	75.44M	65.14M
Gross Profit	235.90M	208.90M	136.19M	42.27M	36.59M	40.50M
EBITDA	73.13M	77.47M	15.13M	-56.32M	-61.10M	-44.66M
Net Income	29.23M	27.59M	-11.94M	-87.40M	-80.93M	-57.24M
Balance Sheet
Total Assets	494.64M	393.84M	475.20M	295.28M	321.16M	108.61M
Cash, Cash Equivalents and Short-Term Investments	260.04M	197.26M	295.10M	170.85M	204.12M	67.00M
Total Debt	225.95M	47.70M	272.62M	288.40M	289.22M	123.44M
Total Liabilities	539.19M	472.66M	721.37M	545.82M	530.51M	289.03M
Stockholders Equity	-44.55M	-78.82M	-246.17M	-250.54M	-209.35M	-180.42M
Cash Flow
Free Cash Flow	43.23M	32.82M	-8.35M	-88.29M	-73.17M	-32.91M
Operating Cash Flow	48.70M	42.51M	34.09M	-80.70M	-61.71M	-28.13M
Investing Cash Flow	35.38M	-96.65M	-1.99M	4.87M	-151.54M	15.22M
Financing Cash Flow	-19.06M	-137.27M	136.61M	21.41M	270.27M	49.85M

MannKind Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 5.97
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MNKD, the sentiment is Positive. The current price of 5.97 is above the 20-day moving average (MA) of 5.60, above the 50-day MA of 5.45, and above the 200-day MA of 4.76, indicating a bullish trend. The MACD of 0.17 indicates Negative momentum. The RSI at 67.67 is Neutral, neither overbought nor oversold. The STOCH value of 71.25 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for MNKD.

MannKind Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
MNKD	64 Neutral	$1.83B	63.31	―	―	17.44%	24.15%
BCRX	55 Neutral	$1.50B	-154.12	―	―	45.38%	92.85%
IMCR	53 Neutral	$1.81B	-61.45	-7.52%	―	27.51%	38.72%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
SRPT	49 Neutral	$2.22B	-7.03	-21.37%	―	47.15%	-311.26%
CLDX	41 Neutral	$1.71B	-7.48	-32.44%	―	-73.94%	-31.70%
COGT	37 Underperform	$6.00B	-15.99	-95.40%	―	―	4.32%

MannKind Corporate Events

MannKind Halts Phase 3 Trial for MNKD-101

On November 10, 2025, MannKind Corporation announced the discontinuation of its Phase 3 clinical trial for MNKD-101, a nebulized inhalation suspension of clofazimine for treating refractory nontuberculous mycobacterial lung disease. This decision followed the analysis of data from the first 46 participants, which showed no evidence of sputum culture conversion, leading to concerns about achieving the study’s primary endpoint. The data safety monitoring board agreed with the decision due to futility, although no safety issues were found. MannKind plans to investigate the outcome to guide the development of MNKD-102, a dry powder formulation of clofazimine advancing towards Phase 1.

MannKind Completes Acquisition of scPharma

On October 7, 2025, MannKind completed the acquisition of scPharma, making it a wholly-owned subsidiary. This acquisition was facilitated through a merger agreement and involved a contingent value rights agreement, which outlines milestone payments based on FDA approval and sales targets. The acquisition was funded by MannKind’s available cash and borrowings under a credit agreement, with a total transaction cost of approximately $296.5 million. The merger aims to enhance MannKind’s market position by integrating scPharma’s drug-device combination products and leveraging potential sales growth.