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Nasdaq · Healthcare

MANNKIND CORP (MNKD)

As-reported financials and SEC filings for MANNKIND CORP. The latest annual period is FY2025. The latest reported quarter is Q2 FY2026. Financial statements come straight from the company’s EDGAR filings; valuation figures such as P/E and market cap use market data.

About MANNKIND CORP

MannKind Corporation is a biopharmaceutical company that develops and commercializes treatments for cardiometabolic and orphan lung diseases. Its main products include Afrezza, an inhaled insulin for diabetes; Furoscix, a subcutaneous diuretic for edema in heart failure and kidney disease; and V-Go, a wearable insulin delivery device. The company also develops inhaled therapies for pulmonary arterial hypertension and idiopathic pulmonary fibrosis, serving patients with chronic conditions requiring innovative drug-device combinations.

Snapshot

Revenue
$349.0M
Revenue growth (YoY)
22.2%
Net income
$5.9M
Diluted EPS
$0.02
Gross margin
Operating margin
11.1%
Net margin
1.7%
FCF margin
3.9%
ROE
net income / fiscal-year-end equity
P/E
200.5×
trailing when available, otherwise FY EPS
Market cap
$1.29B
Long-term debt / equity
non-current term debt only

Fundamentals are from SEC filings for FY2025, the latest annual period (ended December 31, 2025). P/E and market cap are derived from stored market prices, last retrieved on a rolling basis and typically within the past week.

What changed at Mannkind

  • Revenue grew 22.2% to $349M in FY2025, slower than the 43.5% the year before.
  • Operating margin turned positive at 11.1% in FY2025, from a 62.3% operating loss in FY2021.
  • Most recent quarter Q2 FY2026: revenue $109M, up 42.9% from Q2 FY2025.
  • Free cash flow was $14M in FY2025, 3.9% of revenue.
  • Net income fell 78.7% to $6M in FY2025.

Computed from the as-reported figures in the statements below. A change we cannot state from filed figures is left out rather than estimated.

Peer comparison

Where Mannkind’s fundamentals sit among the 198 pharmaceutical companies. Each figure is ranked only against peers that report it, from lowest (left) to highest (right).

Operating margin11.1%
65th percentile of 113
Net margin1.7%
55th percentile of 122
FCF margin3.9%
51st percentile of 110
Revenue growth (YoY)+22.2%
63rd percentile of 187
P/E200.5×
97th percentile of 60
Short interest5.61d
46th percentile of 197

Mannkind’s P/E of 200.5 ranks in the 97th percentile of the 60 peers with a meaningful P/E.

No reported insider purchases (code P) in the last 90 days; 3 insider sales totaling $469,277. For context, about 15% of companies in the universe saw any reported insider purchase (code P) in the same window. Browse insider activity →

Percentiles describe where a figure sits among industry peers reporting it (100th = highest). They are position within a peer group, not a rating, and not investment advice. Short interest ranking uses days to cover from FINRA Consolidated Short Interest data; FINRA is the owner and source of that data, included at no additional charge.

Institutional ownership

Held by 1 of the superinvestors we track (plus 5 quant / multi-strat books), based on each investor’s most recent 13F; periods vary by investor (newest: Q2 2026).

Conviction investors
1
+5 quant / multi-strat
Initiated / added
2
1 new, 1 added
Reduced / exited
5
4 trimmed, 1 exited
Combined position
$33.9M
reported long value
InvestorAs ofPosition valueSharesChange
AQR Capital ManagementquantQ2 2026$16.2M3.8MAdded
Two Sigma InvestmentsquantQ2 2026$11.5M2.7MReduced
Citadel AdvisorsquantQ2 2026$3.8M896.3KReduced
Millennium ManagementquantQ2 2026$1.8M431.1KReduced
Gotham Asset ManagementQ2 2026$452,463106.2KNew
Renaissance TechnologiesquantQ2 2026$117,98927.7KReduced

No longer held by: Point72 Asset Management (as of Q2 2026)

From quarterly Form 13F filings, which can be up to 45 days delayed. Long US-listed positions only: excludes short positions, options, cash, bonds, and non-US holdings, so this is not a manager’s complete portfolio. Counts are of the investors we track, not all institutions. Not investment advice.

Recent insider activity

Non-derivative buys and sells (codes P/S) reported by officers, directors and 10% owners on SEC Form 4.

Buys (90d)
0
code P
Bought (90d)
code P value
Sells (90d)
3
$469K
Reported activity
Net selling
by $ value, 90d
Trade dateInsiderTypeSharesPriceValue
2026-08-07
filed 2026-08-10
Binder Steven B.DirectorSell39.1K$4.06$159K
2026-07-17
Binder Steven B.DirectorSell52.5K$4.06$213K
2026-07-17
Thomson DavidEVP Genl Counsel & SecretarySell24.1K$4.05$98K
2026-05-12
filed 2026-05-13
Binder Steven B.DirectorSell16.9K$3.29$56K
2026-05-12
filed 2026-05-13
Thomson DavidEVP Genl Counsel & SecretarySell3.0K$3.29$10K

Reported non-derivative purchases and sales (codes P/S) — which may be open-market or private; excludes option exercises, grants, and shares withheld for taxes. Dates shown are the trade date; a Form 4 can be filed days to years later. A sale can be routine (e.g. a pre-set 10b5-1 plan), so read individual transactions in context. From SEC Form 4. Not investment advice.

Short interest

Total shares sold short as of each twice-monthly FINRA settlement. Rising short interest means more investors are positioned against the stock; days to cover estimates how many trading days of average volume that position represents.

Shares short
28.6M
settled 2026-08-14
Change vs prior
+2.5%
vs previous settlement
Days to cover
5.61
at avg daily volume
Avg daily volume
5.1M
FINRA reported
SettlementShares shortChangeDays to cover
2026-08-1428.6M+2.5%5.61
2026-07-3127.9M-1.1%6.24
2026-07-1528.2M+7.6%5.85
2026-06-3026.2M-16.2%4.41
2026-06-1531.3M+3.0%6.83
2026-05-2930.3M+3.2%4.96
2026-05-1529.4M-1.1%3.35
2026-04-3029.7M+0.5%7.89

Source: FINRA Consolidated Short Interest. FINRA is the owner and source of the FINRA-supplied data, which is included at no additional charge for your own personal or professional use; republishing or redistributing it is not permitted. Settlement dates are shown; FINRA publishes each settlement about nine business days later, so the latest figure can be two to four weeks old. Not presented as a percentage of float. No FINRA endorsement of this product is implied. Not investment advice.

Income statement (as reported)

 FY2025FY2024FY2023FY2022FY2021
Revenue$349.0M$285.5M$199.0M$99.8M$75.4M
Gross profit$178.1M$83.8M$58.6M
Operating income$38.8M$72.6M$8.7M$-64.1M$-47.0M
Net income$5.9M$27.6M$-11.9M$-87.4M$-80.9M
Diluted EPS$0.02$0.10$-0.04$-0.34$-0.32

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.

Balance sheet (as reported)

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.

Cash flow (as reported)

 FY2025FY2024FY2023FY2022FY2021
Operating cash flow$18.3M$42.5M$34.1M$-80.7M$-61.7M
Capital expenditure$4.6M$9.7M$42.4M$7.6M$11.5M
Free cash flow$13.7M$32.8M$-8.3M$-88.3M$-73.2M

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.

Quarterly trend (as reported)

QuarterRevenueRevenue YoYNet incomeDiluted EPS
Q2 FY2026$109.4M42.9%$-19.0M$-0.06
Q1 FY2026$90.2M15.1%$-16.6M$-0.05
Q4 FY2025$112.0M45.8%$-15.9M$-0.05
Q3 FY2025$82.1M17.2%$8.0M$0.03
Q2 FY2025$76.5M5.7%$668,000$0.00
Q1 FY2025$78.4M18.2%$13.2M$0.04
Q4 FY2024$76.8M31.3%$7.4M$0.03
Q3 FY2024$70.1M36.7%$11.6M$0.04

Latest 8 reported quarters, from company XBRL filings on SEC EDGAR.

Company facts

ExchangeNasdaq
SectorHealthcare
SIC industryPharmaceutical Preparations
Latest annual periodFY2025 (ended December 31, 2025)
Latest reported quarterQ2 FY2026 (ended June 30, 2026)
Oldest indexed filing2013
SEC CIK899460

Selected SEC filings

10-Q2026-08-05
View on EDGAR →
10-Q2026-05-06
View on EDGAR →
8-K2026-08-21
View on EDGAR →
8-K2026-08-05
View on EDGAR →
8-K2026-07-24
View on EDGAR →
8-K2026-06-02
View on EDGAR →

Largest pharmaceutical peers

All pharmaceutical stocksAll Healthcare companies →

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Data sourced from SEC EDGAR. Figures are as-reported and may be unaudited or restated; verify against the source filing before relying on them. Informational only. Not investment advice.