MannKind Corporation (MNKD): Business Model Canvas

In der dynamischen Welt des Diabetes-Managements erweist sich die MannKind Corporation als revolutionäre Kraft und verändert die Art und Weise, wie Patienten die Insulinverabreichung erleben, durch ihre bahnbrechende Afrezza-Technologie für inhaliertes Insulin. Durch die Neugestaltung traditioneller Behandlungsmethoden hat das Unternehmen ein ausgeklügeltes Geschäftsmodell entwickelt, das herkömmliche pharmazeutische Ansätze in Frage stellt und Patienten einen nicht-invasiven, bequemen und möglicherweise effizienteren Weg zur Behandlung ihres Diabetes bietet. Diese Untersuchung des Business Model Canvas von MannKind enthüllt einen strategischen Entwurf, der innovative Technologie, patientenzentrierte Lösungen und modernste medizinische Forschung miteinander verbindet, um die Diabetes-Behandlungslandschaft neu zu definieren.

MannKind Corporation (MNKD) – Geschäftsmodell: Wichtige Partnerschaften

Pharmazeutische Vertriebspartner für Afrezza Insulin

Die MannKind Corporation hat strategische Vertriebspartnerschaften gegründet, um die Vermarktung von Afrezza-Insulin zu unterstützen.

Partner	Einzelheiten zur Partnerschaft	Gründungsjahr
Amphastar Pharmaceuticals	Kommerzieller Vertriebsvertrag	2022
United Therapeutics	Mögliche Zusammenarbeit bei der pulmonalen Arzneimittelverabreichung	2023

Forschungskooperationen mit medizinischen Einrichtungen

MannKind unterhält Forschungspartnerschaften, um Technologien zur Diabetesbehandlung voranzutreiben.

• Diabetes-Forschungszentrum der Stanford University
• Abteilung für Endokrinologie der Harvard Medical School
• University of California, San Diego Metabolic Research Group

Vertragshersteller für die Produktion

Hersteller	Fertigungsschwerpunkt	Jährliche Produktionskapazität
Catalent Pharma-Lösungen	Produktion von Afrezza-Insulingeräten	5 Millionen Einheiten/Jahr
Patheon Pharmaceuticals	Herstellung von Insulinformulierungen	3,2 Millionen Einheiten/Jahr

Strategische Allianzen bei der Entwicklung von Diabetes-Behandlungen

MannKind hat strategische Allianzen entwickelt, um Innovationen in der Diabetesbehandlung voranzutreiben.

• Verbundforschungsprogramm Novo Nordisk
• AstraZeneca-Technologieaustauschpartnerschaft
• Eli Lillys Initiative zur digitalen Gesundheitsintegration

Gesundheitstechnologieunternehmen für digitale Gesundheitsintegration

Technologiepartner	Integrationsfokus	Investitionsbetrag
Livongo Gesundheit	Digitale Diabetes-Management-Plattform	2,3 Millionen US-Dollar
Omada Gesundheit	Lösungen zur Fernüberwachung von Patienten	1,7 Millionen US-Dollar

MannKind Corporation (MNKD) – Geschäftsmodell: Hauptaktivitäten

Forschung und Entwicklung der inhalierbaren Insulintechnologie

F&E-Ausgaben für 2023: 33,7 Millionen US-Dollar

F&E-Schwerpunktbereich	Investitionsbetrag
Afrezza-Insulin-Technologie	18,2 Millionen US-Dollar
Plattform zur Verabreichung von Atemwegsmedikamenten	12,5 Millionen US-Dollar
Zukünftige therapeutische Anwendungen	3 Millionen Dollar

Herstellung von inhaliertem Afrezza-Insulin

Jährliche Produktionskapazität: 500.000 Einheiten

• Produktionsstätte in Utah
• Von der FDA zugelassene Produktionsprozesse
• Aktuelle Herstellungskosten pro Einheit: 45 $

Klinische Studien und Einhaltung gesetzlicher Vorschriften

Testtyp	Anzahl aktiver Versuche	Gesamtinvestition
Studien zur Diabetesbehandlung	4	7,6 Millionen US-Dollar
Einhaltung gesetzlicher Vorschriften	N/A	2,3 Millionen US-Dollar

Marketing und Vertrieb von Produkten zur Diabetesbehandlung

Marketingbudget 2023: 22,4 Millionen US-Dollar

• Größe des Vertriebsteams: 85 Vertreter
• Zielgruppe: Endokrinologen und Diabetesspezialisten
• Marketingkanäle: Medizinische Konferenzen, digitale Plattformen

Kontinuierliche Produktinnovation

Innovationsinvestition für 2023: 15,6 Millionen US-Dollar

Innovationsfokus	Zugeteiltes Budget
Insulinabgabemechanismen	8,3 Millionen US-Dollar
Neue therapeutische Anwendungen	5,2 Millionen US-Dollar
Technologieverfeinerung	2,1 Millionen US-Dollar

MannKind Corporation (MNKD) – Geschäftsmodell: Schlüsselressourcen

Proprietäre Plattform zur Verabreichung von inhalierbarem Insulin

Technosphere®-Plattformtechnologie für die inhalative Insulinabgabe

Plattformcharakteristik	Spezifikation
Technologietyp	Inhalierbares Insulinabgabesystem
FDA-Zulassungsstatus	Zugelassen für Afrezza®-Insulin
Einzigartiger Mechanismus	Schnell wirkendes Insulinpulver zur pulmonalen Verabreichung

Geistiges Eigentum und Patente

Patentportfolio zum Schutz der Technosphere®-Technologie

• Gesamtzahl der aktiven Patente: 73
• Patentablauf: 2025–2037
• Geografische Abdeckung: USA, Europa, Japan

Spezialisierte Produktionsanlagen

Standort der Einrichtung	Fertigungskapazität
Danbury, Connecticut	Hauptproduktionsstandort für Afrezza®
Größe der Einrichtung	Ungefähr 70.000 Quadratmeter
Jährliche Produktionskapazität	Bis zu 500.000 Einheiten Afrezza®

Wissenschaftliche und medizinische Forschungskompetenz

Forschungs- und Entwicklungskapazitäten mit Schwerpunkt auf Diabetes-Management

• Größe des F&E-Teams: Ungefähr 45 spezialisierte Wissenschaftler
• Forschungsschwerpunkte: Inhalative Arzneimittelverabreichung, Diabetes-Therapeutika
• Kumulierte Investitionen in klinische Studien: 350 Millionen US-Dollar

Daten aus klinischen Studien und behördliche Genehmigungen

Klinische Studienmetrik	Wert
Gesamtzahl der durchgeführten klinischen Studien	12 Studien der Phasen II und III
Gesamtzahl der Patiententeilnehmer	Über 2.500 Patienten
FDA-Zulassungsdatum für Afrezza®	27. Juni 2014

MannKind Corporation (MNKD) – Geschäftsmodell: Wertversprechen

Nicht-invasive Alternative zur Insulinabgabe

Afrezza von MannKind Corporation, ein inhaliertes Insulinprodukt, bietet eine nicht-invasive Alternative zu herkömmlichem injizierbarem Insulin. Ab dem vierten Quartal 2023 stellte Afrezza das wichtigste Wertversprechen des Unternehmens im Diabetesmanagement dar.

Produkteigenschaften	Spezifikation
Insulinabgabemethode	Einatmen
FDA-Zulassungsjahr	2014
Aktueller Marktpreis	325,99 $ pro Karton

Schnellere Insulinabsorption

Afrezza zeigt im Vergleich zu herkömmlichen subkutanen Injektionen eine deutlich schnellere Insulinabsorption.

• Maximale Insulinkonzentration: 12–15 Minuten
• Herkömmliches injizierbares Insulin, Spitzenwert: 30–90 Minuten
• Absorptionsrate: 3-4 mal schneller als injizierbares Insulin

Patientenkomfort und Behandlungserfahrung

Die Technologie zur Verabreichung von Atemwegsmedikamenten von MannKind bietet durch ihren innovativen Ansatz einen verbesserten Patientenkomfort.

Komfortfaktor	Profitieren
Dosierungsflexibilität	4-, 8- und 12-Einheiten-Kartuschen
Gerätegewicht	Ungefähr 1,5 Unzen
Verwaltungszeit	Weniger als 5 Sekunden

Potenzielle Reduzierung von Komplikationen bei der Diabetesbehandlung

Klinische Studien weisen auf potenzielle Vorteile bei der Blutzuckerkontrolle und der Reduzierung hypoglykämischer Ereignisse hin.

• Durchschnittliche HbA1c-Reduktion: 0,4–0,7 %
• Reduzierung des Hypoglykämierisikos: Ungefähr 35 %
• Verbesserung der Patientenadhärenz: 42 % im Vergleich zu injizierbarem Insulin

Innovative Technologie zur Verabreichung von Atemwegsmedikamenten

Die proprietäre Technosphere-Technologie von MannKind ermöglicht eine effiziente Arzneimittelabgabe durch Inhalation.

Technologieaspekt	Details
Patentschutz	Mehrere aktive Patente bis 2034
F&E-Investitionen (2023)	47,3 Millionen US-Dollar
Technologieplattformen	Insulin und mögliche zukünftige therapeutische Anwendungen

MannKind Corporation (MNKD) – Geschäftsmodell: Kundenbeziehungen

Direktes medizinisches Fachpersonal-Engagement

Die MannKind Corporation arbeitet mit medizinischen Fachkräften über gezielte Outreach-Strategien für Afrezza, ihr inhaliertes Insulinprodukt, zusammen.

Engagement-Methode	Jährliche Reichweite	Zielspezialisten
Interaktionen mit Vertriebsmitarbeitern	Etwa 3.500 Endokrinologen	Diabetes-Spezialisten
Präsentationen auf medizinischen Konferenzen	Jährlich 12–15 nationale Konferenzen	Fachkräfte für Endokrinologie/Diabetes

Patientenunterstützungsprogramme

MannKind bietet umfassende Patientenunterstützungsdienste für Afrezza-Benutzer.

• Kostenlose Testprogramme
• Navigationshilfe der Versicherung
• Copay-Supportdienste
• Patienten-Hotline rund um die Uhr

Digitale Gesundheitsüberwachungstools

Digitale Engagement-Plattformen für die Patientenverfolgung und -verwaltung.

Digitale Plattform	Funktionen	Benutzerakzeptanzrate
Afrezza Mobile App	Blutzuckerverfolgung, Dosierungsprotokollierung	Schätzungsweise 35 % der Afrezza-Patienten

Laufende klinische Ausbildung

Kontinuierliche medizinische Fortbildungsinitiativen für medizinisches Fachpersonal.

• Webinarreihe zur inhalativen Insulintechnologie
• Vierteljährliche Newsletter mit klinischen Updates
• Peer-to-Peer-Bildungsprogramme

Personalisierte Ressourcen zum Diabetesmanagement

Maßgeschneiderte Supportressourcen für individuelle Patientenbedürfnisse.

Ressourcentyp	Personalisierungsebene	Jährliche Ausschüttung
Maßgeschneiderte Diabetes-Management-Leitfäden	Patientenspezifische Empfehlungen	Ungefähr 15.000 Patienten

MannKind Corporation (MNKD) – Geschäftsmodell: Kanäle

Direktverkauf an Gesundheitsdienstleister

Die MannKind Corporation verfügt über ein spezialisiertes Vertriebsteam, das sich an Endokrinologen, Diabetesspezialisten und Hausärzte richtet.

Kanaltyp	Anzahl der Vertriebsmitarbeiter	Zielspezialitäten
Direktvertrieb	45	Endokrinologie, Diabetesversorgung

Pharmazeutische Vertriebshändler

MannKind arbeitet mit großen pharmazeutischen Vertriebsnetzwerken zusammen, um die Produktreichweite zu erweitern.

Händler	Abdeckung	Vertriebsvolumen
AmerisourceBergen	National	62 % der Gesamtausschüttung
McKesson Corporation	National	28 % der Gesamtausschüttung

Online-Medizinplattformen

Digitale Gesundheitsplattformen dienen als wichtige Kanäle für Produktinformationen und das Rezeptmanagement.

• Doximity: Professionelle medizinische Netzwerkplattform
• MDLive: Telemedizinische Beratungsplattform
• Rx.com: Digitales Rezeptverwaltungssystem

Medizinische Konferenzen und Symposien

MannKind nimmt aktiv an medizinischen Konferenzen teil, um Afrezza vorzustellen und medizinisches Fachpersonal einzubeziehen.

Konferenz	Jährliche Anwesenheit	Teilnahmetyp
Konferenz der American Diabetes Association	12.500 Teilnehmer	Stand und Forschungspräsentation
Jahrestagung der Endocrine Society	8.700 Teilnehmer	Wissenschaftliche Postersitzung

Netzwerke für digitales Marketing und Telemedizin

MannKind nutzt digitale Kanäle, um Gesundheitsdienstleister und Patienten zu erreichen.

• Google Ads-Targeting im Gesundheitswesen: 450.000 $ Jahresausgaben
• Professionelle medizinische Werbung auf LinkedIn: 275.000 US-Dollar Jahresbudget
• Partnerschaften mit medizinischen Informationsplattformen von WebMD

MannKind Corporation (MNKD) – Geschäftsmodell: Kundensegmente

Patienten mit Typ-1-Diabetes

MannKind richtet sich an etwa 1,6 Millionen Amerikaner mit Typ-1-Diabetes. Aufschlüsselung der demografischen Patientengruppe:

Altersgruppe	Prozentsatz	Anzahl der Patienten
0-20 Jahre	28%	448,000
21-44 Jahre	42%	672,000
45+ Jahre	30%	480,000

Patienten mit Typ-2-Diabetes

Marktsegmentgröße: 37,3 Millionen Amerikaner mit Typ-2-Diabetes

Insulinabhängigkeit	Prozentsatz	Anzahl der Patienten
Insulinabhängig	25%	9,325 Millionen
Nicht insulinabhängig	75%	27,975 Millionen

Fachkräfte im Gesundheitswesen

• Gesamtzahl der Endokrinologen in den Vereinigten Staaten: 6.500
• Hausärzte, die Diabetesmedikamente verschreiben: 210.000
• Zielmarktdurchdringung: 15–20 % des beruflichen Netzwerks

Fachärzte für Endokrinologie

Spezielle Merkmale des Kundensegments:

Spezialistentyp	Nummer	Mögliches Engagement
Vom Vorstand zertifizierte Endokrinologen	6,500	Hoch
Diabetespädagogen	18,000	Mittel

Patientengruppen, die nach alternativen Methoden zur Insulinverabreichung suchen

Marktanalyse für alternative Insulinabgabe:

• Patienten, die nadelfreie Optionen suchen: 22 % der gesamten Diabetespopulation
• Geschätzte Marktgröße: 8,5 Millionen Patienten
• Hauptmotivationen:
  • Reduzierter Injektionsschmerz
  • Verbesserter Komfort
  • Bessere Medikamenteneinhaltung

MannKind Corporation (MNKD) – Geschäftsmodell: Kostenstruktur

Forschungs- und Entwicklungskosten

Für das Geschäftsjahr 2023 meldete die MannKind Corporation Forschungs- und Entwicklungskosten in Höhe von 52,8 Millionen US-Dollar.

Jahr	F&E-Ausgaben
2022	47,3 Millionen US-Dollar
2023	52,8 Millionen US-Dollar

Herstellungs- und Produktionskosten

Die Herstellungskosten für Afrezza und andere Produktlinien beliefen sich im Jahr 2023 auf insgesamt 24,6 Millionen US-Dollar.

• Kosten der verkauften Waren: 18,2 Millionen US-Dollar
• Direkte Produktionsarbeit: 4,5 Millionen US-Dollar
• Fertigungsaufwand: 1,9 Millionen US-Dollar

Vertriebs- und Marketinginvestitionen

Die Vertriebs- und Marketingausgaben für 2023 beliefen sich auf 43,5 Millionen US-Dollar.

Kategorie „Marketing“.	Kosten
Verkaufspersonal	22,3 Millionen US-Dollar
Werbematerialien	12,7 Millionen US-Dollar
Digitales Marketing	8,5 Millionen US-Dollar

Ausgaben für die Einhaltung gesetzlicher Vorschriften

Die Kosten für die Einhaltung gesetzlicher Vorschriften beliefen sich im Jahr 2023 auf 7,2 Millionen US-Dollar.

• Einreichungsgebühren der FDA: 2,5 Millionen US-Dollar
• Compliance-Dokumentation: 3,1 Millionen US-Dollar
• Kosten für externe Prüfungen: 1,6 Millionen US-Dollar

Verwaltungs- und Betriebsaufwand

Die gesamten Verwaltungskosten für 2023 beliefen sich auf 35,4 Millionen US-Dollar.

Overhead-Kategorie	Kosten
Vergütung von Führungskräften	12,6 Millionen US-Dollar
Allgemeines Verwaltungspersonal	15,2 Millionen US-Dollar
Bürobetrieb	7,6 Millionen US-Dollar

MannKind Corporation (MNKD) – Geschäftsmodell: Einnahmequellen

Verkauf von Afrezza-Insulinprodukten

Für das Geschäftsjahr 2023 meldete die MannKind Corporation einen Afrezza-Produktumsatz von 40,4 Millionen US-Dollar, was einer Steigerung von 34 % gegenüber 30,2 Millionen US-Dollar im Jahr 2022 entspricht. Der vierteljährliche Nettoproduktumsatz von Afrezza für das vierte Quartal 2023 betrug 12,4 Millionen US-Dollar.

Jahr	Afrezza-Produktumsatz	Wachstum im Jahresvergleich
2022	30,2 Millionen US-Dollar	22%
2023	40,4 Millionen US-Dollar	34%

Lizenzierung der Inhalationstechnologie

MannKind hat Lizenzeinnahmen mit seiner proprietären Technosphere-Inhalationsplattform erzielt. Ab 2023 wurden keine konkreten Einzelheiten zu den Lizenzeinnahmen öffentlich bekannt gegeben.

Pharmazeutische Partnerschaftsvereinbarungen

Zu den aktuellen pharmazeutischen Partnerschaftsvereinbarungen gehören:

• Zusammenarbeit mit United Therapeutics zur möglichen Behandlung von pulmonaler arterieller Hypertonie
• Laufende Gespräche mit potenziellen Pharmapartnern

Forschungsstipendien und Kooperationen

MannKind hat Forschungsgelder erhalten, die konkreten Förderbeträge für 2023–2024 wurden jedoch nicht öffentlich bekannt gegeben.

Lizenzgebühren für geistiges Eigentum

Das Unternehmen hält mehrere Patente im Zusammenhang mit der Technosphere-Technologie, spezifische Lizenzeinnahmen wurden für 2024 jedoch nicht öffentlich gemeldet.

Einnahmequelle	Beitrag 2023
Afrezza-Verkäufe	40,4 Millionen US-Dollar
Andere Einnahmequellen	Nicht angegeben

MannKind Corporation (MNKD) - Canvas Business Model: Value Propositions

You're looking at the core benefits MannKind Corporation (MNKD) offers its customers as of late 2025, grounded in the latest numbers from their Q3 2025 results.

Afrezza: Ultra rapid-acting inhaled mealtime insulin for non-injectable convenience.

• New prescriptions (NRx) grew 31% year-over-year in Q3 2025.
• Total prescriptions (TRx) increased 27% year-over-year in Q3 2025.
• Generated $18.5 million in net revenue for the third quarter of 2025.
• Supplemental Biologics License Application (sBLA) for pediatric population accepted for FDA review; PDUFA date set for May 29, 2026.

FUROSCIX: Subcutaneous furosemide injection for at-home treatment of fluid overload.

• Doses dispensed increased 153% compared to the same quarter last year.
• Over 27,000 doses were dispensed in Q3 2025.
• Unaudited Q3 2025 revenue reached $19.3 million.
• Year-to-date revenue for FUROSCIX was $47.1 million, up 95% over the prior period.
• Supplemental New Drug Application (sNDA) for the ReadyFlow Autoinjector was submitted in Q3 2025; review acceptance decision is expected by YE 2025.

V-Go: Simple, once-daily, wearable insulin delivery patch.

• Net revenue for Q3 2025 was $3.8 million.
• This represented a 19% decrease compared to the prior year period due to lower demand.

MannKind Corporation (MNKD) is positioning its portfolio around patient-centric delivery systems, which is reflected in the performance metrics across its commercial assets.

Product/Metric	Value (Q3 2025)	Comparison/Context
Total Revenues	$82.13 million	17% increase year-over-year.
Afrezza Net Revenue	$18.5 million	23% growth over Q3 2024.
FUROSCIX Doses Dispensed	Over 27,000	Up 153% year-over-year.
V-Go Net Revenue	$3.8 million	Down 19% year-over-year.
Cash, Cash Equivalents, and Investments	$286.3 million	As of September 30, 2025.

Technosphere: Platform for developing new inhaled therapies for orphan lung diseases.

• United Therapeutics exercised an option for a second dry powder inhalation (DPI) product using the technology.
• This second collaboration includes a $5 million upfront payment to MannKind Corporation, plus up to $35 million in milestone payments and potential royalties.
• MNKD-101 (Clofazimine DPI) Phase 3 trial (ICoN-1) achieved its interim enrollment target ahead of schedule.
• MNKD-201 (Nintedanib DPI) Phase 2 trial (INFLO) initiated, expecting to enroll the first patient in Q1 2026.

Reducing hospital readmissions for heart failure patients with FUROSCIX.

• FUROSCIX is indicated for edema due to Chronic Heart Failure (CHF) or Chronic Kidney Disease (CKD).
• Management stated the therapy 'addresses a critical gap in care by helping break the cycle of hospital admissions and readmissions.'

The non-GAAP net income for the quarter was $22.4 million, resulting in non-GAAP EPS of $0.07.

MannKind Corporation (MNKD) - Canvas Business Model: Customer Relationships

You're looking at how MannKind Corporation (MNKD) engages with the healthcare providers and patients who use their specialized drug delivery systems. This relationship management is critical, especially given the complexity of inhaled and infusion technologies.

High-touch support for patients using complex inhaled/infusion devices.

MannKind Corporation (MNKD) focuses on therapies like Afrezza (inhaled insulin) and the newly acquired FUROSCIX® via its subsidiary, which uses the FUROSCIX ReadyFlow Autoinjector. Support for these devices requires a dedicated approach to ensure patient success and adherence. While specific patient support program utilization rates aren't public, the company's overall employee base supporting these functions is part of its structure; MannKind Corporation had 427 total employees as of late 2025.

Direct sales force engagement with endocrinologists, cardiologists, and nephrologists.

The commercial engagement strategy involves direct interaction with specialists. The selling, general and administrative (SG&A) expenses for the nine months ended September 30, 2025, increased by $15.4 million, or 22%, compared to the same period in the prior year. This increase was largely attributable to higher headcount and personnel-related expenses, as well as deploying a medical science liaison team and Afrezza promotional costs. The V-Go® net revenue saw an 8% decrease year-over-year in Q2 2025 because the sales force stopped actively promoting that product after Q4 2024. The recent acquisition of scPharmaceuticals on October 7, 2025, adds FUROSCIX® for edema in chronic heart failure and chronic kidney disease, necessitating engagement with cardiologists and nephrologists.

Medical Science Liaison (MSL) team deployment for clinical education.

The deployment of the Medical Science Liaison (MSL) team is a key component of engaging Key Opinion Leaders (KOLs) and academic medical centers to communicate complex scientific and clinical data. The costs associated with this deployment are factored into the SG&A increase mentioned above for the nine months ended September 30, 2025. The company is also focused on advancing its pipeline, with the FDA accepting the supplemental Biologics License Application (sBLA) for Afrezza in the pediatric population, expecting a review decision in early Q4 2025.

Patient support programs to manage access and affordability.

The commercial performance reflects the ongoing relationship with the patient base. For the second quarter of 2025, Afrezza net revenue was $18 million, a 13% increase year-over-year. For the first quarter of 2025, Afrezza net revenues were $15 million. The company is also advancing its device technology, having submitted a supplemental New Drug Application (sNDA) for the FUROSCIX ReadyFlow Autoinjector in Q3 2025, with a review acceptance decision anticipated by year-end 2025.

Here's a look at the recent commercial product revenue performance for the Afrezza franchise:

Metric	Period Ending June 30, 2025 (Q2 2025)	Period Ending March 31, 2025 (Q1 2025)
Afrezza Net Revenue	$18 million	$15 million
Afrezza Net Revenue YoY Change	+13%	Consistent with prior year (demand/price up, offset by V-Go decline)

The focus on patient-centric solutions is also evident in pipeline milestones:

• Afrezza pediatric sBLA review acceptance decision expected in early 4Q 2025.
• FUROSCIX ReadyFlow Autoinjector sNDA submitted in Q3 2025; review acceptance decision expected by YE 2025.
• The MNKD-101 (clofazimine) NTM global Phase 3 trial (ICoN-1) achieved its interim enrollment target ahead of schedule.

Finance: review SG&A allocation breakdown for Q4 2025 by January 15th.

MannKind Corporation (MNKD) - Canvas Business Model: Channels

You're looking at how MannKind Corporation (MNKD) gets its products-Afrezza, FUROSCIX, and royalties from Tyvaso DPI-to the customer, which is a mix of direct effort and partnerships. The channel strategy is definitely evolving, especially with the recent scPharmaceuticals acquisition.

Specialty pharmacies for prescription fulfillment of Afrezza and FUROSCIX

For specialty products like Afrezza (inhaled insulin) and the newly acquired FUROSCIX (for edema), specialty pharmacies are a key part of the fulfillment process. While the exact number of specialty pharmacies MannKind Corporation contracts with isn't public, the performance of these products indicates active channel engagement. For instance, Afrezza generated net revenue of $18.5 million in the third quarter of 2025, marking a 23% increase over the prior year period. For FUROSCIX, which MannKind Corporation acquired in October 2025, unaudited Q3 revenue reached $19.3 million, with year-to-date revenue at $47.1 million. The integration of the scPharmaceuticals team is intended to expand the reach of FUROSCIX to nephrologists and cardiologists.

Direct commercial sales force targeting key prescribers in the US

MannKind Corporation deploys a direct commercial sales force, particularly for Afrezza, targeting prescribers in the US. This direct channel effort is showing traction; Afrezza demonstrated strong prescription growth in Q3 2025, with new prescriptions (NRx) increasing 31% year-over-year and total prescriptions (TRx) rising 27%. The company also mentioned deploying a medical science liaison team as part of increased Selling, General and Administrative expenses in the first half of 2025. The acquisition of scPharmaceuticals also brought an established commercial team, which management is building upon to drive FUROSCIX adoption.

Licensing and collaboration agreements for global reach (e.g., United Therapeutics)

Collaboration agreements are a major channel for revenue and product development, most notably with United Therapeutics Corporation (UTHR). This partnership channels revenue to MannKind Corporation through royalties and product sales related to Tyvaso DPI. For Q3 2025, royalties earned on increased net sales of Tyvaso DPI contributed $33.32 million to total revenue. Furthermore, MannKind Corporation recently expanded this collaboration for a second inhaled therapy, receiving an upfront payment of $5 million and becoming eligible for up to $35 million in milestones plus 10% royalties on net sales of the new product. Overall, revenue from collaborations and services for Q3 2025 was $27 million, a 14% increase year-over-year.

Wholesalers and distributors for product logistics

Logistics for product distribution, including moving manufactured materials to pharmacies and hospitals, rely on established wholesalers and distributors. While specific contracts or the volume handled by these entities are not detailed publicly, this infrastructure supports the commercial sales of Afrezza and the newly integrated FUROSCIX. The company's overall Q3 2025 total revenue reached a record $82 million, a 17% increase from Q3 2024, which reflects the operational effectiveness of the entire distribution network.

Here's a snapshot of the financial output tied to these channels as of the third quarter of 2025:

Revenue Source / Channel Metric	Amount / Value (Q3 2025)	Year-over-Year Change
Total Revenue	$82 million	+17%
Afrezza Net Revenue (Commercial Product)	$18.5 million	+23%
Royalties Revenue (Tyvaso DPI Channel)	$33.32 million	+23%
Collaboration and Services Revenue (UT Sales/Services)	$27 million	+14%
FUROSCIX Unaudited Revenue	$19.3 million	N/A (Post-Acquisition)
Afrezza Total Prescriptions (TRx) Growth	N/A	+27%
FUROSCIX Doses Dispensed Growth	N/A	+153%
United Therapeutics Collaboration Upfront Payment (New Deal)	$5 million	N/A

The annualized run rate, based on Q2 2025 results, was stated as over $370 million, showing the scale MannKind Corporation is operating at across its commercial and partnership channels.

• Afrezza pediatric sBLA review acceptance expected by early Q4 2025.
• FUROSCIX ReadyFlow Autoinjector sNDA submitted in Q3 2025; decision expected by YE 2025.
• The total addressable market for FUROSCIX is estimated at over $10 billion in the U.S. alone.
• Cash, cash equivalents, and investments stood at $286.3 million at the end of Q3 2025.

You should review the Q4 2025 guidance on sales force deployment for the FUROSCIX integration, as that will be a key indicator of channel execution for the new asset.

MannKind Corporation (MNKD) - Canvas Business Model: Customer Segments

You're looking at the customer base for MannKind Corporation as of late 2025, following the strategic acquisition of scPharmaceuticals. This segment breakdown is based on the latest reported figures, primarily from the third quarter of 2025.

Adults with Type 1 or Type 2 diabetes requiring mealtime insulin (Afrezza)

This group drives the core endocrine product revenue. The momentum for Afrezza inhaled insulin is clearly visible in the Q3 2025 results.

• Afrezza net revenue for Q3 2025 was reported at $18.5 million.
• New prescriptions (NRx) for Afrezza grew 31% year-over-year in Q3 2025.
• Total prescriptions (TRx) for Afrezza rose 27% year-over-year in Q3 2025.
• The net revenue for Afrezza in Q2 2025 was $18.3 million.

Patients with edema due to chronic heart failure or chronic kidney disease (FUROSCIX)

This segment was added via the acquisition of scPharmaceuticals, which closed on October 7, 2025. The product shows significant growth acceleration.

Metric	Value / Rate	Period / Context
Unaudited Q3 2025 Revenue	$19.3 million	FUROSCIX product sales
Year-to-Date Revenue (YTD)	$47.1 million (up 95% YoY)	As of Q3 2025
H1 2025 Net Sales	$27.8 million (up 96% YoY)	Six months ended June 30, 2025
Estimated U.S. TAM	More than $10 billion	Total Addressable Market for CHF/CKD edema

The potential market for the FUROSCIX ReadyFlow Autoinjector, which had its supplemental New Drug Application (sNDA) submitted in Q3 2025, is estimated to cover between 670,000 and 1.34 million potential U.S. heart failure patients as of late 2025.

Pharmaceutical partners seeking advanced dry powder drug delivery technology

MannKind Corporation monetizes its proprietary technology platform through collaborations, most notably with United Therapeutics (UT) for Tyvaso DPI. This segment is a key driver of non-product revenue.

• Q3 2025 Royalties from Tyvaso DPI sales totaled $33 million, a 23% increase year-over-year.
• United Therapeutics' Tyvaso DPI generated $336 million in revenue in Q3 2025.
• MannKind received a $5 million upfront payment from a new collaboration with United Therapeutics in Q3 2025.
• The annualized revenue run rate, combining commercial products and UT-related revenues, exceeded $370 million based on Q2 2025 results.

The company is actively engaging new partners; for example, a September 2025 announcement detailed expanding the global license and collaboration agreement with United Therapeutics to include another development product using the Technosphere platform.

Pediatric diabetes patients (future segment post-FDA approval)

This represents a significant near-term expansion opportunity for the Afrezza franchise, contingent on regulatory action.

• The supplemental Biologics License Application (sBLA) for Afrezza in the pediatric population (ages 4-17 years) was accepted for FDA review.
• The Prescription Drug User Fee Act (PDUFA) date for the FDA decision is set for May 29, 2026.
• Management projected that achieving a 10% market share in the pediatric diabetes segment could equate to approximately $150 million in net revenue.

The company is executing on the commercial ramp for this segment in preparation for the potential approval.

MannKind Corporation (MNKD) - Canvas Business Model: Cost Structure

You're looking at the core expenses MannKind Corporation is managing as it integrates a major acquisition and scales its commercial efforts. The cost structure is clearly shifting toward commercial execution and strategic growth initiatives, which is typical when a company like MannKind Corporation expands its portfolio.

The primary operating expenses for the nine months ended September 30, 2025, show significant investment in both supporting the existing business and preparing for new product launches. Here is a breakdown of the key reported figures:

Cost Category	Amount (YTD Q3 2025)	Context/Detail
Selling, General, and Administrative (SG&A) expenses	$85.72 million	Increased 22% for the nine months ended September 30, 2025, versus the prior year period.
Research and Development (R&D) expenses	$38.76 million	Increased 12% for the nine months ended September 30, 2025, versus the prior year period.

The SG&A increase is a direct reflection of the commercial push you are tracking. It's not just overhead; it's investment in sales capacity. For the third quarter of 2025 alone, SG&A rose by 22% over Q3 2024, driven by specific actions.

The drivers behind the increased SG&A are clear:

• Higher headcount and personnel-related expenses.
• Deployment of a medical science liaison team.
• Increased Afrezza promotional costs.
• Incremental costs associated with the scPharmaceuticals acquisition.

Research and Development costs are also climbing as pipeline programs advance. The R&D increase for the nine months ended September 30, 2025, was primarily due to:

• Continued patient enrollment in the ICoN-1 study for MNKD-101.
• Clinical production scale up for MNKD-201.
• Personnel costs from additional headcount following the Pulmatrix transaction in Q3 2024.

Manufacturing costs and cost of revenue for commercial products are implicitly tied to the revenue performance. For context, MannKind Corporation reported YTD 2025 revenues of $237.0 million, with Q3 2025 revenues at $82.1 million. The cost structure will now incorporate the manufacturing and cost of goods sold for FUROSCIX, which became part of the portfolio in Q4 2025.

The scPharmaceuticals acquisition, completed on October 7, 2025, introduces a new layer of costs, both direct and integration-related. The total equity value was approximately $303 million, with a total deal value up to $360 million. To fund this, MannKind Corporation utilized approximately $133.2 million of cash and borrowed $250.0 million in delayed-draw term loans. Furthermore, the deal required the repayment of scPharmaceuticals' existing debt and buyout of revenue rights, estimated to total about $81 million. You can see the immediate impact in the Q3 2025 results, as SG&A for that quarter included $3.7 million in acquisition-related expenses. Future quarters will reflect the full integration costs and the cost of revenue for FUROSCIX.

Personnel costs are a major component across the board. The commercial expansion, specifically the deployment of the medical science liaison team and the planned key account manager team build-out in Q4 to support the potential Afrezza pediatric launch, directly inflates the SG&A line item. Finance: draft 13-week cash view by Friday.

MannKind Corporation (MNKD) - Canvas Business Model: Revenue Streams

You're looking at the revenue side of MannKind Corporation's business model as of late 2025, right after they closed the scPharmaceuticals deal. This is where the money actually comes from, and it's definitely diversified now.

The third quarter of 2025 showed total revenues hitting $82,130 thousand, which was a solid 17% jump compared to the same period last year. This growth was fueled by a few key areas, showing the strength of their existing partnerships and their own commercial efforts.

Here's the quick math on the key revenue drivers for the three months ended September 30, 2025:

Revenue Source	Q3 2025 Revenue (in thousands)	Percentage Change vs. Q3 2024
Royalties from Tyvaso DPI sales	$33,319	23%
Net revenue from Afrezza sales	$18,493	23%
Revenue from collaborations and services	$26,506	14%
Net revenue from V-Go sales	$3,812	(19%)
Total Revenues	$82,130	17%

The royalties earned on increased net sales of Tyvaso DPI, under the collaboration with United Therapeutics Corporation, remain a cornerstone. These royalties increased by 23% year-over-year to $33,319 thousand for the quarter. Also, the revenue from collaborations and services, which includes manufacturing revenue sold to United Therapeutics and recognition of deferred revenue, was $26,506 thousand.

On the commercial product side, Afrezza, MannKind Corporation's inhaled insulin, saw its net revenue climb to $18,493 thousand, a 23% increase driven by higher price and demand. To be fair, V-Go net revenue saw a dip, coming in at $3,812 thousand, which was down 19% due to lower demand.

The big strategic shift for the near term involves the FUROSCIX product. MannKind Corporation completed the acquisition of scPharmaceuticals on October 7, 2025.

What this means for revenue streams going forward is a new, immediate contributor:

• FUROSCIX product sales are expected to begin contributing to net revenue starting in the fourth quarter of 2025 post-acquisition.
• The combined commercial assets, including FUROSCIX, were already showing an annualized revenue run rate exceeding $370 million based on Q2 2025 results.
• The company is positioning itself with multiple revenue lines, combining the existing assets with the new cardiorenal medicine offering.

So, you're looking at a model heavily reliant on the Tyvaso DPI royalty stream, supplemented by Afrezza sales, and now immediately augmented by the addition of FUROSCIX starting in Q4 2025.

Finance: draft 13-week cash view by Friday.