MannKind Corporation (MNKD): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la gestión de la diabetes, Mannkind Corporation emerge como una fuerza revolucionaria, transformando cómo los pacientes experimentan el suministro de insulina a través de su innovadora tecnología de insulina inhalada Afrezza. Al reinventar los métodos de tratamiento tradicionales, la compañía ha creado un modelo comercial sofisticado que desafía los enfoques farmacéuticos convencionales, ofreciendo a los pacientes una vía no invasiva, conveniente y potencialmente más eficiente para manejar su diabetes. Esta exploración del lienzo de modelo de negocio de Mannkind revela un plan estratégico que entrelazan tecnología innovadora, soluciones centradas en el paciente e investigación médica de vanguardia para redefinir el panorama del tratamiento de la diabetes.

Mannkind Corporation (MNKD) - Modelo de negocios: asociaciones clave

Socios de distribución farmacéutica para la insulina de Afrezza

Mannkind Corporation ha establecido asociaciones de distribución estratégica para apoyar la comercialización de insulina de Afrezza.

Pareja	Detalles de la asociación	Año establecido
Farmacéuticos de Anfastar	Acuerdo de distribución comercial	2022
Terapéutica Unida	Colaboración potencial para la administración de fármacos pulmonares	2023

Colaboraciones de investigación con instituciones médicas

Mannkind mantiene asociaciones de investigación para avanzar en las tecnologías de tratamiento de diabetes.

• Centro de investigación de diabetes de la Universidad de Stanford
• Departamento de Endocrinología de la Escuela de Medicina de Harvard
• Universidad de California, Grupo de Investigación Metabólica de San Diego

Fabricantes de contrato para la producción

Fabricante	Enfoque de fabricación	Capacidad de producción anual
Soluciones farmacéuticas catalent	Producción de dispositivos de insulina de Afrezza	5 millones de unidades/año
Patheon Pharmaceuticals	Fabricación de formulación de insulina	3.2 millones de unidades/año

Alianzas estratégicas en el desarrollo del tratamiento de la diabetes

Mannkind ha desarrollado alianzas estratégicas para mejorar la innovación del tratamiento con diabetes.

• Programa de investigación colaborativa de Novo Nordisk
• Asociación de intercambio de tecnología Astrazeneca
• Iniciativa de integración de salud digital de Eli Lilly

Empresas de tecnología de salud para la integración de la salud digital

Socio tecnológico	Enfoque de integración	Monto de la inversión
Salud Livongo	Plataforma de gestión de diabetes digital	$ 2.3 millones
Salud de Omada	Soluciones de monitoreo de pacientes remotos	$ 1.7 millones

Mannkind Corporation (MNKD) - Modelo de negocio: actividades clave

Investigación y desarrollo de tecnología de insulina inhalable

Gastos de I + D para 2023: $ 33.7 millones

Área de enfoque de I + D	Monto de la inversión
Tecnología de insulina de Afrezza	$ 18.2 millones
Plataforma de administración de medicamentos respiratorios	$ 12.5 millones
Aplicaciones terapéuticas futuras	$ 3 millones

Fabricación de insulina inhalada de Afrezza

Capacidad de producción anual: 500,000 unidades

• Instalación de fabricación ubicada en Utah
• Procesos de producción aprobados por la FDA
• Costo de fabricación actual por unidad: $ 45

Ensayos clínicos y cumplimiento regulatorio

Tipo de prueba	Número de pruebas activas	Inversión total
Ensayos de tratamiento con diabetes	4	$ 7.6 millones
Cumplimiento regulatorio	N / A	$ 2.3 millones

Marketing y ventas de productos de tratamiento de diabetes

2023 Presupuesto de marketing: $ 22.4 millones

• Tamaño del equipo de ventas: 85 representantes
• Mercado objetivo: endocrinólogos y especialistas en diabetes
• Canales de comercialización: conferencias médicas, plataformas digitales

Innovación continua de productos

Inversión de innovación para 2023: $ 15.6 millones

Enfoque de innovación	Presupuesto asignado
Mecanismos de entrega de insulina	$ 8.3 millones
Nuevas aplicaciones terapéuticas	$ 5.2 millones
Refinamiento tecnológico	$ 2.1 millones

Mannkind Corporation (MNKD) - Modelo de negocio: recursos clave

Plataforma de suministro inhalable de insulina inhalable

Technosphere® Technology para la entrega de insulina inhalada

Característica de la plataforma	Especificación
Tipo de tecnología	Sistema de entrega de insulina inhalable
Estado de aprobación de la FDA	Aprobado para la insulina Afrezza®
Mecanismo único	Polvo de insulina de acción rápida para la administración pulmonar

Propiedad intelectual y patentes

Tecnología de Patent Portfolio Protecting Technosphere®

• Patentes activas totales: 73
• Rango de vencimiento de patentes: 2025-2037
• Cobertura geográfica: Estados Unidos, Europa, Japón

Instalaciones de fabricación especializadas

Ubicación de la instalación	Capacidad de fabricación
Danbury, Connecticut	Sitio de fabricación principal para Afrezza®
Tamaño de la instalación	Aproximadamente 70,000 pies cuadrados
Capacidad de producción anual	Hasta 500,000 unidades de Afrezza®

Experiencia de investigación científica y médica

Capacidades de investigación y desarrollo centradas en el manejo de la diabetes

• Tamaño del equipo de I + D: aproximadamente 45 científicos especializados
• Áreas de enfoque de investigación: administración de fármacos de inhalación, diabetes terapéutica
• Inversiones de ensayos clínicos acumulativos: $ 350 millones

Datos de ensayos clínicos y aprobaciones regulatorias

Métrico de ensayo clínico	Valor
Ensayos clínicos totales realizados	12 pruebas de fase II y III
Participantes de los pacientes totales	Más de 2.500 pacientes
Fecha de aprobación de la FDA para Afrezza®	27 de junio de 2014

Mannkind Corporation (MNKD) - Modelo de negocio: propuestas de valor

Alternativa de entrega de insulina no invasiva

Afrezza de Mannkind Corporation, un producto de insulina inhalado, proporciona una alternativa no invasiva a la insulina inyectable tradicional. A partir del cuarto trimestre de 2023, Afrezza representaba la propuesta de valor principal de la Compañía en el manejo de la diabetes.

Característica del producto	Especificación
Método de entrega de insulina	Inhalación
Año de aprobación de la FDA	2014
Precio de mercado actual	$ 325.99 por caja

Absorción de insulina más rápida

Afrezza demuestra una absorción de insulina significativamente más rápida en comparación con las inyecciones subcutáneas tradicionales.

• Concentración máxima de insulina: 12-15 minutos
• Pico de insulina inyectable tradicional: 30-90 minutos
• Tasa de absorción: 3-4 veces más rápido que la insulina inyectable

Conveniencia del paciente y experiencia en tratamiento

La tecnología de suministro de medicamentos respiratorios de Mannkind ofrece una mayor comodidad del paciente a través de su enfoque innovador.

Factor de conveniencia	Beneficio
Flexibilidad de dosificación	Cartuchos de 4, 8 y 12 unidades
Peso del dispositivo	Aproximadamente 1.5 onzas
Tiempo de administración	Menos de 5 segundos

Reducción potencial en las complicaciones de manejo de la diabetes

Los estudios clínicos indican beneficios potenciales en el control glucémico y los eventos hipoglucémicos reducidos.

• Reducción promedio de HBA1C: 0.4-0.7%
• Reducción del riesgo de hipoglucemia: aproximadamente el 35%
• Mejora de la adherencia al paciente: 42% en comparación con la insulina inyectable

Tecnología innovadora de administración de medicamentos respiratorios

La tecnología de tecnología patentada de Mannkind permite la administración eficiente de fármacos a través de la inhalación.

Aspecto tecnológico	Detalles
Protección de patentes	Múltiples patentes activas hasta 2034
Inversión de I + D (2023)	$ 47.3 millones
Plataformas tecnológicas	Insulina y posibles aplicaciones terapéuticas futuras

Mannkind Corporation (MNKD) - Modelo de negocios: relaciones con los clientes

Compromiso médico directo

Mannkind Corporation se involucra con profesionales médicos a través de estrategias de divulgación específicas para Afrezza, su producto inhalado de insulina.

Método de compromiso	Alcance anual	Especialistas en el objetivo
Interacciones representativas de ventas	Aproximadamente 3.500 endocrinólogos	Especialistas en diabetes
Presentaciones de conferencia médica	12-15 conferencias nacionales anualmente	Profesionales de endocrinología/diabetes

Programas de apoyo al paciente

Mannkind ofrece servicios integrales de apoyo al paciente para los usuarios de Afrezza.

• Programas de prueba gratuitos
• Asistencia de navegación de seguros
• Servicios de soporte de copago
• Línea de ayuda del paciente 24/7

Herramientas de monitoreo de salud digital

Plataformas de participación digital para el seguimiento y la gestión de los pacientes.

Plataforma digital	Características	Tasa de adopción de usuarios
Aplicación móvil de Afrezza	Seguimiento de glucosa en sangre, registro de dosis	Estimado del 35% de los pacientes con Afrezza

Educación clínica en curso

Iniciativas de educación médica continua para profesionales de la salud.

• Serie de seminarios web sobre tecnología de insulina inhalada
• Boletines trimestrales de actualizaciones clínicas
• Programas de educación entre pares

Recursos de gestión de diabetes personalizados

Recursos de apoyo personalizados para las necesidades individuales de los pacientes.

Tipo de recurso	Nivel de personalización	Distribución anual
Guías de gestión de diabetes personalizadas	Recomendaciones específicas del paciente	Aproximadamente 15,000 pacientes

Mannkind Corporation (MNKD) - Modelo de negocios: canales

Ventas directas a proveedores de atención médica

Mannkind Corporation utiliza un equipo de ventas especializado dirigido a endocrinólogos, especialistas en diabetes y médicos de atención primaria.

Tipo de canal	Número de representantes de ventas	Especialidades objetivo
Fuerza de ventas directa	45	Endocrinología, diabetes cuidado

Distribuidores farmacéuticos

Mannkind se asocia con las principales redes de distribución farmacéutica para expandir el alcance del producto.

Distribuidor	Cobertura	Volumen de distribución
AmerisourceBergen	Nacional	62% de la distribución total
McKesson Corporation	Nacional	28% de la distribución total

Plataformas médicas en línea

Las plataformas de salud digitales sirven como canales críticos para la información del producto y la gestión de recetas.

• Doximity: plataforma profesional de redes médicas
• MDLive: plataforma de consulta de telemedicina
• RX.com: Sistema de gestión de recetas digitales

Conferencias y simposios médicos

Mannkind participa activamente en conferencias médicas para mostrar Afrezza e involucrar a los profesionales de la salud.

Conferencia	Asistencia anual	Tipo de participación
Conferencia de la Asociación Americana de Diabetes	12.500 asistentes	Presentación de cabina y investigación
Reunión anual de la sociedad endocrina	8.700 asistentes	Sesión de carteles científicos

Marketing digital y redes de telemedicina

Mannkind aprovecha los canales digitales para llegar a proveedores de atención médica y pacientes.

• Google Ads Healthcare Funcioning: $ 450,000 de gasto anual
• LinkedIn Professional Medical Advertising: $ 275,000 Presupuesto anual
• Asociaciones de plataforma de información médica webMD

Mannkind Corporation (MNKD) - Modelo de negocios: segmentos de clientes

Pacientes con diabetes tipo 1

Mannkind se dirige a aproximadamente 1,6 millones de estadounidenses con diabetes tipo 1. Desglose demográfico del paciente:

Grupo de edad	Porcentaje	Número de pacientes
0-20 años	28%	448,000
21-44 años	42%	672,000
45+ años	30%	480,000

Pacientes con diabetes tipo 2

Tamaño del segmento de mercado: 37.3 millones de estadounidenses con diabetes tipo 2

Dependencia de la insulina	Porcentaje	Número de pacientes
Dependiente de la insulina	25%	9.325 millones
No dependiente de la insulina	75%	27.975 millones

Profesionales de la salud

• Endocrinólogos totales en Estados Unidos: 6.500
• Médicos de atención primaria que prescriben medicamentos para la diabetes: 210,000
• Penetración del mercado objetivo: 15-20% de la red profesional

Especialistas en endocrinología

Características especializadas de segmento de clientes:

Tipo especialista	Número	Compromiso potencial
Endocrinólogos certificados por la junta	6,500	Alto
Educadores de diabetes	18,000	Medio

Grupos de pacientes que buscan métodos alternativos de suministro de insulina

Análisis de mercado para la entrega alternativa de insulina:

• Pacientes que buscan opciones sin agujas: 22% de la población total de diabetes
• Tamaño estimado del mercado: 8.5 millones de pacientes
• Motivaciones principales:
  • Dolor de inyección reducido
  • Conveniencia mejorada
  • Mejor adhesión de medicamentos

Mannkind Corporation (MNKD) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal 2023, Mannkind Corporation reportó gastos de I + D de $ 52.8 millones.

Año	Gastos de I + D
2022	$ 47.3 millones
2023	$ 52.8 millones

Costos de fabricación y producción

Los gastos de fabricación para Afrezza y otras líneas de productos totalizaron $ 24.6 millones en 2023.

• Costo de bienes vendidos: $ 18.2 millones
• Trabajo de fabricación directa: $ 4.5 millones
• Sobrecoss de fabricación: $ 1.9 millones

Inversiones de ventas y marketing

Los gastos de ventas y marketing para 2023 fueron de $ 43.5 millones.

Categoría de marketing	Gastos
Personal de ventas	$ 22.3 millones
Materiales promocionales	$ 12.7 millones
Marketing digital	$ 8.5 millones

Gastos de cumplimiento regulatorio

Los costos de cumplimiento regulatorio en 2023 ascendieron a $ 7.2 millones.

• Tarifas de presentación de la FDA: $ 2.5 millones
• Documentación de cumplimiento: $ 3.1 millones
• Gastos de auditoría externa: $ 1.6 millones

Sobrecarga administrativa y operativa

Los gastos administrativos totales para 2023 fueron de $ 35.4 millones.

Categoría de gastos generales	Gastos
Compensación ejecutiva	$ 12.6 millones
Personal administrativo general	$ 15.2 millones
Operaciones de oficina	$ 7.6 millones

Mannkind Corporation (MNKD) - Modelo de negocios: flujos de ingresos

Venta de productos de insulina de Afrezza

Para el año fiscal 2023, Mannkind Corporation informó ingresos por productos de Afrezza de $ 40.4 millones, lo que representa un aumento del 34% de los $ 30.2 millones de 2022. Los ingresos trimestrales del producto neto de Afrezza para el cuarto trimestre de 2023 fueron de $ 12.4 millones.

Año	Ingresos del producto de Afrezza	Crecimiento año tras año
2022	$ 30.2 millones	22%
2023	$ 40.4 millones	34%

Licencias de tecnología de inhalación

Mannkind ha generado ingresos por licencias de su plataforma de inhalosfera de tecnología patentada. A partir de 2023, los detalles de ingresos de licencias específicos no se revelaron públicamente.

Acuerdos de asociación farmacéutica

Acuerdos actuales de asociación farmacéutica incluyen:

• Colaboración de la Terapéutica Unida para el tratamiento potencial de hipertensión arterial pulmonar
• Discusiones continuas con posibles socios farmacéuticos

Subvenciones y colaboraciones de investigación

Mannkind ha recibido fondos de investigación, aunque los montos de subvenciones específicos para 2023-2024 no se detallaron públicamente.

Regalías de propiedad intelectual

La compañía mantiene múltiples patentes relacionadas con la tecnología de la tecnología, pero los ingresos específicos de regalías no se informaron públicamente para 2024.

Flujo de ingresos	Contribución 2023
Afrezza Ventas	$ 40.4 millones
Otras fuentes de ingresos	No especificado

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.