Mannkind Corporation (MNKD): Business Model Canvas [Jan-2025 Mise à jour]

Dans le monde dynamique de la gestion du diabète, Mannkind Corporation apparaît comme une force révolutionnaire, transformant la façon dont les patients éprouvent la livraison d'insuline grâce à sa technologie d'insuline inhalée en Afrezza. En réinventant les méthodes de traitement traditionnelles, l'entreprise a conçu un modèle commercial sophistiqué qui remet en question les approches pharmaceutiques conventionnelles, offrant aux patients une voie non invasive, pratique et potentiellement plus efficace pour gérer leur diabète. Cette exploration de la toile du modèle commercial de Mannkind révèle un plan stratégique qui entrelace la technologie innovante, les solutions centrées sur le patient et la recherche médicale de pointe pour redéfinir le paysage de traitement du diabète.

Mannkind Corporation (MNKD) - Modèle commercial: partenariats clés

Partenaires de distribution pharmaceutique pour l'insuline afrezza

Mannkind Corporation a établi des partenariats de distribution stratégique pour soutenir la commercialisation de l'Afrezza à l'insuline.

Partenaire	Détails du partenariat	Année établie
Amphastar Pharmaceuticals	Contrat de distribution commerciale	2022
United Therapeutics	Collaboration potentielle pour la livraison de médicaments pulmonaires	2023

Collaborations de recherche avec des institutions médicales

Mannkind maintient des partenariats de recherche pour faire progresser les technologies de traitement du diabète.

• Centre de recherche sur le diabète de l'Université de Stanford
• Département de l'endocrinologie de la Harvard Medical School
• Université de Californie, groupe de recherche métabolique de San Diego

Fabricants contractuels pour la production

Fabricant	Focus de la fabrication	Capacité de production annuelle
Solutions pharmatriques catalennes	Production de dispositifs d'insuline afrezza	5 millions d'unités / an
Patheon Pharmaceuticals	Fabrication de formulation d'insuline	3,2 millions d'unités / an

Alliances stratégiques dans le développement du traitement du diabète

Mannkind a développé des alliances stratégiques pour améliorer l'innovation du traitement du diabète.

• Programme de recherche collaborative Novo Nordisk
• AstraZeneca Technology Exchange Partnership
• Initiative d'intégration de la santé numérique Eli Lilly

Sociétés de technologie de santé pour l'intégration de la santé numérique

Partenaire technologique	Focus d'intégration	Montant d'investissement
Santé Livongo	Plateforme de gestion du diabète numérique	2,3 millions de dollars
Omada Health	Solutions de surveillance des patients à distance	1,7 million de dollars

Mannkind Corporation (MNKD) - Modèle d'entreprise: Activités clés

Recherche et développement de la technologie d'insuline inhalable

Dépenses de R&D pour 2023: 33,7 millions de dollars

Zone de focus R&D	Montant d'investissement
Technologie d'insuline afrezza	18,2 millions de dollars
Plate-forme d'administration de médicaments respiratoires	12,5 millions de dollars
Futures applications thérapeutiques	3 millions de dollars

Fabrication d'insuline inhalée en Afrezza

Capacité de production annuelle: 500 000 unités

• Installation de fabrication située dans l'Utah
• Processus de production approuvés par la FDA
• Coût de fabrication actuel par unité: 45 $

Essais cliniques et conformité réglementaire

Type d'essai	Nombre d'essais actifs	Investissement total
Essais de traitement du diabète	4	7,6 millions de dollars
Conformité réglementaire	N / A	2,3 millions de dollars

Marketing et ventes de produits de traitement du diabète

2023 Budget marketing: 22,4 millions de dollars

• Taille de l'équipe de vente: 85 représentants
• Marché cible: les endocrinologues et les spécialistes du diabète
• Canaux de marketing: conférences médicales, plateformes numériques

Innovation continue des produits

Investissement en innovation pour 2023: 15,6 millions de dollars

Focus de l'innovation	Budget alloué
Mécanismes de livraison de l'insuline	8,3 millions de dollars
Nouvelles applications thérapeutiques	5,2 millions de dollars
Affinement technologique	2,1 millions de dollars

Mannkind Corporation (MNKD) - Modèle d'entreprise: Ressources clés

Plateforme de livraison d'insuline inhalable propriétaire

Technysphere® Platform Technology pour la livraison d'insuline inhalée

Caractéristique de la plate-forme	Spécification
Type de technologie	Système de livraison d'insuline inhalable
Statut d'approbation de la FDA	Approuvé pour l'insuline AFREZZA®
Mécanisme unique	Poudre d'insuline à action rapide pour l'administration pulmonaire

Propriété intellectuelle et brevets

Portefeuille de brevets Protégeant de la technologie Technosphère®

• Brevets actifs totaux: 73
• Plage d'expiration des brevets: 2025-2037
• Couverture géographique: États-Unis, Europe, Japon

Installations de fabrication spécialisées

Emplacement de l'installation	Capacité de fabrication
Danbury, Connecticut	Site de fabrication primaire pour Afrezza®
Taille de l'installation	Environ 70 000 pieds carrés
Capacité de production annuelle	Jusqu'à 500 000 unités d'Afrezza®

Expertise en recherche scientifique et médicale

Capacités de recherche et de développement axées sur la gestion du diabète

• Taille de l'équipe R&D: environ 45 scientifiques spécialisés
• Recherchez les domaines de l'information: livraison de médicaments par inhalation, Diabetes Therapeutics
• Investissements cumulatifs d'essais cliniques: 350 millions de dollars

Données des essais cliniques et approbations réglementaires

Métrique d'essai clinique	Valeur
Total des essais cliniques effectués	12 essais de phase II et III
Participants aux patients totaux	Plus de 2 500 patients
Date d'approbation de la FDA pour Afrezza®	27 juin 2014

Mannkind Corporation (MNKD) - Modèle d'entreprise: propositions de valeur

Alternative de livraison d'insuline non invasive

L'Afrezza de Mannkind Corporation, un produit d'insuline inhalé, fournit une alternative non invasive à l'insuline injectable traditionnelle. Depuis le quatrième trimestre 2023, Afrezza représentait la principale proposition de valeur de la société dans la gestion du diabète.

Caractéristique du produit	Spécification
Méthode de livraison de l'insuline	Inhalation
Année d'approbation de la FDA	2014
Prix ​​du marché actuel	325,99 $ par boîte

Absorption d'insuline plus rapide

L'Afrezza démontre une absorption d'insuline significativement plus rapide par rapport aux injections sous-cutanées traditionnelles.

• Concentration maximale de l'insuline: 12-15 minutes
• Pic d'insuline injectable traditionnel: 30-90 minutes
• Taux d'absorption: 3 à 4 fois plus rapide que l'insuline injectable

Expérience de commodité et de traitement des patients

La technologie d'administration de médicaments respiratoires de Mannkind offre une commodité accrue des patients grâce à son approche innovante.

Facteur de commodité	Avantage
Posologie	Cartouches 4, 8 et 12 unités
Poids de dispositif	Environ 1,5 once
Temps d'administration	Moins de 5 secondes

Réduction potentielle des complications de gestion du diabète

Les études cliniques indiquent des avantages potentiels dans le contrôle glycémique et réduit les événements hypoglycémiques.

• Réduction moyenne de l'HbA1c: 0,4-0,7%
• Réduction des risques d'hypoglycémie: environ 35%
• Amélioration de l'adhésion des patients: 42% par rapport à l'insuline injectable

Technologie innovante d'administration de médicaments respiratoires

La technologie de technologie propriétaire de Mannkind permet une administration efficace de médicaments par inhalation.

Aspect technologique	Détails
Protection des brevets	Plusieurs brevets actifs jusqu'en 2034
Investissement en R&D (2023)	47,3 millions de dollars
Plates-formes technologiques	Insuline et futures applications thérapeutiques potentielles

Mannkind Corporation (MNKD) - Modèle d'entreprise: Relations clients

Engagement professionnel médical direct

Mannkind Corporation s'engage avec des professionnels de la santé grâce à des stratégies de sensibilisation ciblées pour l'Afrezza, son produit d'insuline inhalé.

Méthode d'engagement	Portée annuelle	Spécialistes de la cible
Interactions représentatives commerciales	Environ 3 500 endocrinologues	Spécialistes du diabète
Présentations de la conférence médicale	12-15 conférences nationales chaque année	Professionnels d'endocrinologie / diabète

Programmes de soutien aux patients

Mannkind fournit des services complets de soutien aux patients pour les utilisateurs d'Afrezza.

• Programmes d'essai gratuits
• Assistance à la navigation d'assurance
• Services de support de copaiement
• 24/7 patient.

Outils de surveillance de la santé numérique

Plateformes d'engagement numérique pour le suivi et la gestion des patients.

Plate-forme numérique	Caractéristiques	Taux d'adoption des utilisateurs
Application mobile afrezza	Suivi de la glycémie, journalisation posologique	Estimé 35% des patients afrezza

Éducation clinique en cours

Initiatives continues de l'éducation médicale pour les professionnels de la santé.

• Série de webinaires sur la technologie d'insuline inhalée
• Newsletters de mise à jour clinique trimestrielle
• Programmes d'éducation entre pairs

Ressources de gestion du diabète personnalisé

Ressources de soutien sur mesure pour les besoins individuels des patients.

Type de ressource	Niveau de personnalisation	Distribution annuelle
Guides de gestion du diabète personnalisés	Recommandations spécifiques au patient	Environ 15 000 patients

Mannkind Corporation (MNKD) - Modèle d'entreprise: canaux

Ventes directes aux prestataires de soins de santé

Mannkind Corporation utilise une équipe de vente spécialisée ciblant les endocrinologues, les spécialistes du diabète et les médecins de soins primaires.

Type de canal	Nombre de représentants commerciaux	Target Specialties
Force de vente directe	45	Endocrinologie, diabète Care

Distributeurs pharmaceutiques

Mannkind s'associe aux principaux réseaux de distribution pharmaceutique pour étendre la portée du produit.

Distributeur	Couverture	Volume de distribution
Amerisourcebergen	National	62% de la distribution totale
McKesson Corporation	National	28% de la distribution totale

Plateformes médicales en ligne

Les plates-formes de soins de santé numériques servent de canaux critiques pour l'information sur les produits et la gestion des ordonnances.

• Doxyle: plateforme de réseautage médical professionnel
• MDLive: plateforme de consultation de télémédecine
• RX.com: Système de gestion des prescription numérique

Conférences médicales et symposiums

Mannkind participe activement à des conférences médicales pour présenter l'Afrezza et engager des professionnels de la santé.

Conférence	Fréquentation annuelle	Type de participation
Conférence de l'American Diabetes Association	12 500 participants	Booth et présentation de recherche
Réunion annuelle de la Société endocrine	8 700 participants	Session d'affiches scientifiques

Réseaux de marketing numérique et de télémédecine

Mannkind exploite les canaux numériques pour atteindre les prestataires de soins de santé et les patients.

• Google Ads Healthcare Cibting: 450 000 $ dépenses annuelles
• Publicité médicale professionnelle de LinkedIn: 275 000 $ Budget annuel
• WebMD Medical Information Platform Partnerships

Mannkind Corporation (MNKD) - Modèle d'entreprise: segments de clientèle

Patiens de diabète de type 1

Mannkind cible environ 1,6 million d'Américains atteints de diabète de type 1. Répartition démographique du patient:

Groupe d'âge	Pourcentage	Nombre de patients
0-20 ans	28%	448,000
21-44 ans	42%	672,000
Plus de 45 ans	30%	480,000

Patiens de diabète de type 2

Taille du segment de marché: 37,3 millions d'Américains atteints de diabète de type 2

Dépendance à l'insuline	Pourcentage	Nombre de patients
Insuliné	25%	9,325 millions
Sans insuline	75%	27,975 millions

Professionnels de la santé

• Total des endocrinologues aux États-Unis: 6 500
• Médecins de soins primaires prescrivant les médicaments contre le diabète: 210 000
• Pénétration du marché cible: 15-20% du réseau professionnel

Spécialistes de l'endocrinologie

Caractéristiques spécialisées du segment de la clientèle:

Type spécialisé	Nombre	Engagement potentiel
Endocrinologues certifiés au conseil	6,500	Haut
Éducateurs du diabète	18,000	Moyen

Groupes de patients à la recherche de méthodes d'administration d'insuline alternatives

Analyse du marché pour la livraison alternative à l'insuline:

• Patients à la recherche d'options sans aiguille: 22% de la population totale du diabète
• Taille estimée du marché: 8,5 millions de patients
• Motivations primaires:
  • Réduction des douleurs à l'injection
  • Amélioration de la commodité
  • Meilleure adhésion aux médicaments

Mannkind Corporation (MNKD) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2023, Mannkind Corporation a déclaré des dépenses de R&D de 52,8 millions de dollars.

Année	Dépenses de R&D
2022	47,3 millions de dollars
2023	52,8 millions de dollars

Coûts de fabrication et de production

Les dépenses de fabrication pour l'AFREZZA et d'autres gammes de produits ont totalisé 24,6 millions de dollars en 2023.

• Coût des marchandises vendues: 18,2 millions de dollars
• Travail de fabrication directe: 4,5 millions de dollars
• Fabrication des frais généraux: 1,9 million de dollars

Investissements de vente et de marketing

Les dépenses de vente et de marketing pour 2023 étaient de 43,5 millions de dollars.

Catégorie marketing	Frais
Personnel de vente	22,3 millions de dollars
Matériel promotionnel	12,7 millions de dollars
Marketing numérique	8,5 millions de dollars

Dépenses de conformité réglementaire

Les frais de conformité réglementaire en 2023 s'élevaient à 7,2 millions de dollars.

• Frais de soumission de la FDA: 2,5 millions de dollars
• Documentation de la conformité: 3,1 millions de dollars
• Dépenses d'audit externe: 1,6 million de dollars

Surfaçon administratives et opérationnelles

Les dépenses administratives totales pour 2023 étaient de 35,4 millions de dollars.

Catégorie aérienne	Frais
Rémunération des dirigeants	12,6 millions de dollars
Personnel administratif général	15,2 millions de dollars
Opérations de bureau	7,6 millions de dollars

Mannkind Corporation (MNKD) - Modèle commercial: Strots de revenus

Ventes de produits d'insuline afrezza

Pour l'exercice 2023, Mannkind Corporation a déclaré des revenus de produits de l'AFREZZA de 40,4 millions de dollars, ce qui représente une augmentation de 34% par rapport à 30,2 millions de dollars de 2022. Les revenus trimestriels du produit net Afrezza pour le quatrième trimestre 2023 étaient de 12,4 millions de dollars.

Année	Revenus de produits Afrezza	Croissance d'une année à l'autre
2022	30,2 millions de dollars	22%
2023	40,4 millions de dollars	34%

Licence de technologie d'inhalation

Mannkind a généré des revenus de licence à partir de sa plate-forme d'inhalation de technologie propriétaire. En 2023, les détails spécifiques des revenus de licence n'ont pas été divulgués publiquement.

Accords de partenariat pharmaceutique

Les accords de partenariat pharmaceutique actuels comprennent:

• United Therapeutics Collaboration pour un traitement par hypertension artériel pulmonaire potentiel
• Discussions en cours avec des partenaires pharmaceutiques potentiels

Grants de recherches et collaborations

Mannkind a reçu un financement de recherche, bien que des montants de subventions spécifiques pour 2023-2024 n'étaient pas publiquement détaillés.

Royalités de la propriété intellectuelle

La société maintient plusieurs brevets liés à la technologie de la technologie, mais des revenus de redevances spécifiques n'ont pas été publiquement signalés pour 2024.

Flux de revenus	Contribution de 2023
Ventes afrezza	40,4 millions de dollars
Autres sources de revenus	Non spécifié

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.