MannKind Corporation (MNKD): Business Model Canvas [Dec-2025 Updated]

You're digging into MannKind Corporation's business model right after those major late-2025 moves, like securing that $500 million non-dilutive capital from Blackstone and absorbing the scPharmaceuticals commercial team. Honestly, the picture is now about more than just Afrezza; it hinges on the proprietary Technosphere platform supporting three distinct products-Afrezza, V-Go, and the newly added FUROSCIX for fluid overload. The Q3 2025 financials show the mix: they pulled in $33 million just from Tyvaso DPI royalties, which tells you partnerships are key to their current cash flow. This is how they are trying to build a sustainable engine. Let's map out the nine blocks to see where the real value capture is happening.

MannKind Corporation (MNKD) - Canvas Business Model: Key Partnerships

You're looking at the core relationships that fuel MannKind Corporation's operations and growth as of late 2025. These aren't just handshake agreements; they involve significant capital deployment and revenue streams that anchor the company's financial stability and pipeline progress.

United Therapeutics for Tyvaso DPI Royalties and Manufacturing Supply

The collaboration with United Therapeutics (UT) for Tyvaso DPI remains a cornerstone of MannKind Corporation's revenue generation. This partnership provides both royalty income based on net sales and revenue from the sale of manufactured product to UT.

For the third quarter of 2025, this relationship delivered substantial top-line results:

• Royalties earned on increased net sales of Tyvaso DPI contributed $33,319 thousand in revenue, marking a 23% increase versus the third quarter of 2024.
• Revenue from collaborations and services, which includes product sold to UT, totaled $26,506 thousand, up 14% year-over-year.
• In total, UT-related revenue for MannKind Corporation in Q3 2025 reached $59 million, reflecting 15% year-over-year growth for MannKind in this segment.
• United Therapeutics' own reported Tyvaso DPI revenue reached $336 million in Q3 2025, a 22% increase from Q3 2024.

Looking at the first nine months of 2025, total revenues increased 14% to $237.0 million, with the Tyvaso DPI royalties being a key driver. For the first quarter of 2025 specifically, royalties were $30,005 thousand (+32% YoY), and collaboration/services revenue was $29,376 thousand (+18% YoY).

Blackstone for up to $500 Million in Non-Dilutive Growth Capital

MannKind Corporation secured a major financing agreement with funds managed by Blackstone in August 2025, providing crucial non-dilutive capital to support growth strategies, including the commercial team expansion for the anticipated pediatric Afrezza indication launch.

The structure of this up to $500 million senior secured credit facility is detailed below:

By October 2025, MannKind Corporation utilized approximately $133.2 million of cash and borrowed an additional $250.0 million in delayed draw term loans to fund the acquisition of scPharmaceuticals and related debt extinguishment.

Amphastar for Co-promotion of Certain Products

The relationship with Amphastar Pharmaceuticals, Inc. centers on a Supply Agreement that includes purchase commitments and capacity fees, which contributes to MannKind Corporation's collaboration and services revenue stream. The Seventh Amendment to this agreement, effective December 22, 2023, outlines specific financial obligations for 2025.

Here are the contractual financial obligations for 2025:

• Annual Purchase Commitment for 2025: €1.5 million.
• Capacity Fee for each quarter of 2025 (Q1, Q2, Q3, Q4): €375,000 per quarter.

This manufacturing supply revenue is bundled into the Collaboration and Services category, which saw revenue of $26,506 thousand in Q3 2025.

Contract Research Organizations (CROs) for Clinical Trial Execution

MannKind Corporation engages CROs to manage its pipeline trials, though specific direct financial terms with these partners are generally not disclosed publicly. The activity levels, however, are reflected in Research and Development (R&D) expenses and enrollment metrics.

R&D expenses for the third quarter of 2025 increased by $1.1 million, or 9%, over the prior year period, primarily due to:

• Continued patient enrollment in the MNKD-101 (inhaled clofazimine) ICoN-1 study, which achieved its interim enrollment target of 100 patients ahead of schedule.
• Clinical production scale up for MNKD-201 (nintedanib DPI).

For the first quarter of 2025, R&D expenses were $11.0 million, a 10% increase, attributable in part to expenditures for the MNKD-101 Phase 3 clinical study.

Specialty Pharmacies for Product Distribution and Patient Access

Specialty pharmacies are integral to the distribution of Afrezza, MannKind Corporation's inhaled insulin product. While specific contract values are confidential, product revenue performance reflects the effectiveness of this channel.

Afrezza commercial product revenue for the third quarter of 2025 was $18,493 thousand, a 23% increase versus Q3 2024, driven mainly by higher price and demand. For the first quarter of 2025, Afrezza net revenue was $14,887 thousand, showing a 3% increase year-over-year, with the endocrine business unit seeing 20% growth in New Prescriptions (NRxs).

MannKind Corporation (MNKD) - Canvas Business Model: Key Activities

You're looking at the core engine driving MannKind Corporation right now, which is heavily focused on commercial execution and advancing a diversified pipeline following a major acquisition.

Commercializing Core Products: Afrezza, V-Go, and FUROSCIX

MannKind Corporation is actively commercializing its portfolio, which now explicitly includes FUROSCIX following the scPharmaceuticals acquisition. The performance of these products directly feeds the top line.

For the third quarter of 2025, MannKind Corporation reported total revenues of $82.1 million, a 17% increase versus the third quarter of 2024. Year-to-date revenue for 2025 reached $237.0 million, marking a 14% increase year-over-year.

Here's a breakdown of the commercial product activity for the third quarter of 2025:

The company is preparing for FUROSCIX revenues to be included in financial results starting in the fourth quarter of 2025.

Manufacturing Using the Technosphere Platform

The proprietary Technosphere platform underpins the manufacturing of inhaled products. Activities related to this platform are currently visible through pipeline development, specifically the clinical production scale up for MNKD-201. MannKind Corporation maintains its U.S.-based manufacturing facility in Danbury, CT.

Research and Development (R&D) for Pipeline Assets

MannKind Corporation is actively funding development across multiple pipeline candidates, which is reflected in rising R&D expenses. Research and development expenses for the three months ended September 30, 2025, increased by $1.1 million, or 9%, compared to the same period in 2024. For the nine months ended September 30, 2025, R&D expenses increased by $4.0 million, or 12%.

Key R&D activities include:

• MNKD-101: Global Phase 3 trial (ICoN-1) achieved its interim enrollment target ahead of schedule.
• MNKD-201: Phase 2 clinical trial (INFLO) for Idiopathic Pulmonary Fibrosis (IPF) was initiated; first patient expected to enroll in the first quarter of 2026.
• MNKD-701 (Bumetanide DPI): Advancing into pre-clinical development.

R&D spending in the first quarter of 2025 was $11.0 million, a 10% increase over the first quarter of 2024.

Integrating the scPharmaceuticals Commercial Team and Assets

The acquisition of scPharmaceuticals was completed on October 7, 2025. This activity is a major focus, expected to diversify and accelerate revenue growth. Incremental costs associated with this acquisition were included in general and administrative expenses for the third quarter of 2025. The integration of the scPharma sales team is already cited as driving FUROSCIX adoption.

Preparing for the Afrezza Pediatric Label Launch in 2026

Significant activity is dedicated to preparing for the Afrezza pediatric launch. The supplemental Biologics License Application (sBLA) for the pediatric population was accepted for FDA review. The Prescription Drug User Fee Act (PDUFA) date is set for May 29, 2026. Management noted the ongoing ramp of the sales team specifically for this launch preparation. Afrezza promotional costs contributed to the increase in selling, general and administrative expenses.

Also, the supplemental New Drug Application (sNDA) for the FUROSCIX ReadyFlow Autoinjector was submitted in the third quarter of 2025, with a review acceptance decision expected by the end of 2025.

MannKind Corporation (MNKD) - Canvas Business Model: Key Resources

You're looking at the core assets MannKind Corporation (MNKD) relies on to execute its strategy as of late 2025. These are the things they own or control that are absolutely essential for their business to function and deliver value.

The most fundamental asset is the Technosphere dry powder inhalation drug delivery platform. This proprietary technology is what allows them to create inhaled therapeutics that deposit medicine deep into the lung. It's not just theoretical; United Therapeutics' Tyvaso DPI is the second FDA-approved product built on this platform. Furthermore, United Therapeutics exercised an option in August 2025 to develop a second dry powder inhalation product using the Technosphere technology, involving a $5 million upfront payment plus up to $35 million in milestone payments and potential royalties.

MannKind Corporation now operates a portfolio of commercial products, which is a significant resource following the October 7, 2025, acquisition of scPharmaceuticals.

The combined commercial products, along with Tyvaso DPI-related revenues, contributed to an annualized run rate of over $370 million based on Q2 2025 results.

Financially, the company maintained a solid liquidity position, reporting cash, cash equivalents, and investments totaling $286.3 million as of September 30, 2025. However, you should note that in October 2025, MannKind utilized approximately $133.2 million of this cash and borrowed an additional $250.0 million in delayed draw term loans to fund the scPharmaceuticals acquisition.

The company's intellectual property and patents protecting the inhalation technology are crucial, as evidenced by the continued development and licensing of the platform. Key IP milestones include:

• FDA acceptance for review of the supplemental Biologics License Application (sBLA) for Afrezza in pediatrics, with a PDUFA date set for May 29, 2026.
• Submission of the FUROSCIX ReadyFlow Autoinjector supplemental New Drug Application (sNDA) in Q3 2025, with a review acceptance decision expected by the end of 2025.

Finally, MannKind Corporation possesses a specialized manufacturing facility for inhaled therapeutics, which is necessary to produce Afrezza and support its collaboration agreements, such as the one with United Therapeutics. This infrastructure supports the physical production of their proprietary dry-powder formulations.

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.

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:

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:

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.

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:

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:

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.