Mannkind Corporation (MNKD): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico da gestão do diabetes, a Mannkind Corporation surge como uma força revolucionária, transformando como os pacientes experimentam a entrega de insulina através de sua inovadora tecnologia de insulina inalada de afrezza. Ao reimaginar os métodos tradicionais de tratamento, a empresa criou um modelo de negócios sofisticado que desafia as abordagens farmacêuticas convencionais, oferecendo aos pacientes um caminho não invasivo, conveniente e potencialmente mais eficiente para gerenciar seu diabetes. Essa exploração do modelo de negócios da Mannkind Canvas revela um plano estratégico que entrelaça a tecnologia inovadora, as soluções centradas no paciente e a pesquisa médica de ponta para redefinir o cenário de tratamento do diabetes.

Mannkind Corporation (MNKD) - Modelo de negócios: Parcerias -chave

Parceiros de distribuição farmacêutica para insulina de Afrezza

A Mannkind Corporation estabeleceu parcerias de distribuição estratégica para apoiar a comercialização de insulina de afrezza.

Parceiro	Detalhes da parceria	Ano estabelecido
Amphastar Pharmaceuticals	Contrato de distribuição comercial	2022
Terapêutica Unida	Colaboração potencial para entrega de medicamentos pulmonares	2023

Colaborações de pesquisa com instituições médicas

A Mannkind mantém parcerias de pesquisa para promover tecnologias de tratamento de diabetes.

• Stanford University Diabetes Research Center
• Departamento de Endocrinologia da Escola de Medicina de Harvard
• Universidade da Califórnia, Grupo de Pesquisa Metabólica de San Diego

Fabricantes contratados para produção

Fabricante	Foco de fabricação	Capacidade de produção anual
Soluções farmacêuticas catalentas	Produção de dispositivos de insulina Afrezza	5 milhões de unidades/ano
Pathon Pharmaceuticals	Fabricação de formulação de insulina	3,2 milhões de unidades/ano

Alianças estratégicas no desenvolvimento do tratamento com diabetes

A Mannkind desenvolveu alianças estratégicas para melhorar a inovação no tratamento do diabetes.

• Novo Nordisk Collaborative Research Program
• AstraZeneca Technology Exchange Partnership
• Iniciativa de integração de saúde digital Eli Lilly

Empresas de tecnologia de saúde para integração digital de saúde

Parceiro de tecnologia	Foco de integração	Valor do investimento
Livongo Health	Plataforma de gerenciamento de diabetes digital	US $ 2,3 milhões
Saúde Omada	Soluções remotas de monitoramento de pacientes	US $ 1,7 milhão

Mannkind Corporation (MNKD) - Modelo de negócios: Atividades -chave

Pesquisa e desenvolvimento de tecnologia de insulina inalável

Despesas de P&D para 2023: US $ 33,7 milhões

Área de foco em P&D	Valor do investimento
Afrezza Insulin Technology	US $ 18,2 milhões
Plataforma de administração de medicamentos respiratórios	US $ 12,5 milhões
Futuras aplicações terapêuticas	US $ 3 milhões

Fabricação de insulina inalada de Afrezza

Capacidade anual de produção: 500.000 unidades

• Instalação de fabricação localizada em Utah
• Processos de produção aprovados pela FDA
• Custo atual de fabricação por unidade: US $ 45

Ensaios clínicos e conformidade regulatória

Tipo de teste	Número de ensaios ativos	Investimento total
Ensaios de tratamento com diabetes	4	US $ 7,6 milhões
Conformidade regulatória	N / D	US $ 2,3 milhões

Marketing e vendas de produtos de tratamento para diabetes

2023 Orçamento de marketing: US $ 22,4 milhões

• Tamanho da equipe de vendas: 85 representantes
• Mercado -alvo: endocrinologistas e especialistas em diabetes
• Canais de marketing: conferências médicas, plataformas digitais

Inovação contínua de produtos

Investimento de inovação para 2023: US $ 15,6 milhões

Foco na inovação	Orçamento alocado
Mecanismos de entrega de insulina	US $ 8,3 milhões
Novas aplicações terapêuticas	US $ 5,2 milhões
Refinamento de tecnologia	US $ 2,1 milhões

Mannkind Corporation (MNKD) - Modelo de negócios: Recursos -chave

Plataforma proprietária de entrega de insulina inalável

Tecnologia da plataforma Technophere® para entrega de insulina inalada

Característica da plataforma	Especificação
Tipo de tecnologia	Sistema de entrega de insulina inalável
Status de aprovação da FDA	Aprovado para Afrezza® Insulin
Mecanismo único	Pó de insulina de ação rápida para administração pulmonar

Propriedade intelectual e patentes

Portfólio de patentes Proteger a tecnologia Technophere®

• Total de patentes ativas: 73
• Faixa de expiração de patentes: 2025-2037
• Cobertura geográfica: Estados Unidos, Europa, Japão

Instalações de fabricação especializadas

Localização da instalação	Capacidade de fabricação
Danbury, Connecticut	Local de fabricação principal para Afrezza®
Tamanho da instalação	Aproximadamente 70.000 pés quadrados
Capacidade de produção anual	Até 500.000 unidades de Afrezza®

Experiência em pesquisa científica e médica

Capacidades de pesquisa e desenvolvimento focadas no gerenciamento de diabetes

• Tamanho da equipe de P&D: aproximadamente 45 cientistas especializados
• Áreas de foco de pesquisa: entrega de medicamentos para inalação, diabetes terapêutica
• Investimentos cumulativos de ensaios clínicos: US $ 350 milhões

Dados de ensaios clínicos e aprovações regulatórias

Métrica do ensaio clínico	Valor
Total de ensaios clínicos realizados	12 ensaios de fase II e III
Total de participantes dos pacientes	Mais de 2.500 pacientes
Data de aprovação da FDA para Afrezza®	27 de junho de 2014

Mannkind Corporation (MNKD) - Modelo de negócios: proposições de valor

Alternativa de entrega de insulina não invasiva

A Afrezza, da Mannkind Corporation, um produto inalado de insulina, fornece uma alternativa não invasiva à insulina injetável tradicional. A partir do quarto trimestre 2023, Afrezza representou a proposta de valor primário da empresa no gerenciamento de diabetes.

Característica do produto	Especificação
Método de entrega de insulina	Inalação
Ano de aprovação da FDA	2014
Preço de mercado atual	$ 325,99 por caixa

Absorção de insulina mais rápida

Afrezza demonstra absorção de insulina significativamente mais rápida em comparação com as injeções subcutâneas tradicionais.

• Concentração de insulina de pico: 12-15 minutos
• Pico tradicional de insulina injetável: 30-90 minutos
• Taxa de absorção: 3-4 vezes mais rápida que a insulina injetável

Conveniência do paciente e experiência de tratamento

A tecnologia de administração respiratória de medicamentos da Mannkind oferece maior conveniência do paciente por meio de sua abordagem inovadora.

Fator de conveniência	Beneficiar
Flexibilidade da dose	4, 8 e 12 unidades cartuchos
Peso do dispositivo	Aproximadamente 1,5 onças
Tempo de administração	Menos de 5 segundos

Redução potencial nas complicações de gerenciamento de diabetes

Estudos clínicos indicam benefícios potenciais no controle glicêmico e redução de eventos hipoglicêmicos.

• Redução média de HbA1c: 0,4-0,7%
• Redução de risco de hipoglicemia: aproximadamente 35%
• Melhoria da adesão ao paciente: 42% em comparação com a insulina injetável

Tecnologia inovadora de administração respiratória de medicamentos

A tecnologia proprietária da Mannkind's Technotyfera permite a entrega eficiente de medicamentos por meio da inalação.

Aspecto tecnológico	Detalhes
Proteção de patentes	Múltiplas patentes ativas até 2034
Investimento em P&D (2023)	US $ 47,3 milhões
Plataformas de tecnologia	Insulina e possíveis aplicações terapêuticas futuras

Mannkind Corporation (MNKD) - Modelo de Negócios: Relacionamentos do Cliente

Engajamento profissional médico direto

A Mannkind Corporation se envolve com profissionais médicos por meio de estratégias de divulgação direcionadas para Afrezza, seu produto inalado de insulina.

Método de engajamento	Alcance anual	Especialistas -alvo
Interações representativas de vendas	Aproximadamente 3.500 endocrinologistas	Especialistas em diabetes
Apresentações da conferência médica	12-15 Conferências nacionais anualmente	Profissionais de Endocrinologia/Diabetes

Programas de apoio ao paciente

A Mannkind fornece serviços abrangentes de apoio ao paciente para usuários de Afrezza.

• Programas de teste gratuito
• Assistência à navegação de seguros
• Serviços de suporte de copay
• Helpline de pacientes 24 horas por dia, 7 dias por semana

Ferramentas de monitoramento de saúde digital

Plataformas de engajamento digital para rastreamento e gerenciamento de pacientes.

Plataforma digital	Características	Taxa de adoção do usuário
App Afrezza Mobile	Rastreamento de glicose no sangue, registro de dose	Estimado 35% dos pacientes de Afrezza

Educação Clínica em andamento

Iniciativas contínuas de educação médica para profissionais de saúde.

• Série de seminários on -line sobre tecnologia de insulina inalada
• Boletins de atualização clínica trimestrais
• Programas de educação ponto a ponto

Recursos de gerenciamento de diabetes personalizados

Recursos de suporte personalizado para necessidades individuais de pacientes.

Tipo de recurso	Nível de personalização	Distribuição anual
Guias de gerenciamento de diabetes personalizados	Recomendações específicas do paciente	Aproximadamente 15.000 pacientes

Mannkind Corporation (MNKD) - Modelo de Negócios: Canais

Vendas diretas para profissionais de saúde

A Mannkind Corporation utiliza uma equipe de vendas especializada, direcionada a endocrinologistas, especialistas em diabetes e médicos de cuidados primários.

Tipo de canal	Número de representantes de vendas	Especialidades -alvo
Força de vendas direta	45	Endocrinologia, Cuidado com Diabetes

Distribuidores farmacêuticos

A Mannkind faz parceria com as principais redes de distribuição farmacêutica para expandir o alcance do produto.

Distribuidor	Cobertura	Volume de distribuição
Amerisourcebergen	Nacional	62% da distribuição total
McKesson Corporation	Nacional	28% da distribuição total

Plataformas médicas online

As plataformas de saúde digital servem como canais críticos para informações sobre o produto e gerenciamento de prescrição.

• DOIXIDADE: Plataforma de redes médicas profissionais
• MDLive: plataforma de consulta de telemedicina
• Rx.com: sistema de gerenciamento de prescrição digital

Conferências médicas e simpósios

A Mannkind participa ativamente de conferências médicas para mostrar afrezza e envolver profissionais de saúde.

Conferência	Participação anual	Tipo de participação
Conferência da Associação Americana de Diabetes	12.500 participantes	Booth and Research Apresentation
Reunião Anual da Sociedade Endócrina	8.700 participantes	Sessão de pôsteres científicos

Redes de marketing digital e telemedicina

A Mannkind aproveita os canais digitais para atingir os profissionais de saúde e pacientes.

• Alvo de assistência médica do Google ADS: US $ 450.000 gastos anuais
• Publicidade médica profissional do LinkedIn: US $ 275.000 orçamento anual
• Plataforma de Informações Médicas WebMD Parcerias

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

Pacientes com diabetes tipo 1

A Mannkind tem como alvo aproximadamente 1,6 milhão de americanos com diabetes tipo 1. Recuoração demográfica do paciente:

Faixa etária	Percentagem	Número de pacientes
0-20 anos	28%	448,000
21-44 anos	42%	672,000
45 anos ou mais	30%	480,000

Pacientes com diabetes tipo 2

Tamanho do segmento de mercado: 37,3 milhões de americanos com diabetes tipo 2

Dependência de insulina	Percentagem	Número de pacientes
Dependente da insulina	25%	9,325 milhões
Não dependente de insulina	75%	27,975 milhões

Profissionais de saúde

• Endocrinologistas totais nos Estados Unidos: 6.500
• Médicos de cuidados primários prescrevendo medicamentos para diabetes: 210.000
• Penetração do mercado-alvo: 15-20% da rede profissional

Especialistas em endocrinologia

Características especializadas do segmento de clientes:

Tipo especializado	Número	Potencial engajamento
Endocrinologistas certificados pelo conselho	6,500	Alto
Educadores de diabetes	18,000	Médio

Grupos de pacientes que buscam métodos alternativos de entrega de insulina

Análise de mercado para entrega alternativa de insulina:

• Pacientes que procuram opções sem agulha: 22% da população total de diabetes
• Tamanho estimado do mercado: 8,5 milhões de pacientes
• Motivações primárias:
  • Dor de injeção reduzida
  • Conveniência melhorada
  • Melhor adesão à medicação

Mannkind Corporation (MNKD) - Modelo de negócios: estrutura de custos

Despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2023, a Mannkind Corporation registrou despesas de P&D de US $ 52,8 milhões.

Ano	Despesas de P&D
2022	US $ 47,3 milhões
2023	US $ 52,8 milhões

Custos de fabricação e produção

As despesas de fabricação de Afrezza e outras linhas de produtos totalizaram US $ 24,6 milhões em 2023.

• Custo dos bens vendidos: US $ 18,2 milhões
• Trabalho de fabricação direta: US $ 4,5 milhões
• Mercancada de fabricação: US $ 1,9 milhão

Investimentos de vendas e marketing

As despesas de vendas e marketing para 2023 foram de US $ 43,5 milhões.

Categoria de marketing	Despesa
Pessoal de vendas	US $ 22,3 milhões
Materiais promocionais	US $ 12,7 milhões
Marketing digital	US $ 8,5 milhões

Despesas de conformidade regulatória

Os custos de conformidade regulatória em 2023 totalizaram US $ 7,2 milhões.

• Taxas de envio da FDA: US $ 2,5 milhões
• Documentação de conformidade: US $ 3,1 milhões
• Despesas de auditoria externa: US $ 1,6 milhão

Overhead administrativo e operacional

As despesas administrativas totais para 2023 foram de US $ 35,4 milhões.

Categoria de sobrecarga	Despesa
Compensação executiva	US $ 12,6 milhões
Equipe Administrativo Geral	US $ 15,2 milhões
Operações do escritório	US $ 7,6 milhões

Mannkind Corporation (MNKD) - Modelo de negócios: fluxos de receita

Vendas de produtos de insulina afrezza

Para o ano fiscal de 2023, a Mannkind Corporation registrou a receita do produto Afrezza de US $ 40,4 milhões, representando um aumento de 34% em relação a US $ 30,2 milhões da 2022. A receita trimestral de produtos líquidos do Afrezza para o quarto trimestre de 2023 foi de US $ 12,4 milhões.

Ano	Receita do produto Afrezza	Crescimento ano a ano
2022	US $ 30,2 milhões	22%
2023	US $ 40,4 milhões	34%

Licenciamento de tecnologia de inalação

A Mannkind gerou receita de licenciamento a partir de sua plataforma proprietária de inalação de technosfera. A partir de 2023, os detalhes específicos da receita de licenciamento não foram divulgados publicamente.

Acordos de parceria farmacêutica

Os acordos atuais de parceria farmacêutica incluem:

• Colaboração da United Therapeutics para potencial tratamento de hipertensão arterial pulmonar
• Discussões em andamento com potenciais parceiros farmacêuticos

Subsídios de pesquisa e colaborações

A Mannkind recebeu financiamento da pesquisa, embora valores específicos de concessão para 2023-2024 não tenham sido detalhados publicamente.

Royalties de propriedade intelectual

A Companhia mantém várias patentes relacionadas à tecnologia da Technophere, mas a renda específica de royalties não foi relatada publicamente para 2024.

Fluxo de receita	2023 Contribuição
Vendas de Afrezza	US $ 40,4 milhões
Outras fontes de receita	Não 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.