MANNKIND CORP
For the period ended Dec 31, 2025. Filed Feb 26, 2026.
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FY2025 · Filed Feb 26, 2026
MNKD$4.23+1.0%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STAT EMENTS OF CASH FLOWS
| Twelve Months Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| (In thousands) | |||
| CASH FLOWS FROM OPERATING ACTIVITIES: | |||
| Net income (loss) | $5,863 | $27,588 | $(11,938) |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
| Stock-based compensation | 24,195 | 21,358 | 17,649 |
| Interest on liability for sale of future royalties | 14,449 | 16,172 | 185 |
| Sold portion of royalty revenue | (12,811) | (10,234) | (2,103) |
| Write-off of inventory | 10,397 | 3,855 | 4,574 |
| Depreciation and amortization | 12,284 | 7,371 | 4,535 |
| Loss (gain) on foreign currency transactions | 7,749 | (3,907) | 1,916 |
| Impairment loss on available-for-sale investment | 6,409 | 1,550 | 170 |
| Net accretion of investments | (2,647) | (5,092) | (925) |
| Non-cash lease expense of right-of-use assets | 1,212 | 1,668 | 1,301 |
| Change in fair value of contingent liability | 1,029 | — | — |
| Amortization of debt discount and issuance costs | 854 | 1,646 | 2,085 |
| Loss on settlement of debt | — | 20,444 | — |
| Gain on bargain purchase | — | (5,259) | — |
| Loss on estimated returns of acquired product | — | 1,444 | — |
| Other, net | 155 | 380 | (84) |
| Change in deferred tax liability | (4,969) | — | — |
| Changes in operating assets and liabilities: | |||
| Accounts receivable, net | (4,762) | 2,652 | 2,345 |
| Inventory | (6,624) | (3,196) | (11,347) |
| Prepaid expenses and other current assets | (10,032) | (6,574) | (7,318) |
| Other assets | (1,909) | (3,570) | 263 |
| Accounts payable | (16,711) | (2,788) | (1,473) |
| Accrued expenses and other current liabilities | 3,256 | (2,703) | 6,606 |
| Deferred revenue | (8,259) | (15,312) | 39,462 |
| Recognized loss on purchase commitments | — | (2,690) | (9,424) |
| Operating lease liabilities | (873) | (2,292) | (2,385) |
| Net cash provided by operating activities | 18,255 | 42,511 | 34,094 |
| CASH FLOWS FROM INVESTING ACTIVITIES: | |||
| Purchase of available-for-sale securities | (157,803) | (7,006) | — |
| Proceeds from maturities of available-for-sale securities | 215,308 | 58,126 | — |
| Acquisition of scPharma, net of cash acquired | (347,742) | — | — |
| Issuance of note receivable | (10,000) | — | — |
| Purchase of property and equipment | (4,566) | (9,693) | (42,441) |
| Purchase of held-to-maturity securities | — | (273,789) | (79,095) |
| Proceeds from maturities of held-to-maturity securities | — | 135,317 | 119,166 |
| Proceeds from insurance claim | — | 396 | 382 |
| Net cash used in investing activities | (304,803) | (96,649) | (1,988) |
| CASH FLOWS FROM FINANCING ACTIVITIES: | |||
| Proceeds from term loan | 325,000 | — | — |
| Payment of loan issuance costs | (7,266) | — | — |
| Payments for taxes related to net issuance of common stock associated with restricted stock units and stock options | (3,262) | (6,087) | (10,162) |
| Principal payments on financing liability | (726) | (398) | (189) |
| Proceeds from market price stock purchase plan and employee stock purchase plan | 1,992 | 3,139 | 1,820 |
| Milestone Right Agreement payment | (639) | (752) | (924) |
| Principal and early extinguishment payments on MidCap credit facility | — | (36,617) | (6,667) |
| Proceeds from sale of future royalties | — | — | 150,000 |
| Issuance costs associated with sale of future royalties | — | — | (4,050) |
| Principal and early extinguishment payments on senior convertible notes | — | (87,697) | — |
| Principal and early extinguishment payments on Mann Group convertible note | — | (8,854) | — |
| Proceeds from at-the-market offering | — | — | 6,887 |
| Issuance costs associated with at-the-market offering | — | — | (108) |
| Net cash provided by (used in) financing activities | 315,099 | (137,266) | 136,607 |
| NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 28,551 | (191,404) | 168,713 |
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD | 47,076 | 238,480 | 69,767 |
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD | $75,627 | $47,076 | $238,480 |
CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)
| Twelve Months Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| (In thousands) | |||
| SUPPLEMENTAL CASH FLOWS DISCLOSURES: | |||
| Interest paid in cash | 14,716 | $17,506 | $18,279 |
| Income taxes paid in cash | 1,705 | 4,262 | — |
| NON-CASH INVESTING AND FINANCING ACTIVITIES: | |||
| Non-cash contingent consideration from acquisition of scPharma | 25,217 | — | — |
| Debt forgiven as part of scPharma acquisition | 10,000 | — | — |
| Payments of senior convertible note principal through common stock issuances | — | 116,439 | — |
| Amortization of liability for sale of future royalties | 1,407 | 3,605 | — |
| Purchases of property and equipment included in accounts payable and accrued expenses | 619 | 1,679 | 1,691 |
| Assumption of right-of-use-asset and operating lease liability | — | 10,057 | — |
| Non-cash acquisition of intangible asset | — | 4,300 | — |
| Payments of Mann Group principal and interest through common stock issuances | — | 3,806 | 222 |
| Non-cash acquisition of property and equipment | — | 959 | — |
| Right-of-use asset modification | — | — | 728 |
| Goodwill adjustment for a net reduction in liabilities | — | — | 497 |
| Receivable for insurance claim on damaged equipment | — | — | 445 |
| Accrued issuance costs associated with liability for sale of future royalties | — | — | 325 |
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