MANNKIND CORP
For the period ended Jun 30, 2026. Filed Aug 5, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2026 · Filed Aug 5, 2026
MNKD$3.90+3.7%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-05-06.
0001193125-26-208916
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-05.
0001193125-26-335054
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 70 previous paragraphs and 73 current paragraphs.
30 unchanged; 37 reworded; 6 added; 3 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 5 previous and 9 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (6)
Current report
Three and six months ended June 30, 2026 and 2025
Current report
Gross revenue from sales of V-Go decreased by $4.2 million, or 32%, for the six months ended June 30, 2026 compared to the same period in the prior year and was primarily a result of lower demand. The gross-to-net adjustment was 35% of gross revenue, or $3.1 million, for the six months ended June 30, 2026 compared to 38% of gross revenue, or $5.0 million, for the same period in the prior year. The improved gross-to-net percentage was primarily attributable to a decrease in rebates related to a reduction in active contracts. Net revenue from sales of V-Go decreased by $2.3 million, or 28%, for the six months ended June 30, 2026 compared to the same period in the prior year.
Current report
Net revenue from collaborations and services increased by $6.3 million, or 12%, for the six months ended June 30, 2026 compared to the same period in the prior year. The increase in revenue was primarily attributable to an increase in revenue earned related to the development of ralinepag DPI. Royalty revenue from UT increased by $3.9 million, or 6%, for the six months ended June 30, 2026 due to UT's increase in net revenue from sales of Tyvaso DPI.
Current report
Cost of revenue – collaborations and services decreased by $0.8 million, or 5%, for the three months ended June 30, 2026 compared to the same period in the prior year. Cost of revenue – collaborations and services decreased by $4.6 million, or 16% for the six months ended June 30, 2026 compared to the same period in the prior year. The decrease in both periods was due to a decrease in cost per blister due to increased efficiencies in manufacturing activities in our Danbury, CT facility.
Current report
Research and development expenses increased by $4.3 million, or 32%, for the three months ended June 30, 2026 compared to the same period in the prior year. Research and development expenses increased by $10.5 million, or 43%, for the six months ended June 30, 2026 compared to the same period in the prior year. The increases in both periods were primarily attributable to the development of the Furoscix ReadyFlow Formulation as well as higher personnel costs following the acquisition of scPharma and increased development costs for MNKD-201, which has begun enrolling subjects. These increases were partially offset by lower clinical development expenses resulting from the discontinuation of the ICoN-1 clinical study for MNKD-101 and the completion of the Afrezza pediatric study (INHALE-1).
Current report
On July 24, 2026, we completed a private placement to certain institutional investors in which we sold and issued 10,440,838 shares our common stock at a purchase price of $3.89 per share and pre-funded warrants exercisable for 2,412,632 shares of common stock at a price of $3.88 per share underlying the pre-funded warrants, for total gross proceeds to us, before expenses, of approximately $50.0 million. The proceeds from the private placement will fund our $44.8 million CVR payment obligation that was triggered by the FDA’s approval of Furoscix ReadyFlow™ (furosemide injection).
Removed paragraphs (3)
Previous report
We anticipate two potential milestones for our cardiometabolic business in 2026 based on regulatory submissions that we made in 2025. The FDA is currently reviewing a supplemental biologics license application (or sBLA) pursuant to which we are seeking approval for Afrezza in children and adolescents living with type 1 or type 2 diabetes. The sBLA has been assigned a PDUFA target action date of May 29, 2026. The FDA is also reviewing a supplemental new drug application (or sNDA) pursuant to which we are seeking approval for Furoscix ReadyFlow Autoinjector, a high-concentration formulation of furosemide that is delivered subcutaneously in under ten seconds. The sNDA has been assigned a PDUFA target action date of July 26, 2026.
Previous report
Cost of revenue – collaborations and services decreased by $3.8 million, or 28%, for the three months ended March 31, 2026 compared to the same period in the prior year. The decrease was primarily a result of decreased product sold to UT.
Previous report
Research and development expenses increased by $6.2 million, or 56%, for the three months ended March 31, 2026 compared to the same period in the prior year. The increase was primarily attributable to higher personnel costs following the acquisition of scPharma and higher costs from development of MNKD-201 as studies advanced.
Reworded paragraphs (37)
Previous wording
Afrezza is an ultra rapid-acting inhaled insulin indicated to improve glycemic control in adults with diabetes. Afrezza was developed by us and consists of a dry powder formulation of human insulin delivered from a small portable inhaler. Administered at the beginning of a meal, Afrezza dissolves rapidly upon inhalation to the lung and delivers insulin quickly to the bloodstream.
Current wording
Afrezza is an ultra rapid-acting inhaled insulin indicated to improve glycemic control in patients with diabetes aged six and older. Afrezza was developed by us and consists of a dry powder formulation of human insulin delivered from a small portable inhaler. Administered at the beginning of a meal, Afrezza dissolves rapidly upon inhalation to the lung and delivers insulin quickly to the bloodstream. The expansion of the label to include children and adolescents aged 6 and older living with diabetes was approved by the U.S. Food and Drug Administration (FDA) on May 29, 2026.
Previous wording
Furoscix is a novel formulation of furosemide that delivers an 80 mg dose via an on-body infusor over a five-hour period. Furoscix is approved by the U.S. Food and Drug Administration (or FDA) for the treatment of edema in pediatric patients who weigh at least 43 kg and adult patients with chronic heart failure or chronic kidney disease. Furoscix is the first FDA-approved subcutaneous loop diuretic that delivers intravenous-equivalent diuresis at home as opposed to a hospital setting. Furoscix was developed by scPharma, which we acquired in October 2025. See Note 2 –Business Combinations in the Consolidated Financial Statements included in Part II, Item 8 – Financial Statements and Supplementary Data.
Current wording
Furoscix is a novel formulation of furosemide that delivers an 80 mg dose via an on-body infusor over a five-hour period. Furoscix is approved by the FDA for the treatment of edema in pediatric patients who weigh at least 43 kg and adult patients with chronic heart failure or chronic kidney disease. Furoscix is the first FDA-approved subcutaneous loop diuretic that delivers intravenous-equivalent diuresis at home as opposed to a hospital setting. Furoscix ReadyFlow, a high concentration formulation of furosemide that is delivered via an autoinjector, was approved by the FDA on July 23, 2026 for the treatment of edema (fluid overload) in adults with heart failure or chronic kidney disease.
Previous wording
The proprietary formulation and inhaler technologies used in Afrezza have also been deployed in our efforts to develop products to treat orphan lung diseases. Our first product to address an orphan lung disease, Tyvaso DPI (treprostinil) inhalation powder, received FDA approval in May 2022 for the treatment of pulmonary arterial hypertension (or PAH) and pulmonary hypertension associated with interstitial lung disease (or PH-ILD). Our development and marketing partner, United Therapeutics, began commercializing Tyvaso DPI in June 2022 and is obligated to pay us a royalty on net sales of the product. We also receive revenue for the supply of Tyvaso DPI that we manufacture for UT. In August 2025, we announced the expansion of our collaboration, pursuant to which we will formulate ralinepag (MNKD-1501) as a dry powder using our proprietary technologies. United Therapeutics will conduct preclinical and clinical development activities of MNKD-1501. Per the agreement, we received an upfront payment and are eligible to receive milestone payments upon achievement of specified development milestones as well as royalties on net sales of MNKD-1501, if approved.
Current wording
The proprietary formulation and inhaler technologies used in Afrezza have also been deployed in our efforts to develop products to treat orphan lung diseases. Our first product to address an orphan lung disease, Tyvaso DPI (treprostinil) inhalation powder, received FDA approval in May 2022 for the treatment of pulmonary arterial hypertension (or PAH) and pulmonary hypertension associated with interstitial lung disease (or PH-ILD). Our development and marketing partner, United Therapeutics, began commercializing Tyvaso DPI in June 2022 and is obligated to pay us a royalty on net sales of the product. We also receive revenue for the supply of Tyvaso DPI that we manufacture for UT. In August 2025, we announced the expansion of our collaboration, pursuant to which we are formulating ralinepag DPI (MNKD-1501) as a dry powder using our proprietary technologies. United Therapeutics will conduct preclinical and clinical development activities of MNKD-1501. Per the agreement, we received an upfront payment and subsequent development payment and are eligible to receive milestone payments upon achievement of specified development milestones as well as royalties on net sales of MNKD-1501, if approved.
Previous wording
The other major program in our pipeline that will potentially address an orphan lung disease is MNKD-201, a dry-powder formulation of nintedanib for the treatment of idiopathic pulmonary fibrosis (or IPF). An oral dosage form of nintedanib has been available for more than a decade. However, a fairly large oral dose is required in order to achieve sufficient drug levels in lung tissue. High systemic levels of nintedanib are often associated with undesirable side effects. Our goal with an inhaled formulation is to deliver a therapeutic amount of nintedanib to the lungs while avoiding high levels of the drug in other tissues. In 2024, we conducted a Phase 1 clinical study of MNKD-201, which met its primary objective of demonstrating positive safety results and good tolerability in healthy volunteers. We are currently conducting a Phase 1b study of MNKD-201 in the United States, with top line data expected in the third quarter of 2026, as well as a global Phase 2 study to assess the potential safety and efficacy of this investigational product in patients with IPF, in which we expect the first patient to be enrolled in the second quarter of 2026.
Current wording
The other major program in our pipeline that will potentially address an orphan lung disease is MNKD-201, a dry-powder formulation of nintedanib for the treatment of idiopathic pulmonary fibrosis (or IPF). An oral dosage form of nintedanib has been available for more than a decade. However, a fairly large oral dose is required in order to achieve sufficient drug levels in lung tissue. High systemic levels of nintedanib are often associated with undesirable side effects. Our goal with an inhaled formulation is to deliver a therapeutic amount of nintedanib to the lungs while avoiding high levels of the drug in other tissues. In 2024, we conducted a Phase 1 clinical study of MNKD-201, which met its primary objective of demonstrating positive safety results and good tolerability in healthy volunteers. We recently reported top-line data from a Phase 1b study of MNKD-201 conducted in the United States, with additional results to be presented at a future scientific conference. We are currently conducting a global Phase 2 study to assess the potential safety and efficacy of this investigational product in patients with IPF.
Previous wording
Our critical accounting policies and estimates can be found in Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report. See Note 1 –Description of Business and Significant Accounting Policies in the condensed consolidated financial statements included in Part I – Financial Statements (Unaudited) for descriptions of the new accounting policies and impact of adoption.
Current wording
Our critical accounting policies and estimates can be found in Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the year ended December 31, 2025. See Note 1 –Description of Business and Significant Accounting Policies in the condensed consolidated financial statements included in Part I – Financial Statements (Unaudited) for descriptions of the new accounting policies and impact of adoption.
Previous wording
The following table provides a comparison of the revenue categories for the three months ended March 31, 2026 and 2025 (dollars in thousands):
Current wording
The following table provides a comparison of the revenue categories for the three and six months ended June 30, 2026 and 2025 (dollars in thousands):
Previous wording
Three months ended March 31, 2026 and 2025
Current wording
Afrezza— Gross revenue from sales of Afrezza decreased by $1.7 million, or 6%, for the three months ended June 30, 2026 compared to the same period in the prior year. The decrease was driven primarily by lower demand. The gross-to-net adjustment was 33% of gross revenue, or $8.4 million, for the three months ended June 30, 2026 compared to 32% of gross revenue, or $8.8 million, for the same period in the prior year. As a result, net revenue from sales of Afrezza decreased by $1.3 million, or 7%, for the three months ended June 30, 2026 compared to the same period in the prior year.
Previous wording
Afrezza— Gross revenue from sales of Afrezza decreased by $1.1 million, or 5%, for the three months ended March 31, 2026 compared to the same period in the prior year. The decrease was driven primarily by lower demand. The gross-to-net adjustment was 31% of gross revenue, or $6.8 million, for the three months ended March 31, 2026 compared to 36% of gross revenue, or $8.3 million, for the same period in the prior year. The decreased gross-to-net percentage was primarily attributable to a decrease in government and commercial rebates in accordance with contractual arrangements. As a result, net revenue from sales of Afrezza increased by $0.4 million, or 3%, for the three months ended March 31, 2026 compared to the same period in the prior year.
Current wording
Gross revenue from sales of Afrezza decreased by $2.8 million, or 6%, for the six months ended June 30, 2026 compared to the same period in the prior year. The decrease was driven primarily by lower demand. The gross-to-net adjustment was 32% of gross revenue, or $15.2 million, for the six months ended June 30, 2026 compared to 34% of gross revenue, or $17.1 million, for the same period in the prior year. The decreased gross-to-net percentage was primarily attributable to a decrease in rebates in accordance with contractual arrangements. As a result, net revenue from sales of Afrezza decreased by $0.9 million, or 3%, for the six months ended June 30, 2026 compared to the same period in the prior year.
Previous wording
Furoscix— Gross revenue from sales of Furoscix was $20.9 million for the three months ended March 31, 2026. The gross-to-net adjustment was 26% of gross revenue, or $5.4 million, resulting in net revenue of $15.5 million for the three months ended March 31, 2026. There was no Furoscix revenue in the prior-year period as we did not own or commercialize Furoscix until our acquisition of scPharma in October 2025.
Current wording
Furoscix— Gross revenue from sales of Furoscix was $31.1 million for the three months ended June 30, 2026. The gross-to-net adjustment was 29% of gross revenue, or $8.9 million, resulting in net revenue of $22.2 million for the three months ended June 30, 2026. Gross revenue from sales of Furoscix was $52.0 million for the six months ended June 30, 2026. The gross-to-net adjustment was 28% of gross revenue, or $14.3 million, resulting in net revenue of $37.7 million for the six months ended June 30, 2026. There was no Furoscix revenue in the prior-year periods as we did not own or commercialize Furoscix until our acquisition of scPharma in October 2025.
Previous wording
V-Go — Gross revenue from sales of V-Go decreased by $1.5 million, or 23%, for the three months ended March 31, 2026 compared to the same period in the prior year and was primarily a result of lower demand. The gross-to-net adjustment was 36% of gross revenue, or $1.8 million, for the three months ended March 31, 2026 compared to 36% of gross revenue, or $2.3 million, for the same period in the prior year. As a result, net revenue from sales of V-Go decreased by $0.9 million, or 23%, for the three months ended March 31, 2026 compared to the same period in the prior year.
Current wording
V-Go — Gross revenue from sales of V-Go decreased by $2.7 million, or 40%, for the three months ended June 30, 2026 compared to the same period in the prior year and was primarily a result of lower demand. The gross-to-net adjustment was 32% of gross revenue, or $1.3 million, for the three months ended June 30, 2026 compared to 39% of gross revenue, or $2.6 million, for the same period in the prior year. As a result, net revenue from sales of V-Go decreased by $1.4 million, or 33%, for the three months ended June 30, 2026 compared to the same period in the prior year.
Previous wording
Collaborations and Services and Royalties— Net revenue from collaborations and services decreased by $5.9 million, or 20%, for the three months ended March 31, 2026 compared to the same period in the prior year. The decrease in revenue in the current quarter was primarily attributable to decreased product sold to UT due to timing of manufacturing activities and recognition of the related deferred revenue. Royalty revenue from UT increased by $2.7 million, or 9%, for the three months ended March 31, 2026 due to UT's increase in net revenue from sales of Tyvaso DPI.
Current wording
Collaborations and Services and Royalties— Net revenue from collaborations and services increased by $12.2 million, or 53%, for the three months ended June 30, 2026 compared to the same period in the prior year. The increase in revenue in the current quarter was primarily attributable to increased product sold to UT due to timing of manufacturing activities and recognition of the related deferred revenue as well as revenue earned related to the development of ralinepag DPI. Royalty revenue from UT increased by $1.1 million, or 4%, for the three months ended June 30, 2026 due to UT's increase in net revenue from sales of Tyvaso DPI.
Previous wording
The following table provides a comparison of the commercial product gross profit categories for the three months ended March 31, 2026 and 2025 (dollars in thousands):
Current wording
The following table provides a comparison of the commercial product gross profit categories for the three and six months ended June 30, 2026 and 2025 (dollars in thousands):
Previous wording
Commercial product gross profit increased by $11.2 million, or 74%, for the three months ended March 31, 2026 compared to the same period in the prior year. The increase was primarily attributable to the increase in total product revenues after adding Furoscix to our product portfolio following the acquisition of scPharma in October 2025.
Current wording
Commercial product gross profit increased by $9.7 million, or 54%, for the three months ended June 30, 2026 compared to the same period in the prior year. Commercial product gross profit increased by $20.9 million, or 63%, for the six months ended June 30, 2026 compared to the same period in the prior year. The increase in both periods was primarily attributable to the increase in total product revenues after adding Furoscix to our product portfolio following the acquisition of scPharma in October 2025. Gross margin as a percentage of revenue decreased by 13% for the three months ended June 30, 2026 compared to the same period in the prior year and 9% for the six months ended June 30, 2026 compared to the same period in the prior year. The decrease in both periods was primarily attributable to the inclusion of Furoscix in our product portfolio which has a lower gross margin percentage than Afrezza.
Previous wording
The following table provides a comparison of the expense categories for the three months ended March 31, 2026 and 2025 (dollars in thousands):
Current wording
The following table provides a comparison of the expense categories for the three and six months ended June 30, 2026 and 2025 (dollars in thousands):
Previous wording
Selling, general and administrative expenses increased by $29.1 million, or 116%, for the three months ended March 31, 2026 compared to the same period in the prior year. The increase was primarily related to costs associated with the promotion and support of Furoscix, as well as higher Afrezza-related expenses including expanding the field based teams and preparing for a potential pediatric launch of Afrezza in 2026.
Current wording
Selling, general and administrative expenses increased by $26.7 million, or 84%, for the three months ended June 30, 2026 compared to the same period in the prior year. Selling, general and administrative expenses increased by $55.8 million, or 98%, for the six months ended June 30, 2026 compared to the same period in the prior year. The increases in both periods were primarily related to costs associated with the promotion and support of Furoscix, as well as expanding our field-based teams and activities to support the launches associated with the recent approvals of the pediatric indication for Afrezza and the Furoscix ReadyFlow Autoinjector.
Previous wording
Amortization of acquired intangible assets was $4.4 million for the three months ended March 31, 2026 and was related to the amortization of the developed technology related to the Furoscix on-body infuser acquired from scPharma.
Current wording
Amortization of acquired intangible assets was $4.4 million for the three months ended June 30, 2026 and $8.7 million for the six months ended June 30, 2026 and was related to the amortization of the developed technology related to the Furoscix on-body infusor acquired from scPharma.
Previous wording
Gain on foreign currency transaction was $1.3 million for the three months ended March 31, 2026 compared to a loss of $2.5 million for the same period in the prior year due to fluctuations in Euro to U.S. dollar exchange rates. Under the Insulin Supply Agreement with Amphastar, payment obligations for future purchases are denominated in Euros. We are required to record the foreign currency transaction impact of the U.S. dollar to Euro exchange rate associated with the recognized gain or loss on purchase commitments.
Current wording
Gain on foreign currency transaction was $0.5 million for the three months ended June 30, 2026 compared to a loss of $5.4 million for the same period in the prior year. Gain on foreign currency transaction was $1.8 million for the six months ended June 30, 2026 compared to a loss of $7.9 million for the same period in the prior year. These non-cash changes were due to fluctuations in U.S. dollar to Euro exchange rates. Under our Insulin Supply Agreement with Amphastar, payment obligations for future purchases are denominated in Euros. We record the foreign currency transaction impact of the U.S. dollar to Euro exchange rate associated with the future purchase commitments.
Previous wording
The following table provides a comparison of the other income (expense) categories for the three months ended March 31, 2026 and 2025 (dollars in thousands):
Current wording
The following table provides a comparison of the other income (expense) categories for the three and six months ended June 30, 2026 and 2025 (dollars in thousands):
Previous wording
Interest income, net, consisting of interest and accretion on investments net of amortization, decreased by $0.5 million for the three months ended March 31, 2026 compared to the same period in the prior year primarily due to a lower average balance on our securities portfolio and lower yields.
Current wording
Interest income, net, consisting of interest and accretion on investments net of amortization, decreased by $0.8 million for the three months ended June 30, 2026 compared to the same period in the prior year and decreased by $1.3 million for the six months ended June 30, 2026 compared to the same period in the prior year. This was primarily due to a lower average balance on our securities portfolio and lower yields.
Previous wording
Interest expense increased by $2.8 million for the three months ended March 31, 2026 compared to the same period in the prior year. The increase was primarily due to new term loans with an aggregate principal amount of $325.0 million, which were drawn in August and October 2025.
Current wording
Interest expense increased by $11.6 million for the three months ended June 30, 2026 compared to the same period in the prior year and increased by $14.4 million for the six months ended June 30, 2026 compared to the same period in the prior year. The increase was primarily due to new term loans with an aggregate principal amount of $325.0 million, which were drawn in August and October 2025 as well as the achievement of an Afrezza net sales milestone in the second quarter of 2026, which resulted in the recognition of $4.5 million of interest expense. See Note 15 –Commitments and Contingencies - Milestone Rightsfor additional information on the Afrezza net sales milestone.
Previous wording
Interest expense on liability for sale of future royalties decreased by $1.0 million for the three months ended March 31, 2026 compared to the same period in the prior year. Interest consists of imputed interest and the amortization of debt issuance costs on the liability recorded in connection with the sale of 1% of our Tyvaso DPI royalties in December 2023. Imputed interest is based on third-party estimates of future royalties to be generated from Tyvaso DPI. See Note 15 –Commitments and Contingencies.
Current wording
Interest expense on liability for sale of future royalties decreased by $3.0 million and $4.0 million for the three and six months ended June 30, 2026, respectively, compared to the same periods in the prior year. Interest consists of imputed interest and the amortization of debt issuance costs on the liability recorded in connection with the sale of 1% of our Tyvaso DPI royalties in December 2023. Imputed interest is based on third-party estimates of future royalties to be generated from Tyvaso DPI. See Note 15 –Commitments and Contingencies.
Previous wording
Interest expense on financing liability was $2.4 million for the three months ended March 31, 2026 and 2025, and represents interest incurred on the sale lease-back transaction for our manufacturing facility in Danbury, Connecticut.
Current wording
Interest expense on financing liability was $2.4 million for both the three months ended June 30, 2026 and 2025, and $4.8 million for both the six months ended June 30, 2026 and 2025. Interest expense on financing liability represents interest incurred on the sale lease-back transaction for our manufacturing facility in Danbury, Connecticut.
Previous wording
Loss on settlement of debt of $0.9 million for the three months ended March 31, 2026 was incurred in connection with the settlement of the senior convertible notes in March 2026.
Current wording
Loss on settlement of debt of $0.9 million for the six months ended June 30, 2026 was incurred in connection with the settlement of the senior convertible notes in March 2026.
Previous wording
Other expense of $2.8 million for the three months ended March 31, 2026 was the result of the remeasurement of the fair value of the contingent consideration liability obtained from the acquisition of scPharma. The contingent consideration will be remeasured each subsequent reporting period until the related contingencies have been resolved.
Current wording
Other expense of $5.0 million for the three months ended June 30, 2026 and $7.8 million for the six months ended June 30, 2026 was the result of the remeasurement of the fair value of the contingent consideration liability obtained from the acquisition of scPharma. The contingent consideration will be remeasured each subsequent reporting period until the related contingencies have been resolved.
Previous wording
The following table reconciles our financial measures for net (loss) income and net (loss) income per share ("EPS") for basic weighted average shares as reported in our condensed consolidated statements of operations to a non-GAAP presentation as adjusted by certain non-cash items identified below.
Current wording
The following table reconciles our financial measures for net (loss) income and net (loss) income per share ("EPS") for basic weighted average shares as reported in our condensed consolidated statements of operations to a non-GAAP presentation as adjusted by certain items identified below.
Previous wording
Represents the non-cash portion of the 1% royalty on net sales of Tyvaso DPI earned during the three months ended March 31, 2026 and 2025, which is remitted to the royalty purchaser and recognized as royalties from collaborations in our condensed consolidated statements of operations. Our royalties from collaborations during the three months ended March 31, 2026 and 2025 totaled $32.7 million and $30.0 million, respectively, of which $3.3 million and $3.0 million, respectively were remitted to the royalty purchaser.
Current wording
Represents the non-cash portion of the 1% royalty on net sales of Tyvaso DPI earned during the three and six months ended June 30, 2026 and 2025, which is remitted to the royalty purchaser and recognized as royalties from collaborations in our condensed consolidated statements of operations. Our royalties from collaborations during the three and six months ended June 30, 2026 totaled $32.4 million and $65.1 million, respectively, of which $3.2 million and $6.5 million, respectively were remitted to the royalty purchaser.
Previous wording
As of March 31, 2026, we had $64.6 million in insulin purchase commitments and $325.0 million aggregate principal amount under the Blackstone Credit Facility. The Blackstone Credit Facility will mature on August 6, 2030. As of March 31, 2026, the effective interest rate is 9.09% per annum. The SOFR Loans borrowed under the Blackstone Credit Facility are subject to the Adjusted Term SOFR plus margin of 5.00%. We have the option to prepay the loans under the Blackstone Credit Facility in whole or in part, subject to early prepayment fees on or prior to the third anniversary of the Closing Date. See Note 9 –Borrowings for further information related to the Blackstone Credit Facility.
Current wording
As of June 30, 2026, we had $64.1 million in insulin purchase commitments and $325.0 million aggregate principal amount under the Blackstone Credit Facility. The Blackstone Credit Facility will mature on August 6, 2030. As of June 30, 2026, the effective interest rate is 9.12% per annum. The SOFR Loans borrowed under the Blackstone Credit Facility are subject to the Adjusted Term SOFR plus margin of 5.00%. We have the option to prepay the loans under the Blackstone Credit Facility in whole or in part, subject to early prepayment fees on or prior to the third anniversary of the Closing Date. See Note 9 –Borrowings for further information related to the Blackstone Credit Facility.
Previous wording
In July 2013, we granted Milestone Rights to the original purchasers under the Milestone Rights Agreement. The original purchasers later assigned those rights to new holders. As of March 31, 2026, $45.0 million remains payable upon the occurrence of specified strategic and sales milestones under the Milestone Rights Agreement. See Note 15 –Commitments and Contingencies for further information related to the Milestone Rights.
Current wording
In July 2013, we granted Milestone Rights to the original purchasers under the Milestone Rights Agreement. The original purchasers later assigned those rights to new holders. As of June 30, 2026, $45.0 million remains payable upon the occurrence of specified strategic and sales milestones under the Milestone Rights Agreement. During the three and six months ended June 30, 2026, the Company achieved an Afrezza net sales milestone which will result in a $5.0 million payment to the Original Milestone Purchasers in the third quarter of 2026. See Note 15 –Commitments and Contingencies for further information related to the Milestone Rights.
Previous wording
In October 2025, we entered into the CVR Agreement with the rights agent party thereto, which governs the terms of the CVRs issued to the former stockholders of scPharma in the acquisition transaction. The maximum aggregate amount payable with respect to the CVRs issued at the closing of the acquisition is $59.7 million, subject to the achievement of certain regulatory and net sales milestones on or prior to the applicable milestone outside dates in accordance with the CVR Agreement.
Current wording
In October 2025, we entered into the CVR Agreement with the rights agent party thereto, which governs the terms of the CVRs issued to the former stockholders of scPharma in the acquisition transaction. Milestone 1 under the CVR Agreement was achieved on July 23, 2026, which will necessitate an aggregate payout of approximately $44.8 million in the third quarter of 2026. Following the payout for the achievement of Milestone 1, the maximum aggregate amount payable with respect to the CVRs is $14.9 million, subject to the achievement of certain net sales milestones on or prior to the applicable milestone outside date in accordance with the CVR Agreement. See Note 2 –Business Combinations–Contingent Value Right ("CVR")for further information related to the CVR Agreement.
Previous wording
During the three months ended March 31, 2026, we used a net $5.4 million of cash for our operating activities. Cash used in operating activities consisted of net loss of $16.6 million offset by non-cash adjustments of $16.2 million and a net decrease in cash flow from operating assets and liabilities of $5.0 million. Non-cash items primarily included stock-based compensation of $6.5 million, depreciation and amortization of $6.4 million and change in fair value of contingent consideration of $2.8 million. These charges were partially offset by the sold portion of royalty revenue of $3.3 million and gain on foreign currency transactions of $1.3 million. The net decrease in cash flows from operating assets and liabilities was primarily due to an increase of $14.9 million in inventory, decrease of $5.8 million in accrued expenses and other current liabilities and decrease of $4.9 million in deferred revenue. The net decrease in cash flows from operating assets and liabilities was partially offset by a decrease of $10.3 million in accounts receivable.
Current wording
During the six months ended June 30, 2026, we used a net $23.7 million of cash for our operating activities. Cash used in operating activities consisted of net loss of $35.7 million offset by non-cash adjustments of $36.7 million and a net decrease in cash flow from operating assets and liabilities of $24.8 million. Non-cash items primarily included stock-based compensation of $16.7 million, depreciation and amortization of $12.8 million and change in fair value of contingent consideration of $7.8 million. These charges were partially offset by the sold portion of royalty revenue of $6.5 million. The net decrease in cash flows from operating assets and liabilities was primarily due to an increase of $11.6 million in inventory, increase of $4.8 million in accounts receivable and decrease of $7.4 million in deferred revenue. The net decrease in cash flows from operating assets and liabilities was partially offset by an increase of $2.0 million in accounts payable.
Previous wording
During the three months ended March 31, 2025, we used a net $6.4 million of cash for our operating activities. Cash used in operating activities consisted of net income of $13.2 million offset by non-cash adjustments of $10.8 million and a net decrease in cash flows from operating assets and liabilities of $30.3 million. Non-cash items primarily included stock-based compensation of $5.4 million, depreciation and amortization of $2.1 million, and interest on liability for sale of future royalties of $3.6 million. These charges were partially offset by the sold portion of royalty revenue of $3.0 million. The net decrease in cash flows from operating assets and liabilities was primarily due to an increase of $17.1 million in accounts receivable, decrease of $4.5 million in deferred revenue and increase of $3.0 million in prepaid expenses and other current assets.
Current wording
During the six months ended June 30, 2025, we generated a net $2.6 million of cash from our operating activities. Cash used in operating activities consisted of net income of $13.8 million offset by non-cash adjustments of $30.6 million and a net decrease in cash flows from operating assets and liabilities of $41.8 million. Non-cash items primarily included stock-based compensation of $12.9 million, loss on foreign currency transactions of $7.9 million and interest on liability for sale of future royalties of $7.1 million. These charges were partially offset by the sold portion of royalty revenue of $6.1 million. The net decrease in cash flows from operating assets and liabilities was primarily due to an increase of $15.3 million in accounts receivable, decrease of $9.3 million in accrued expenses and other current liabilities and decrease of $7.1 million in deferred revenue.
Previous wording
Cash provided by investing activities of $18.7 million for the three months ended March 31, 2026 was primarily due to $30.9 million of proceeds from maturities of available-for-sale securities. Cash provided was partially offset by the purchase of $10.3 million of available-for-sale securities as well as $1.9 million of property and equipment.
Current wording
Cash provided by investing activities of $36.6 million for the six months ended June 30, 2026 was primarily due to $53.9 million of proceeds from maturities of available-for-sale securities. Cash provided was partially offset by the purchase of $10.3 million of available-for-sale securities as well as $7.0 million of property and equipment.
Previous wording
Cash provided by investing activities of $6.0 million for the three months ended March 31, 2025 was primarily due to the maturity of $50.4 million of debt securities, partially offset by the purchase of $44.1 million of debt securities.
Current wording
Cash provided by investing activities of $12.2 million for the six months ended June 30, 2025 was primarily due to the maturity of $101.8 million of debt securities, partially offset by the purchase of $88.1 million of debt securities.
Previous wording
Cash used in financing activities of $35.4 million for the three months ended March 31, 2026 was primarily due to payments made to settle our remaining senior convertible notes.
Current wording
Cash used in financing activities of $34.8 million for the six months ended June 30, 2026 was primarily due to payments made to settle our senior convertible notes.
Previous wording
Cash used in financing activities of $1.4 million for the three months ended March 31, 2025 was primarily due to $1.6 million of payments to taxing authorities from equity withheld upon vesting of RSUs and stock options.
Current wording
Cash used in financing activities of $4.1 million for the six months ended June 30, 2025 was primarily due to $4.4 million of payments to taxing authorities from equity withheld upon vesting of RSUs and stock options partially offset by $1.3 million in proceeds from our market price stock purchase plan and employee stock purchase plan.
Previous wording
We believe that we will be able to meet our near-term liquidity needs based on our cash, cash equivalents and investments on hand, sales of Afrezza, Furoscix and V-Go, royalties and manufacturing revenue from the production and sale of Tyvaso DPI and, if necessary, borrowings under the Blackstone Credit Facility, as well as through debt or equity financing, for our long-term liquidity needs. We expect to continue to incur expenditures for the foreseeable future in support of our manufacturing operations, sales and marketing costs for our products and development costs for other product candidates in our pipeline. As of March 31, 2026, we had capital resources comprised of cash, cash equivalents and investments totaling $133.9 million, and total principal amount of outstanding borrowings of $325.0 million.
Current wording
We believe that we will be able to meet our near-term liquidity needs based on our cash, cash equivalents and investments on hand, sales of Afrezza, Furoscix and V-Go, royalties and manufacturing revenue from the production and sale of Tyvaso DPI and, if necessary, borrowings under the Blackstone Credit Facility, as well as through debt or equity financing, for our long-term liquidity needs. We expect to continue to incur expenditures for the foreseeable future in support of our manufacturing operations, sales and marketing costs for our products and development costs for other product candidates in our pipeline. As of June 30, 2026, we had capital resources comprised of cash, cash equivalents and investments totaling $111.1 million.
Previous wording
To date, we have been able to timely make required interest payments under our outstanding indebtedness, but we cannot guarantee that we will be able to do so in the future. If we fail to repay our outstanding indebtedness when required, we will be in default under the applicable instrument for such indebtedness and may also suffer an event of default under the terms of other borrowing arrangements that we may enter into from time to time. Any of these events could have a material adverse effect on our business, results of operations and financial condition, up to and including the noteholders initiating bankruptcy proceedings or causing us to cease operations altogether.
Current wording
To date, we have been able to timely make required interest payments under our outstanding indebtedness, including the total principal amount of outstanding borrowings of $325.0 million, but we cannot guarantee that we will be able to do so in the future. If we fail to repay our outstanding indebtedness when required, we will be in default under the applicable instrument for such indebtedness and may also suffer an event of default under the terms of other borrowing arrangements that we may enter into from time to time. Any of these events could have a material adverse effect on our business, results of operations and financial condition, up to and including the noteholders initiating bankruptcy proceedings or causing us to cease operations altogether.