Andreas Argyrides

Olivia Brayer

Anish Nikhanj

Brandon Folkes

Faisal Khurshid

Yun Zhong

Anthony Petrone

- MannKind Corporation completed the acquisition of scPharmaceuticals Inc. on **October 7, 2025**, making scPharma a direct wholly owned subsidiary.  **[899460_0001193125-25-236064_d63266d8k.htm:3]** 
- The aggregate cash paid for the acquisition and the extinguishment of scPharma's debt amounted to approximately **$296.5 million** and **$82.6 million**, respectively, partially funded by **$250.0 million in delayed draw term loans** borrowed on October 7, 2025.  **[899460_0001193125-25-236064_d63266d8k.htm:4]** **[899460_0001193125-25-236064_d63266d8k.htm:5]** 
- As part of the acquisition, scPharma shareholders received **one non-tradable contingent value right (CVR)** per share, entitling them to potential future cash payments of **up to an aggregate amount of $1.00 per CVR**.  **[899460_0001193125-25-236064_d63266d8k.htm:1]** **[899460_0001193125-25-236064_d63266dex101.htm:0]** 
- CVR payments are contingent upon two milestones: FDA approval of an Injection Product (Milestone 1), with payments ranging from **$0.25 to $0.75 per CVR** based on the achievement date by June 30, 2027; and achieving at least **$110.0 million in worldwide net sales** of Products by December 31, 2026 (Milestone 2), with payments ranging from **$0.10 to $0.25 per CVR** based on sales volume.  **[899460_0001193125-25-236064_d63266d8k.htm:2]** **[899460_0001193125-25-236064_d63266dex101.htm:3]**

MannKind Corporation Completes scPharmaceuticals Inc. Acquisition and Outlines Contingent Value Rights

- MannKind is undergoing a significant transformation, diversifying its focus beyond diabetes to inhalation therapeutics, marked by its recent **acquisition of scPharmaceuticals** and strategic partnerships.  **[899460_2137511_0]** **[899460_2137511_2]** 
- The company anticipates several key catalysts over the next 18 months, including an **October 2025 label change for Afrezza** and its **pediatric approval in May 2026**, the **closing of scPharmaceuticals in Q4 2025** with autoinjector approval expected in **July 2026**, and a **mid-2026 interim readout for clofazimine (MNKD-101)**.  **[899460_2137511_1]** 
- MannKind's pipeline also includes **nintedanib (MNKD-201)**, which is moving into Phase II with top-line data expected in **H1 2027**, and continued collaboration with United Therapeutics on **Tyvaso DPI for IPF** following positive TETON-2 data.  **[899460_2137511_0]** **[899460_2137511_1]** **[899460_2137511_4]** **[899460_2137511_5]** 
- Following the scPharmaceuticals closing in Q4 2025, MannKind expects to have approximately **$325 million in debt** and **$150 million in cash** on its balance sheet, and is prepared to fund all ongoing investments.  **[899460_2137511_11]**

MannKind Discusses Strategic Diversification, Recent Acquisition, and Pipeline Catalysts

- MannKind recently completed a **transformative acquisition** of SC Pharmaceuticals, which is expected to close in **Q4 2025**.  **[899460_2137448_0]** **[899460_2137448_1]**  This acquisition is projected to contribute **$110 million to $120 million** in revenue in **2026**.  **[899460_2137448_3]** 
- Key product catalysts include an **October 2025 label change** and **January 2026 relaunch** for Afrezza, with pediatric approval anticipated in **May 2026**.  **[899460_2137448_1]** **[899460_2137448_8]** 
- The company expects an interim readout for cofazamine (101) in **mid-2026** and top-line data for nintedanib (201) in the **first half of 2027**.  **[899460_2137448_1]** **[899460_2137448_5]** 
- Financially, MannKind anticipates having approximately **$325 million in debt** and **$150 million in cash** on its balance sheet after the SC Pharmaceuticals closing, with revenue inflection expected in **2026**.  **[899460_2137448_11]**

MannKind Discusses Strategic Acquisition and Key Product Catalysts

- MannKind is strategically diversifying its business, aiming for a **50-50 ratio** between royalties/manufacturing and in-line commercialization products, highlighted by its recent acquisition of SC Pharmaceutical, which adds a product with **$100+ million revenue** potential.  **[899460_tx_380814_1]** 
- The company is advancing its pipeline with clofazamine for NTM in **Phase 3**, targeting a market where the current competitor (ARIKAYCE) is projected to generate **$400-500 million** this year.  **[899460_tx_380814_3]** 
- MannKind's MNKD-201 for IPF is progressing to **Phase 2** with a **150-patient** study, expected to begin late 2025 or early 2026.  **[899460_tx_380814_7]** 
- A pediatric launch for Afrezza is anticipated in **mid-2026**, with a **10% share** in the kids' market potentially generating **$150 million net revenue**.  **[899460_tx_380814_8]** **[899460_tx_380814_9]** **[899460_tx_380814_10]** 
- MannKind benefits from royalties on Tyvaso DPI, with manufacturing capacity being significantly scaled up by UT, including a **$100 million investment** in Danbury and a new duplicate plant in North Carolina.  **[899460_tx_380814_8]**

MANNKIND (MNKD)