Mannkind Swings to Loss as Furoscix Costs Outpace Growth
Mannkind posted a $(19.0) million net loss in the second quarter even as total revenue climbed 43% to $109.4 million, powered by its Furoscix acquisition.
Mannkind Corporation (MNKD) reported second-quarter revenue of $109.4 million, up 43% from $76.5 million a year earlier, an acceleration from 15% growth in the first quarter and 46% growth in the fourth quarter of 2024. The pace masked a shift underneath: the drug-delivery and biopharmaceutical company's net income turned to a loss, and its cash balance kept shrinking even as sales grew.
The swing to a loss was the quarter's defining result. Mannkind posted a net loss of $(19.0) million in the second quarter, compared with net income of $0.7 million in the same period last year, and the six-month loss widened to $(35.7) million from net income of $13.8 million in the first half of 2024. Two forces drove the reversal: cost of goods sold on commercial products rose to $14.4 million from $4.6 million, due to the inclusion of Furoscix in the product mix at lower gross margin, and interest expense jumped to $11.9 million from $0.285 million, reflecting delayed-draw term loans taken on to fund the scPharma acquisition.
Furoscix, the subcutaneous furosemide therapy Mannkind acquired when the scPharma deal closed on October 7, 2024, was the main growth engine. Furoscix net sales rose to $22.2 million in the second quarter from $15.5 million in the first, a 43% sequential gain, with IDN doses purchased up 36% and nephrology units dispensed up 67% over the prior quarter. Combined marketed-product revenue, spanning Afrezza and Furoscix, grew 27% sequentially from the first quarter. Collaborations and services revenue also accelerated sharply, rising 53% year over year to $35.0 million after a 20% decline in the first quarter, on higher product sold to United Therapeutics and ralinepag development revenue.
Afrezza, Mannkind's inhaled insulin, moved the other direction. Net sales fell to $17.0 million from $18.3 million a year earlier, a 7% decline that reversed three straight quarters of year-over-year growth: 3% in the first quarter of 2025 and 25% and 23% in the fourth and third quarters of 2024, respectively. The company did not detail the cause of the reversal in the release.
Operating expenses rose alongside the acquisition-driven revenue growth. SG&A expenses nearly doubled year over year to $58.3 million, up 84%, as Mannkind expanded promotion for Furoscix and built out field teams ahead of the pediatric Afrezza and ReadyFlow launches; six-month SG&A rose 98% to $112.4 million. R&D expenses rose 32% to $18.0 million on ReadyFlow formulation work and enrollment in the MNKD-201 nintedanib DPI program, partly offset by the discontinuation of the MNKD-101 (ICoN-1) study in idiopathic pulmonary fibrosis, a trial that had been actively enrolling as recently as the third quarter of 2024.
Mannkind cleared two regulatory milestones during the quarter. The FDA approved a pediatric indication for Afrezza on May 29, 2025, and approved Furoscix ReadyFlow on July 23, 2025, converting both from pending PDUFA dates in prior quarters to completed approvals. The company also disclosed positive Phase 1b topline data for its nintedanib DPI candidate in idiopathic pulmonary fibrosis, moving the MNKD-201 program toward Phase 2 enrollment.
Cash, cash equivalents and investments fell to $111 million as of June 30, continuing a multi-quarter decline from $134 million at the end of the first quarter and $176 million at year-end 2024. The Furoscix ReadyFlow approval triggered a $45 million contingent value rights payment, which Mannkind funded with a $50 million private placement closed July 24, 2025.