Slide 1: 3Q 2025 Earnings Call
3Q 2025 Earnings Call November 5, 2025 © Copyright 2025. All rights reserved. MannKind Corporation.
Slide 2: Cautionary Statement
Cautionary Statement Statements in this presentation that are not statements of historical fact are forward-looking statements that involve risks and uncertainties. Words such as “believes”, “anticipates”, “plans”, “expects”, “intend”, “will”, “goal”, “potential” and similar expressions are intended
Slide 3: Agenda
Agenda 1 Opening Remarks 22 Commercial Highlights 3 Financials Michael Castagna Chris Prentiss Chief Executive Officer Chief Financial Officer 4 Clinical Updates 5 Q&A 3 © Copyright 2025. All rights reserved. MannKind Corporation. / 4 November 2025
Slide 4: Opening Remarks
Opening Remarks Michael Castagna Chief Executive Officer 4 © Copyright 2025. All rights reserved. MannKind Corporation.
Slide 5: Q3 2025 Highlights
Q3 2025 Highlights • Record revenue quarter of $82M* • Acquired scPharmaceuticals, adding FUROSCIX® – a high-potential brand that serves an unmet need in HF/CKD • Afrezza® sBLA accepted for review, if approved would be first new insulin for pediatrics in 100+ years of diabetes therapy • Tyvaso DPI®
Slide 6: Near-Term Growth Catalysts
Near-Term Growth Catalysts COMMERCIAL India 1st Pediatric ReadyFlow Acquisition Close 10/7 Shipment Launch AutoInjector (Q2 2026*) Launch (Q3 2026*) TODAY INHALE-1 52 Wk Readout ICoN-1 ICoN-1 Interim Analysis CLINICAL 100+ Patients ahead of schedule INFLO Ph2 Initiated 6 © Copyright 2025. All rights
Slide 7: Commercial Highlights
Commercial Highlights 7 © Copyright 2025. All rights reserved. MannKind Corporation.
Slide 8: Tyvaso DPI-related Revenue Growth Continues
Tyvaso DPI-related Revenue Growth Continues United Therapeutics Tyvaso DPI Revenue ($M) Q3 2025 1,200 400 $954 +22% $336 UT-related 350 1,000 $275 Revenue* $59M $761 300 800 250 600 200 Up 15% 150 from Q3 2024 400 $205 100 200 50 0 0 • Manufacturing 80mcg cartridge 2023 YTD 2023 2024 YTD 2024 Q4 202
Slide 9: Afrezza Q3 YoY Rx Performance
Afrezza Q3 YoY Rx Performance Afrezza YoY Rx Performance 14,000 12,000 Q3 2024 Q3 2025 12,579 +31% YoY NRx Growth 9,879 (Q3 2025 vs. Q3 2024) 10,000 8,000 +27% 6,000 5,345 4,077 4,000 2,000 YoY TRx Growth 0 (Q3 2025 vs. Q3 2024) NRx TRx Source: Bloomberg Source: Prescription data from IQVIA NPA Ext
Slide 10: Afrezza Net Revenue
Afrezza Net Revenue 60.0 $51.7 50.0 $45.8 $39.4 Q3 2025 40.0 Net Revenue Revenue (M) 30.0 $18.5M 20.0 Up 23% from Q3 2024 10.0 0.0 2023 YTD 2024 YTD 2025 YTD 10 © Copyright 2025. All rights reserved. MannKind Corporation.
Slide 11: FUROSCIX Doses Dispensed
FUROSCIX Doses Dispensed 70,000 61,407 60,000 50,000 Q3 2025 Doses Dispensed 40,000 27,347 Doses 30,000 28,223 Up 153% 20,000 from Q3 2024 10,000 8,599 0 YTD 2023 YTD 2024 YTD 2025 11 © Copyright 2025. All rights reserved. MannKind Corporation.
Slide 12: FUROSCIX Net Revenue
FUROSCIX Net Revenue 50.0 $47.1 45.0 40.0 35.0 Q3 2025 Net Revenue Revenue (M) 30.0 $24.2 $19.3M 25.0 20.0 15.0 Up 93% from Q3 2024 10.0 $7.3 5.0 0.0 YTD 2023 YTD 2024 YTD 2025 12 © Copyright 2025. All rights reserved. MannKind Corporation.
Slide 13: A Large Unmet Need in Heart Failure and CKD
A Large Unmet Need in Heart Failure and CKD 6.7M and 15.8M adults with HF in the U.S.1 and G72, respectively >$10B 2.1M addressable HF episodes in the U.S. annually HF represents 33% ($123B) of annual Medicare Addressable Part A and B spend3 Opportunity • 80% of HF costs is attributed to the hospita
Slide 14: FUROSCIX Opportunity for Intervention
FUROSCIX Opportunity for Intervention Pre-admission and post-discharge (readmission) are targeted opportunities for worsening heart failure (WHF) intervention Potential Intervention Potential Intervention Window Window Hospitalization Hospital at/or for WHF Prevention Post Discharge Period Period ED
Slide 15: Building Upon FUROSCIX's Momentum
Building Upon FUROSCIX’s Momentum • Expanded hospital strategy with Key Account Managers • Increased sales force share of voice • Future potential with ReadyFlow Autoinjector • Advancing Bumetanide DPI (MNKD-701) into pre-clinical development 15 © Copyright 2025. All rights reserved. MannKind Corpor
Slide 16: Financials
Financials Chris Prentiss Chief Financial Officer 16 © Copyright 2025. All rights reserved. MannKind Corporation.
Slide 17: Q3 2025 Revenues
Q3 2025 Revenues ROYALTIES $27 +23% $33 3Q 2024 3Q 2025 +17% C&S $23 14% $27 3Q 2024 3Q 2025 3Q 2024 3Q 2025 ENDOCRINE $4 Total Revenue Afrezza VGo $5 (19%) +23% $18 $15 (in millions) 3Q 2024 3Q 2025 17 © Copyright 2025. All rights reserved. MannKind Corporation. / 4 November 2025
Slide 18: YTD 2025 Revenues
YTD 2025 Revenues $94 ROYALTIES $75 +26% YTD 2024 YTD 2025 $237 $209 +14% C&S $74 +6% $79 YTD 2024 YTD 2025 (11%) $12 YTD 2024 YTD 2025 $14 Total Revenue ENDOCRINE Afrezza VGo $46 +13% $52 (in millions) YTD 2024 YTD 2025 18 © Copyright 2025. All rights reserved. MannKind Corporation. / 4 November 20
Slide 19: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Q3 2025 Q3 2024 YTD 2025 YTD 2024 $ in Millions GAAP Net Income (Loss) $8.0 $11.6 $21.8 $20.2 Sold portion of royalty revenue (3.3) (2.7) (9.5) (7.5) Interest expense on liability for sale of future royalties 3.5 4.1 10.6 12.7 Acquisition related expenses 3.7 - 3.7 -
Slide 20: Clinical Updates
Clinical Updates 20 © Copyright 2025. All rights reserved. MannKind Corporation.
Slide 21: Afrezza Pediatrics Indication
Afrezza Pediatrics Indication • Afrezza sBLA accepted for FDA review • PDUFA: May 29, 2026 • If approved, would be first non- injectable insulin option for pediatric patients in 100+ years of diabetes therapy 21 © Copyright 2025. All rights reserved. MannKind Corporation. / 4 November 2025
Slide 22: INHALE 1st (Naïve Treatment T1D) Pediatrics
INHALE 1st (Naïve Treatment T1D) Pediatrics • Positions Afrezza as 1st choice bolus insulin Treatment Phase – 13 Weeks • Will evaluate safety/efficacy of inhaled (optional extension phase 26 weeks) insulin plus basal for youth (aged 10 to <18) with newly-diagnosed T1D TI+BI • Up to 100 patients acro
Slide 23: BluHale Dose Tracking Device
BlueHale Dose Tracking Device 23 © Copyright 2025. All rights reserved. MannKind Corporation. / 4 November 2025
Slide 24: ICoN-1 Global Phase 3 Study
ICoN-1 Global Phase 3 Study Achieved Interim Enrollment Target Ahead of Schedule STUDY DESIGN • Co-primary endpoints: Sputum culture conversion Month 1 Months 2-3 Month 4 Months 5-6 plus patient reported outcomes* On-Treatment Off-Treatment On-Treatment Off-Treatment • FDA Fast Track, QIDP and Orpha
Slide 25: INFLO Nintedanib DPI Phase 2 Study
INFLO Nintedanib DPI Phase 2 Study Trial Initiated and Expected to Enroll 1st Patient in Q1 2026 STUDY DESIGN • Randomization 2:2:1:1 • Sample size 210 Phase 2 Controlled Study Phase 2 Open-Label Extension • Patients with IPF, 12 weeks 6 months 40-80 years of age* • N=70 / Active Nintedanib DPI 4 mg
Slide 26: Upcoming Scientific Conferences
Upcoming Scientific Conferences ISPAD 2025 ASN Kidney Week 2025 November 5-8 / Montreal November 5-9 / Houston 26 © Copyright 2025. All rights reserved. MannKind Corporation. / 4 November 2025
Slide 27: Upcoming Scientific Conferences
Upcoming Scientific Conferences AHA Scientific Sessions 2025 PFF Summit 2025 November 7-10 / New Orleans November 13-15 / Chicago 27 © Copyright 2025. All rights reserved. MannKind Corporation. / 4 November 2025
Slide 28: Upcoming Investor Event
Upcoming Investor Event LONDON November 17-20 / Jefferies Global Healthcare Conference 28 © Copyright 2025. All rights reserved. MannKind Corporation. / 4 November 2025
Slide 29: MNKD Products & Pipeline
MNKD Products & Pipeline Cardiometabolic Orphan Lung Product Targeted Indications Pre-IND Phase 1 Phase 2 Phase 3 Approval T1DM / T2DM Marketed Afrezza® (insulin human) (adults) Inhalation Powder T1DM / T2DM PDUFA: Q2 2026 (pediatrics) V-Go® All-in-One T1DM / T2DM Marketed Insulin Delivery Patch (ad
Slide 30: Q&A Contact: ir@mnkd.com
Q&A Contact: ir@mnkd.com © Copyright 2025. All rights reserved. MannKind Corporation.
Slide 31: Our Key Pillars
Our Key Pillars Inhaled FUROSCIX® Clofazimine Phase 3 Enrollment Tyvaso DPI® Ahead of Schedule Marketed by United Therapeutics Nintedanib DPI Advancing to Afrezza® Phase 2 31 © Copyright 2025. All rights reserved. MannKind Corporation. / 4 November 2025
Slide 32: Anticipated Catalysts
Anticipated Catalysts Programs 2H 2025 1H 2026 2H 2026 MNKD-101 Interim Enrollment Target Interim Analysis ORPHAN LUNG NTM – Inhaled Clofazimine MNKD-201 P2 1st Patient IPF – Nintedanib DPI Tyvaso DPI UT – PAH / PH-ILD TETON 2 Results TETON 1 Results IPF / PPF – Teton 1&2, PPF Afrezza FDA Decision,
Slide 33: Stairway to Building Value
Stairway to Building Value ORPHAN LUNG CARDIOMETABOLIC TYVASO DPI DPI Growth and Conversion INHALE-1 (Pediatrics) Inhaled Clofazimine – Phase 3 Trial • Every 10K covered patients • Each 10% share is ~$150M in • Every 1K patients is ~$100M in revenue is ~$300-350M in revenue revenue • Advanced DPI in
Slide 34: © Copyright 2025. All rights reserved. MannKind Corporation.
34 © Copyright 2025. All rights reserved. MannKind Corporation.